SA’s largest short-term insurer, Santam has posted a 146% surge in headline earnings.
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GUEST - Gugu Mtetwa, Santam COO
Santam, South Africa’s largest short-term insurer, recorded an overall solid financial performance for the six months to 30 June 2023, with the group’s conventional insurance business achieving Gross Written Premium (GWP) growth of 7% and a net underwriting margin of 3.8% (June 2022: 3.0%).
Excluding large one-off items, an underwriting margin of 7.5% was achieved, well above the comparable 5.6% for the first six-month period in 2022. For the period under review, investment market conditions were more favourable than the first half of 2022, which together with an outperformance of benchmarks, contributed to a return on insurance funds of 2.2% of net earned premiums (June 2022: 0.2%).
Santam, South Africa’s largest short-term insurer, recorded an overall solid financial performance for the six months to 30 June 2023, with the group’s conventional insurance business achieving Gross Written Premium (GWP) growth of 7% and a net underwriting margin of 3.8% (June 2022: 3.0%).
Excluding large one-off items, an underwriting margin of 7.5% was achieved, well above the comparable 5.6% for the first six-month period in 2022. For the period under review, investment market conditions were more favourable than the first half of 2022, which together with an outperformance of benchmarks, contributed to a return on insurance funds of 2.2% of net earned premiums (June 2022: 0.2%).
