Sanlam Boss Paul Hanratty says Sanlam and Allianz are perfectly suited to drive Africa Strategy

Sanlam had a robust performance for the first six months of 2022 in the face of a challenging environment.
The net result from financial services from life insurance was up 23%, investment management was up 25% and our credit operations were up 22%. The Group’s general insurance net result from financial services declined by 57%. The overall net result from financial services increased by 1% on the first six months of 2021 and is unchanged on a constant currency basis. Net operational earnings decreased 7% due to weaker investment returns on shareholder capital from a volatile market environment, combined with increased project expenditure due to the increased spend on initiatives supporting execution of the Group’s strategy.

New business volumes in the life insurance operations were only marginally lower than the first six months of 2021 on a comparative basis, but still remain at strong levels. Volume growth declined largely due to lower single premium sales in the South African Retail Affluent business. Net value of new covered business (VNB) decreased by 17% on 2021 but was only 2% lower on a comparative economic basis. Net client cashflows of R37,1 billion were 2% lower than 2021 due to lower net flows in the investment businesses.
Group Equity Value per share was R59.28 on 30 June 2022 and Return on Group Equity Value was negative 2,8% for the first six months of 2022. RoGEV was significantly impacted by volatile equity and bond markets over the period.

The full announcement can be found at:
https://senspdf.jse.co.za/documents/2022/jse/isse/slm/HY22.pdf and available on the Sanlam website.