Santam expects lower earnings

By: I-Net Bridge 2012-02-14 16:59 Johannesburg - The country's biggest short-term insurer, Santam [JSE:SNT], on Tuesday advised that its headline earnings per share (Heps) for the year ended December 31 2011 are expected to be between 5% and 15 % below the number for the corresponding period, while earnings per share are expected to be 15% to 25% lower than for 2010.

The decrease in Heps was due to the lower levels of investment return, Santam said.

The group's solvency margin as at December 31 2011 is expected to be higher than the targeted 35% to 45% band.

It said performance of the investment portfolio was broadly in line with the equity market movements, resulting in significantly lower returns from the portfolio compared to 2010.

Santam will release its annual audited results for the year ended December 31 2011 on February 28.

More Stories in Companies

• Gigaba: SAA seeks aid for new fleet
• Gigaba: SAA will get support into Africa
• Eskom's funding to 2017 finalised
• Moody's: SA banks plan cuts rating risk
• Water Affairs acts against four mines

«Back