Equity markets in key emerging economies fell, ‘placing severe pressure on our ability to grow earnings and create value for our clients’, the financial services company saysFinancial services group Sanlam said on Thursday that earnings fell 8% in the year ended December, partly because of the downturn in global equity and fixed-interest markets.
Equity markets in other key emerging economies also fell, “placing severe pressure on our ability to grow earnings and create value for our clients”.However, the group said it delivered “robust overall growth in key performance indicators, supported by our diversification across geographies, market segments and lines of business”.
Sanlam said net investment returns plunged 57% to R707m, while its numbers were also hurt by a sharp increase in project costs and amortisation.
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