FY Results – Sanlam reported a net result from financial services exceeding R10 billion for the first time. The growth was driven by life insurance, investment management, and credit and structuring operations. However, the company’s general insurance operations detracted from earnings growth due to weaker unrealized investment returns. The life insurance earnings rebounded due to lower mortality claims compared to 2021. Credit and structuring earnings growth was driven by operations in India. The investment management operations performed well despite significant investment market volatility. Santam, the company’s general insurance unit, underperformed due to claims inflation, investment market volatility, and catastrophic floods in KwaZulu-Natal. A final gross cash dividend of 360 cents per share was declared.
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