The release of Santam’s interim results to end-June had little effect on the market, with Santam shares down 0.1% to 7 495c on low volumes. Santam’s offshore business units had a negative impact on the company last year, with an R168m after tax loss and Santam has been in the process of exiting these businesses. According to analysts once the equity cycle turns and with Santam having a very lean capital structure minus the offshore operations, the company will be able to generate some healthy returns for shareholders.