Sanlam full-year profit mostly unchanged

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.

  • Stay connected, up to date and in the loop on what is happening in the world of finance and keep track of newly published expert insights and interviews with CFOs and CEOs. Become an online member and receive our newsletter, follow us on Twitter, like us on Facebook and join us on LinkedIn.