This is founded in our diversified portfolio and federal operating model that support a dual focus on operational and strategic delivery. Sanlam continues to do well on a relative basis despite tough times.
We remain a South African-based business committed to retaining clients and attracting new business despite a low growth environment in some large markets, including South Africa. We achieve this by developing appropriately priced solutions and distribution channels that meet clients’ needs for certainty, security and protection. In the current environment we are spending even more time with our clients to assist them with the challenges they are facing.
This approach ensured that we again delivered solid financial results in relative terms. In absolute terms, we are not where we aimed to be in terms of a five to ten-year trajectory given the challenges experienced in South Africa, our largest market. However, we have several opportunities to strengthen our position over the medium term. In the past year, and for the immediate future, our Africa focus was on concluding the Saham Finances transaction, integration of the new Sanlam Emerging Markets (SEM) operating model and creating a Pan-African identity.
In South Africa, we launched initiatives to close the market gaps in health and employee benefits, the entry-level life market and in third-party asset management, and for Sanlam to lead in transformation in South Africa. We are confidently stepping forward into a new phase of empowerment partnerships that will support social and economic transformation.