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KEY FEATURES
Earnings
- Net result from financial services up 16%
- Core earnings per share up 27%
- Normalised headline earnings per share decreased by 19%
Business volumes
- Total new business volumes up 26% to R102 billion
- Net fund inflows of R11,4 billion
Group Equity Value
- Group Equity Value per share of R23,50
- Return on Group Equity Value per share of 18,8%
- Value of new life insurance business up 31% to R567 million
- Life new business margin of 2,37%
Capital management
- 5,5% of issued shares bought back during 2007 for R2,9 billion
- Discretionary capital of R6,1 billion at 31 December 2007
Dividend
- Dividend increased by 21% to 93 cents per share
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SALIENT RESULTS |
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for the year ended 31 December 2007 |
2007 |
2006 |
Δ |
| SANLAM LIMITED GROUP |
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| Earnings: |
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| Net result from financial services |
R million |
3 029 |
2 605 |
16% |
| Core earnings (1) |
R million |
4 146 |
3 365 |
23% |
| Normalised headline earnings (2) |
R million |
5 199 |
6 633 |
-22% |
| Headline earnings |
R million |
4 833 |
6 838 |
-29% |
| Net result from financial services per share |
cents |
133,3 |
110,8 |
20% |
| Core earnings per share (1) |
cents |
182,4 |
143,1 |
27% |
| Normalised headline earnings per share (2) |
cents |
228,7 |
282,0 |
-19% |
| Diluted headline earnings per share |
cents |
220,8 |
304,9 |
-28% |
| Group administration cost ratio (3) |
% |
27,8 |
27,1 |
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| Group operating margin (4) |
% |
20,8 |
21,1 |
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| Gross business volumes: |
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| New business volumes |
R million |
102 004 |
80 648 |
26% |
| Net fund flows |
R million |
11 363 |
(7 451) |
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| Value of new life insurance business |
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| Value of new life insurance business |
R million |
567 |
434 |
31% |
| Life insurance PVNBP (5) |
R million |
23 886 |
20 308 |
18% |
| Life new business margin (6) |
% |
2,37 |
2,14 |
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| Value of new non-life linked and loan business |
R million |
69 |
64 |
8% |
| Group Equity Value: |
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| Group Equity Value |
R million |
51 293 |
46 811 |
10% |
| Group Equity Value per share |
cents |
2 350 |
2 047 |
15% |
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Return on Group Equity Value per share (7) |
% |
18,8 |
31,0 |
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SANLAM LIFE INSURANCE LIMITED |
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| Shareholders' fund |
R million |
37 933 |
34 197 |
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| Capital Adequacy Requirements (CAR) |
R million |
7 525 |
5 800 |
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CAR covered by prudential capital |
times |
3,5 |
4,4 |
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Notes
- Core earnings = net result from financial services and net investment income (including dividends received from non-operating associates).
- Normalised headline earnings = core earnings, net investment surpluses, secondary tax on companies and equity-accounted headline earnings less dividends received from non-operating associates, but excluding fund transfers. Headline earnings include fund transfers.
- Administration costs as a percentage of income after sales remuneration.
- Result from financial services as a percentage of income after sales remuneration.
- PVNBP = present value of new business premiums and is equal to the present value of new recurring premiums plus single premiums.
- Life new business margin = value of new business as a percentage of life insurance PVNBP.
- Growth in Group Equity Value per share (with dividends paid, capital movements and cost of treasury shares acquired reversed) as a percentage of Group Equity Value per share at the beginning of the period.
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