Sanlam to acquire all of Africa and Middle East-focused Saham
Insurance group Sanlam has produced a solid set of results for the year to end-December, despite considerable headwinds in its home market from record weather-related claims and adverse political and economic conditions. Sanlam also announced the acquisition of Africa and Middle East-focused insurer Saham Finances. Sanlam had already built a 47% stake in Saham, giving it a presence in 26 countries where Saham operates, and is paying $1.05bn for the remaining 53%. Headline earnings for the year to end-December dipped 1% but normalised headline earnings — which exclude fund transfers — rose 18%, and normalised headline earnings per share (HEPS) were also up 18%, at 480c. While new business volumes fell 1% to R230bn, the value of new covered business rose 15% to R1.8bn. In constant currency, that increase was 17%. Sanlam also improved the margin of that new business — to 2.94% from 2.69% in 2016. The group declared a dividend of 290c, an increase of 8.2% from 2016. It surpassed its tar...
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