Sanlam braces for a drop in insurance sales
The company is the only insurer among its peers to report a half-year rise in earnings
Sanlam has forecast a drop in insurance sales as consumers battle job losses in an economy stuck in the longest recession in a generation after SA’s largest insurer bucked a gloomy trend in the sector with an increase in earnings.
The R125bn company is among the last in the sector to issue an earnings report in a season punctuated by worries about the effect of Covid-19-related claims on operational profitability and the ability for in-person insurance sales amid mandatory social-distancing guidelines to fight the pandemic. ..