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Nadine Mather and Chloë Loubser
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Sanlam boost earnings by 35%
Sanlam, South Africa's second largest life assurance company, has boosted its new business to R55-billion and has increased its headline earnings by 35% for the six months to June according to Business Day.
The headline earnings rose by 29% to R2,2-billion. Sanlam says it has benefitted from a surge in new business volumes while the net value of new business was up by 26% to R356-million.
Sanlam has cash reserves of R3-billion that can be used to fund expansion and it has used R944-million of its money to buy back shares as part of a longer-term strategy to return cash to its shareholders.
According to chief executive Johan van Zyl, the group is seeking organic growth and new acquisitions in Africa and South East Asia.
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