- Sanlam's profit surged by 16.7% in H1 2024, reaching R11.32 billion ($636 million), driven by robust operating performance.
- Sanlams new business volumes reached R204 billion ($11.47 billion) in H1 2024, reflecting growing market share and product demand.
- Total assets expanded to R1.02 trillion ($57.56 billion), with net client cash flows more than doubling to R24 billion ($1.35 billion).
Sanlam, Africas leading insurer, partially owned by South African billionaire Patrice Motsepe, reported a robust financial performance for the first half of 2024 , with profits soaring to R11.32 billion ($636 million), a 16.74 percent increase from R9.70 billion ($544.78 million) in H1 2023.
The companys growth was driven by strong gains in its insurance revenue, which climbed from R41.9 billion ($2.37 billion) to R47.74 billion ($2.7 billion), fueled by solid life insurance performance and an increased shareholding in Afrocentric in its health portfolio.
Sanlam boosts South African operationsPaul Hanratty, Sanlam CEO, highlighted the success of the companys strategic focus on strengthening its South African operations while expanding in Pan-Africa and Asia. Our focus on leveraging our significant scale in South Africa and expanding into key growth markets continues to position our business favorably for long-term growth and value creation for all stakeholders, Hanratty said.
Sanlams new business volumes for H1 2024 reached R204 billion ($11.47 billion), a reflection of the insurer's growing market share and strong demand for its products. Life insurance sales jumped 15 percent, and net client cash flows more than doubled to R24 billion ($1.35 billion), underscoring Sanlams capacity to gather assets.
Total assets expanded by 3.41 percent, reaching R1.02 trillion ($57.56 billion), while total equity increased marginally by 0.75 percent, growing from R96.91 billion ($5.45 billion) to R97.64 billion ($5.49 billion).
