Sanlam CEO, Paul Hanratty, says the insurer hasn't struggled selling life insurance, despite the financial pressures facing consumers.Africa's largest insurer Sanlam says it's unfazed by a double-digit fall in new business volumes for its life insurance business in 2022, confident that it can defend its market share as under-pressure consumers turn to well-established brands.
The group's headline earnings only increased by 3% in its year to end-December, while its life insurance new business volumes declined by 10%, or by 5% when adjusting for UK disposals, its results showed on Thursday. In contrast, competitor, Liberty – which published its results on the same day – grew new indexed business by 7% and returned to profit with R1.8 billion in earnings.
Sanlam's general insurance operations proved a drag on the group, with its net results down by almost a third, but life insurance earnings rebounded due to lower mortality claims as Covid-19 receded.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed.
which 'well-established brands'?
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