Sanlam brags with good results moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.
South Africa may still be short of the halfway mark of the pandemic even after two distinct waves of the coronavirus swept through the country over the
Sanlam in partnership with Patrice Motsepe s African Rainbow Capital (ARC) established African Rainbow Life in May 2019. Photo: Elvira Wood
Sanlam has decided to dissolve the African Rainbow Life business, less than two years after it was established.
The insurer said its model, which has very high fixed costs, was challenged under Covid-19.
African Rainbow Life s license and operations will be combined with the SAfrican business and the former s brand will cease to exist.
Sanlam has decided to can its youngest life insurance venture, African Rainbow Life, the group s CEO Paul Hanratty said during the presentation of the company s results on Thursday.
By Reuters Staff
2 Min Read
JOHANNESBURG (Reuters) - South Africa’s Sanlam reported a 24% rise in annual profit on Thursday and declared a dividend, as the insurer benefited from the absence of hefty one-time charges that marred its results last year.
The logo of South Africa s largest insurer Sanlam is seen outside the company s headquarters in Cape Town, South Africa March 12, 2020. REUTERS/Mike Hutchings
The country’s largest insurer had already flagged an increase in headline earnings per share (HEPS) - South Africa’s main profit measure - of up to 29%.
That stood at 448.5 cents in the year to Dec. 31, the first full-year report under new Chief Executive Paul Hanratty who joined in July.
Sanlam braces for at least two more virus waves moneyweb.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from moneyweb.co.za Daily Mail and Mail on Sunday newspapers.