ALG Newsletter - 2026 outlook for SA life assurers. After a strong 2025 with a total return of over 21%, the SA life assurance index remains attractively positioned for 2026. While the battle for the mass market heats up, we see upside potential from asset-based fees, j-curve earnings, growing shareholder distributions and enhanced disclosure. A low inflation environment may offer challenges. We see undervalued players with share buybacks like  Momentum  and  Old Mutual  as b

ALG Newsletter - Strong tailwinds for SA insurers. Listed SA insurers are benefiting from strong underwriting and market tailwinds, while life assurers are facing increased competition in the mass retail space. All stocks will benefit from near-term tailwinds, but undervalued players with share buybacks like  Momentum  and  Old Mutual  are better positioned for relative performance. 21 November 2025 Reach out to find more about  Austin Lawrence Gidon 's ranking table for SA i

Sylvania Platinum Limited ’s production in Q126 continued to accelerate, reaching a record high of 24,522oz for 4E platinum group metals (PGMs) and 31,234oz for 6E. Net profit continued to recover thanks to record production, a rising PGM basket price and healthy unit cost control. We lift our FY26 4E forecast to 92,000oz, ahead of company guidance, and as a result upgrade our FY26 EPS by 7.3% to 23.18 US cents. We also introduce small earnings upgrades for FY27 and FY28 and

ALG Newsletter - Shifting new business dynamics. Listed SA life assurers recently reported very strong 30 June 2025 results from an earnings and shareholder distribution point of view, but it came with a caveat. They reported much lower mass retail volumes and only modest growth for affluent retail. While the affluent space is mature and highly competitive, the weak mass retail production is almost all due to significant market share gains by  Capitec  Insurance. Reach to fin

Sylvania Platinum Limited ’s strong FY25 production and a higher platinum group metals (PGM) basket price resulted in 2.9x higher EPS of 7.7 US cents versus  Edison Group 's forecast of 5.1 US cents. Edison's outlook for the Sylvania Dump Operations (SDO) is largely unchanged, except for a slight (3.3%) increase in cost forecasts due to a weaker dollar. The outlook for the Thaba joint venture (JV) has improved, thanks to attractive chrome prices, despite a slower ramp-up to s

BANCO BAI  ( BAI) is the largest Angolan bank by assets. It is a money centre, institutional-focused bank, with high investment and trading revenue, funded by a diversified deposit base. Its strong capital base and solvency position it for growth in an Angolan economic upswing. BAI’s low loan-to-deposit ratio provides optionality in the long term to drive higher returns on assets and equity. It started to roll out credit more strongly during FY24, a trend that has continued i

Sylvania Platinum Limited 's Q425 results included a fourth straight quarterly production improvement, a 13.5% increase in the platinum...

ALG Newsletter - Topical issues for SA life assurers. On the back of an easing in Middle East tensions, bond yields have declined, the...

ALG Newsletter - Underwriting - Harder for longer? Santam Insurance's 1Q25 operational update may point to a harder-for-longer...

Sylvania Platinum Limited  has increased its full-year 4E platinum group metals (PGM) guidance again, to 78,000–80,000oz. Positive...

ALG Newsletter - Stunning rise of Capitec Insurance. Capitec Insurance grew its funeral and life policy count by 25% in FY25 compared...

ALG Newsletter - P&C driving SA insurer results. After OUTsurance reported 52% earnings growth for 1H25, Old Mutual (+17% for FY24)...