Sanlam's intermediated distribution channels were generally not regarded as essential services in those countries that imposed lockdowns to prevent the spread of the coronavirus, severely hampering the Group's sales forces reliant on face-to-face client interactions.

Life insurance sales were most severely impacted, with monthly sales volumes lagging targets by between 50% and 90% across many lines of business in the months of April, May and June 2020.

Digital and direct businesses, such as Sanlam Indie, MiWayLife and Sanlam Direct, and digital sales tools available to certain retail distribution channels provided some relief, but could not mitigate against markedly lower sales from the other traditional channels.

Requests for new business quotes at Sanlam Corporate stalled in the second quarter, despite the business being able to support clients remotely through the peak of the South African lockdown.

Sanlam Investment Group (SIG) bucked the trend and received sizable new mandates in the second quarter of 2020, surpassing its first quarter performance. Excluding SIG, overall new business written in the second quarter of 2020 reduced by 16% compared to the first quarter of 2020.

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Sanlam Ltd. published this content on 10 September 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 September 2020 05:14:01 UTC