+16,7%
+21%
R100,2 billion
+14%
R2 853 million
+19%
2,85%
(2022: 2,72%)
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+19% Net results from financial services
+19% cash net result from financial services
+35% net operational earnings
+13% on 2022 group new business volumes
+22% on 2022
+28% on 2022 on a constant economic basis
R18,5 billion
-66% on 2022
12,0% for the six-month period
Adjusted RoGEV of 8,5% for the six-month period
+26% Net results from financial services
+30% Cash net results from financial services
+64% Net operational earnings
R191bn
+19%
R1 265m (constant economic basis: R1 305m)
+18% (constant economic basis: +21%)
2,83%
2,91% on a constant economic basis
The Sanlam Group achieved a strong operating performance for the first three months of 2023. The Group’s life insurance, general insurance as well as credit and structuring lines of business contributed to strong growth in net result from financial services, with our Pan Africa and India operations performing particularly well.
The Group recorded good growth in new business volumes supported by the addition of the recently acquired Absa asset management business, strong life insurance recurring premium growth and satisfactory growth in general insurance. Growth was dampened by lower life insurance single premium sales due to rand weakness and broader investment market volatility.
Group net value of new business achieved significant growth despite muted life insurance sales, driven by margin improvements as a result of a shift to more profitable recurring and single premium products in the South Africa and Emerging Markets operations.
Group net client cash inflows declined to R7,7 billion due to lower life insurance single premium sales and increased outflows from savings products in South Africa, a single large institutional withdrawal from the Sanlam Investments multi-manager, as well as outflows in the UK investment management operations.
+25% on 2022
+26% cash net result from financial services
+9% on 2022 Group new business volumes
+18% on 2022
+21% on a constant economic basis
R7,7 billion
-63% on 2022