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Trading Statement
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
TRADING STATEMENT – FOR 6 MONTHS ENDED 30 JUNE 2012
In terms of the Listings Requirements of JSE Limited, companies are required to publish a
Trading Statement as soon as they become reasonably certain that the financial results for
the period to be reported on will differ by more than 20% from the financial results for the
previous corresponding period.
Shareholders are advised that Santam expects its earnings as well as headline earnings per
share for the six months ended 30 June 2012 to be 25% to 35% below those reported for the
prior corresponding period. The lower earnings are due to the impact of a substantial
increase in the taxation charge due to Secondary Tax on Companies on the special dividend
paid in March as well as the effect of the increase in the Capital Gains Tax inclusion rate on
deferred taxation. Profit before tax is expected to be marginally higher than the prior
reporting period.
As reported in our Operational update on 30 May 2012, the underwriting result was below the
excellent margin achieved in 2011, but remained within the target range of 5% to 7%.
Despite continued pressure on premium rates in a soft market, 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. Interest received was lower than for the comparative
period due to the lower rates available in the market while dividends received increased.
The group’s solvency margin remains comfortably within the target range of 35% to 45%
after the special dividend of R8.50 per share paid in March.
The financial information on which this Trading Update is based has not been reviewed or
reported on by Santam’s external auditors. Santam will release its reviewed interim results
for the six month ended 30 June 2012 on 29 August 2012.
CAPE TOWN
14 August 2012
Sponsor:
Investec Bank Limited
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