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Sanlam earnings soar

Sep 08 2011 09:54
Reuters

Company Data

Sanlam Limited [JSE:SLM]

Last traded 65
Change 1
% Change 2
Cumulative volume 7402657
Market cap 0

Last Updated: 27-05-2016 at 05:07. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Insurer Sanlam [JSE:SLM] reported a 30% rise in first-half earnings on Thursday, and said it would pay $265m for a stake in the financial services arm of its Indian partner, Shriram Group.

South Africa's second-largest insurer and one of the country's largest fund managers said diluted headline earnings per share totalled 109.6 cents in the six months to end-June, compared with 84.1c a year earlier.

Sanlam said it was helped by an 11% increase in new business volumes, particularly life insurance, and a rise in net fund inflows to its asset management unit.

Sanlam, which already had stakes in Shriram Group's insurance businesses, said it would pay 1.9bn in cash for a 26% stake in unit Shriram Capital, to gain more exposure to India's financial services industry.

Shriram Capital's activities include commercial and retail financing, stockbroking and the distribution of wealth products, Sanlam said.

It said it was also investigating a number of opportunities for expansion into Africa, with Mozambique likely to be added in 2011.

Sanlam shares have fallen more than 3% so far this year, compared with a 5% decline in South Africa's Top 40 - (Tradeable) [JSE:J200] index.

 
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