INSURANCE group Clientèle said on Friday that earnings per share were expected to decrease between 35% and 55% for the six months to December 31, 2023.
Earnings a share (Eps) were expected to fall to between 26.74 cents and 41.85 cents when compared to Eps of 75.55 cents for the six-month period a year previously.
Headline earnings a share (Heps) were expected to decline between 37% and 57%, resulting in a decrease of between 28.20 cents and 43.64 cents compared with 77.18 cents at the same time last year.
The JSE share price fell 5.33% by late Friday afternoon to R11.36.
“The group remains in a sound solvency and liquidity position and has continued to generate strong positive cash flows,” group directors said in a statement.
The impact of IFRS17 (an accounting standard change) was also expected to result in an increase in net asset value of between R1.9 billion and R2.4bn compared to the IFRS4 net asset value previously reported of R996 million, as at December 31, 2022.
The company’s board expects to release the interim financial results on March 22, 2024.
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