SNT - Santam Limited - Annual General Meeting - Operational update to
SNT
SNT
SNT - Santam Limited - Annual General Meeting - Operational update to
shareholders
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
Annual General Meeting - Operational update to shareholders
This serves as a general communication to Santam shareholders with regards to
the business environment for the year to date.
Overall underwriting conditions remain very satisfactory following the good
margins and excellent results reported in 2010. The crop business achieved
positive underwriting results following the losses in 2010. Commercial
property claims increased as a result of flooding, following the higher than
normal summer rainfall in the northern parts of the country. Results were
positively impacted by fewer large industrial claims in the corporate property
business unit. Rates across the board remain depressed and premium growth is
expected to be in line with the overall industry experience.
Performance of the investment portfolio was in line with the flat equity
market movements. Interest rate returns were lower than last year. The equity
derivative structures of which full details are disclosed in the Annual
Financial Statements, hedge approximately 60% of the equity portfolio exposure
and had no material impact on results to date. The group`s solvency margin
remains at the top end of the target range of 35% to 45%.
Headline earnings continue to be susceptible to the inherent volatility of
underwriting and investment activities.
Santam`s interim results for 2011 are expected to be released on 31 August
2011.
CAPE TOWN
1 JUNE 2011
Sponsor:
Investec Bank Limited
Date: 01/06/2011 15:45:00 Produced by the JSE SENS Department.
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