SEM new business volumes increased by 36%.
New business volumes in Namibia declined by 12%. New life business increased by 72%, with persistent strong growth in the entry-level market, augmented by an improvement in affluent market sales in recent months. New investment business, volatile by nature, decreased by 31% from a high base in 2018.
In Botswana, new investment business increased strongly by 42%. New life business also achieved healthy growth of 17%, but with a change in mix to less profitable savings business. Overall new business sales were up 34%.
Other African operations new business volumes grew by 81%. SAHAM Finances outperformed targets with the exception of SAHAM Assistance and Continental Re. New life insurance business written by SAHAM Finances increased from R61 million in 2018 to R823 million, which includes strong organic growth as well as structural activity. SAHAM Finances general insurance net earned premiums more than doubled, supported by structural growth. New business written in the other African regions, excluding Kenya's investment business, increased by 18%. All key regions contributed to this growth. New investment business flows in Kenya underperformed.
New business at the Indian life insurance business was under pressure as a result of the liquidity crunch in India and increased by only 6% on 2018. The general insurance business experienced much stronger growth of 21%, contributing to overall constant currency growth of 7% on the first half of 2018.
The turnaround at the Malaysian businesses is persisting with overall growth of 49% in new business volumes. The life business grew new business volumes by 76%, with an improvement in the mix of business to the more profitable non-participating lines of business. General insurance new business increased by 16%, though this is below expectations.
Net fund flows increased by 72% from R3.2 billion in 2018 to R5.5 billion in 2019, with Namibia, SAHAM Finances and India the main contributors.
Sanlam Ltd. published this content on 05 September 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2019 05:56:07 UTC