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6 September 2012
The Sanlam Group has released another set of solid results for the half year ended 30 June 2012 despite persistent volatility in global investment markets and generally challenging economic conditions.
The Group’s results reflect a track record of sustainable delivery to shareholders resulting from its consistent focus on executing its five-pillar strategy over a number of years.
The Group grew new business volumes by 11% to R61 billion and increased the net value of new covered business by 38% compared to the same period last year.
Other highlights in the six months to 30 June 2012 were:
Commenting on the results, Sanlam Group Chief Executive, Dr Johan van Zyl said: “We are pleased with our performance and despite the economic and regulatory challenges in our industry, we remain confident that we have the depth of skills and experience to withstand these challenges.
“We will continue to focus on the execution of the Group’s strategy in pursuit of sustainable growth,” Dr Van Zyl said.
The Group was satisfied with the progress made in achieving its priorities for 2012.
The following are some of the main achievements:
Referring to SEM’s progress outside South Africa, Dr van Zyl said that good progress has been made on the regulatory approvals required for the Group’s acquisition of a 26% interest in Shriram Capital in India. “We are confident that the final conclusion of this transaction is imminent,” he said.>
He added that while Sanlam would consider attractive expansion opportunities into African countries where the Group does not have a presence, its immediate focus is on strengthening business relationships in existing operations. SEM is actively working with its partners to identify appropriate opportunities in this regard. South East Asia has also been identified as a potential growth market and SEM is currently investigating a number of opportunities in the region.>
Sanlam remains well capitalised with discretionary capital of R4 billion as at 30 June 2012.