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Operational update to shareholders for the 10 month period to 31 October 2013
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
Board Meeting - Operational update to shareholders for the 10 month period to 31
October 2013
This serves as a general communication to Santam shareholders with regards to the
business environment for the year to date.
The Santam Group’s net underwriting margin remains below the medium term target range
of 5% to 7%.
Growth in gross written premiums for the intermediated business remained under pressure
as a result of competitive market conditions. The underwriting result improved considerably
during the third quarter following reduced weather related claims and the positive impact of
premium increases and corrective actions. The October results have been negatively
impacted by commercial fires. The specialist classes continued to report acceptable results
although at lower margins compared to the previous year.
MiWay continued to report acceptable loss ratios while maintaining solid growth in premium
income.
The investment portfolio performed in line with the positive market movements experienced
during the second half of the year. Fair value movements on equities were however limited
due to the down-side protection taken out over equities to the value of R2 billion during
March 2013.
The group’s solvency margin remained comfortably within the target range of 35% to 45%.
Since October 2013, the Group’s results were negatively impacted by adverse weather
conditions in November; mainly hail related claims in the East Rand and flooding in the
Western and Southern Cape.
Due to the nature of Santam’s business, headline earnings are susceptible to the inherent
volatility of underwriting and investment activities of the Group.
The next set of results will be the final results for 2013 to be published on 26 February 2014.
CAPE TOWN
27 NOVEMBER 2013
Sponsor:
Investec Bank Limited
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