Sanlam’s risk business, which includes life insurance and disability cover, saw a 22% increase in new business volumes in the first quarter of 2023, compared to the same period in 2022.
- The company’s savings business, which includes retirement and investment products, also reported strong growth, with net inflows increasing by 18% year-on-year.
- Sanlam’s CEO, Paul Hanratty, attributed the strong performance to the company’s digital transformation, which has allowed it to reach new customers and offer more personalized products and services.
- The company has also benefited from the recovery in the South African economy, which has boosted consumer confidence and spending.
- Sanlam’s international operations, particularly in Africa and India, have also performed well, with the company’s emerging markets business reporting a 16% increase in new business volumes.
- Despite the positive results, Sanlam remains cautious about the outlook, citing ongoing economic and regulatory uncertainties as potential challenges in the future.