SANTAM LIMITED - Trading statement for the six months ended 30 June 2023

Trading statement for the six months ended 30 June 2023

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
LEI: 37890092DC55C7D94B35
JSE Share Code: SNT & ISIN: ZAE000093779
A2X Share Code: SNT
NSX Share Code: SNM
Bond company code: BISAN
(“Santam” or the “Group”)

TRADING STATEMENT – FOR THE SIX MONTHS ENDED 30 JUNE 2023

Shareholders and noteholders are herewith advised that Santam is compiling its interim
financial results for the six months ended 30 June 2023. This trading statement provides
guidance for headline earnings per ordinary share (HEPS) and earnings per ordinary share
(EPS) attributable to equity holders of Santam in terms of paragraph 3.4(b) of the JSE Limited
Listings Requirements.

Shareholders and noteholders are also advised that Santam expects its HEPS and EPS for
the six months ended 30 June 2023 to fall within the following ranges:

                            Six months to            Six months to            Six months to
                             30 June 2023             30 June 2023             30 June 2022
                     Expected increase on           Expected range
                       comparative period
                                        %           Cents per share         Cents per share
 HEPS                        135% to 155%            1 115 to 1 210                     475
 EPS                         130% to 150%            1 125 to 1 225                     490

The increase in HEPS and EPS is attributable to improved underwriting results and an increase
in investment income. The net underwriting margin is expected to be lower than the long-term
target range of 5% to 10% of net earned premiums, impacted by adverse weather conditions,
exposure to the Turkey earthquakes, run-off losses in respect of cancelled loss-making
business and large fire claims. This was offset to some extent by a release of the COVID-19
related contingent business interruption claims provisions. Strong returns on local money-
market and fixed-interest portfolios and decreased foreign bond market volatility were key
contributors to the excellent investment performance, supported by foreign currency gains
following a weaker rand exchange rate.

Satisfactory gross written premium growth is expected. The Group’s economic capital position
is expected to be well within the target range of 145% to 165%.

The financial information on which this Trading Statement is based has not been reviewed or
reported on by Santam’s external auditors. Santam will release its reviewed results for the six
months ended 30 June 2023 on or about 31 August 2023.


CAPE TOWN
15 August 2023

Sponsor: Investec Bank Limited
Debt Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 15-08-2023 02:00:00
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