BRIEF-Sanlam Ltd Says New Business Volumes For 10-Month Was Up 25%

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BRIEF-Sanlam Ltd Says New Business Volumes For 10-Month Was Up 25%
Credit: © Reuters.

Dec 9 (Reuters) - Sanlam Ltd SLMJ.J :

* JSE: SLM - OPERATIONAL UPDATE - OCTOBER 2020

* SANLAM - 10 MONTHS ENDING 31 OCTOBER 2020 NET VALUE OF NEW COVERED BUSINESS (VNB) OF R1 350 MILLION, DOWN 21%

* SANLAM - 10-MONTH NET VALUE OF NEW COVERED BUSINESS (VNB) OF R1 350 MILLION, DOWN 21%

* SANLAM - 10 MONTHS ENDING 31 OCTOBER 2020 NET FUND INFLOWS OF R51 BILLION, UP 17%

* SANLAM - SANTAM'S ADDITIONAL PROVISION FOR CONTINGENT BUSINESS INTERRUPTION (CBI) CLAIMS OF R1,7 BILLION IN 10 MONTHS TO 31 OCTOBER

* SANLAM - 10 MONTHS ENDING 31 OCTOBER 2020 NEW BUSINESS VOLUMES OF R248 BILLION, UP 25%

* SANLAM - NET OPERATIONAL EARNINGS 33% LOWER (UP 4% EXCLUDING COVID-19 IMPACT) FOR 10 MONTHS ENDING 31 OCTOBER 2020

* SANLAM - 10-MONTH NET FUND INFLOWS OF R51 BILLION, UP 17%

* SANLAM - 10-MONTH NET VNB MARGIN OF 2,30%, DOWN FROM 2,80% IN 2019

* SANLAM - GROUP'S NET RESULT FROM FINANCIAL SERVICES DECLINED BY 21% ON FIRST 10 MONTHS OF 2019 FINANCIAL YEAR

* SANLAM - REMAINS WELL POSITIONED TO WEATHER HEADWINDS WITH A ROBUST BALANCE SHEET AND SOLVENCY POSITION

* SANLAM - HEADLINE EARNINGS AND DILUTED HEADLINE EARNINGS PER SHARE INCREASED BY 4% FOR 10 MONTHS ENDING 31 OCTOBER 2020

* SANLAM - EXPECT OPERATING ENVIRONMENT TO REMAIN CHALLENGING FOR REMAINDER OF 2020 AND INTO 2021

* SANLAM - NEW BUSINESS GROWTH FOR REMAINDER OF 2020 WILL ALSO BE IMPACTED BY A HIGH BASE IN SECOND HALF OF 2019 AS EXPECTED

* SANLAM - EVENTUAL CLAIMS EXPERIENCE FROM COVID-19 REMAINS UNCERTAIN

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