Sanlam profit falls 22% – Moneyweb

Sanlam profit dropped as weather-related claims in South Africa grew and strength in the rand trimmed the translated value of earnings from its businesses outside of its home market.

So-called adjusted headline earnings fell 22% to R7.7 billion ($483 million) in the six months through June, the company said in a statement on Thursday.

The impact of weaker equity markets and higher interest rates on bond valuations, particularly in Morocco and India respectively, following strong gains in the previous period, weighed on performance, the company said.

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Adverse unrealised mark-to-market movements on the group’s investment in Ninety One — which involved Sanlam transferring much of its traditional active asset-management business to the firm — as well as losses on an Indian rupee hedge for insurance transactions in that nation also affected profit.

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