Photo: David Ritchie/African News Agency (ANA)

JOHANNESBURG - Financial services group Sanlam on Thursday reported a 10 percent increase in diluted headline earnings per share to cents 248.6 cents in the six months to June.

The company said the acquisition of the remaining 53 percent stake in Saham Finances awaited regulatory approvals and was anticipated before the end of 2018.

Operating conditions were very challenging during the first six months of 2018 across a number of markets where the company operates.

Investment market volatility, a stronger average rand exchange rate and a weak South African economy in particular dampened growth prospects for key performance indicators.

"The Group’s well-diversified profile across geographies, market segments and client offerings again provided resilience against these headwinds, enabling us to deliver an acceptable operational performance," it said.

Annualised adjusted return on group equity value per share of 18.2 percent exceeded the 2018 target of 13 percent, further strengthening Sanlam's track record of consistent shareholder value creation.

Sanlam did no declare an interim dividend, in line with group policy.

- African News Agency (ANA)