Sanlam chair Johan van Zyl to step down
The company says equity markets in key emerging economies fell, ‘placing severe pressure on our ability to grow earnings and create value for our clients’
Financial services group Sanlam said on Thursday that Johan van Zyl, a director since 2016, would step down as chair of the board by June 2020. A "suitable" independent nonexecutive chair would take his place, the firm said in its results for the year ended December. Sanlam's earnings fell 8% in the year partly because of the downturn in global equity and fixed-interest markets. The JSE all share’s negative return of 9% for the year, versus a positive return of 21% in 2017, had a “pronounced impact” on earnings growth in 2018, it said. Equity markets in other key emerging economies also fell, “placing severe pressure on our ability to grow earnings and create value for our clients”. “The currencies of oil-producing countries — Nigeria and Angola in particular — remained weak.” Sanlam said it delivered “robust overall growth in key performance indicators, supported by our diversification across geographies, market segments and lines of business”. Despite a 4% increase in the net resu...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.