Sanlam became the latest South African insurer to be hit by the sluggish economy and poor market returns, joining Discovery and Liberty in posting a decline in 2018 net profit.
"It’s a tough environment in SA. Good businesses are producing mediocre results," Sanlam CEO Ian Kirk said on Thursday."We would have liked to have been in a better position, of course. But given the conditions, I think these are very credible."A report this week showed the0.8% in 2018 which, although it was slightly higher than what the Treasury and the Reserve Bank predicted, was just more than half the rate of the previous year, when Jacob Zuma was president.
The company also announced on Wednesday that Johan van Zyl, a director since 2016, would step down as chair of the board by June 2020. Sanlam Personal Finance, which houses single premium business Glacier, as well as the recurring savings division, had a 5% reduction in net operating profit to R4.2bn. Glacier, which predominantly serves high-income investors, was the biggest culprit with net operating profit down 32%.Kirk said although business volumes decreased at Glacier, the business was also affected by the investment returns.
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