After a rush of initial optimism in SA following the appointment of President Ramaphosa in early 2018, Sanlam says investor confidence has faded as the year progressed.
JOHANNESBURG - Sanlam, South Africa’s biggest insurer, reported a 10% fall in 2018 earnings on Thursday as volatile global markets that have hurt firms from Prudential Financial to BlackRock hit its investment portfolio.
Net investment return fell by 57% while its normalised headline earnings were down eight percent to R9.1 billion . After a rush of initial optimism in South Africa following the appointment of President Cyril Ramaphosa in early 2018, Sanlam said investor confidence had faded as the year progressed, while growth was “pedestrian”.
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