The South African (SA) insurer’s conventional insurance business posted a 16% rise in net earned premiums, underpinned by “strong contributions from all major divisions except for Santam Specialist Solutions,” where competitive pressures hindered growth.

MiWay, the group’s direct insurance unit, continued accelerating its expansion, delivering solid double-digit growth in gross written and net earned premiums.

The business insurance segment performed well, while personal lines growth has also gained momentum since June 2025, the insurer said, adding that strategic partnerships significantly boosted Santam Re’s growth and broker, client and partner solutions “recorded good growth, in line with the performance for the first half of the 2025 financial year.”

The group’s gross written premiums increased 10%, reflecting broad-based growth across insurance classes, excluding the impact of portfolio restructuring in Santam Re.

Operationally, improved rating strength combined with a favourable claims environment contributed to underwriting margins remaining above the target range of 5% to 10%, echoing the results from the first half of the year.

Santam’s alternative risk transfer segment posted exceptional operating results with significant growth in fee income, underwriting profits and investment margins.

However, shareholder investment returns on capital portfolios lagged expectations due to foreign currency translation losses, particularly relating to the strengthened Rand and investments in Shriram General Insurance, Santam said.

Earlier this year, Santam received in-principle approval from Lloyd’s to launch its own syndicate.

–Reuters–