Sanlam reprices life policies as SA death payouts surge 88%

Sanlam is repricing its life insurance policies to try offset the effect of excess mortality claims that have hurt its operating profits, as it continues to battle the ongoing effects of Covid-19, which it says is likely to become “endemic to the world”.

Africa’s biggest insurance group is repricing its retail life insurance products and group risk schemes, implementing new underwriting protocols while also bolstering its discretionary capital buffer in anticipation of the fallout from the fourth wave of Covid-19 infections. Sanlam announced the changes in an operational update for the 10-month period ended October 31, during which it said headline earnings and diluted headline earnings per share increased 8%...