{"id":308656,"date":"2019-04-02T18:30:08","date_gmt":"2019-04-02T16:30:08","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=308656"},"modified":"2019-04-02T16:12:22","modified_gmt":"2019-04-02T14:12:22","slug":"this-south-african-insurance-boss-earns-over-r85000-a-day","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/308656\/this-south-african-insurance-boss-earns-over-r85000-a-day\/","title":{"rendered":"This South African insurance boss earns over R85,000 a day"},"content":{"rendered":"<p>Financial services group Sanlam has published its annual report, revealing how much the companies top executives were paid in 2018.<\/p>\n<p>In March the insurer announced its operational results for the 12 months ended December 2018, which also included the acquisition of the remaining 53% stake in Saham Finances, the largest transaction in Sanlam&#8217;s 100-year history.<\/p>\n<p>Results for 2018 included 14% growth in the value of new life insurance business (VNB) on a consistent economic basis and more than R2 billion in positive experience variances.<\/p>\n<p>Key features of the 2018 annual results included:<\/p>\n<ul>\n<li>Net result from financial services increased by 4% compared to the same period in 2017;<\/li>\n<li>Net operating profit of R2.04 billion, up 14%;<\/li>\n<li>Diluted headline earnings per share f 441.1 cents, down 8%;<\/li>\n<li>Net value of new covered business up 8% to R2 billion (up 14% on a consistent economic basis);<\/li>\n<li>Net fund inflows of R42 billion compared to R37 billion in 2017;<\/li>\n<li>Adjusted Return on Group Equity Value per share of 19.4% exceeded the target of 13%; and<\/li>\n<li>Dividend per share of 312 cents, up 8%.<\/li>\n<\/ul>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-308672\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam.png\" alt=\"\" width=\"687\" height=\"445\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam.png 687w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-300x194.png 300w\" sizes=\"auto, (max-width: 687px) 100vw, 687px\" \/><\/a><\/p>\n<p>Sanlam CEO Ian Kirk took home R31.05 million for the year, including a basic salary of R8.91 million, an annual bonus of R11 million, and long-term incentives valued at R10.93 million.<\/p>\n<p>This works out to R85,000 a day.<\/p>\n<p>Kirk was the highest paid executive on the team, followed by chief actuary and group risk officer, Anton Gildenhuys, who earned R19.09 million for the year.<\/p>\n<p>In total, Sanlam&#8217;s executive committee was paid a combined R139.7 million for the year, averaging R17.5 million per person.<\/p>\n<p><a  data-lightbox=\"post-image\" href=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-308662\" src=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries.png\" alt=\"\" width=\"960\" height=\"282\" srcset=\"https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries.png 2788w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries-300x88.png 300w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries-768x225.png 768w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries-1024x300.png 1024w, https:\/\/businesstech.co.za\/news\/wp-content\/uploads\/2019\/04\/Sanlam-salaries-1200x352.png 1200w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Kirk&#8217;s salary is 76 times larger than the average salary paid to employees in the period (R410,039 including short-term benefits), and around 128 times larger than the average salary in South Africa<\/p>\n<p>Stats SA&#8217;s latest Quarterly Employment Survey, showed that the average employee in South Africa earned R20,190 a month, or R242,280 a a year.<\/p>\n<p>The table below outlines what Sanlam&#8217;s executives earned, and how that translates to an average per day (365 days).<\/p>\n<div class=\"bt_table\">\n<div class=\"table-responsive\"><table class=\"table\" width=\"100%\" cellspacing=\"0\" cellpadding=\"6\">\n<tbody>\n<tr>\n<td bgcolor=\"#CCCCCC\" width=\"40%\"><strong>Employee<\/strong><\/td>\n<td style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"30%\"><strong>Total Remuneration<\/strong><\/td>\n<td style=\"text-align: center;\" bgcolor=\"#CCCCCC\" width=\"30%\"><strong>Average per day<\/strong><\/td>\n<\/tr>\n<tr>\n<td>I Kirk<\/td>\n<td style=\"text-align: center;\">R30.05 million<\/td>\n<td style=\"text-align: center;\">R85 100<\/td>\n<\/tr>\n<tr>\n<td>A Gildenhuys<\/td>\n<td style=\"text-align: center;\">R19.09 million<\/td>\n<td style=\"text-align: center;\">R52 300<\/td>\n<\/tr>\n<tr>\n<td>J Strydom<\/td>\n<td style=\"text-align: center;\">R18.05 million<\/td>\n<td style=\"text-align: center;\">R49 500<\/td>\n<\/tr>\n<tr>\n<td>L Lambrechts<\/td>\n<td style=\"text-align: center;\">R16.64 million<\/td>\n<td style=\"text-align: center;\">R45 600<\/td>\n<\/tr>\n<tr>\n<td>H Werth<\/td>\n<td style=\"text-align: center;\">R16.18 million<\/td>\n<td style=\"text-align: center;\">R44 300<\/td>\n<\/tr>\n<tr>\n<td>R Roux<\/td>\n<td style=\"text-align: center;\">R15.55 million<\/td>\n<td style=\"text-align: center;\">R42 600<\/td>\n<\/tr>\n<tr>\n<td>T Mvusi<\/td>\n<td style=\"text-align: center;\">R12.08 million<\/td>\n<td style=\"text-align: center;\">R33 100<\/td>\n<\/tr>\n<tr>\n<td>J Ngulube<\/td>\n<td style=\"text-align: center;\">R11.07 million<\/td>\n<td style=\"text-align: center;\">R30 300<\/td>\n<\/tr>\n<tr>\n<td><em>Sanlam average<\/em><\/td>\n<td style=\"text-align: center;\"><em>R410 039<\/em><\/td>\n<td style=\"text-align: center;\"><em>R1 120<\/em><\/td>\n<\/tr>\n<tr>\n<td><em>South Africa average<\/em><\/td>\n<td style=\"text-align: center;\"><em>R242 280<\/em><\/td>\n<td style=\"text-align: center;\"><em>R650<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n<hr \/>\n<p><strong>Read: <a href=\"https:\/\/businesstech.co.za\/news\/business\/307794\/mtns-boss-earns-r117600-a-day\/\" rel=\"bookmark\">MTN\u2019s boss earns R117,600 a day<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Financial services group Sanlam has published its annual report, revealing how much the companies top executives were paid in 2018.<\/p>\n","protected":false},"author":10,"featured_media":308658,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,2880],"class_list":["post-308656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-sanlam"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/308656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=308656"}],"version-history":[{"count":6,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/308656\/revisions"}],"predecessor-version":[{"id":308674,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/308656\/revisions\/308674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/308658"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=308656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=308656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=308656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}