Sanlam deal to cut earnings

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Wednesday, December 14, 2005 - Web posted at 7:41:57 GMT

Sanlam deal to cut earnings

JOHANNESBURG - South Africa's second-biggest insurer, Sanlam, said yesterday a settlement on retirement fund payouts will reduce earnings and embedded value.

The firm said the deal would cut headline earnings by 20 cents per share.

This will also reduce Sanlam's embedded value by 21 cents per share.

Sanlam estimates the cost of the deal to amount to 600m rand.

- Nampa-Reuters

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