Financial services group Sanlam [JSE:SLM] said it had delivered an "acceptable operational performance" in a tough operating market when it published its interim results for the six months ended 30 June 2018.
"Operating conditions were very challenging during the first six months of 2018 across a number of markets where Sanlam operates.
Investment market volatility, a stronger average rand exchange rate and a weak South African economy in particular dampened growth
prospects for our key performance indicators," it said in a statement.
Headline earnings grew 12% from R4.56bn in the six months ended June 30 2017 to R5.12 billion in 2018. Diluted normalised headline earnings per share grew 8% to 236.2c, from 218.7c over the comparable period in 2017.
New business volumes declined by 1%, which it called an 'acceptable performance under difficult conditions'.
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