Sanlam

Sanlam’s HY HEPS were +40% to 473c, marginally lower than the midpoint of guidance, but beating the BB est. of 366c | New business volumes +7% with Life Insurance new biz vols +14% | Investment Management +7% | General insurance new biz vols a drag -2% | While the group equity value per share rose +9.3% (>7.5% hurdle rate), the Return on group equity value per share was 9.3% vs 12% in the prior year period (largely due to FX changes & fewer disposals).
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