DOCSLIB.ORG

Annual Financial Statements 2020 Santam Annual Financial Statements 2020 1 APPROVAL of the ANNUAL FINANCIAL STATEMENTS

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Financial Statements 2020 Santam Annual Financial Statements 2020 1 APPROVAL of the ANNUAL FINANCIAL STATEMENTS 2020 ANNUAL FINANCIAL STATEMENTS CONTENTS 1 HOW TO NAVIGATE THE ANNUAL FINANCIAL STATEMENTS 2 APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS 2 PREPARATION AND PRESENTATION OF THE ANNUAL FINANCIAL STATEMENTS 3 STATEMENT ON INTERNAL FINANCIAL CONTROLS 3 SECRETARIAL CERTIFICATION 4 INDEPENDENT AUDITOR’S REPORT 11 REPORT OF THE AUDIT COMMITTEE 12 DIRECTORS’ REPORT 18 STATEMENTS OF FINANCIAL POSITION 19 STATEMENTS OF COMPREHENSIVE INCOME 20 STATEMENTS OF CHANGES IN EQUITY 21 STATEMENTS OF CASH FLOWS 22 NOTES TO THE ANNUAL FINANCIAL STATEMENTS 147 ANALYSIS OF SHAREHOLDERS 148 ANALYSIS OF BONDHOLDERS 149 ADMINISTRATION HOW TO NAVIGATE THE ACCOUNTING POLICIES ANNUAL FINANCIAL The principal accounting policies applied in the preparation STATEMENTS of these consolidated and company financial statements are included in the specific notes to which they relate and are indicated with a grey background. The format of the annual financial statements for 2020 is consistent with that of 2019. All key information relating to a financial line item is grouped in one note. PRIMARY STATEMENTS CRITICAL ACCOUNTING ESTIMATES The primary statements are included at the start of the annual AND JUDGEMENTS financial statements and include note references to specific underlying detailed notes. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated and company financial NOTES TO THE FINANCIAL STATEMENTS statements, are included in the specific notes to which they The notes to the financial statements consist of insurance-specific, relate and are indicated with a yellow border. financial instrument-specific and risk management notes, followed by less significant notes thereafter. PB Santam Annual Financial Statements 2020 Santam Annual Financial Statements 2020 1 APPROVAL OF THE ANNUAL FINANCIAL STATEMENTS TO THE SHAREHOLDERS OF SANTAM LTD Responsibility for and approval of the group and company annual financial statements The board of Santam Ltd accepts responsibility for the integrity, objectivity and reliability of the group and company financial statements of Santam Ltd. Adequate accounting records have been maintained. The board endorses the principle of transparency in financial reporting. The responsibility for the preparation and presentation of the financial statements has been delegated to management. The responsibility of the external auditors is to express an independent opinion on the fair presentation of the financial statements based on their audit of Santam Ltd and its subsidiaries. The board has confirmed that adequate internal financial control systems are being maintained. There were no breakdowns in the functioning of the internal control systems during the year that had a material impact on the financial results. The board is satisfied that the financial statements fairly present the financial position, the results of the operations and cash flows in accordance with relevant accounting policies, based on International Financial Reporting Standards (IFRS). The board is of the opinion that Santam Ltd is financially sound and operates as a going concern. The financial statements have accordingly been prepared on this basis. The financial statements were authorised for issue and publication by the board and signed on its behalf by: VP Khanyile Chairman L Lambrechts Chief executive officer 3 March 2021 PREPARATION AND PRESENTATION OF THE ANNUAL FINANCIAL STATEMENTS The preparation of the annual financial statements was supervised by the chief financial officer of Santam Ltd, HD Nel (CA (SA)). 2 Santam Annual Financial Statements 2020 Santam Annual Financial Statements 2020 3 STATEMENT ON INTERNAL FINANCIAL CONTROLS The directors, whose names are stated below, hereby confirm that: – the annual financial statements, set out on pages 18 to 146, fairly present in all material respects the financial position, financial performance and cash flows of the group in terms of IFRS. – no facts have been omitted or untrue statements made that would make the annual financial statements false or misleading. – internal financial controls have been put in place to ensure that material information relating to the group have been provided to effectively prepare the financial statements. – the internal financial controls are adequate and effective and can be relied upon in compiling the annual financial statements, having fulfilled our role and function within the combined assurance model pursuant to principle 15 of the King IV Report on Corporate GovernanceTM for South Africa, 2016 (King IV)1. Where we are not satisfied, we have disclosed to the audit committee and the auditors the deficiencies in design and operational effectiveness of the internal financial controls and any fraud that involves directors, and have taken the necessary remedial action. HD Nel Chief financial officer L Lambrechts Chief executive officer 3 March 2021 SECRETARIAL CERTIFICATION In accordance with section 88(2)(e) of the Companies Act, 71 of 2008, as amended (the Act), it is hereby certified that the company has lodged with the Registrar of Companies all such returns as are required of a public company in terms of the Act and that such returns are true, correct and up to date. M Allie Company secretary 3 March 2021 1 Copyright and trademarks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. 2 Santam Annual Financial Statements 2020 Santam Annual Financial Statements 2020 3 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF SANTAM LIMITED Report on the audit of the consolidated and separate financial statements OUR OPINION In our opinion, the consolidated and separate financial statements present fairly, in all material respects, the consolidated and separate financial position of Santam Limited (the Company) and its subsidiaries (together the Group) as at 31 December 2020, and its consolidated and separate financial performance and its consolidated and separate cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS) and the requirements of the Companies Act of South Africa. WHAT WE HAVE AUDITED Santam Limited’s consolidated and separate financial statements set out on pages 18 to 146 comprise: – the consolidated and separate statements of financial position as at 31 December 2020; – the consolidated and separate statements of comprehensive income for the year then ended; – the consolidated and separate statements of changes in equity for the year then ended; – the consolidated and separate statements of cash flows for the year then ended; and – the notes to the financial statements, which include a summary of significant accounting policies. BASIS FOR OPINION We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated and separate financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. INDEPENDENCE We are independent of the Group in accordance with the Independent Regulatory Board for Auditors’ Code of Professional Conduct for Registered Auditors (IRBA Code) and other independence requirements applicable to performing audits of financial statements in South Africa. We have fulfilled our other ethical responsibilities in accordance with the IRBA Code and in accordance with other ethical requirements applicable to performing audits in South Africa. The IRBA Code is consistent with the corresponding sections of the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards). OUR AUDIT APPROACH Overview Overall group materiality – Overall group materiality: R209.91 million which represents 0.55% of the consolidated gross written premium. Materiality Group audit scope – Full scope audits have been performed in respect of the Company and certain subsidiaries based on their financial significance and/or the risks associated with these subsidiaries. Analytical procedures were performed over the remaining subsidiaries as they were deemed to be financially insignificant. Group scoping Key audit matters – Valuation of the Contingent Business Interruption (CBI) claims reserve; Key audit matters – Valuation of the Incurred But Not Reported (IBNR) liability; – Fair value of the unquoted equity investment in Shriram General Insurance Company Limited; and – Recoverable amount of the investment in SAN JV (RF) Proprietary Limited, and its significant investment, Saham Finances SA. 4 Santam Annual Financial Statements 2020 Santam Annual Financial Statements 2020 5 INDEPENDENT AUDITOR’S REPORT As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the consolidated and separate financial statements. In particular, we considered where the directors made subjective judgements; for example, in respect of significant accounting estimates that involved making assumptions and considering future events that are inherently uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due to fraud. MATERIALITY The scope of our audit was influenced
Load more

Recommended publications
  • Analyst Presentation (June 2021)
    2021 ANALYST PRESENTATION INTERIM FINANCIAL RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2021 Presented by: Lizé Lambrechts and Hennie Nel CONTENTS • The Santam business portfolio • Market context • Financial results • Capital management • Group strategy and priorities THE SANTAM BUSINESS PORTFOLIO Santam’s Strategic Investment Partnerships inclusive of SAN Conventional Alternative Risk Transfer (ART) JV (Saham) Santam Commercial and Centriq Insurance Santam’s share of the Personal Santam Structured Insurance insurance results of the SEM Santam Specialist general insurance Santam Re businesses, including SAN MiWay JV (Saham) MARKET CONTEXT INSURANCE MARKET OUTLOOK All markets • Global economy is recovering with an expected recovery in global insurance premiums • However, the future of the global economy remains uncertain due to uncertainty on how pandemic will unfold • Weather related catastrophes and cyber events increasing significantly • Rate hardening, growth of cyber insurance and the shift to digital distribution channels are key drivers to insurance growth • Investment into Insurtech continues globally • Pressure to tackle climate change risks and transition towards a low-carbon economy is growing INSURANCE MARKET OUTLOOK South Africa • Economic growth prospects positive • Improvements in vaccine roll-out key to supporting growth prospects • Premium growth expected to grow in line with the economy • In line with global investments in Insurtech, the local market remains a growth opportunity to digitise and narrow the protection gap •
    [Show full text]
  • December 2014
    Non-executive directors Santam head office and registered address B Campbell, MD Dunn, MP Fandeso, T Fubu, 1 Sportica Crescent BTPKM Gamedze, GG Gelink (Chairman), Tyger Valley IM Kirk, MLD Marole, MJ Reyneke, Bellville 7530 JP Möller, J van Zyl PO Box 3881, Tyger Valley 7536 Tel: 021 915 7000 Executive directors Fax: 021 914 0700 L Lambrechts (Chief Executive Officer), www.santam.co.za HD Nel (Chief Financial Officer), Y Ramiah Registration number 1918/001680/06 ISIN ZAE000093779 Company secretary JSE share code: SNT M Allie NSX share code: SNM Transfer secretaries Sponsor Computershare Investor Services (Pty) Ltd Investec Bank Ltd 70 Marshall Street, Johannesburg 2001 PO Box 61051, Marshalltown 2107 Tel: 011 370 5000 Fax: 011 688 7721 www.computershare.com Table of contents 4 Market context 8 Financial results 32 Capital management 38 Group strategy and priorities 43 Audited summary report for Santam Ltd and its subsidiaries for the year ended 31 December 2014 PRESENTATION TO ANALYSTS SANTAM LTD AND ITS SUBSIDIARIES Audited summary report for the year ended 31 December 2014 1 ANALYST PRESENTATION FINANCIAL RESULTS FOR THE YEAR ENDED 31 December 2014 Presented by Lizé Lambrechts and Hennie Nel 03 March 2015 CONTENT • Market context • Financial results • Capital management • Group strategy and priorities GENE 2 3 MARKET CONTEXT MARKET CONTEXT: KEY THEMES 2014 STRATEGY PROCESSES • Profitable growth remains a major challenge in more developed markets • Emerging markets continue to show positive prospects Outside • Persistently low level
    [Show full text]
  • STRATEGIC PARTNERSHIPS Junior Ngulube 16 & 17 October 2019
    STRATEGIC PARTNERSHIPS Junior Ngulube 16 & 17 October 2019 Insurance | Financial Planning | Retirement | Investments | Wealth AGENDA SPA strategy & partnership landscape Our Strategic Partnerships Stakeholder management Conclusion SPA STRATEGY & PARTNERSHIP LANDSCAPE SPA STRATEGY AT GLANCE Sustainable & profitable growth Leverage the footprint 1 2 3 1 2 3 Leverage the footprint & Grow the GI Grow the Life Pursue innovation Become the Go-to Drive growth in Specialist drive growth through other portfolio including business including across the value partner to MNCs & other classes and Reinsurance, also distribution channels and Health & Asset Management chain focusing on International Insurance supporting the MNC strategy partnerships across the Assistance & Retail Credit growth opportunities companies in partnership with Santam that meet the needs continent of the customers Strong Governance, Compliance and Brand, values, culture and ethics Risk Management Position the SPA brand as the leading pan African Financial Services player with an inclusive culture SPA STRATEGY AT GLANCE Sustainable & profitable growth Leverage the footprint 1 2 3 1 2 3 Leverage the footprint & Grow the GI Grow the Life Pursue innovation Become the Go-to Drive growth in Specialist drive growth through other portfolio including business including across the value partner to MNCs & other classes and Reinsurance, also distribution channels and Health & Asset Management chain focusing on International Insurance supporting the MNC strategy partnerships across the Assistance
    [Show full text]
  • December 2020
    CONTENTS 1. The Santam business portfolio 2. Market context 3. Financial results 4. Capital management 5. Group strategy and priorities THE SANTAM BUSINESS PORTFOLIO Santam’s Santam Santam Strategic Investment Commercial Santam Alternative Risk Partnerships inclusive of and Personal Specialist Santam Re MiWay Transfer Saham Our multi-channel Our specialist Our reinsurance Our direct Our alternative risk Our investments insurance business insurance business business in insurance business transfer insurance in emerging markets in South Africa portfolio in Africa and South Africa and in South Africa business held with Sanlam and Namibia emerging markets international markets SANTAM GROUP INSURANCE ACTIVITIES Insurance operating segments What is included? Conventional insurance Conventional insurance business written on insurance licences controlled by the group, consisting of: • Santam Commercial and Personal • Santam Specialist • Santam Re • MiWay Alternative risk transfer insurance Alternative risk transfer insurance business written on insurance licences of Centriq and SSI Sanlam Emerging Markets (SEM) general Santam’s share of the insurance results of the SEM general insurance insurance businesses businesses, including Saham held through SAN JV MARKET CONTEXT INSURANCE MARKET OUTLOOK • All markets • COVID-19 pandemic and the emergence of new variants remain a key downside risk to economic recovery and insurance demand • Global premium growth is expected to recover this year, largely driven by rate hardening and the emerging markets, in
    [Show full text]
  • 2021 Interim Report
    2021 SANTAM LIMITED AND ITS SUBSIDIARIES REVIEWED INTERIM REPORT AND ORDINARY DIVIDEND DECLARATION FOR THE SIX MONTHS ENDED 30 JUNE 2021 CONTENTS SALIENT FEATURES 1 FINANCIAL REVIEW 2 INDEPENDENT AUDITOR'S REVIEW REPORT 7 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION 8 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 9 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 10 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS 11 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS 12 ADMINISTRATION 38 SALIENT Conventional FEATURES Group gross written insurance gross written premium growth premium growth 10% 5% Economic capital coverage ratio Conventional insurance Return on 160% net underwriting shareholders' funds margin 6.7% 18.1% Gross claims paid Headline earnings Interim dividend of R10.4 per share increased 432 billion 30% cents per share Alternative Risk Transfer Earnings per share (ART) operating results of R140 million 863 cents (2020: R54 million) (2020: 24 cents) 1 52136_Integrated Report 2020_INSIDE Front/Back Cover_297x210.indd 2 2021/01/28 16:46 FINANCIAL REVIEW The Santam group reported solid operating results under difficult economic circumstances dominated by the continued negative impact of COVID-19. The group’s conventional insurance book achieved gross written premium growth of 5% (2% when excluding premium relief support to policyholders in 2020). Net earned premiums increased by 9% following the good growth achieved by Santam Specialist Business during the second half of 2020. A net underwriting margin of 6.7% (30 June 2020: 4.3%) of net earned premiums was reported, above the midpoint of the group’s target range of 4% to 8%. The alternative risk transfer (ART) business reported strong operating results of R140 million (30 June 2020: R54 million), positively impacted by excellent growth in income from clients and improved underwriting results.
    [Show full text]
  • Business Units at 31 December 2017 (100% Unless Otherwise Indicated)
    Business units at 31 December 2017 (100% unless otherwise indicated) Sanlam Personal Finance Sanlam Emerging Markets Sanlam Sky Investment management: Recurring premium sub cluster Sanlam Investments, Kenya (57%) via Sanlam Glacier Kenya PLC1 Strategic Business Development SIM Namibia (86%) Sanlam Investments East Africa Limited (74%) Botswana Insurance Fund Management (59%) via BIHL1 Sanlam Emerging Markets General insurance (including Santam’s Retail and Group life insurance and related participation): business: NICO Malawi (direct 49% and 8% indirect via Botswana Life, Botswana (59%) via Botswana NICO Holdings1) Insurance Holdings (BIHL1) Sanlam General Insurance – Tanzania, Tanzania Sanlam Life, Namibia (direct 47% and 3% indirect via NICO Holdings1) Sanlam Namibia Holdings, Namibia (direct 54% Sanlam General Insurance – Uganda, Uganda and 5% indirect via Capricorn Investment (direct 79% and 3% indirect via NICO Holdings1) Holdings) Lion Assurance Company (94%) NICO Life, Malawi (direct 49% and 8% indirect via NICO Zambia, Zambia (direct 49% and 8% NICO Holdings1) indirect via NICO Holdings1) Sanlam Life, Kenya (57%) via Sanlam Kenya PLC1 Shriram General Insurance, India (direct 23% Sanlam Life, Tanzania (64%) and 20% via Shriram Capital) Sanlam Life, Zambia (70%) Pacific & Orient, Malaysia (49%) Sanlam Life, Uganda (99%) Legal Guard, Botswana (59%) via BIHL1 FBN Life, Nigeria (35%) FBN General Insurance, Nigeria (35%) via Shriram Life Insurance, India (direct 23% and FBN Life 19% indirect via Shriram Capital) Soras Assurance General,
    [Show full text]
  • About This Report
    SANTAM INTEGRATED REPORT 2015 ABOUT THIS REPORT Santam Ltd (Santam or the group) is a South African company listed on the JSE since 1964 under the insurance (non-life) sector. The company was founded in 1918 and its headquarters is in Cape Town, South Africa. This integrated report reviews the financial year for the 12 months ended 31 December 2015 and covers general insurance and investment operations in South Africa, the rest of Africa, India and Southeast Asia. MATERIALITY transaction costs of US$100 million from the net proceeds on disposal of a portion of its listed equity portfolio, and from Santam aims to continuously improve its reporting process. In existing foreign currency assets. preparing this report, Santam launched a process to identify those matters that are most material to the group’s ability to create value over the short, medium and long term. Providers of financial Read more … capital were identified as the primary target audience for the report, about this transaction in the chief financial officer’s while taking the interests of a broader range of stakeholders into report on page 22. consideration. REPORTING GUIDELINES AND The reporting team considered materiality according to the following: − Santam’s strategy and value-creation statement BOUNDARIES − Santam’s key risks – especially where risks are showing an This report was developed with due consideration of the following upward trend reporting requirements and principles: − The Santam sustainability framework and its focus areas − King Report on Governance for
    [Show full text]
  • Investment Case : 2014 Annual Results
    investment case sustainable value creation Insurance Financial Planning Retirement Investments Wealth agenda Overview Strategic positioning Strategic delivery Financial performance – 2014 annual results Page 2 overview Leading financial services group in Africa, with presence in India and SE Asia. Established in 1918, listed in 1998 on the JSE & Namibian Stock Exchange 2 166 million issued shares, 486 000 shareholders Market Cap of > R150bn JSE/ALSI40 stock with > 80% free-float Average daily trading stats 4 - 5 million shares per day >50% of shares trade p.a. Institutional shareholding of 87%, 35% offshore shareholding Page 3 operational structure Sanlam Group Group Office 100% 100% 100% 60% Sanlam100 Personal Sanlam100 Emerging Sanlam100 60% Santam %Finance %Markets Investments% SA Retail: life Emerging markets ex- SA & Developed General insurance in insurance, investment SA: life insurance, markets: investment SA & co-investor in & other financial general insurance, management, wealth SEM general insurance services investments, credit & management, businesses banking employee benefits Page 4 strategic positioning focus on growth markets strategy remains unchanged optimising returns Sustainable value creation for shareholders Maximising RoGEV Optimal Earnings Operational Diversifi- Transfor- capital growth efficiencies cation mation pillars utilisation Strategic Strategic TheSanlam Strategy People Responsible Environ- Sound Prosperous develop- products mental governance society ment and services footprint enablers Strategic Strategic
    [Show full text]
  • Integrated Annual Report 2019 Integrated Annu Al
    INTEGRATED 2019 ANNUAL REPORT 2019 INTEGRATED ANNUAL REPORT ANNUAL 2019 INTEGRATED I am … I am a mother/father. I am a child. I am a worker. I am a friend. I am big and small. I am powerful. I am determined to be better. I am focused. I am connected. I am free. I am a leader, but I follow my heart. I am part of a bigger story. I am inspired by the story and the people of my country. I am the strength of a nation. I am a Namibian. I am a Motswana. I am a Zambian. I am Capricorn. Chobe River Contents 1 The Capricorn Way and vision 2 2 Our group in 2019 5 Five-year financial overview 5 Group chairman’s message 6 2019 at a glance 8 3 Investment case 10 Our value creation summary 12 4 Group profile and structure 15 Who we are 15 Shareholding and ownership 21 5 Leadership reports 24 Group chief executive officer’s report 24 Financial director’s review 32 6 Strategic landscape and material matters 42 Our operating context informs the group’s strategic landscape 42 Our four strategic choices 48 Our eight material matters 52 7 Governance reports 69 Corporate governance 69 Risk report 86 Remuneration report 110 Board sustainability and ethics report 117 8 About this report 128 9 Appendices 129 Share analysis and detail for 2019 129 Financial value-added statement 130 10 Consolidated annual financial statements 133 This integrated annual report is for the financial year ended 30 June 2019 and was compiled with input from the executive leadership team, reviewed by the board audit, risk and compliance committee (BARC) and the board sustainability and ethics committee (BSEC), and approved by the board on 11 September 2019.
    [Show full text]
  • Investment Case June 2014
    investment case sustainable value creation Insurance Financial Planning Retirement Investments Wealth agenda Overview Strategic positioning Strategic delivery Financial performance – 2014 interim results Page 2 overview Leading financial services group in Africa, with presence in India and SE Asia. Established in 1918, listed in 1998 on the JSE & Namibian Stock Exchange 2 166 million issued shares, 494 000 shareholders Market Cap of > R100bn JSE/ALSI40 stock with > 80% free-float Average daily trading stats 4 - 5 million shares per day >50% of shares trade p.a. Institutional shareholding of 86%, 32% offshore shareholding Page 3 operational structure Sanlam Group Group Office 100% 100% 100% 60% Sanlam100 Personal Sanlam100 Emerging Sanlam100 60% Santam %Finance %Markets Investments% SA Retail: long-term Emerging markets ex- SA & Developed General insurance in insurance, investment SA: long-term markets: investment SA & co-investor in & other financial insurance, general management, wealth SEM general insurance services insurance, management, businesses investments, credit & employee benefits banking Page 4 strategic positioning focus on growth markets strategic focus remains unchanged maximise shareholder return Net Business Flows Diversification Growth/ Efficiency Operational Operational Efficiency Returns (ROGEV) Optimal Application Strategic Investments Capital Capital Efficiency Return of Excess Page 6 core strategic objectives progress in all areas during 2014, particularly growth markets Effective capital management capitalEffective
    [Show full text]
  • With an Optimized Enterprise Architecture
    INSURER INCREASES AGILITY WITH AN OPTIMIZED ENTERPRISE ARCHITECTURE INCREASED FASTER BUSINESS AGILITY TIME-TO-MARKET Customer With assets of more than R17 billion, Santam is South Africa’s leading short-term insurer. The company has a nationwide, world-class contact center infrastructure, a thriving intermediary network and more than 650,000 HIGHER LOWER policy holders. Santam also holds business SOLUTION OVERALL interests in Zimbabwe, Malawi, Uganda, Tanzania and Zambia as well as strategic QUALITY, COSTS investments in various companies within the thanks to insurance industry, including the subsidiary Santam Namibia Ltd. RE-USE AND BETTER REQUIREMENTS MANAGEMENT Industry Insurance Opportunity A platform for success The insurer turned to ARIS to develop an Enterprise Architecture (EA) using a central, When Santam didn’t have an EA based business analyst’s response to Santam’s robust repository to align business and IT. on ARIS, IT changes were difficult and new EA approach that uses ARIS. Now Santam has an integrated environment expensive. Employees were frustrated that’s more agile and supports the business by using Microsoft® Word templates, It was clear Santam needed an EA with a strategy. An EA/SDLC methodology was fragmented tools and different repository-based product to support its based on TOGAF® model-driven design methodologies. Now that’s changed. drive to optimize the organization. ARIS concepts and standard ARIS model “I’m so grateful that we don’t have to use was introduced into Santam at the end types. Re-usable building blocks were MS Word templates anymore” was one of 2008. As a result, an integrated underpinned by a common metamodel.
    [Show full text]
  • Capricorn Investment Holdings.Indd
    SADC BUSINESS CASE STUDIES Various surveys and indices have identifi ed major business constraints in SADC. These include independent assessments of the regional business climate plus studies that specifi cally refl ect the views of the private sector. These assessments have been undertaken over a number of years but there has been little follow up by policy makers or attempts to address the identifi ed constraints. To assist in this regard, the SADC Secretariat in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) has initiated a research and dialogue project that aims at identifying the most important business constraints for the SADC region and making them more tangible by conducting fi rm level case studies on the identifi ed constraints. This is one of the collection of case studies. A CASE STUDY ON CAPRICORN INVESTMENT HOLDINGS (CIH) FEBRUARY 2013 FIRM OVERVIEW Name Capricorn Investment Holdings (CIH) Nationality Namibian Sector Financial Services SADC countries where Namibia, Botswana, Zambia doing business BACKGROUND CIH is a fi nancial services and banking group based in Namibia. It is the majority shareholder in Bank Windhoek, Namibia’s only fully locally owned bank. CIH also has interests in the insurance and asset management markets through various subsidiaries as well as strategic shareholding in underwriters like Santam and Sanlam Namibia. Facing a momentarily saturated market from 2002 onwards, CIH embarked on a regional strategy to accomplish growth and looked for markets with similar dynamics and stability as Namibia. This resulted in the acquisition of a 44 percent share in the Cavmont Bank in Zambia in 2007 and the start of a Greenfi eld operation - Bank Gaborone - in Botswana in 2004.
    [Show full text]