FI­NAN­CIAL PO­SI­TION

Finweek English Edition - - COVER HEINIE WERTH, YEGS RAMIAH, DANIËL KRIEL, -

and Malaysia. Now roughly 25% of profit and value are out­side of South Africa.

Di­vi­sions are cap­i­talised to the ex­tent that they need cap­i­tal, with both cap­i­tal and the San­lam brand be­ing con­trolled from the cen­tre. Group busi­nesses com­pete for cap­i­tal, and the group in­vests where it gets the best re­turns, Möller says. Busi­nesses are given hur­dle rates and mea­sured against them.

Emerg­ing mar­ket re­turns have been sub­stan­tial – in­creas­ing from 17% in 2012 to 30% in 2013.

Möller says that there are a lot of ex­pec­ta­tions to keep grow­ing and adding busi­nesses, and San­lam is work­ing on meet­ing them.

San­lam’s re­sults were due out just af­ter go­ing to press, but a re­cent op­er­a­tional up­date in­di­cated that new busi­ness vol­umes of R150bn in the first 10 months of fi­nan­cial 2014 were up 17% on the same pe­riod in 2013. Emerg­ing Mar­kets achieved new busi­ness growth of 30%.

Over­all net fund i nflows of R27.5bn com­pared to R18bn in 2013. Strong growth in fi­nan­cial ser­vices was largely off­set by lower in­vest­ment re­turn earned on the cap­i­tal port­fo­lio. Di­luted head­line earn­ings a share in­creased by 4%.

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