Sanlam posts 6% decline in profit

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Cape Town – South Africa’s largest life insurer, Sanlam [JSE: SLM], posted a 6% full year decline in profit due to negative foreign currency translation differences and weak equity market performance during 2016.

Normalised headline earnings for the year ended December 2016 – the measure of profit in South Africa – was down to R8.4bn from R8.9bn in the previous year.

Sanlam CEO Ian Kirk said the group can sustain itself despite challenging conditions. “We expect the challenging operating environment and economic climate to persist in 2017,” he said in a statement.

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