Sanlam announces solid interim results

The Sanlam Group achieved a pleasing operational performance for the six months ended 30 June 2019, despite weak operating environments in South Africa and Namibia, as well as the general adverse effect of international political and economic rifts on emerging markets.

Group CEO Ian Kirk being interviewed on Sanlam’s interim results performance on CNBC Africa’s Power Lunch business show.

Solid organic growth was augmented by SAHAM Finances’ corporate activity in the second half of 2018. This contributed to a 13% increase in net result from financial services, 19% growth in the value of new covered business (VNB) written and 19% higher net fund inflows.

The Group achieved annualised adjusted Return on Group Equity Value (RoGEV) per share of 8,9%.

The net result from financial services (net operating profit) of R5 billion increased by 13% compared to the first six months of 2018, reflecting a credible performance.

The overall picture regarding new business volumes shows an increase of about 4% despite low investor confidence in South Africa and lower investment inflows in Namibia and Kenya. SAHAM Finances’ corporate activity increased growth by about 3%.

Life insurance new business volumes increased by 2%, investment business inflows were in line with 2018, and general insurance earned premiums increased by 25%.

For the full report, click here.

To watch Group CEO Ian Kirk discuss the results, click here.