SNT
SNT
SNT - Santam Limited - Trading Statement - 12 Months Ended 31 December 2011
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
TRADING STATEMENT - FOR 12 MONTHS ENDED 31 DECEMBER 2011
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.
Santam delivered pleasing underwriting results for the financial year ended 31
December 2011 with all major business units continuing to perform well. The
consolidated underwriting result ended marginally below the exceptional
results achieved in 2010. A low frequency of large industrial accident and
fire-related claims, no material natural catastrophe losses as well as
excellent underwriting margins on the commercial motor book during this period
contributed to a very good underwriting margin.
Performance of the investment portfolio was broadly in line with the equity
market movements resulting in significantly lower returns from the portfolio,
compared to 2010.
Shareholders are advised that Santam expects its headline earnings per share
(HEPS) for the year ended 31 December 2011 to be between 5% and 15 % below the
HEPS for the corresponding period, while earnings per share is expected to be
15% to 25% lower than for 2010. The decrease in HEPS is due to the lower
levels of investment return.
The group`s solvency margin as at 31 December 2011 is expected to be higher
than the targeted 35% to 45% band.
The financial information on which this Trading Statement is based has not
been reviewed or reported on by Santam`s external auditors. Santam will
release its annual audited results for the year ended 31 December 2011 on 28
February 2012.
CAPE TOWN
14 February 2012
Sponsor:
Investec Bank Limited
Date: 14/02/2012 16:03:23 Produced by the JSE SENS Department.
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