Sanlam says it has achieved satisfactory results in the first four months of 2021, despite the impact of the second wave of the Covid-19 infections at the beginning of the year.
Sanlam's Life and Savings (SLS) business recorded death claims of R4.8 billion in the first four months of 2021, R27 billion higher than in 2020.
But the insurer has not experienced any notable increase in death claims from the third wave, and says it should comfortably absorb any increase in claims for the rest of 2021 without needing to raise provisions. The company still has some money left from the pandemic reserve it announced in 2020.
Things have improved notably when it comes to sales. Sanlam said its new business volumes increased by 20% compared to the first four months of 2019 and were 58% higher than 2019. The value of new business jumped 81% compared to 2020 and was 41% higher than 2019.
While Sanlam's traditional businesses held their own too with SLS growing new business volumes by 31%, the younger businesses that predominantly sell online are starting to take more of the spotlight. Sanlam Indie grew sales by 68% and MiWay Life recorded a 21% increase.
The investment businesses had good first four months too and collectively pushed Sanlam's overall net fund inflows to R28.2 billion, which was more than double the R13.5 billion in the same period in 2020, and 73% higher than in 2019.