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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 12 MONTHS ENDED 31 DECEMBER 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 headline earnings per share (HEPS) for
the year ended 31 December 2012 to be 15% to 20% below those reported for the prior
period. Earnings per share (EPS) are expected to be 25% to 30% below the 2011
corresponding results. The decrease in HEPS and EPS is due to a decrease in underwriting
results and an increase in the taxation charge, off-set by an increase in the investment
results. The difference between HEPS and EPS is due to impairment provisions.
In the operational update to shareholders published on 20 December 2012 the Group
indicated that the net underwriting margin was below the 5% to 7% medium term target
range, negatively impacted by the adverse weather conditions in Gauteng and the Eastern
Cape in the last quarter of 2012 and by the extensive fires in St Francis Bay in November
2012.
Earnings were further impacted by a substantial increase in the taxation charge due to
Secondary Tax on Companies on the special dividend paid in March 2012 as well as the
effect of the increase in the Capital Gains Tax inclusion rate on deferred taxation, as reported
on in the June 2012 results.
Performance of the investment portfolio was broadly in line with the equity markets resulting
in significantly higher returns from the portfolio, compared to 2011.
The group’s solvency margin as at 31 December 2012 is expected to be within the targeted
range of 35% to 45%.
The financial information on which this Trading Statement is based has not been reviewed or
reported on by Santam’s external auditors. Santam will release its annual audited results for
the year ended 31 December 2012 on 27 February 2013.
CAPE TOWN
12 February 2013
Sponsor: Investec Bank Limited
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