Sharenet Sites 
Sharenet Sites
Board meeting: Operational update to shareholders
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
Board 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.
Despite the continued soft market conditions, the Santam Group achieved satisfactory growth
and underwriting profitability during the third quarter of the year. The underwriting result was
however negatively impacted by the adverse weather conditions in Gauteng and the Eastern
Cape in October 2012 and by the extensive fires in St Francis Bay in November 2012. These
claims are not expected to reach a level that will attract significant relief from catastrophe
reinsurance. The specialist classes, MiWay and Santam Re continued to perform satisfactorily
as reported on for the six months to 30 June 2012. The net underwriting margin is now at the
lower end of the medium term target range of 5% to 7%.
The investment portfolio performed in line with the positive market movements experienced
during the third quarter of the year.
The group’s solvency margin remains comfortably within the target range of 35% to 45%.
Due to the nature of Santam’s business, headline earnings are susceptible to the inherent
volatility of underwriting and investment activities of the Group. As reported for the six months
ended 30 June 2012 headline earnings were furthermore impacted by the tax adjustments for
Capital Gains Tax and Secondary Tax on Companies on the special dividend.
The next set of results will be the final results for 2012 to be published on 27 February 2013.
CAPE TOWN
28 NOVEMBER 2012
Sponsor:
Investec Bank Limited
Date: 28/11/2012 01:55:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
