Rise in profits at Santam
March 11, 2010
SOUTH AFRICA-based non-life insurer Santam, which is majority-owned by locally based financial services group Sanlam, has reported a gain of Rand1.12bn ($150.5m) for 2009, up from Rand745m in 2008, on gross written premiums of Rand15.0bn, up 6% year on year. Investment income declined 26% year on year to Rand707m. Net gains on financial assets reached Rand479m, compared with a loss of Rand721m in 2008. The net underwriting margin declined to...