Santam - Annual General Meeting - Operational upda
SNT
SNT
Santam - 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: ZAE000006854)
Annual General Meeting - Operational update to shareholders
This serves as a general communication to Santam shareholders with regards to
the business environment to date. As mentioned with the announcement of our 2005
financial results, the South African short-term insurance market continues to
soften, as existing and new insurers compete for market share, contributing to
downward pressure on rates and, hence reduced underwriting margins. Despite
this, Santam"s growth of quality business remains healthy.
In addition, the continued normalisation of the claims environment and increases
in weather and fire related claims are placing further strain on underwriting
margins, especially in the property and personal lines of businesses. We remain
focussed on addressing underperforming business areas.
Santam"s investment portfolio benefited significantly from the strong local
equity market performance, despite the recent market correction. Shareholders
are reminded of the inherent volatility of underwriting and investment
activities.
A bi-annual operational update will be provided as part of regular communication
to shareholders on the occasion of future annual general meetings and following
our November board meetings.
The next set of results will be the interim results for 2006, to be published
during the last week in August 2006.
CAPE TOWN
26 MAY 2006
Sponsor:
Investec Bank Limited
Date: 26/05/2006 10:00:08 AM Produced by the JSE SENS Department
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