Media Release

For immediate release

5 September 2024

Sanlam achieves robust operating performance in the first half of 2024
Sanlam today reported robust operating performance across the group in its 2024 interim results.
This was based on consistent implementation of the business strategy in the last four years, whichcentres on enhancing organic growth while complementing this with strategic acquisitions.
The group’s earnings momentum continued, growing net result from financial services (NRFFS) by
19% per share to a new high of over R7 billion for the first half of the year. This reflects strongtrading performances across the group, the advantages of scale and market positions,diversification by geography and line of business, and continued focus on operational efficiency.
FINANCIAL HIGHLIGHTS
The group performed well across the key metrics it uses to measure performance.
Highlights included:• Adjusted return on group equity value (RoGEV), the key metric the group uses for creating value forshareholders, was 10,7% for the six-month period, above the six-month hurdle rate of 7,5%.
The improved performance relative to 2023 was underpinned by robust new business and positiverisk, working capital and credit spread experience in the life insurance operations. In the non-life
operations, results buoyed due to positive performance from the Indian credit business (ShriramFinance Limited), strong operating results from Santam and cost efficiencies in the South Africa asset
management operations.
• Life insurance and health operations grew NRFFS by 14%, new business volumes by 14%
and value of new business by 10%.
• General insurance reported a 16% rise in NRFFS, highlighted by a particularly robust
performance from Santam, where effective management actions and lower attritional losses
offset the impact of continued adverse weather-related claims.
• Investment management performance was satisfactory with 10% growth in NRFFS and net
client cash inflows of R4,1 billion for the six-month period.
• Credit and structuring operations recorded growth in NRFFS of 9%.
The group's discretionary capital balance rose to R3,8 billion at 30 June 2024, up from R2,7 billion
at the end of December 2023.

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Sanlam group Chief Executive Officer, Mr Paul Hanratty, said: “The strategic choice to concentrate
our efforts on fortifying our South Africa operations through leveraging our substantial scale andcompetitive edge, alongside focusing on Pan-Africa and Asia where we already have robust
market positions in rapidly growing economies, continues to position our business favourably forlong-term growth and value creation for all stakeholders.”
STRATEGY
The group continued to implement its strategy as part of strengthening market positioning in its
core regions of South Africa, Pan-Africa and Asia.
In February 2024, the group announced the intention to acquire the South African mass market
focused insurer Assupol Holdings (Assupol) for R6,5 billion, pending approval from regulators andAssupol shareholders. This proposal received Assupol shareholder support on 17 April 2024. Thetransaction received Competition Tribunal approval on 22 August 2024 and is subject to an
employment related condition. Remaining regulatory approvals are imminent.
In April 2024, Sanlam announced the intention to increase its effective economic shareholding tomore than 50% in the group’s insurance businesses in India, Shriram Life Insurance and Shriram
General Insurance. This transaction stands to increase Sanlam’s exposure to the fast-growing
Indian insurance sector. It is subject to regulatory approvals in India.
In June 2024, the group announced its intention to acquire 60% of the insurance business ofMultiChoice group. The transaction, which is subject to regulatory approval, offers Sanlamsignificant cross-sell opportunities into MultiChoice’s extensive client base across the continent.
The conclusion of the Capitec funeral JV at the end of October 2024 is expected to result in a
reinsurance recapture fee of R1,9 billion (gross of tax) being paid to Sanlam in November 2024.
Strategic acquisitions that the group undertook in 2023 are making valuable contributions tooperations.
The BrightRock and Capital Legacy transactions closed in 2023 and both have contributed
positively to the group’s performance.
The Absa and Alexander Forbes investment platform businesses, both acquired in 2023, havecontributed 5% to the group’s new business volumes.
The final step of the Absa asset management business integration into Sanlam’s investment
operations took place with the merger of the Absa Fund Managers platform into the SanlamCollective Investments platform in March 2024. The synergy benefits from the integration resulted
in an uplift to group equity value.
Afrocentric continues to experience challenging trading conditions. Sanlam remains confident of
the value that Afrocentric will add to the Sanlam group in the long run, particularly through its
contribution to an overall holistic and integrated product offering.
The SanlamAllianz joint venture integration is progressing well, with ongoing focus on operational
synergies. First regulatory approvals have been received in Côte d'Ivoire, Senegal, Ghana andCameroon and in-country mergers are complete. SanlamAllianz recorded strong performance forthe half year.
OUTLOOK
Sanlam is prepared for the implementation of the ‘two-pot’ retirement fund legislation in SouthAfrica, allowing members access to a small portion of their retirement fund savings, for emergency

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purposes, before retirement. The group expects a modest outflow of assets from retirement funds
in the short-term but for improved asset accumulation in the long term through increasedpreservation.
With strong momentum and continued investment in the business, the group has confidence
regarding overall performance for the remainder of 2024.
“We remain mindful about the risks posed by global geopolitics and the risks of a global recession
as the global economy brings inflation under control. The group’s balance sheet is strong and able
to withstand macro shocks. Our earnings are also sensitive to significant moves in global
investment market levels,” concluded Mr Hanratty.
//ENDS
Issued by Sanlam Group Communications
MEDIA ENQUIRIESPearl Majola, Sanlam Group Communications+27 83 286 7476 | pearl.majola@sanlam.co.za
Allim Milazi, Sanlam Group Communications+27 82 889 5874 | allim.milazi@sanlam.co.za
About Sanlam
The Sanlam group is a leading pan-African financial services group listed on the JSE, Namibian Stock
Exchange and A2X Markets Limited. The group provides comprehensive and bespoke financial solutions
to institutional clients and consumers across all market segments, including life and general insurance,
health, financial planning, retirement, investments, wealth management and credit.
Established in 1918 as a life insurance company, the Sanlam group has evolved into the largest nonbanking financial services group in Africa through its diversification strategy achieved through strategic
partnerships and acquisitions. Headquartered in South Africa, the Sanlam group operates in 31 countries
including eight of the top ten largest economies in Africa.
For more information on Sanlam, visit www.sanlam.com

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