Sanlam, the largest insurer in South Africa, has posted a robust operating performance for the six months ended 30 June 2024. <\/p>\n\n\n\n
The group said that its earnings momentum continued in the first half of the year, growing net result from net result from financial services (NRFFS) by 14%, highlighting the group’s strong trading performances across its businesses. <\/p>\n\n\n\n
The group’s health and life insurance operations grew net results from financial services by 14%; general insurance saw a 16% rise, investment management saw 10% growth, while the group’s credit and
structuring operations recorded a growth of 9%. <\/p>\n\n\n\n
“The NRFFS per share increased by 19% due to lower adjusted weighted average number of shares in 2024 relative to 2023,” said the group.
“Net operational earnings increased by 8% (12% per share) to R8.1 billion, underpinned by the strong
performance in NRFFS and a decline in project expenses.” <\/p>\n\n\n\n
“The lower growth rate relative to NRFFS is due to lower investment return on shareholder capital of R1.2 billion (2023: R1.5 billion), mainly attributable to foreign exchange movements.” <\/p>\n\n\n\n
Headline earnings and diluted headline earnings per share both increased by 40%, with the higher growth relative to earnings due to favourable movements in shareholders’ fund reserves, including the acceleration of profit recognition of the Capitec funeral JV reinsurance recapture fee. <\/p>\n\n\n\n