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Sanlam posts solid four-month performance

June 8, 2016 3:43 pm by: Category: BUSINESS, Featured, Finance & Banks, Investing Leave a comment A+ / A-
 Sanlam CEOGIFT NDOLWANE
JOHANNESBURG  – THE Sanlam Group has reported a solid overall performance for the four months ended April 30.

Sanlam during the period defied challenging operating conditions which  impacted on performance across most of the markets in which the Group  operates.

During the period, new business volumes of R74 billion, up by 9 percent compared to the same period in 2015.

Overall net fund inflows of R16 billion, up from R3 billion in 2015.

Executives attributed its performance to its diversification across  geographies, market segments and product lines.

“Our diversification strategy has once again enabled us to deliver an overall solid performance in challenging operating conditions which have impacted our businesses in a number of areas,” said
Sanlam Group Chief Executive Officer, Ian Kirk.

Sanlam Personal Finance achieved growth of 11 percent in new business  sales, a particularly satisfactory performance given the challenging  operating conditions in South Africa. Glacier achieved overall growth of
13 percent as demand remained strong for its offshore and wrap product solutions.

Sanlam Emerging Markets achieved overall new business growth of 53  percent, supported by a weaker average Rand exchange rate and the impact  of corporate activity during 2015.

New life business volumes increased by 42 percent, augmented by 65 percent and 50 percent growth in investment and general insurance business  respectively. Excluding the impacts of the Rand and 2015 corporate  activity, new business volumes increased by some 40 percent. Sanlam is a leading financial services group listed in Namibia and South  Africa.

Established in 1918 as a life insurance company, the South Africa-based group has transformed into a diversified financial services business.
Guardian

 
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