Insurance firms flush in 2010

South African insurance companies recovered significantly in 2010, with some celebrating their best financial year ever despite a depressed economy much of last year, said Hollard Insurance on Sunday.

25 Oct 2010

CEO Nic Kohler said in a statement that 2010 was a year of "really great achievements for us including record financial results with a worldwide income of R13,2 billion and profits that have topped the one billion rand mark."

He attributed this success to having a broad spread of insurance products and services in the short and long term.

Kohler said that Hollard's global footprint was to get larger, with the opening of a Zambian office bringing the total number of countries the company operated in to ten.

Hollard, South Africa's third largest insurer, was not alone in posting good financial results this year.

Sanlam, while posting a drop in earnings in its interim results, said the overall business performance was better than expected.

This was despite a tough trading environment locally and in its foreign markets, according to CEO Johan van Zyl.

The Liberty Group said on the release of its interim results that despite a difficult operating environment this year, Stanlib and Liberty Africa asset management operations continued to attract net cash inflows, totalling R11.7 billion, with particular strength in the fixed interest franchise.

Analysts said the lower interest rates contributed to greater disposable income for high-end products and services.

However, household debt remained high, which would need to be reduced before significant growth in the economy could be seen.

Source: Sapa

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