Santam boss discusses weather and rugby

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Cape Town - The weather hasn't been kind to Santam, South Africa's largest short term insurer, while the rand exchange rate also impacted on earnings.

CEO Ian Kirk discusses the company's annual earnings performance, including a 9% growth in gross written premiums in studio with Fin24.

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On growth and expansion, Kirk said they made two small transactions in South Africa, because their large market share and local competition rules make it difficult for Santam to expand in its home market.

"But outside of South Africa (Santam)... along with holding company Sanlam took some 35% of all the general insurance businesses" that the latter is invested in.

"This has given us a nice general insurance footprint outside of South Africa on which we can build," he told Fin24.

The deal  enables Santam to share in the economic interest of the short-term insurance expansion by Sanlam in India, Malaysia, Botswana, Malawi, Zambia, Tanzania and Uganda, where it will provide technical services to the SEM short-term insurance partner companies.

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Kirk also had something to say about why Santam doesn't support the rugby teams...

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