Operating conditions were very challenging during the first six months of 2018 across a number of markets where Sanlam operates.
Investment market volatility, a stronger average Rand exchange rate and a weak South African economy in particular dampened growth prospects for our key performance indicators. The Group’s well-diversified profile across geographies, market segments and client offerings again provided resilience against these headwinds, enabling us to deliver an acceptable operational performance for the six months ended 30 June 2018. The Group’s strategic intent of sustainable value creation for all key stakeholders remains firmly in place and we continued to execute on all strategic pillars in the first half of 2018.
Most of the Group’s businesses achieved a solid underlying performance in the first half of 2018 despite challenging economic and investment market conditions. Particularly pleasing is the annualised adjusted Return on Group Equity Value (RoGEV) of 18,2% delivered to shareholders, exceeding the target of 13% for 2018.
Some of the strategic highlights for the first six months of 2018 include the favourable 3% capital raise to de-risk the Saham Finances transaction, the conclusion of Capitec Bank agreements (credit life underwriting and distribution of other products), and an increase in available discretionary capital to R9,9 billion - earmarked for the Saham Finances transaction.
for the six months
up 10% in constant currency
2,61% in 2017