Magazine date:
Apr 2004 Thanks to mild weather and favourable economic conditions, the insurance market has managed to make huge profits:
- Sanlam, subsidiary of Santam, the biggest South-African insurer, with a 24% market share, has improved underwriting result its by 273%
- Old Mutual, subsidiary of Mutual and Federal, the number 2 firm on the market with a 20% share has ameliorated its technical performance by 193%
- South African Eagle, subsidiary of Zurich Financial services international group, with a 10% share of the market recovered the 21 million-rands (3.31 million USD) loss in 2002 by achieving 127.7 million rands (20.1 million USD) in profits in 2003.