Sanlam, the largest South Africa-based insurer and which operates in Africa, Europe, the UK, US, India and Malaysia, has seen an increase in full-year profit of just 2.3%.
This after the value of new life business slumped and growth in its home market slowed. According to the Cape Town-based company, the net value of new life insurance business declined 15% to R1.4 billion.
Ian Kirk (pictured), Sanlam CEO, said:
"We expect the challenging economic climate to persist in 2016."
Net income for the 12 months through December climbed to R8.94 billion, up from R8.74 billion a year earlier. Normalised earnings per share excluding one-time items increased 6% to R4.32, while the dividend rose 9% to R2.45 a share.
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