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Assessing and promoting civil and minority rights in South Africa.

[Source: Bloomberg by Renee Bonorchis.]

Sanlam Ltd., the largest South African-based insurer, said prospects for its domestic business will remain muted for the rest of this year and into 2018 as political uncertainty knocks confidence and markets.

Political and economic policy uncertainty is “not likely to dissipate” before the African National Congress elects a new leader in December, the Cape Town-based insurer said in a statement on Thursday. “Until policy certainty returns, low business and investor confidence will prevail. The risk of further downgrades to South Africa’s sovereign credit ratings must be recognized.”

Against these headwinds, Sanlam’s first-half new business volumes decreased 4 percent to 110 billion rand, while net fund inflows dropped 13 percent, it said in the statement. Normalized attributable earnings climbed 14 percent to 4.78 billion rand ($373 million).

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South Africa at a Glance
58 780 000 (mid 2018 estimate)
4.5% y/y in June 2019 (CPI) & +5.8 y/y in June 2019 (PPI)
-3.2% q/q (1st quarter of 2019)
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