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  • Diluted headline earnings per share: expected to be up between 35% and 40%; and
  • Diluted earnings per share attributable to shareholders: expected to be up between 40% and 45%.

The expected increase in earnings per share is in part due to exceptional items, being the discontinuance of a charge in Group earnings for secondary tax on companies, following its recent replacement with a dividend withholding tax, the impact of the relative change in the Sanlam share price in the current and corresponding reporting periods on the IFRS related transfers between policyholder and shareholder funds (‘fund transfers’), as well as certain one-off positive investment revaluations of some R200 million during the period. The underlying investment return achieved on shareholder funds reflects the market performance for the period. Normalised headline earnings per share, which exclude fund transfers, are expected to increase by between 33% and 38%. Net operating profit (‘net result from financial services’) includes first time contributions from the Group’s investment in Malaysia as well as increased holdings in the Shriram Group in India and Capricorn Investment Holdings in Namibia and is expected to be between 30% and 35% up on the corresponding period in 2012.

The information in this trading statement has not been reviewed or reported on by Sanlam's auditors. Sanlam’s financial results for the twelve months ended 31 December 2013 are due to be released on 6 March 2014. For further information on Sanlam, please visit our website at www.sanlam.co.za

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Deutsche Securities (SA) Proprietary Limited

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