Sanlam reported HEPS down -2% to 465c. Revenue rose 7% to R218bn, supported by 15% growth in general insurance & 7% in investment management. Results were driven by stronger earnings from Santam, South Africa life, & improved inflows, but value of new business fell -18% due to structural changes & weaker annuity sales. ROE of 19.4% vs 18.8% last year. Interim dividend up 11% to 445c.
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