SNT
SNT
SNT - Santam Limited - Trading Update
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
TRADING STATEMENT - FOR SIX MONTHS ENDED 30 JUNE 2010
In terms of the Listings Requirements of the 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 per share and headline
earnings per share for the six months ended 30 June 2010 to be between 75% and
85% higher than those of the prior corresponding period mainly due to a
substantial improvement in the underwriting performance.
As reported in our Operational update on 2 June 2010, the overall underwriting
conditions were satisfactory at acceptable margins. The diversity of Santam`s
business and an absence of large industrial claims during the reporting period
contributed to the improved results.
Performance of the investment portfolio was broadly in line with the equity
market movements but the investment result has been positively impacted by the
accounting treatment of the derivative fence structure which substantially
matured during the second quarter. Interest rate returns, albeit lower than last
year, continue to contribute positively to income. The group`s solvency margin
comfortably remained at the top end of the target band 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 interim results for the six months ended 30 June 2010 on 1 September
2010.
CAPE TOWN
16 August 2010
Sponsor:
Investec Bank Limited
Date: 16/08/2010 14:44:01 Produced by the JSE SENS Department.
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