South Africa's Santam sees FY underwriting margin below target
JOHANNESBURG Aug 28 (Reuters) - South African insurer Santam expects its annual underwriting margin to come in below its target range of 5 to 7 percent, its chief executive said on Wednesday.
"I suspect we will still be below our target range because we've had such a poor start, but yes we'll certainly have a better second half," Ian Kirk told Reuters.
The company majority owned by insurer Sanlam posted a 1.3 percent underwriting margin for the first half after being hit by weather-related claims. (Reporting by Helen Nyambura-Mwaura; David Dolan)
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