Sanlam has announced that its net client cash flows have surged to R40 billion for the nine months ended September 2024, despite R2.5 billion in withdrawals following the introduction of the two-pot retirement system. The group’s life insurance net inflows grew by 57%, with net financial service results up 15% and operational earnings rising by 17%, supported by strong investment returns. The company’s life insurance new business volumes increased by 12%, driven by single premium growth in South Africa and contributions from Asia. The group’s general insurance also performed well, with Santam’s premiums rising by 8% and SanlamAllianz’s Pan-Africa portfolio growing by 9%. The group expects further outflows into late 2024.
