Although production so far this year doesn’t quite warrant a fireworks display yet, SPF Distribution is expected to close on a good note.
The excitement surrounding Sanlam’s centenary has definitely had a positive impact on production in the first six months of the year, with many people even delaying their retirement to take part in the festivities, says Jaco Coetzee, Chief Executive: SPF Distribution.
‘But despite the general political climate and client attitudes being significantly more positive than a year ago, the economy is tight and people are having a tough time financially.
‘Even though the unfavourable economy is reflected in our business flow, the slightly more positive sentiment reflects in our single-premium business, where we’ve experienced a drastic increase in platform business in particular. Linked business for the first six months rose 26%, while total single-premium business (Glacier) increased by 16%.’
Jaco says recurring risk business isn’t currently performing to target, but a special competition has launched to boost business in the second half of the year. ‘The exciting 100 in 100 Challenge is open to everyone in SPF Distribution.’*
Jaco adds that he’s optimistic all our product lines will end the year strongly and that overall results will be solid.
Production figures to date
SPF manpower by numbers
Manpower figures at SPF Distribution are looking good, Jaco says, with many of our competitors’ seasoned intermediaries applying to work at Sanlam. ‘Around 60% of our manpower consists of experienced advisers.’
- 2 291 advisers – 1% above target
- 1 988 supporting brokers – 3% above target
- 4 279 intermediaries in total – 2% above target.