Johannesburg - Sanlam, the largest South African-based insurer, said first-half profit fell 7 percent as the continent’s most-industrialised economy struggled to boost growth.
Earnings before one-time items and other adjustments declined to R4.26 billion ($305 million), or R2.08 a share, from R4.59 billion, or R2.24 a share, a year earlier, the Cape Town-based company said in a statement on Thursday.
New business volumes rose 15 percent to R115 billion.
Sanlam operates in Africa, Europe, the UK, US, India and Malaysia. It’s been expanding in African and Asian countries as it seeks to enter regions that may help boost profit because of slowing growth in its home market.
In South Africa, inflation and interest rates are rising along with unemployment and rivals MMI Holdings and Liberty Holdings have also struggled to boost earnings in the past year.
“Economic conditions in the first six months of the 2016 financial year were not conducive to growth,” the company said.
BLOOMBERG