SANTAM LIMITED - Audited Summary Consolidated Financial Statements for the year ended 31 December 2020

Audited Summary Consolidated Financial Statements
for the year ended 31 December 2020

Santam Limited and its subsidiaries
("Santam" or "the company" or "the group")
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

AUDITED SUMMARY CONSOLIDATED FINANCIAL STATEMENTS
for the year ended 31 December 2020

KEY FINANCIAL RESULTS
                                                                                            Year ended    Year ended    Change
                                                                                           31 Dec 2020   31 Dec 2019         %
Gross written premium (GWP) (R million)                                                         38,273        35,852        7%
Ordinary dividend per share (R cents)                                                              Nil        718.00         -
Basic earnings per share (R cents)                                                                 491         1,990      (75%)
Headline earnings per share (HEPS) (R cents)                                                     1,100         2,069      (47%)

SALIENT FEATURES
- Economic capital coverage ratio 161%
- Conventional insurance net underwriting margin 2.5%
- Conventional insurance GWP growth 5% to R31.1 billion
- Group GWP growth 7% to R38 billion
- Gross claims paid R21.1 billion
- Return on shareholders' funds 8%
- HEPS decreased by 47%
- No final dividend declared

KEY PERFORMANCE HIGHLIGHTS
Despite the challenges of 2020, we achieved responsible, profitable and sustainable growth.

Conventional insurance
- The underwriting margin of 2.5% was below our target range of 4% to 8%, impacted by a provision of R2 billion for contingent 
  business interruption claims in addition to R1 billion interim relief payments paid in August 2020.
- GWP growth of 5% was achieved.
- The investment return on insurance funds was negatively impacted by the lower interest rate environment.

Alternative Risk Transfer Business achieved strong operating results.

The Sanlam Emerging Markets general insurance businesses delivered improved underwriting results, mainly due to an 
improvement in the motor and health classes of business.

Earnings and HEPS decreased by 75% and 47% respectively.

The group remains committed to our brand promise of Insurance good and proper.

Short Form Announcement

This short form announcement is the responsibility of the directors and is only a summary of the information in the full
audited summary consolidated financial statements announcement ("full announcement"). Any investment decision by investors
and/or shareholders and/or bondholders should be based on consideration of the full announcement that was released on 
4 March 2021 and which can be found on the company's website at https://www.santam.co.za/media/2686141/2020-afs.pdf. Copies 
of the full announcement may also be requested at the company's registered office, at no charge, during office hours at the 
investor relations department (see contact details below).

PricewaterhouseCoopers expressed an unmodified audit opinion on the audited consolidated financial statements in their report
dated 3 March 2021. The report also includes communication of key audit matters. Key audit matters are those matters that, in
their professional judgement, were of most significance in their audit of the consolidated financial statements of the current
period. The full report is available on https://www.santam.co.za/media/2686141/2020-afs.pdf.

The full announcement was released on the JSE's website at https://senspdf.jse.co.za/documents/2021/JSE/ISSE/SNT/YE2021.pdf.

The presentation to analysts can be found on the company's website at https://www.santam.co.za/media/2686142/2020-ias-booklet.pdf.

ADMINISTRATION

INVESTOR RELATIONS
Gloria Tapon Njamo
T: +27 21 915 8228
E: Gloria.TaponNjamo@santam.co.za

NON-EXECUTIVE DIRECTORS
B Campbell, MP Fandeso, PB Hanratty, VP Khanyile (chairman), MLD Marole, AM Mukhuba, JJ Ngulube, MJ Reyneke, PE Speckmann

EXECUTIVE DIRECTORS
L Lambrechts (chief executive officer), HD Nel (chief financial officer)

COMPANY SECRETARY
M Allie

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

SPONSOR
Investec Bank Ltd

4 March 2021

Santam is an authorised financial services provider (licence number 3416).



Date: 04-03-2021 08:00:00
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