SNT - Santam Limited - Operational update to shareholders following its board
SNT
SNT
SNT - Santam Limited - Operational update to shareholders following its board
meeting 30 November 2011
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
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 results remain very satisfactory following the good margins
and excellent results reported for the six months to 30 June 2011. The property
class continued to perform well in the absence of significant property claims
and major natural disasters, whilst the motor class experienced an exceptional
performance for the year to date, mainly due to a reduction in the claims
frequency and successful containment of claims cost inflation. Some pressure
has been experienced in certain specialist classes of business.
Rates within the short term insurance industry generally remain soft and premium
growth is expected to be in line with the overall industry experience.
Performance of the investment portfolio was commensurate with the volatile
equity markets whilst interest rate returns remained lower than last year.
The group`s solvency margin remains at the upper end of the target range of 35%
to 45%.
Due to the nature of Santam`s business, headline earnings are inherently
susceptible to the volatility of underwriting and investment activities.
The next set of results will be the final results for 2011 to be published on 28
February 2012.
CAPE TOWN
30 NOVEMBER 2011
Sponsor:
Investec Bank Limited
Date: 30/11/2011 16:29:01 Produced by the JSE SENS Department.
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