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Audited Annual Results for the year ended 31 December 2022
Sanlam Limited
Incorporated in the Republic of South Africa
(Registration number 1959/001562/06)
"Sanlam", "Sanlam Group", or "the Company"
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)
Bond Issuer Code: SMT1
(“Sanlam Life”)
Audited Annual Results for the year ended 31 December 2022
Key performance indicators
For the 12 months ended 31 December Unit 2022 2021 Change
Earnings
Net result from financial services R million 10,191 9,469 8%
Net operational earnings R million 10,532 10,288 2%
Headline earnings R million 9,294 9,041 3%
Weighted average number of shares million 2 078 2 088
Adjusted weighted average number of shares million 2 210 2 224
Net result from financial services per share cents 461 426 8%
Net operational earnings per share cents 477 463 3%
Headline earnings per share cents 454 438 3%
Diluted headline earnings per share cents 447 433 3%
Dividend per share cents 360 334 8%
Business volumes
Life insurance new business volumes R million 64,812 71,747 (10%)
Life insurance net client cash flows R million 21,615 12,696 70%
Value of new covered business R million 2,388 2,764 (14%)
Covered business PVNBP R million 87,814 96,182 (9%)
New covered business margin % 2,72 2,87
Group net client cash flows R million 59,975 78,322 (23%)
Group Equity Value
Group Equity Value R million 140,776 142,390
Group Equity Value per share cents 6,380 6,444
Return on Group Equity Value per share % 4,2 13.9
Adjusted Return on Group Equity Value per share % 14,9 14.6
Solvency cover
Sanlam Group % 169 173
Sanlam Life Insurance Limited % 230 214
Sanlam Life Insurance Limited covered business % 176 178
The Group performed exceptionally well in 2022, against a difficult backdrop of significant volatility in global
equity, credit and interest rate markets, surging inflation and catastrophic flooding in KwaZulu-Natal, South
Africa. Net result from financial services increased 8%, with life insurance increasing by 25%, our credit and
structuring operations increasing by 19% and our investment management operations marginally decreasing by
1% (18% higher excluding the disposed UK businesses). Our general insurance net result from financial services
however declined by 32%, impacted by a number of factors including significant claims inflation, adverse weather
conditions as well as investment market volatility.
Net operational earnings increased by 2% as the weaker investment markets resulted in lower positive returns on
shareholder capital, combined with increased project expenditure on initiatives supporting execution of the
Group’s strategy.
New business volumes in our life insurance operations were 5% lower than 2021 excluding the disposed UK
businesses but remain well above pre-pandemic levels. Volume growth declined due to lower single premium
sales in the South African retail affluent business and lower recurring premium sales in the corporate business.
Net value of new covered business (VNB) decreased by 14% but was only 1% lower on a constant economic
basis, with a strong contribution from the emerging markets portfolio.
Our general insurance operations recorded improved performance in the second half of 2022, benefiting from
management actions implemented. Both the South African and Pan-African operations recorded underwriting
margins within their respective target ranges for 2022.
Group net client cashflows of R60 billion were 23% lower due to weaker net flows in the investment business off
an elevated base from the strong inflows in 2021.
Group Equity Value per share was R63.80 on 31 December 2022 and Return on Group Equity Value (RoGEV)
per share was 4,2% for 2022. RoGEV was significantly impacted by volatile equity and bond markets over the
period. Adjusted RoGEV per share, which excludes these market impacts was 14,9%, above the hurdle of 14,3%.
Shareholders are advised that a final gross cash dividend of 360 cents per share was declared for the year ended 31
December 2022, an increase of 8% on the prior year dividend. The dividend is payable on Tuesday, 11 April 2023
by way of electronic bank transfers to ordinary shareholders recorded in the register of Sanlam at close of business
on Thursday, 6 April 2023. The last date to trade to qualify for this dividend will be Monday, 3 April 2023, and
Sanlam shares will trade ex-dividend from Tuesday, 4 April 2023. Share certificates may not be dematerialised or
rematerialised between Tuesday, 4 April 2023 and Thursday, 6 April 2023, both days included. Shareholders who
have not yet provided their banking details for dividend payments are requested to do so by contacting Sanlam’s
transfer secretary, Computershare, at 0861 100 913 or +27 (0)11 370 5000.
The South African dividend withholding tax regime applies in respect of this dividend. The dividend in full will
be subject to the 20% withholding tax, where applicable, which result in a net dividend, to the shareholders who
are not exempt from paying dividend tax, of 288 cents per share. The number of ordinary shares in issue in the
company’s share capital as at the date of the declaration is 2,042,914,874 excluding treasury shares of
184,059,534. The company’s tax reference number is 9536/346/84/5.
This short-form results announcement is the responsibility of the Sanlam Board of directors and is a summary of
the information contained in the full announcement which can be found at:
https://senspdf.jse.co.za/documents/2023/jse/isse/slm/FY22.pdf and available on the Sanlam website at
www.sanlam.com.
While this announcement, in itself, is not audited, the audited consolidated annual financial statements from which
the summarised consolidated financial statements were derived have been audited by the joint Group’s auditors,
Ernst & Young Inc and KPMG Inc. Their unmodified audit report (including key audit matters), along with the
audited consolidated annual financial statements are available for inspection at the Company’s registered office
and also available on Sanlam’s website at http://sanl.am/2022ar
Copies of the full audited consolidated annual financial statements are available 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 audited consolidated
annual financial statements.
SANLAM LIMITED
Registered office: 2 Strand Road, Bellville, 7530, South Africa
Sanlam Investor Relations
Tel: +27 21 947 8455
E-mail: ir@sanlam.co.za
JSE SPONSOR
Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited
Debt Sponsor to Sanlam Life Insurance Limited
Absa Bank Limited, acting through its Corporate and Investment Banking division
9 March 2023
Date: 09-03-2023 07:30:00
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