Sanlam, a leading financial services group, has announced a robust financial performance for the first half of 2023, rebounding from the challenges of the previous years, including the impact of the Covid-19 pandemic.
- The group’s earnings pattern has returned to track after a series of extraordinary events, with management successfully executing the group’s strategy.
- Strong profitability in life insurance, credit, and general insurance operations, along with steady performance in investment management, contributed to the overall positive performance.
- Net results from financial services, a measure of underlying earnings performance, increased by 26%, driven by significant growth in general insurance (38%), life insurance (28%), and credit and structuring (36%).
- The group’s key earnings metric, cash net results from financial services, rose by 30%.
- Sanlam achieved a return on group equity value (RoGEV) of 12% and a group equity value per share of R67.85, indicating successful value creation for shareholders.
- The group made progress in implementing its strategy, including acquisitions in the health insurance and estate services sectors, as well as concluding transactions with BrightRock and Allianz to enhance its market position.