Santam has delivered strong financial performance despite limited growth in its motor business, which is its largest insurance class.
It also welcomed the progress made in addressing the structural constraints limiting economic growth in South Africa, including electricity supply and transportation infrastructure, even if it is at a slower-than-expected pace. “Our strategy is responsive to these conditions, and we, therefore, focus on our direct channels, where we do not have a fair market share, and the non-traditional segments, which are much less penetrated and provide good prospects for accelerated growth while also driving enhanced inclusion.”
Growth in the Engineering book was mainly driven by strong growth at Santam Re following the restructuring of its portfolio, offsetting the softer period at Specialist Solutions. Underwriting actions at Broker and Client Solutions and a portfolio restructuring at Santam Re improved the Group’s risk profile and the rating strength of its in-force book.