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Once-off costs drive Sanlam’s interim earnings down

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The financial services firm recognised an expense of R1.7bn after issuing shares to a new B-BBEE entity

Sanlam says half-year earnings fell by up to 35% partly because of once-off charges linked to its broad-based black economic empowerment scheme.

— a move it says will"position Sanlam as the foremost empowered insurance and investment management group in SA". The group said earnings in the six months to end-June were also dented by certain fund transfers and an additional amortisation charge of about R200m linked to the consolidation of Saham Finances and Nucleus as group subsidiaries.But shares in the financial services firm rose 1% to R70.

Excluding the one-off charge, the amortisation of intangible assets and the fund transfers, headline earnings would have increased between 8% and 18%, Sanlam said.Sanlam said it would publish its interim results on September 5.

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