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52% Increase in H125 Earnings

OUTsurance released a super set of interim results today with a 52% increase in normalised EPS and an annualised RoE of 30.8%. The SA P&C results were strong (earnings up 32%) in line with the trend for the sector as a whole (Santam and Discovery Insure so far, with positive expectations for Old Mutual Insure and Momentum Insure). The big boost came from Youi though, where a perfect storm of sustained high top-line growth and a benign natural catastrophe claims environment combined to drive earnings up 154%. SA Life also staged a strong recovery (up 225%), while Ireland start-up losses increased to R246m. The share is trading at a high price to NAV of 7.5x, which is a reflection of strong growth, superior returns, high cash conversion and diversification potential. Santam Insurance Discovery Limited Old Mutual Momentum Sanlam

14 March 2025










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