Sanlam Ltd. profit dropped as weather-related claims in South Africa grew and strength in the rand trimmed the translated value of earnings from its businesses outside of its home market. So-called adjusted headline earnings fell 22% to 7.7 billion rand ($483 million) in the six months through June, the company said in a statement on Thursday. The decline reflects increased claims pressure and currency headwinds affecting international operations.

Sanlam cited adverse weather events in South Africa as a key driver of higher claims, while a stronger rand reduced the local currency value of overseas earnings. The results underscore challenges in balancing local underwriting performance with foreign exchange volatility across its diversified portfolio.