Performance highlights included:
Net result from financial services (NRFFS) growth remained robust with satisfactory performance across all lines of business. NRFFS increased by 15% for the reporting period.
Net operational earnings increased by 17%, benefiting from higher investment returns on the shareholder capital portfolio
Life insurance new business volumes were 12% higher, with good sales growth recorded in all regions across the group’s portfolio
Life insurance net value of new business increased by 13%, with the new business margin remaining robust at 2.81%
General insurance new business trends were satisfactory with continued strong growth in Asia and good growth in South Africa
The group continues to attract significant asset flows, with net client cash inflows more than doubling to R40 billion, improving across all lines of business
The group remains well capitalised and within its solvency capital ratio target range
Discretionary capital decreased from R3.8 billion on 30 June 2024 to R841 million on 30 September 2024, due to the R2.6 billion outflow regarding the acquisition of a 25% stake in Africa Rainbow Capital Financial Services Holdings and other minor activity
In October 2024, the group received inflows to discretionary capital of R2.3 billion from the integration of its Namibia holdings into SanlamAllianz; and in November, R1.4 billion (net of tax) in respect of the Capitec reinsurance recapture fee
The Assupol Holdings Limited (Assupol) acquisition was finalised on 7 October 2024 and Sanlam is focused on integrating Assupol into the group’s operations. The group anticipates significant synergies to arise over time following from this integration.
Outlook
Concluding, Mr Hanratty said: “We are pleased with the excellent performance for the reporting period, which is testimony to the commitment of our people, the diversity of our operations and solid execution of our strategy across the emerging markets we are focused on. Our performance and continued strategic execution in the first nine months of 2024 supports our optimism for the remainder of the year.”