Half Year 2024 Sanlam Ltd Earnings Call Transcript
Key Points
- Sanlam Ltd (NAM:SLA) reported a 20% increase in profits on a cash basis per share for the first half of 2024.
- Life new business grew by 14%, and the value of new business increased by 10%.
- The SanlamAllianz joint venture showed strong performance, contributing positively to the group's results.
- The company achieved a return on group equity value well above the hurdle rate, despite currency depreciation in key African markets.
- Sanlam Ltd (NAM:SLA) maintained a strong focus on disciplined capital allocation and efficient capital deployment.
- The financial performance of AfroCentric was disappointing, leading to a write-down in the value of the business.
- Persistency in the retail mass business remains a key focus area, with a small persistency loss reported for the first six months.
- Changes in local regulations in Malaysia resulted in certain expenses being borne by shareholders, leading to a loss in the current year.
- The integration of acquisitions and the execution of various transactions have led to increased project expenses.
- The company faces challenges in turning around underperforming businesses in Angola, Cote d'Ivoire, and Kenya.
Good day, and welcome to everyone joining us online today for Sanlam's 2024 interim results presentation. I am Grant Davids, Head of Investor Relations at Sanlam, and I'll be facilitating today's session.
I am joined in the auditorium by our Group CEO and Group Finance Director as well as members of the executive leadership team. As usual, our Group CEO, Paul Hanratty and our Group Finance Director, Abigail Mukhuba will present today's results. But today, we also have short presentations on our Pan Africa as well as our India operations. We'll then move to a Q&A session after the presentation.
With that, I'll hand over to Paul.
Grant, thank you very much, and good afternoon, ladies and gentlemen, and welcome to the presentation of Sanlam's first half of 2024 financial results. I'm joined today by Abigail Mukhuba; by Heinie Werth, the CEO of Sanlam Alliance; and David Marshall, our Head of Group Strategy, he
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
