African leader Sanlam goes hunting again – Jeune Afrique

In 2021, Sanlam has given itself the opportunity to realize its ambition: to strengthen its presence throughout the African continent. Despite a spike in Covid-19-related excess deaths (claims worth R4.2bn, or roughly €232.4m as of December 31st), the South African giant finished the year on a strong footing, “a year ahead” of forecasts.

We have created a special pandemic reserve

Last year, its turnover reached 200 billion rand (compared to 133 billion in 2020). This is the highest level since the takeover in 2018 by Moroccan Saham, its first competitor on the continent (after South African counterparts). Thanks to this operation, the income of the Cape Town colossus significantly exceeded the mark of 100 billion rand, which until then it had only happened to approach from time to time. Thus, with a profit of 11.35 billion rand (628 million euros as of December 31), the number 1 African insurance company is recovering its form before the Covid-19 crisis, which reduced this figure to just 1.4 billion rand. Shareholders can be all the more satisfied as the group’s net profit share is R9.47 billion, 13 times more than in 2020.

Adjustment of pricing policy and reserves

Listing the key metrics that contributed to these results, Paul Hanratty, Group CEO since 2020, detailed the reasons behind the results on March 11. After a challenging 2020 for the insurer’s operations due to stringent containment measures in place, “the group has been working to restore operating results to pre-pandemic levels in 2021,” he said during an investor presentation.

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