The Conventional Insurance business achieved strong gross written premium growth of 7% in a challenging economic environment.
The ART business segment reported strong operating results with excellent growth in fee income, partially offset by lower underwriting results.
Sanlam Emerging Market (‘SEM’) partner businesses
The Sanlam Pan Africa General Insurance (‘SPA GI’) business achieved net earned premium growth of 7% (10% in constant currency) due to good growth in motor business which was partly offset by lower volumes in the health and assistance businesses. Shriram General Insurance (‘SGI’) was impacted by lower sales through the Shriram channels.
The Santam Group’s economic and regulatory capital position remained at an acceptable level during the reporting period despite the impact of the poor underwriting and investment results. The economic capital coverage ratio as at 30 April 2022 was closer to the lower end of the 145% to 165% capital target band.
The next set of Santam results will be for the six months to 30 June 2022, which are expected to be released on SENS on or about 1 September 2022.
Investor Conference call
A conference call for analysts and investors will take place at 16h30 (South African time) on 1 June 2022.
