Net result from financial services in the life insurance, credit and structuring and investment management operations remained solid and broadly in line with trends for the first half of 2023. General insurance had a weaker third quarter due to weather and fire events impacting performance. The health operations recorded improved performance trends relative to the first half of 2023.

Investment return on the shareholder capital portfolio was much stronger for the nine-month period compared to 2022, because of higher market levels.

New business trends in the life insurance operations improved in the third quarter of 2023, with growth in new business profitability, as measured by VNB, improving from the first half.

General insurance new business trends remained robust across the portfolio, as strong premium increases in response to high claims inflation and frequency were dampened by management actions to remove unprofitable business.

Net inflows into the South African asset management business improved strongly in the third quarter, supporting the reduction in overall investment management net outflows reported in the first half.

Group net client cash inflows of R18,5 billion were recorded for the nine-month period, a satisfactory performance in a challenging operating environment.

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Sanlam Ltd. published this content on 17 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 November 2023 08:09:05 UTC.