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Good Earnings for Clientele


August 20 - Despite poor economic conditions, life assurer Clientele managed to post higher earnings in its financial report issued on Monday.

The group showed a rise of 8% in diluted headline earnings per share. This means that earnings rose from 41.21c to 44.52c for the year that ended in June 2009.

Dividends also performed well, with prices per share growing 8% from 39c to 42c.

Clientele was able to show a return on average shareholders' interest of 57% on embedded value of 62%.

This is despite that Clientele commented on the recession in South Africa and said that it was a year of turmoil for financial markets around the world.

"Although production volumes have been impacted by the state of the economy this has been countered by improved new business profit margins which have increased from 21% last year to 24% this year and enhanced premium collections management resulting in improved lapse experience this year in South Africa," said the group.

Some of Clientele's newly established businesses, such as Clientele Legal and Clientele Loans Direct, completed their first full year of of operations cycle in June.

"The Value of New Business has increased from R320.6 million for last year, to R420 million this year," said the report. "The Embedded Value (EV) has increased from R1.06 billion (after adjusting dividends and related STC) to R1.72 billion at June 2009."

Clientele said that it hopes to move from being just a life insurance company to being a financial services group in the future.



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3/14/2010 7:05:41 AM
Clientele
Sunday, March 14, 2010

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