Flash Briefing: Company results show pressures of the pandemic; Hollard Namibia refuses business interruption claims

  • Sanlam says investment business was the key driver of volume growth for the year ended in December. New business volumes reached record levels. However, earnings from financial services and operational earnings dropped. Headline earnings per share increased, while the company declared a dividend of 10% less than the prior year. The insurer says South Africa may still be short of the halfway mark of the pandemic even after two waves of the virus. “We are basically planning for two-and-a-half more waves”, said CEO Paul Hanratty. He added that the company is very realistic about South Africa’s vaccine program and that it’s not going to significantly impact the current year.
  • Standard bank saw a 51% decline in profit after tax for the year ended in December. Africa’s largest bank expects any economic recovery from the Covid-19 pandemic in Africa to be delayed until late this year or even 2022. The bank declared a dividend of R2.40.
  • Famous Brands says the financial impact of the Covid-19 pandemic and national lockdowns with trading restrictions has been severe. Sales dropped across all restaurant categories for the year ended in February. The company says its supply chain divisions were particularly hard hit while the retail division traded throughout the lockdown in SA and reported R151mn in sales.
  • After large insurers were taken to court for refusing to pay business interruption claims related to Covid-19, they have agreed to settle these claims and begun making payments to devastated businesses. Despite the approach taken by its holding company, Hollard International – the Namibian subsidiary – is not only refusing to recognise the claims of tourism and hospitality policyholders but is aggressively disputing them, says Insurance Claims Africa, which represents over 900 clients in the sector against large insurers. Tourism is a critical sector in the Namibian economy contributing 15% to the country’s GDP.

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