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Insurer Sanlam to book around 7.8 billion rand in impairment charges

Aug 19 (Reuters) - South Africa’s largest insurer Sanlam Ltd said on Wednesday it would book the bulk of around 7.8 billion rand ($453.33 million) in impairment charges, mostly related to its acquisition of Saham Finances, in the first half of 2020.

Sanlam also said its net operational earnings were likely to decline between 35% and 45% due to lower fee income and increased provisioning in its specialist finance and retail credit businesses.

$1 = 17.2061 rand Reporting by Yadarisa Shabong in Bengaluru; Editing by Krishna Chandra Eluri

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