Foreign-currency exchange losses had a significant negative effect on investment returns, offsetting the investment portfolio performance at home.
A few large corporate property claims and drought-related claims affected the underwriting results.
"The net underwriting margin is expected to be above the midpoint of the long-term target range of 4% to 8% of net earned premiums," the company said.
The share price was little changed in mid-afternoon trade at R238 on the JSE, valuing the company at R27bn.
The full-year results are expected on March 2.
Source: BDpro
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