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Sanlam earnings jump 28%

Johannesburg - Sanlam, the largest insurer by market value, posted an expected 28% jump in half-year earnings on Thursday as its diversification into other African markets and Asia paid off.

The insurer said diluted headline earnings per share totalled 220.2 cents in the six months to end-June, from 171.4c a year ago.

Sanlam had flagged earnings would up to 30% higher.

New business volumes climbed 7% to R88.7bn.

While economic conditions in its key market were strained, businesses elsewhere in Africa and India achieved better growth, Sanlam said.

The company has operations in several African countries, India, Europe, Australia and in the United States.

Sanlam shares are up more than 28% so far this year, compared with a 12% increase by Johannesburg's blue-chip index.

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