Insurance revenue for the year increased to R24.6 billion (R22.5 billion) with insurance service result ending higher on R1.9 billion (R1.3 billion). Result of operating activities rose to R2.7 billion (R2.3 billion) with profit attributable to equity holders of the company inclining to R1.7 billion (R1.3 billion). Furthermore, headline earnings per share improved to 1 578c per share (1 170c per share).

Declaration of dividend
The board has declared a gross interim dividend of 535c per ordinary share (495c per ordinary share) for the six months ended 30 June 2024 to those members registered on the record date, being Friday, 20 September 2024. The dividend has been declared from income reserves.

Company prospects
General operating conditions are not expected to improve markedly in the remainder of 2024. Investor and business sentiment appears to be positive following the general elections in South Africa and an improvement in Eskom’s electricity availability factor. Economic growth and employment levels should benefit over time but will likely remain subdued in the short term while other structural constraints persist. Personal disposable income will remain under pressure in South Africa until policy interest rates enter a declining cycle. The La Niña effect is expected in Q3 2024; this is anticipated to lead to increased rain alongside the traditional hail season in Q4. These factors add some volatility to the underlying underwriting margin.

Investment markets will likely remain volatile, especially in the context of escalating geopolitical risk on the international front and uncertain global election outcomes.

However, we remain confident in the group’s prospects and the potential to deliver enhanced growth and profitability, as our FutureFit 2030 strategy has been tailored to the environment in which we operate. The management actions implemented to date, which we continue to roll out, create positive momentum into the year’s second half.