SANLAM GROUP RESULTS - 31 DECEMBER 2000

SANLAM LIMITED
NEWS RELEASE
Sanlamhof, 7 March 2001
SANLAM GROUP RESULTS - 31 DECEMBER 2000
Highlights
* New business growth of 46%
* Net outflow of funds reversed
* 28% growth in headline earnings per share

* Embedded value of new life business doubled to R209 million.

Sanlam reported significant achievements on most of its financial objectives
with the release of its annual results for the year ended 31 December 2000 in
Bellville today.

Most of Sanlam's businesses recorded successes, most notably the operational
performance of Sanlam Personal Finance, the turnaround in the net outflow of
funds and sound growth in profits of Sanlam Employee Benefits. Gensec

registered an improved performance in the second half of 2000, overcoming the
effects of the difficult financial markets in the first half of the year.
Sanlam Investment Management (previously Gensec Asset Management) succeeded in
securing strong inflows from segregated funds and Gensec Bank continued to
register sound growth in its operating profit, as it has done since its launch
two years ago. Sanlam Health again reported a profit for the year.

From this year Sanlam is using the long-term rate of return (LTRR) to report on
its earnings. This has become a standard practice in the UK. Applying a
long-term return of 13%, Sanlam's headline earnings for 2000 amounted to R3 478
million, 28% higher than the earnings of R2 721 million for 1999. Calculated on
the previous basis, headline earnings increased by 23% to R2 406 million
compared to R1 955 million in 1999, clearly exceeding Sanlam's target of 10%
real growth in 2000.

Total new business inflows increased significantly by 46% to R37,7 billion. New
business from life insurance activities grew by 37% to R14 194 million,
contributing to the healthy growth in embedded value of new business from R101
million in 1999 to R209 million for 2000. The target of exceeding R200 million
was achieved one year earlier than the target date of 2001 that Sanlam set in
1999. New business from non-life activities grew by 52% to R23 506 million.
Chairman, Marinus Daling, said he was pleased that Sanlam's focus on improving
operational efficiencies and the performance of its businesses was indeed
paying dividends.

"This focus has delivered growth in profits and new business and a net inflow
of funds.  A crucial measure of success is the discount of Sanlam's share price
to embedded value. Although we have shown progress, we have not yet convinced
the market that our performance and prospects justify a share price at least
equal to Sanlam's embedded value, let alone at a premium.

"On 31 December 2000 Sanlam's share price of 956 cents reflected a discount of
8% to an embedded value of 1035 cents per share. Our approximated embedded
value on 28 February 2001 amounted to 1075 cents per share, which reflects a
widening of this discount to 13%. Eradicating this discount and turning it to
trade at a premium, remains for the near future the key focus area to unlock
value for shareholders," Daling said.

Sanlam declared a dividend of 30 cents per share for 2000. The target of sound
real growth in dividends in 2000 was achieved as the dividend increased by 20%
compared with that of 1999.

Sanlam reported a net inflow of funds of R777 million in 2000 as against a net
outflow of R10,4 billion in 1999. Most businesses contributed to this

turnaround but Sanlam Employee Benefits and Sanlam Investment Management showed
major improvements.  Sanlam Employee Benefits reduced a net outflow of R11 542
million in 1999 to R5 348 million and Sanlam Investment Management turned
around a net outflow of R784 million in 1999 to a net inflow of R3 301 million
last year.

Sanlam Personal Finance experience a good year and grew its operating profit by
34% to R1 044 million while Sanlam Employee Benefits also posted a very
satisfactory 20% growth in its profits to R202 million. Santam contributed R139
million (1999: R107 million) to the group headline earnings.

These performances were tempered by Gensec's profits of R683 million which were
9% lower than in 1999 owing to the difficult market conditions in the first
half of 2000.

Corporate income, which consists largely of profits earned on leveraging assets
using structured finance arrangements declined by 53% from R197 million in 1999
to R93 million in 2000. This decrease is attributable increased competition
from similar products and pressure on margins owing to the lower level of
interest rates in 2000.

Daling said that Sanlam has set itself a target of 10% real growth and that the
Group was confident of meeting this target in respect of its net operation
profit.

"To achieve our objectives for organic growth we will ensure that our product
offering and client service continue to improve. We want to achieve greater
penetration in the emerging black salaried market, especially as recent market
surveys confirmed the strength of the Sanlam brand in all markets. Further
penetration of the higher end of the market will be pursued through Innofin,
our joint venture with Macquarie Bank of Australia as well as Sanlam Personal
Finance.

"We have also accelerated our efforts in evaluating international opportunities
to contribute to structural growth. The drive toward the internationalisation
of our businesses will come from their decentralised management teams. Their
local operational successes indicate that they are now ready to pursue
international initiatives.

"Initially we aimed at penetrating international developing markets because of
the particular suitability of our core competencies to their specific

requirements. It has, however, become clear from our investigations that we may
well be able to exploit opportunities in developed economy niche markets. The
information technology, administrative capabilities and operational

efficiencies of Sanlam's traditional businesses are first world standard and
could be deployed outside South Africa. This could, for instance, provide a
low-risk and low-capital opportunity in the field of third-party

administration. Both Sanlam Investment Management and Gensec Bank will continue
their initiatives to internationalise their operations," Daling said.

Daling concluded that Sanlam was clearly intent on strengthening its position
as a truly South African company.  "Through such positioning and the

achievement of our goals for growth, capital efficiency and

internationalisation, we aim at becoming the employer of choice."
Ends

Issued by Frans van Rensburg, Sanlam Media Relations
Tel. (021) 947-4893 / Cell. 082 805 9245