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Sanlam 2013 net income increased to $756m

South Africa-based insurer Sanlam has reported net income of ZAR8.1bn ($756m) for the full-year of 2013, compared to ZAR5.8bn ($546m) during the corresponding period last fiscal.

The Cape Town-based underwriter said that earnings per share excluding one-time items increased to ZAR3.98 rand.

Commenting on the results, Sanlam Group chief executive, Dr Johan van Zyl said all of the Group’s businesses with the exception of Santam, performed well and contributed to the strong results.

"Sanlam Personal Finance, Sanlam Investments and Sanlam Emerging Markets reported exceptional growth in operating profit," Zyl added.

South African insurer said that it has a war chest of ZAR4bn ($373.68m) for acquisitions in Africa and Asia, especially in India during 2014.

In a statement, Sanlam said, "Transactions likely to be finalized soon will utilize a large portion of the discretionary capital.

"In addition, a number of potential opportunities are currently being considered which, if successful, will utilize most of the remaining available discretionary capital within a reasonable timeframe."

Sanlam owns a 26% stake in India’s Shriram Capital, a financial services company providing short-term and life insurance, vehicle finance, retail stock broking and wealth advisory services.

Sanlam plans to increase its stake in Indian JV to 49%, to tap into the high-growth markets of India.