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Venue: Cine 3, Ster-Kinekor Maerua Mall
Film: The Girl with the Dragon Tattoo
Director: David Finscher
Screenplay: Steve Zaillian
Players: Daniel Craig; Rooney Mara, Robin Wright; Christopher Plummer; Stellan Skaarsgard; Joely Richardson
Genre: thriller; crime; action
Rating ****

I hope that ‘ennui’ with Stieg Larsen does not prevent anyone from seeing this film. I know that we have all guzzled up the novels (without putting them down) and most avid Larsen fans have seen the trilogy as filmed by the Swedes; now we have the Hollywood version – which I venture to say surpasses expectations.
Hollywood is not just about gloss: it also harbours fine actors, polished screenwriters who have gone beyond Robert McGee’s advice about constructing a screenplay, fine attention to detail with regard to moody sets, and imaginative cinematography. All these components are much in evidence in this film.
It is difficult to avoid comparisons with the Swedish version. Firstly, much as I appreciate Noomi Rapace’s acting, she was too androgynous for me, too masculine and not sufficiently finely boned. Her interpretation of Lizbeth Salander involved stubborn and mutinous silences (with clenched jaw) as a starting point. Rooney Mara, with delicate facial features and a skinny torso, is more in line with my impressions of the character while I was reading the book. Mara’s interpretation of Lizbeth is more subtle and varied, too: Lizbeth deliberately sabotages potential prettiness with grungy make-up,  facial metal work, and spiky hair. Mara’s Lizbeth humanises softly and nicely during the research work with Blomquist.
Craig was initially wooden as Blomquist.  There was no indication of an intellectual investigative journalist, whose special craft was working with words. Initially, Craig was monosyllabic and detached for someone on the point of financial and professional ruin. Minor characters were brought to life: Plummer as Hendrik Vanger was a balanced combination of business acumen and humane concern with family; Wright was perfect as Erika, the Editor of Millenium – blonde, pert, competent and possessive. Skarsgard as Martin Vanger was also perfect, with a genial attitude, a kindly demeanour, and a concern to assist Blomquist with his investigations, and Joely Richardson seemed so clean and pure as Harriet Vanger. I forgive the director for the one corruption of the plot by changing the background information to Harriet’s disappearance.
Two very good minor characters were Frode, the Vanger lawyer (Berkoff), and the lawyer to whose authority Salander is transferred. The lawyer, a sexual pervert and a manipulative bully, is more subtly defined in this version: he is a man driven by lust and impulse but also capable of guilt and remorse.
The film, in all other respects, sticks faithfully to the novel, and the screenwriter manages to incorporate far more plot detail than the Swedish version. The plot, by now, is well known: the interest is not in the racy sequence of events but in the dark portrayal of Swedish society, superficially organised and enlightened, but with a dark undercurrent of sexual abuse and repression.
Cinematography could be described as ‘elegant’. The original shots work intelligently to enhance mood and understanding, rather than innovation for its own sake.
It now remains to be seen whether Hollywood embarks as successfully on the other two novels in the trilogy. I felt that the Swedish trilogy deteriorated and the acting actually became more and more inept; perhaps this may be ascribed to the fact that production of all three was a fairly rushed affair.
Unfortunately, The Girl with the Dragon Tattoo has arrived with a clutch of good Christmas film fare but I do strongly advise an overdose on the good stuff before we revert to the mindless action films and the comedies which specialise in toilet humour. ‘The man who hires the detective should be kept on the suspects list,’ acknowledges a member of the Vanger family and Hendrik Vanger claims that ‘The enemies of my friends are my enemies.’ The bridge to the mainland is filmed again and again, as a connection, perhaps even a lifeline, between dark forces within a dysfunctional family and urban Sweden, where intelligent people work relentlessly to expose corruption, venality, sexual perversion – and truth.

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Sanlam 2018 Annual Results

7 March 2019


Sanlam’s 2018 annual results provides testimony to its resilience amid challenging operating conditions and negative investment markets

Sanlam today announced its operational results for the 12 months ended 31 December 2018. The Group made significant progress in strategic execution during 2018. This included the acquisition of the remaining 53% stake in SAHAM Finances, the largest transaction concluded in the Group’s 100-year history, and the approval by Sanlam shareholders of a package of Broad-based Black Economic Empowerment (B-BBEE) transactions that will position the Group well for accelerated growth in its South African home market.

Operational results for 2018 included 14% growth in the value of new life insurance business (VNB) on a consistent economic basis and more than R2 billion in positive experience variances, testimony to Sanlam’s resilience in difficult times.

The Group relies on its federal operating model and diversified profile in dealing with the challenging operating environment, negative investment markets and volatile currencies. Management continues to focus on growing existing operations and extracting value from recent corporate transactions to drive enhanced future growth.

The negative investment market returns and higher interest rates in a number of markets where the Group operates had a negative impact on growth in operating earnings and some other key performance indicators. This was aggravated by weak economic growth in South Africa and Namibia and internal currency devaluations in Angola, Nigeria and Zimbabwe.

Substantial growth in Santam’s operating earnings (net result from financial services) and satisfactory growth by Sanlam Emerging Markets (SEM) and Sanlam Corporate offset softer contributions from Sanlam Personal Finance (SPF) and Sanlam Investment Group (SIG).

Key features of the 2018 annual results include:

Net result from financial services increased by 4% compared to the same period in 2017;

Net value of new covered business up 8% to R2 billion (up 14% on a consistent economic basis);

Net fund inflows of R42 billion compared to R37 billion in 2017;

Adjusted Return on Group Equity Value per share of 19.4% exceeded the target of 13.0%; and

Dividend per share of 312 cents, up 8%.

Sanlam Group Chief Executive Officer, Mr Ian Kirk said: “We are satisfied with our performance in a challenging operating environment. We will continue to focus on managing operations prudently and diligently executing on our strategy to deliver sustainable value to all our stakeholders. The integration of SAHAM Finances is progressing well. In addition, Sanlam shareholders approved the package of B-BBEE transactions, including an equity raising, at the extraordinary general meeting held on 12 December 2018. Our plan to implement these transactions this year remains on track.”

Sanlam Personal Finance (SPF) net result from financial services declined by 5%, largely due to the impact of new growth initiatives and dampened market conditions. Excluding the new initiatives, SPF’s contribution was 1% down on 2017 due to the major impact that the weak equity market performance in South Africa had on fund-based fee income.

SPF’s new business sales increased by 4%, an overall satisfactory result under challenging conditions. Sanlam Sky’s new business increased by an exceptional 71%. Strong growth of 13% in the traditional individual life channel was augmented by the Capitec Bank credit life new business recognised in the first half of 2018, and strong demand for the new Capitec Bank funeral product. The Recurring premium and Strategic Business Development business units also achieved strong growth of 20%, supported by the acquisition of BrightRock in 2017. Glacier new business grew marginally by 1%. Primary sales onto the Linked Investment Service Provider (LISP) platform improved by 5%, an acceptable result given the pressure on investor confidence in the mass affluent market. This was however, offset by lower sales of wrap funds and traditional life products.

The strong growth in new business volumes at Sanlam Sky had a major positive effect on SPF’s VNB growth, which increased by 7% (14% on a comparable basis).

Sanlam Emerging Markets (SEM) grew its net result from financial services by 14%. Excluding the impact of corporate activity, earnings were marginally up on 2017 (up 8% excluding the increased new business strain).

New business volumes at SEM increased by 20%. Namibia performed well, increasing new business volumes by 22% despite weak economic conditions. Both life and investment new business grew strongly. Botswana underperformed with the main detractor from new business growth being the investment line of business, which declined by 24%. This line of business is historically more volatile in nature.

The new business growth in the Rest of Africa portfolio was 68% largely due to corporate activity relating to SAHAM Finances, with the East Africa portfolio underperforming.

The Indian insurance businesses continued to perform well, achieving double-digit growth in both life and general insurance in local currency. The Malaysian businesses are finding some traction after a period of underperformance, increasing their overall new business contribution by 3%. New business production is not yet meeting expectations, but the mix of business improved at both businesses.

SEM’s VNB declined by 3% (up 6% on a consistent economic basis and excluding corporate activity). The relatively low growth on a comparable basis is largely attributable to the new business underperformance in East Africa.

Sanlam Investment Group’s (SIG) overall net result from financial services declined by 6%, attributable to lower performance fees at the third party asset manager in South Africa, administration costs incurred for system upgrades in the wealth management business and lower earnings from equity-backed financing transactions at Sanlam Specialised Finance. The other businesses did well to grow earnings, despite the pressure on funds under management due to lower investment markets.

New business volumes declined by 13% mainly due to market volatility and low investor confidence in South Africa. Institutional new inflows remained weak for the full year, while retail inflows also slowed down significantly after a more positive start to the year. The international businesses, UK, attracted strong new inflows (up 57%).

Sanlam Corporate’s net result from financial services increased by 4%, with the muted growth caused by a continuation of high group risk claims experience. Mortality and disability claims experience weakened further in the second half of the year, which is likely to require more rerating of premiums in 2019. The administration units turned profitable in 2018, a major achievement. The healthcare businesses reported satisfactory double-digit growth in earnings, while the Absa Consultants and Actuaries business made a pleasing contribution of R39 million.

New business volumes in life insurance more than doubled, reflecting an exceptional performance. Single premiums grew by 109%, while recurring premiums increased by a particularly satisfactory 56%.

The good growth in recurring and single premium business, combined with modelling improvements, supported a 64% (71% on a comparable economic basis) increase in the cluster’s VNB contribution.

Following a year of major catastrophe events in 2017, Santam experienced a relatively benign claims environment in 2018. Combined with acceptable growth in net earned premiums, it contributed to a 37% increase in gross result from financial services (41% after tax and non-controlling interest). The conventional insurance book achieved an underwriting margin of 9% in 2018 (6% in 2017).

As at 31 December 2018, discretionary capital amounted to a negative R3.7 billion before allowance for the planned B-BBEE share issuance. A number of capital management actions during 2018 affected the balance of available discretionary capital, including the US$1 billion (R13 billion) SAHAM Finances transaction. Cash proceeds from the B-BBEE share issuance will restore the discretionary capital portfolio to between R1 billion and R1.5 billion depending on the final issue price within the R74 to R86 price range approved by shareholders.

Looking forward, the Group said economic growth in South Africa would likely remain weak in the short to medium term future, and would continue to impact efforts to accelerate organic growth. The outlook for economic growth in other regions where the Group operates is more promising. Recent acquisitions such as the SAHAM transaction should also support operational performance going forward.

“We remain focused on executing our strategy. We are confident that we have the calibre of management and staff to prudently navigate the anticipated challenges going forward,” Mr Kirk concluded.

Details of the results for the 12 months ended 31 December 2018 are available at