
Sanlam’s new business up 7% as insurance and inflows offset flat life sales
The net result from financial services grew by 20% to about R8.08bn, with general insurance the standout in the six months to the end of June.

The net result from financial services grew by 20% to about R8.08bn, with general insurance the standout in the six months to the end of June.

The group is keeping its discretionary capital well above target amid concerns over potential tariff-driven inflation, supply-chain shocks, and credit defaults.

The group recorded double-digit earnings, robust new business volumes, and an increased dividend, all underpinned by its tri-regional focus.

The group’s new business volumes in life insurance grew by 12%, while net operational earnings rose by 17%.

Sanlam gained market share in individual underwritten life insurance, supported by strong single-premium growth and stable persistency in the affluent segment.

All eyes are on the group’s pan-African joint venture with Allianz, to see whether it will mirror the achievements of Sanlam’s interests in India.

The merger of their African operations will create an insurance giant with a combined group equity value of about R35bn.