Sanlam Limited
Incorporated in the Republic of South Africa(Registration number 1959/001562/06)(“Sanlam”, “Sanlam Group” or “the group”)
JSE Share code: SLM
A2X share code: SLM
NSX share code: SLA
ISIN: ZAE000070660

Sanlam Life Insurance Limited(Incorporated in the Republic of South Africa)(Registration No. 1998/021121/06)(“Sanlam Life”)
Bond Issuer Code: BISLILEI: 378900E10332DF012A23

Interim results for the six months ended 30 June 2024
Sanlam achieved robust operating performance in the first half of2024
Key performance indicators
For the six months ended 30 JuneEarnings
Shareholders’ fund information
Net result from financial services(1)Cash net result from financial services(2)Net operational earnings
Headline earnings
Weighted average number of shares
Adjusted weighted number of shares
Net result from financial services per share
Cash net result from financial services per share
Net operational earnings per share
Headline earnings per share
Diluted headline earnings per share
International Financial Reporting Standards (IFRS)
information
Basic profit attributable to shareholders’ per share
Diluted profit attributable to shareholders’ per share

2024

2023

% change

R million
R million
R million
R million
millionmillion
cents
cents
cents
cents
cents

7 056
7 181
8 087
9 838
2 108
2 116
333
339
382
473
467

6 177
6 256
7 486
6 902
2 068
2 204
280
284
340
339
334

14%
15%
8%
43%
2%
(4%)
19%
20%
12%
40%
40%

cents
cents

478
471

389
383

23%
23%

R million
R million

203 992
23 972190 793
11 357

7%
111%

R million
R million%
R million

51 044
1 394
2,73
10 57044 751
1 265
2,83
7 465

14%
10%

R million
R million

23 6679 254

24 0398 698(2%)
6%

R million
R million

143 129
4 148

134 317(4 ,806)

7%
186%

Group equity value
Group equity value(4)Group equity value per share(4)Return on group equity value per share
Adjusted return on group equity value per share

R million
cents%%

155 270
7 341
9,3
10,7

149 904
7 086
12,0
8,5

Solvency cover
Sanlam Group(4)Sanlam Life Insurance Limited(4)Sanlam Life Insurance Limited covered business(4)

%%%

166
246
170

170
245
170

Business volumes
Total new business volumes
Total net client cash flows
Life insurance
New business volumes (PVNBP)(3)
Value of new covered businessNew covered business margin
Life insurance net client cash flows
General insurance
New business volumes
Net client cash flows
Investment management
New business volumes
Net client cash flows

1

Unit42%

Notes(1)

A measure of operating performance of the Sanlam group that is better aligned to cash earnings that drive dividend distribution.

(2)

Cash NRFFS represents NRFFS as adjusted for the reversal of specific non-cash items: amortisation of capitalised IT projects and IFRS 17 specific and other non-cashadjustments.

(3)

Present value of new business premiums.

(4)Comparative figures on 31 December 2023.

The group has again achieved a robust operating performance.
The group’s earnings momentum continued, growing net result from financial services (NRFFS) by14%, reflecting strong trading performances across our businesses. Our life and health insurance
operations grew net results from financial services by 14%, general insurance reported a 16% rise,investment management performance was satisfactory with 10% growth, while the group’s credit andstructuring operations recorded growth of 9%. NRFFS per share increased by 19% due to lower adjusted
weighted average number of shares in 2024 relative to 2023.
Net operational earnings increased by 8% (12% per share) to R8,1 billion, underpinned by the strong
performance in NRFFS and a decline in project expenses. The lower growth rate relative to NRFFS isdue to lower investment return on shareholder capital of R1,2 billion (2023: R1,5 billion), largely
attributable to foreign exchange movements.
Headline earnings and diluted headline earnings per share increased by 40%, with the higher growth
relative to net operational earnings due to positive movements in shareholders’ fund reserves, including
the acceleration of profit recognition of the Capitec funeral JV reinsurance recapture fee which is excluded
from NRFFS and cash NRFFS.
International Financial Reporting Standards (IFRS) requires that the group recognise part of the recapture
fee in attributable earnings (also included in headline earnings) at the half year, following the April 2024
regulatory approval of the termination of the JV. Consistent with shareholders’ fund reporting, this amountwill not be recognised in NRFFS and cash NRFFS until the cash payment is received in November 2024.
The net of tax cash amount will be recognised in NRFFS and cash NRFFS in the second half of 2024.
Attributable earnings increased by 25% to R9,9 billion from R7,9 billion in 2023. The lower increase
relative to headline earnings is due to lower accounting profit on disposal of operations in 2024 comparedto 2023.

Total new business volumes were strong for the first six months of 2024, at R204 billion. Growth wasunderpinned by the life insurance operations, growing sales by 15%. Life insurance new businessvolumes were strong across all regions. Net value of new covered business increased by 10%, with anet new business margin of 2,73%.
The strong asset gathering ability of the group resulted in net client cash flows more than doubling toR24 billion, with all lines of business recording positive net flows.
Group equity value (GEV) per share was R73,41 on 30 June 2024. Return on GEV (RoGEV) per shareand adjusted RoGEV per share was 9,3% and 10,7 % respectively for the first six months of 2024, aheadof the hurdle rate of 7,5%. Positive contributors to RoGEV were strong value of new business, risk
experience, working capital and credit spread experience in the life insurance operations, and in the nonlife operations, higher valuation of the Indian credit business (Shriram Finance Limited) due to improved
performance and outlook, strong operating results from Santam, and cost efficiencies in the South Africa
asset management operations.
The group’s solvency position remained strong and well within target ranges with group solvency coverratio of 166% as at 30 June 2024.
This short-form results announcement is the responsibility of the Sanlam board of directors and is asummary of the information contained in the full announcement which can be found at:https://senspdf.jse.co.za/documents/2024/jse/isse/slm/HY24.pdf and available on the Sanlam website athttps://www.sanlam.com/financial-reporting.
The condensed consolidated interim financial statements for the six months ended 30 June 2024,
including comparatives for the six months ended 30 June 2023 where applicable, have been
independently reviewed by the group’s joint auditors, PwC Inc. and KPMG Inc. Their unmodified review

opinion, along with the full reviewed condensed consolidated interim financial statements are available
for inspection at the company’s registered office and also available on Sanlam’s website at
http://sanl.am/gl-P1.
Copies of the full reviewed interim results are available through a secure electronic manner at the electionof the person requesting inspection and for inspection at, or may be requested from the Company
Secretary: Sanlam’s registered office and the offices of its sponsor during office hours, at no charge. Any
investment decision should be based on a consideration of the full reviewed interim results.
SANLAM LIMITED
Registered office: 2 Strand Road, Bellville, 7530, South Africa
Sanlam Investor Relations
E-mail: ir@sanlam.co.za
JSE SPONSORS
Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited
Debt Sponsor to Sanlam Life Insurance Limited
Rand Merchant Bank, a division of FirstRand Bank Limited
5 September 2024