Santam net income surges 64% as investment markets pick up
Perkier global bond and equity performances help compensate for pressure from natural disasters
29 February 2024 - 19:36
SA’s largest short-term insurer, Santam, reported a 64% surge in full-year net profit as favourable investment markets more than compensated for its underwriting margins, which came under pressure from claims related to floods in the Western Cape and other natural disasters.
Net income surged to R3.25bn in the year ended December from R1.98bn a year earlier as global bond and equity markets perked up in 2023 compared with a year ago when investors agonised over the effects of the Russia-Ukraine war. ..
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