SNT - Santam Limited - Annual General Meeting - Operational update to

SNT - Santam Limited - Annual General Meeting - Operational update to           
shareholders                                                                    
SANTAM LIMITED                                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number: 1918/001680/06)                                           
(Share Code: SNT    ISIN: ZAE000093779)                                         
Annual General Meeting - Operational update to shareholders                     
This serves as a general communication to Santam shareholders with regards to   
the business environment for the year to date.                                  
Overall underwriting conditions remain very satisfactory following the good     
margins and excellent results reported in 2010.  The crop business achieved     
positive underwriting results following the losses in 2010. Commercial          
property claims increased as a result of flooding, following the higher than    
normal summer rainfall in the northern parts of the country. Results were       
positively impacted by fewer large industrial claims in the corporate property  
business unit.  Rates across the board remain depressed and premium growth is   
expected to be in line with the overall industry experience.                    
Performance of the investment portfolio was in line with the flat equity        
market movements. Interest rate returns were lower than last year. The equity   
derivative structures of which full details are disclosed in the Annual         
Financial Statements, hedge approximately 60% of the equity portfolio exposure  
and had no material impact on results to date. The group`s solvency margin      
remains at the top end of the target range of 35% to 45%.                       
Headline earnings continue to be susceptible to the inherent volatility of      
underwriting and investment activities.                                         
Santam`s interim results for 2011 are expected to be released on 31 August      
2011.                                                                           
CAPE TOWN                                                                       
1 JUNE 2011                                                                     
Sponsor:                                                                        
Investec Bank Limited                                                           
Date: 01/06/2011 15:45:00 Supplied by www.sharenet.co.za                     
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