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7 March 2024
The Group achieved superior results across all the key metrics it uses to measure its performance.
Highlights included:
Sanlam declared a dividend of 400 cents per share (2022: 360 cents per share). The declared dividend did not hamper the Group’s ability to deal with further financial stresses and reflects the underlying strength of the business.
The Group’s solvency position remained strong and well within the target range, with a Group solvency cover ratio of 170% on 31 December 2023.
Sanlam Group’s Chief Executive Officer, Mr Paul Hanratty, said: “This set of results reflects our focus over the past three years on improving the performance of existing operations, while investing in the Group’s long‑term growth path. We remain optimistic about future growth and performance, with the Group being well positioned to serve our customers across all our operations.”
Amid a world recovering from the pandemic, marked by geopolitical unrest and economic vulnerability, Sanlam continued to support the sustainability of the communities in which it operates by, among others:
Sanlam is broadening its range of diversified product offerings, reach and influence by using a holistic approach to create value and a positive impact. This approach enables the Group to impact more lives, cater to changing societal needs, and contribute to the economic empowerment and wellbeing of the communities where the company operates.
Sanlam also announced that it has appointed Mr Temba Mvusi as Independent Non-executive Director to the board of Sanlam and Sanlam Life, effective 7 March 2024, and Chair of the Board from 1 April 2024. Mr Mvusi will succeed current Chair of the Board, Mr Elias Masilela, who will step down as Chair of the Board on 31 March 2024. Mr Masilela will remain as an independent non-executive director of the board.
While ongoing geopolitical conflicts pose risk to the outlook for investment markets, interest rates and inflation, the Group is positive about its growth prospects for 2024. Sanlam’s earnings remain sensitive to significant moves in global investment markets, but the underlying businesses have good momentum and are resilient.
“Our strong capital position and cash generation as well the diversity of our operations by product, market segment and geography, position us well to navigate the current macroeconomic environment,” concluded Mr Hanratty.