Santam year profit down 18 percent

JOHANNESBURG (Reuters) - Santam, South Africa's largest property and casualty insurer, said 2012 profit fell 18 percent after weaker underwriting results and a tax charge related to a special dividend paid during the year.

Diluted headline earnings per share fell to 984 cents last year, Santam, majority-owned by life insurer Sanlam, said on Wednesday.

The company said earlier this month headline EPS - the most widely watched profit measure in South Africa and which excludes certain one-time items - would likely fall 15-20 percent.

Its net underwriting margin fell to 4.0 percent, missing expectations. In December, Santam said its underwriting margin would be at the lower end of its 5-7 percent target range hit by claims related to extreme weather and extensive fires.

Santam, which has interests in at least six other African countries, will pay a final dividend of 410 cents, up 15 percent.

Net insurance premium income totalled 1.04 billion rand, or a 6.6 percent margin, compared with 1.5 billion , or a 10.7 percent margin, in 2011.

Santam shares were down 0.6 percent at 181.45 rand by 1214 GMT, extending its loss this year to 5 percent. The blue-chip All-Share index was down 0.7 percent on the day.

Source: http://news.yahoo.com/santam-profit-down-18-percent-132026189--sector.html

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