Sanlam’s emerging-markets unit has tough 2015
by Staff Writer,
2016-03-10 09:30:27.0
SANLAM’s emerging markets unit had a difficult 2015, posting lower earnings, with the Indian, Malaysian and Zambian operations underperforming against set targets.
"The Shriram Capital results in India were affected by one-off items in both the 2014 and 2015 financial years, causing a R154m adverse change in net results from financial services," said Sanlam.
"Despite a number of management actions, (the) Zambian operations could not escape the impact of the economic environment on consumer disposable income, resulting in significantly lower operating earnings due to lower new business sales and a (persistent) negative ... experience," the insurer said.
In the year to December 31 2015, Sanlam reported group diluted headline earnings per share (HEPS) of 459.5c, a 12% rise from the year-earlier period. New business volumes rose 16% to R211bn while the net result from financial services increased by 6% to R7.3bn compared with the previous year.
Sanlam declared a final gross cash dividend of 245c per share, up 9% from the year-earlier period.
Sanlam. Picture: SUPPLIED
SANLAM’s emerging markets unit had a difficult 2015, posting lower earnings, with the Indian, Malaysian and Zambian operations underperforming against set targets.
"The Shriram Capital results in India were affected by one-off items in both the 2014 and 2015 financial years, causing a R154m adverse change in net results from financial services," said Sanlam.
"Despite a number of management actions, (the) Zambian operations could not escape the impact of the economic environment on consumer disposable income, resulting in significantly lower operating earnings due to lower new business sales and a (persistent) negative ... experience," the insurer said.
In the year to December 31 2015, Sanlam reported group diluted headline earnings per share (HEPS) of 459.5c, a 12% rise from the year-earlier period. New business volumes rose 16% to R211bn while the net result from financial services increased by 6% to R7.3bn compared with the previous year.
Sanlam declared a final gross cash dividend of 245c per share, up 9% from the year-earlier period.
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