CFO's report

CFO's report Full integrated report

Overview
The Santam group reported gross written premium (GWP) growth of 11% (9.5% excluding the impact of the Santam Structured Insurance acquisition in March 2017), and delivered excellent underwriting results under difficult economic circumstances.

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Financial results

A summary set of financial statements for 2018, prepared in accordance with IAS 34, is included in this integrated report.

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Insurance results

The conventional insurance business reported a net underwriting margin of 9.2% compared to the 6.0% reported in 2017.

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Investment results

Investment income

Listed equities achieved a negative return of 11% for the year ended 31 December 2018, relative to the SWIX benchmark (60% SWIX and 40% Capped SWIX) which delivered a negative return of 11.9%.

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Investment approach

Santam follows a policy of managing its investment portfolios in a diversified manner. Our aim is to optimise investment income within the approved risk appetite profile.

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Capital management and solvency

Capital management philosophy
Santam’s capital management philosophy is to maximise the return on shareholders’ capital within an appropriate risk appetite framework.

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