Sanlam reserves R760m for Covid-19

DURBAN – Financial services group Sanlam yesterday flagged that it had coronavirus (Covid-19) reserves of R760 million to fight the pandemic.

The group said in a business guidance for the two months to end February that the reserve was created specifically for an event of this nature some few years back.

“This reserve is available to cover increased mortality experience emanating from Covid-19,” Sanlam said.

Sanlam said its portfolio remained resilient to the threatening external conditions as it reported a double-digit growth in its new business volumes, up 30percent compared to the first two months of 2019.

The group said the surge came on the back of Sanlam Emerging Markets and international business.