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Sanlam weathers volatile markets

Dec 08 2010 17:20 Reuters

Company Data

Santam Limited [JSE:SNT]

Last traded 200.00
Change 2
% Change 0.01
Cumulative volume 9973
Market cap 23.87bn

Last Updated: 24/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

Sanlam Limited [JSE:SLM]

Last traded 56.02
Change 0.7
% Change 0.01
Cumulative volume 3175466
Market cap 121.37bn

Last Updated: 24/04/2014 at 04:29. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - South Africa's second-biggest insurer Sanlam [JSE:SLM] said on Wednesday normalised headline earnings per share were slightly higher in the 10 months to end-October, as strong net fund inflows offset volatile financial markets.

Sanlam also said it would sell its 68.7% interest in MiWay to Santam [JSE:SNT] for R240m.

Sanlam owns a controlling stake in Santam, which focuses on short-term insurance.

One of the South Africa's top fund managers, Sanlam said volatile financial markets conditions were likely to affect full-year results.

"The strong market performance in the second half of the 2009 financial year, in particular, may not be repeated in 2010, which will affect the full-year growth in earnings," the company said.

Sanlam said new business volumes were up 4% during the period, while overall net inflows of R17.2bn were substantially better than the R13.5bn achieved in the first 10 months of 2009.

Shares in Sanlam rose 1.39% to R26.97 in Wednesday afternoon trade, outpacing a flat JSE All-share index.
sanlam  |  santam
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