SNT - Santam Limited - Operational update to shareholders following its

SNT - Santam Limited - Operational update to shareholders following its         
Annual General Meeting 30 May 2012                                              
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 period to the end of April 2012.            
In line with our expectations, the underwriting result for the four months      
was below the excellent margin achieved in 2011, but remained within the        
target range.  Agriculture, Specialist business, MiWay and Santam Re all        
performed above expectation but the overall business was adversely impacted     
by significant flood-related claims in January 2012. Despite continued          
pressure on premium rates, gross written premium growth was very                
satisfactory.                                                                   
Performance of the investment portfolio was in line with the equity market      
movements and therefore considerably ahead of 2011, while interest and          
dividends received were on par with the comparative period. The group`s         
solvency margin remains comfortably within the target range of 35% to 45%.      
Headline earnings were impacted by the Secondary Tax on Companies on the        
special dividend paid in March and continue to be susceptible to the            
inherent volatility of underwriting and investment activities.                  
The next set of results will be the interim results for 2012 to be published    
on 29 August 2012.                                                              
CAPE TOWN                                                                       
30 MAY 2012                                                                     
Sponsor:                                                                        
Investec Bank Limited                                                           
Date: 30/05/2012 10:55:00 Supplied by www.sharenet.co.za                     
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