Reuters
Sanlam, South Africa’s biggest insurer, reported a 10 percent fall in 2018 earnings on Thursday as volatile global markets that have hurt firms from Prudential Financial to BlackRock hit its investment portfolio.
Life insurers, asset managers and other companies with big exposures to bonds and equities have suffered amid the tumult in markets, especially in the final three months of the year, while Sanlam was also hurt by a weak economy in South Africa.
Its normalised headline earnings per share – the key profit gauge in South Africa – fell 10 percent to 431.7 cents ($0.3027) from 480 cents.
