Sanlam reported record earnings for the fiscal year ending 31 December 2023, with a cash net result from financial services reaching R12.4 billion, an 18% increase from 2022. This growth was driven by a strong performance across various portfolios, including a 19% increase in life insurance, 21% in general insurance, 14% in investment management and 29% in credit and structuring. Headline earnings per share rose by 48%, from 473 cents in FY22 to 702 cents in FY23, leading to an 11% increase in dividends. Despite ongoing geopolitical conflicts posing risks to investment markets, interest rates and inflation, Sanlam maintains a positive outlook for 2024, with a focus on implementing management actions to improve resilience to economic pressures. The termination of the funeral deal with Capitec in October 2024 will be offset by strategic activities, including the proposed R6.5 billion acquisition of Assupol.
