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Trading statement - for the year ended 31 December 2015
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)
NSX Share Code: SNM
(“Santam")
TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2015
Shareholders are advised that Santam expects its headline earnings per share (HEPS) for
the year ended 31 December 2015 to be between 25% (1 808 cents) to 30% (1 880 cents)
above those reported for the prior period (1 446 cents). Earnings per share (EPS) for the
year ended 31 December 2015 is expected to be between 48% (2 045 cents) to 53% (2 114
cents) above those reported for the prior period (1 382 cents). The increase in HEPS and
EPS has been driven by significant improvements in both insurance and investment results
compared to 2014. EPS was also positively impacted by the profit on the sale of Santam’s
33.6% shareholding in Credit Guarantee Insurance Corporation of Africa Ltd in October
2015.
The group’s solvency margin as at 31 December 2015 is expected to be above the upper
end of the target range of 35% to 45% of net premiums. A capital review is being performed,
taking into account the required solvency range in the light of changing regulatory
requirements and potential acquisitions.
The boards of directors of Santam and Sanlam Limited (Sanlam) announced on 24
November 2015 the conclusion of agreements, whereby Sanlam’s wholly owned subsidiary,
Sanlam Emerging Markets Proprietary Limited (SEM), and Santam will jointly acquire an
effective 30% interest in Saham Finances, the insurance arm of the Saham Group
incorporated in Morocco, through a special purpose vehicle held jointly by SEM (75%) and
Santam (25%), for a total cash consideration of US$ 375 million. The transaction is subject to
regulatory approval. Santam’s share of the transaction consideration of US$94 million will be
funded from internal cash resources. Santam acquired sufficient foreign currency in addition
to existing dollar assets to cover the purchase consideration before the transaction was
concluded, effectively locking in the exchange rate of the transaction on the date of the
announcement.
The financial information on which this Trading Statement is based has not been audited or
reported on by Santam’s external auditors. Santam will release its audited results for the year
ended 31 December 2015 on 2 March 2016.
CAPE TOWN
16 February 2016
Sponsor: Investec Bank Limited
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