Santam’s 2010 results on the rise

Santam, owned in majority by the life insurer Sanlam, published a 2010 profit in net increase Improved underwriting results for industrial risks has, therefore, enabled the company to post results 51% higher than the previous year. Net premiums collection amounted to 13.5 billion ZAR (2 billion USD) compared to 12.9 billion ZAR (1.7 billion USD) in 2009.

The severe floods at the start of this year is likely to push the technical results back by 4% to 6%. Like all South African insurers, Santam has been affected by the 2009 recession and is now recovering slowly but surely.