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Operational Update to Shareholders
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
NSX Share code: SNM
OPERATIONAL UPDATE TO SHAREHOLDERS FOLLOWING THE BOARD MEETING HELD
ON 26 NOVEMBER 2014
This serves as a general communication to Santam shareholders with regards to the business
environment for the ten month period ended 31 October 2014.
The Santam Group’s net underwriting margin remained above the long term target range of 4%
to 6%, although slightly lower than the 7.4% net underwriting margin reported for the six month
period to June 2014. Underwriting conditions remain challenging, with continued pressure on
claims costs and the tough general economic climate impacting on growth.
The Santam Commercial and Specialist business delivered a solid underwriting performance
during the third quarter due to the continued positive impact of underwriting corrective actions
and limited weather related claims. The October results have been negatively impacted by a
small number of commercial fires. The Santam Specialist business showed resilience in
competitive market conditions. MiWay continued to report growth together with acceptable loss
ratios. Santam Re made a positive contribution to the Group underwriting results.
The Group achieved satisfactory growth in gross written premiums across all businesses
relative to industry growth.
The investment portfolio was impacted by the negative equity market movements experienced
during September and October.
Headline earnings continue to be susceptible to the inherent volatility of underwriting and
investment activities.
The group’s solvency margin remains close to the upper end of the target range of 35% to 45%.
Following the appointment of Ian Kirk as Deputy CEO of Sanlam, effective January 2015, the
Board is making good progress with the Santam CEO succession process and expects to make
an announcement shortly.
The next set of results will be the annual results year for the year ending 31 December 2014 to
be released on SENS on 2 March 2015.
CAPE TOWN
26 NOVEMBER 2014
Sponsor:
Investec Bank Limited
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