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Johannesburg - Insurer Sanlam [JSE:SLM] reported a 23% jump in earnings for the first four months of the year on Wednesday, after booking increased new business volumes and higher returns from investment services.
The company, established nearly a century ago, said new business increased 21% to R59bn, while earnings from financial services improved by 40%.
Sanlam said on Tuesday it had concluded an agreement to purchase a 63% stake in Soras Group, Rwanda's biggest life and non-life insurer.
The $24.3m purchase is its first foray into the country. Sanlam has businesses in 16 countries including 11 other African countries and has set aside $370m for emerging market acquisitions this year.
By late afternoon trade its share price was down 0.35% at R60.16.
The company, established nearly a century ago, said new business increased 21% to R59bn, while earnings from financial services improved by 40%.
Sanlam said on Tuesday it had concluded an agreement to purchase a 63% stake in Soras Group, Rwanda's biggest life and non-life insurer.
The $24.3m purchase is its first foray into the country. Sanlam has businesses in 16 countries including 11 other African countries and has set aside $370m for emerging market acquisitions this year.
By late afternoon trade its share price was down 0.35% at R60.16.
