Santam: Crop insurance boosts profits

INSURANCE company Santam expected its headline earnings a share for the six months to June to be between 115 percent and 125 percent and earnings a share to be between 120 percent and 130 percent higher than the previous period, it said in a trading statement yesterday. The group said improvement in the underwriting results was influenced by a turnaround in the crop insurance business compared with the significant losses recorded last year. The group’s specialist division also delivered strong underwriting results. MiWay also improved on its 2013 performance amid competitive market conditions. The shares rose 4.63 percent to close at R211.25 yesterday. – Nompumelelo Magwaza