Santam profit up despite fire, floods and hail
South Africa’s largest short-term insurer hiked its dividend but had to contend with higher reinsurance costs
07 March 2024 - 05:00
Increased incidents of fire combined with more expensive reinsurance premiums have seen Santam cut about R1.3bn in unprofitable business last year.
This paid off for South Africa’s largest short-term insurer, which saw its return on capital jump to 28.5% from 24% and dividend payout increase by 7%. Combined with a 91% increase in investment return on capital, Santam was in a position to pick and choose who it wanted to insure...
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