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AM Best has assigned an “A-” (Excellent) financial strength rating and an “a-” (Excellent) long-term credit rating to Santam. The outlook is stable.
The rating recognizes the South African group's solid balance sheet, strong operating performance, neutral business profile and appropriate enterprise risk management.
It also reflects Santam's strategic importance for its parent company Sanlam.
Santam, despite intense competition and several major natural catastrophe claims, has maintained a strong underwriting performance, underpinned by a prudent approach and a diversified product offering.
The company closed the year 2023 with a net result of 3.4 billion ZAR (185 million USD) and a return on equity (ROE) of 29.5%.
