Wrap Text
Reviewed Condensed Consolidated Interim Results for the six months ended 30 June 2025 and Dividend Declaration
Santam Limited
Incorporated in the Republic of South Africa
Registration number 1918/001680/06
ISIN: ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35
("Santam" or "the company" or "the Group")
REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2025 AND DECLARATION OF
ORDINARY DIVIDEND
KEY FINANCIAL RESULTS
Period ended Period ended Change
30 Jun 2025 30 Jun 2024 %
Group insurance revenue (R million) 27,497 24,634 12%
Ordinary dividend per share (R cents per share) 590.00 535.00 10%
Basic earnings per share (R cents per share) 1,873 1,567 20%
Headline earnings per share (HEPS) (R cents per share) 1,873 1,578 19%
SALIENT FEATURES
- Conventional insurance net earned premium (NEP) growth of 16% to R17.9 billion
- Conventional insurance net underwriting margin of 11.3% (6.5% in June 2024)
- Alternative risk transfer (ART) profit before tax of R417 million (R326 million in June 2024)
- Annualised return on shareholders' funds of 33.2% (33.6% in June 2024)
- Economic capital coverage ratio of 170% (166% in December 2024)
- Interim dividend of 590.00 cents per share
KEY PERFORMANCE HIGHLIGHTS
Santam delivered a strong first-half performance, exceeding the longer-term targets for all key financial performance
indicators.
An interim dividend of 590.00 cents per share was declared, up 10.3% compared to the previous period. Earnings and
headline earnings per share increased by 19.5% and 18.7%, respectively.
Strategy
Our focused approach to delivering on our strategy is yielding positive results across our segments, despite the
challenging operating environment.
We are building a foundation to accelerate international expansion and diversification, with in-principle approval
received to set up Santam Syndicate 1918 at Lloyd's.
Conventional insurance
An underwriting margin of 11.3% was achieved in the first half of 2025, with solid contributions from both personal and
commercial lines. All businesses exceeded their 2024 performance.
The risk profile and rating strength of the in-force book improved over the last two years, following underwriting
actions implemented at Broker Solutions, Client Solutions and Santam Re.
These actions produced positive earnings momentum, which was further augmented by benign attritional losses and an
absence of weather-related catastrophes.
Alternative Risk Transfer (ART) business
The ART business achieved another sterling performance, growing its profit contribution by 28%. This is the result of
improved operating earnings, supported by growth across most of the main income lines, as well as an increase in
investment return earned on capital.
International strategic investments
Net insurance result from our participation in Sanlam's Indian and Malaysian businesses increased by 18%. Shriram
General Insurance (India) was the primary contributor, with solid growth from all distribution channels.
DECLARATION OF ORDINARY DIVIDEND (NUMBER 141)
Notice is hereby given that the board has declared a gross interim cash dividend of 590.00 cents (June 2024: 535.00
cents) per ordinary share for the six months ended 30 June 2025 to those members registered on the record date, being
Friday, 19 September 2025. The dividend has been declared from income reserves. A dividend withholding taxation of 20%
will be applicable to all shareholders who are not exempt, with a net dividend of 472.00 cents per ordinary share payable
to such shareholders.
Company tax reference number: 9475/144/71/4
LEI: 37890092DC55C7D94B35
Gross ordinary cash dividend amount per share: 590.00 cents
Net ordinary cash dividend amount per share: 472.00 cents
Issued shares at 01 September 2025: 115 131 417
Declaration date: Monday, 01 September 2025
Last day to trade cum dividend: Tuesday, 16 September 2025
Shares trade ex-dividend: Wednesday, 17 September 2025
Record date: Friday, 19 September 2025
Payment date: Monday, 22 September 2025
To facilitate for the dividend calculation, Santam's share register will be closed for all transfers, off-market
transactions, and dematerialisations or rematerialisations between Wednesday, 17 September 2025, and Friday, 19 September
2025, inclusive of both days.
In terms of the Dividends Tax legislation, the amount of dividends tax due will be withheld and paid over to the South
African Revenue Service (SARS) by a nominee company, stockbroker or Central Securities Depository Participant (CSDP)
(collectively, a Regulated Intermediary) on behalf of shareholders. Shareholders should seek their own advice on the tax
consequences associated with the dividend and are encouraged to ensure their records are up to date so that the correct
withholding tax is applied to their dividend.
SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the directors. The condensed consolidated interim financial
statements have been reviewed by the company's auditors, KPMG Inc., who expressed an unmodified review opinion on the
reviewed condensed consolidated interim financial statements. The reviewed condensed consolidated interim financial
statements, including the review opinion, are available on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2025/jse/isse/SNT/HY2025.pdf and on the company's website at
http://www.santam.co.za/media/zaopizik/2025-interim-financial-statements.pdf.
Any investment decision by investors and/or shareholders and/or bondholders in relation to the company's shares or bonds
should be based on consideration of the reviewed condensed consolidated interim financial statements as the information
in this announcement does not provide all of the details.
ADMINISTRATION
INVESTOR RELATIONS
T Rulashe
T: +27 21 915 7346
E: Thabiso.Rulashe@santam.co.za
NON-EXECUTIVE DIRECTORS
CD da Silva, MP Fandeso, PB Hanratty, DEH Loxton, MM Mahlangeni, NT Moholi (chairperson), AM Mukhuba, JJ Ngulube,
PE Speckmann, LA Swartz, RJ Wainright
EXECUTIVE DIRECTORS
TC Madzinga (group chief executive officer), ML Olivier (group chief financial officer)
COMPANY SECRETARY
R Eksteen
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
15 Biermann Avenue, Rosebank 2196
Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000
Fax: 011 688 5216
www.computershare.com
SANTAM HEAD OFFICE AND REGISTERED ADDRESS
1 Sportica Crescent
Tyger Valley, Bellville 7530
PO Box 3881, Tyger Valley 7536
Tel: 021 915 7000
Fax: 021 914 0700
www.santam.co.za
Registration number 1918/001680/06
ISIN ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35
01 September 2025
SPONSOR
Equity and Debt sponsor: Investec Bank Limited
Santam is an authorised financial services provider (licence number 3416).
Date: 01-09-2025 07:05:00
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