Sanlam reports firm financial performance
JOHANNESBURG, (CAJ News) – SANLAM, the financial services group, has sustained a solid operational performance for the ten months to October 31.
Total new business volumes up 11 percent to R195 billion compared to the same period in 2015 while net result from financial services up 10 percent. Normalised headline earnings per share went down 8 percent.
Sanlam Emerging Markets achieved overall new business growth of 67 percent, supported by a weaker average Rand exchange rate and the impact of corporate activity.
All major Sanlam Emerging Markets businesses contributed to good growth, apart from Zambia and Malawi that continue to struggle in difficult environments.
In Malaysia the general insurance premium growth was impacted by weak motorcycle sales and a slower than anticipated diversification of the product set.
Sanlam Group Chief Executive Officer, Ian Kirk, is satisfied with the operational performance.
“We remain focused on executing our strategy as we believe it will enable us to sustain performance in the long term.”
As at October 31, Sanlam’s available discretionary capital amounted to R3,6 billion, which is earmarked for transactions currently under consideration.
– CAJ News
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