ZSA - Zurich Insurance Company South Africa Limited - Trading Statement
ZSA
ZSA
ZSA - Zurich Insurance Company South Africa Limited - Trading Statement
Zurich Insurance Company South Africa Limited
(Incorporated in the Republic of South Africa)
(Registration number 1965/006764/06)
Share code: ZSA
ISIN: ZAE000094496
("Zurich" or "the Company")
TRADING STATEMENT
Shareholders are advised that Zurich is currently finalising its results for
the six months ended 30 June 2010 which should be released on SENS on or
about Friday, 3 September 2010.
The results for the period include the impact of the business transformation
programme that was embarked on in February 2010 and which is already having a
positive impact on underwriting results. This programme, which will right-
size the business and create a strong platform for future profitable growth,
will cost approximately R127 million to complete and full provision, in terms
of International Financial Reporting Standards ("IFRS"), has therefore been
made to meet this expense.
Investment income has been affected by a lower interest rate environment and
no investment gains were realised.
As a result, earnings per share ("EPS") are anticipated to be a loss in the
range of -260 cents to -440 cents per share (2009: EPS 874 cents per share)
and headline earnings per share ("HEPS") a loss in the range of -250 cents to
-390 cents per share (2009: HEPS 711 cents per share).
The forecast financial information on which this trading statement is based
has not been reviewed and reported on by the Company`s auditors.
Johannesburg
2 August 2010
Sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 02/08/2010 16:01:01 Produced by the JSE SENS Department.
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