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Santam earnings up 40% thanks to good weather

Mar 02 2015 15:37


Company Data

Santam Limited [JSE:SNT]

Last traded 282
Change -2
% Change -1
Cumulative volume 23378
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Short-term insurer Santam [JSE:SNT] reported a 40% jump in full-year earnings on Monday, slightly lower than expected, after a turnaround in its crop insurance segment and an absence in hail-related catastrophes.

Santam said diluted headline earnings per share rose to 1 435 cents in the year to end-December from 1 023c a year ago. Analysts polled by Reuters had predicted a 42% increase in earnings to 1 450c per share.

The insurer majority-owned by Sanlam said its gross written premiums - or the amount customers paid up for their insurance policies during the period - rose 10% to R22.7bn.

Its crop insurance business made an underwriting profit of R251m from a loss of R142m in 2013, it said.

South Africa's largest property and casualty insurer raised its dividend by 10% to 742c, much lower than the 1 298c analysts had anticipated.

Santam shares were down 1% at 14:35, compared with a 0.6% decline by Johannesburg's All-share index.

santam  |  insurance  |  financial services
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