Sanlam’s superior performance demonstrates strategy execution and vision

By Confidente Reporter

SANLAM’s 2023 annual reports show a robust operating performance despite a series of adverse events affecting the world economy between 2020 and 2022, beginning with the COVID-19 pandemic.

The Group outperformed in all primary indicators it used to evaluate its success.

Significant highlights include a record net result from financial services of N$12.4 billion, which is 21 per cent higher per share, a 19 per share increase in earnings from the life insurance portfolio, a 21 per cent increase from general insurance, a 14 per cent increase in investment management, and a 29 per cent increase from credit and structuring.

In 2022, Sanlam declared a dividend of 400 cents per share, up from 360 cents in 2022. In 2023, the Group’s new business volumes remained stable at just under N$400 billion, a record high, with strong sales growth across all business lines.

Total net client cash flows also remained stable despite a challenging consumer environment. The declared dividend has not hampered the Group’s ability to deal with further financial challenges and shows the business’s fundamental strength.

Regarding solvency, the Group’s position remained robust and within the goal range, with a group solvency cover ratio of 170 per cent as of December 31, 2023. 

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