Sanlam H1 earnings down 19 % hurt by South Africa recession

JOHANNESBURG    – South African life insurer Sanlam reported a 19 percent drop in half-year profit on Thursday, hurt by a recession in its home market.

Sanlam reported diluted headline earnings per share of 225.3 cents for the six months to June 30 compared with 277.2 cents a year earlier.

Africa’s most advanced economy slipped into a technical recession this year, but data published on Tuesday showed an uptick in growth.

“The operating environment during the first half of 2017 proved even more demanding than anticipated, in particular in South Africa, our largest market,” Sanlam said in a statement.

Sanlam, which also has operations in Nigeria, Angola and India, said new business volumes declined by 4 percent to 110 billion rand ($8.6 billion) over the period.

Related Story:  NB/Consolidate Breweries merger good for real sector - stakeholders

The life insurer said South African growth prospects will remain muted for the rest of 2017 and 2018, but added that commodity-based economies in the rest of Africa were benefiting from better terms of trade and a firmer global growth outlook.

Headline earnings per share is the main profit measure in South Africa and strips out certain one-off items.

($1 = 12.8061 rand)(Reuters)

MTN News Alert
DMON
To receive our mobile newspaper on MTN delivered on your phone, text SAWD to 4900 at N50 per week or SAMD to 4900 at N150 per month.
For information on press releases, photos, promotional events and adverts, call or send text to 08173460599 or 08094208271or send email to: info@sundiatapost.com

Leave a Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

*

Sundiata Post Media Ltd.

Address: 3rd Floor Office Suite, Bayelsa State Guest House, Plot 1038, Shehu Shagari Way, Maitama, Abuja, Nigeria.
Tel: +234(0)92900705, +234(0)8173460599
Whatsapp: +234(0)8053069436
BBM PIN: 5619150D
Email: info@sundiatapost.com
Website: www.sundiatapost.com

Enugu Regional Office: SW 1 New Haven Shopping Mall, Enugu, Enugu State, Nigeria.
Tel: +234(0)7062582838
https://twitter.com/sundiatapost/

London Office: 18 Belgrave Avenue, Wd18 7UE, Watford, United Kingdom.
Tel: +447417554143
Dubai Office: PAU Management Suite, Level 23 - Boulevard Plaza Tower 2, Emaar Boulevard,
P. O. Box 124342, Dubai, UAE.
Tel: +971 4 4096849 | Fax: +971 4 409 6850
About Us

SundiataPost is published by Sundiata Post Media Limited, Sundiata Post is Nigeria’s most authoritative online newspaper and ranks among the top five online news platforms in Nigeria.

Guild of Corporate online publishers
ACCREDITED MEMBER
A Glance at Our Advert Rate.

Inside Pages

Size In Pixels - Amount

120×180 - N27,967.50

300×100 - N24,695

Text Link - N11,275

More Details info

About Us | Contact Us | Privacy Policy | Terms of Use | Advert Rate