INTERIM RESULTS
Santam takes gap to fuel growth
The company says it enjoys market share of about 22% in SA
The country’s largest short-term insurer, Santam, benefited from the space provided by reinsurers’ repricing and limiting their exposure to SA after a torrid year of catastrophic events. Reinsurers insure the risks of other insurance companies. Santam reported a 72% jump in headline earnings per share to R10.18, while the interim dividend advanced 8% to R3.63 per share. The company says it enjoys market share of about 22% in SA. "With gross premiums written up 9% in our conventional business, as well as the underwriting margin we achieved of 8.4%, we are very happy with the result given the operating environment we faced," says Hennie Nel, Santam’s group finance director. The conventional business refers to the commercial and personal short-term insurance risks the firm writes on bricks, mortar and motor vehicles. The solid increase in the premiums written in the conventional business was in part due to the space provided by reinsurers, which were keen to limit exposure to SA after ...
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