South African life insurers are shoring up their capital reserves as they brace for a fifth wave of coronavirus infections.
Africa’s biggest insurer, Sanlam Ltd., said Thursday it will hold three times its typical discretionary capital, increasing reserves to 3 billion rand , to give it headroom to grapple with uncertainties caused by the pandemic.
South Africa’s second-biggest listed insurer, Discovery Ltd., has put dividend payments on ice until it receives certainty on the trajectory of the virus. The company has not paid out to shareholders since before the pandemic, and held back even as other financial firms reinstated outlays.
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