Sanlam earnings surge, allowing final dividend increase of 11%

Financial services group Sanlam, Africa's biggest insurer, has reported strong growth for  the 2024  financial year.

This allowed the group to increase its final dividend to 445 cents per share, an increase of 11% on the prior year.

Sanlam said net result from financial services grew 25% to R15.4 billion in the 12 months to end-December.

Headline earnings were up 39% to over R20 billion, and HEPS by 37% to 702 cents per share.

In a joint announcement with Ninety One, the group also said the two entities had now entered into a binding framework agreement to establish a long-term strategic relationship.

This will allow Sanlam to appoint the global investment manager as its primary active asset manager for single-managed local and global products.

An initial 15-year strategic relationship will provide for Ninety One to be granted preferred access to Sanlam's South African distribution network. 

Sanlam's chief financial officer, CFO Abigail Mukhuba, noted that they'd experienced increased demand across the three regions where they operate, both the South African and Pan-African geographies, as well as in India.

Growth was also reflected across the group's businesses during the 2024 financial year.

"If you look at our offering it was pretty much across the different lines of business, whether it be in insurance, credit or wealth and investment management."

Abigail Mukhuba, Chief Financial Officer - Sanlam  

For more detail, listen to the interview audio at the top of the article