Sanlam reports strong first quarter, but warns about the rest of 2024
Africa's biggest insurance group Sanlam said on Thursday it has seen"strong momentum" across its operations in the first quarter, when a climb in new business volumes and improved investment returns lifted net operational earnings by 16%.
Despite a challenging backdrop marked by geopolitical conflict, high global interest rates and inflation and continued market volatility, its net value of new business in its life insurance business increased by 10%. Gross written premiums were 5% higher in its general insurance business in the three months to end-March - its first quarter - though it warned it doesn't expect these sorts of results in its core business for the rest of the year.
Group net client cash inflows improved 14% to R8.8 billion year-on-year, and despite the warning, the group's shares lifted almost 2% on Thursday afternoon. They gained about 40% in the past 12 months, valuing it at about R162 billion on the JSE.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.
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