{"id":14017,"date":"2012-08-29T15:23:59","date_gmt":"2012-08-29T13:23:59","guid":{"rendered":"http:\/\/www.myza.co.za\/08\/tax-charge-weighs-on-santams-h1-earnings\/"},"modified":"2012-08-29T15:23:59","modified_gmt":"2012-08-29T13:23:59","slug":"tax-charge-weighs-on-santams-h1-earnings","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/tax-charge-weighs-on-santams-h1-earnings\/","title":{"rendered":"Tax charge weighs on Santam&#8217;s H1 earnings"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>(Adds details)<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p><span class=\"articleLocation\">JOHANNESBURG<\/span> Aug 29 (Reuters) &#8211; South African short-term<br \/>\ninsurer Santam posted an expected 29 percent drop in<br \/>\nhalf-year earnings on Wednesday due to the impact of a<br \/>\nsignificant increase in the taxes.<\/p>\n<p><span><\/span><\/p>\n<p>Santam, which is majority owned by life insurer Sanlam<br \/>\n, said headline earnings per share came in at 415 cents<br \/>\nin the six months to end-June from 584 cents a year ago.<\/p>\n<p><span><\/span><\/p>\n<p>Headline earnings, the main gauge of profit in South Africa,<br \/>\nexclude some one-time items.<\/p>\n<p><span><\/span><\/p>\n<p>The insurer had flagged that earnings would be at least 25<br \/>\npercent lower.<\/p>\n<p><span><\/span><\/p>\n<p>Its income tax charge rose by over 84 percent from the<br \/>\nprevious year, mainly due to the tariffs levied on a special<br \/>\ndividend pay out.<\/p>\n<p><span><\/span><\/p>\n<p>South Africa&#8217;s largest property and casualty insurer&#8217;s net<br \/>\ninsurance premiums rose 10 percent to 7.7 billion rand ($914.98<br \/>\nmillion) from a year earlier. Underwriting came in 21 percent<br \/>\nlower at 471 million rand, while investment income rose 12<br \/>\npercent to 337 million rand.<\/p>\n<p><span><\/span><\/p>\n<p>Santam, which has interests in at least six other African<br \/>\ncountries, declared a 230 cents dividend for its half-year,<br \/>\ncompared with 200 cents previously.<\/p>\n<p><span><\/span><\/p>\n<p>Its shares dropped 3 percent to 172.01 rand on the news,<br \/>\ncompared with a 0.17 percent fall in Johannesburg&#8217;s All-share<br \/>\nindex.<br \/>\n($1 = 8.4155 South African rand)<\/p>\n<p> (Reporting by Helen Nymabura; editing by David Dolan)<\/p>\n<p><span><\/span><\/p>\n<p class=\"copyright\">\n<p>         \t\t\u00a9 Thomson Reuters 2012 All rights reserved<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Adds details) JOHANNESBURG Aug 29 (Reuters) &#8211; South African short-term insurer Santam posted an expected 29 percent drop in half-year earnings on Wednesday due to the impact of a significant increase in the taxes. Santam, which is majority owned by life insurer Sanlam , said headline earnings per share came in at 415 cents in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-14017","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14017","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=14017"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/14017\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=14017"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=14017"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=14017"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}