• Inside Labour

    Terry Bell explores the connection between poultry, poverty and desperation.

  • A new ANC sweeper?

    Have the Guptas' new auditors mastered how to look the other way on cue, asks Solly Moeng.

  • Strategy for the big boys

    Formulating strategy across the span of huge companies is a marathon, says Ian Mann.

All data is delayed
Loading...
See More

Sanlam earnings soar

Sep 08 2011 09:54
Reuters

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.

 
sanlam

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Marketing is a big concern in SA's small business community, followed by a lack of confidence and partnering with the wrong people, according to a survey.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The drop in inflation:

Previous results · Suggest a vote

Loading...