SNT - Santam Limited - Trading statement - Six months ended 30 June 2009
SNT
SNT
SNT - Santam Limited - Trading statement - Six months ended 30 June 2009
SANTAM LIMITED
("Santam")
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779
TRADING STATEMENT - SIX MONTHS ENDED 30 JUNE 2009
In terms of the Listings Requirements of JSE Limited, companies are required
to publish a Trading Statement as soon as they become reasonably certain that
the financial results for the period to be reported on will differ by more
than 20% from the financial results for the previous corresponding period.
Shareholders are advised that Santam expects its earnings and headline
earnings per share to be between 215% and 225% higher than the corresponding
prior period ended 30 June 2008. This improvement was due to improved
investment performance.
As reported in our Operational update on 27 May 2009, the industry
experienced challenging trading conditions during the first half of 2009,
with pressure on margins due to increased claims frequency and cost. Premium
growth, although satisfactory, was impacted by the general economic slowdown
and our ability as an industry to achieve an appropriate rate for the risk
assumed.
The performance of the investment portfolio improved considerably as markets
saw some recovery during the period. Favourable interest rate returns, albeit
lower than last year, had a positive impact on cash related investments. The
group`s solvency margin comfortably remains within our target range of 35% to
45%.
The financial information on which this Trading Update is based has not been
reviewed or reported on by Santam`s external auditors. Santam will release
its reviewed results for the six months ended 30 June 2009 on 26 August 2009.
CAPE TOWN
13 August 2009
Sponsor:
Investec Bank Limited
Date: 13/08/2009 14:00:01 Produced by the JSE SENS Department.
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