Sharenet Sites 
Sharenet Sites
Trading statement - for the 6 months ended 30 June 2016
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 6 MONTHS ENDED 30 JUNE 2016
Shareholders are advised that Santam expects its headline earnings per share (HEPS) and
earnings per share (EPS) for the six months ended 30 June 2016 to be between 26% to 31%
below those reported for the comparative period in 2015. HEPS is expected to be between
612 cps and 656 cps (2015: 887 cps), while EPS is expected to be between 600 cps and 644
cps (2015: 870 cps). The decrease in HEPS and EPS has been driven by a normalisation of
the net underwriting results, compared to the exceptional performance of 2015, as well as
significantly lower investment returns.
The underwriting results held up well in a challenging environment, but were negatively
influenced by a few large corporate property claims and a decline in Crop business profits
from their high levels of 2015, driven by drought-related claims. The net commission ratio
also increased following lower reinsurance commission earned on specialist business lines
and higher commission rates on business from outside South Africa. The net underwriting
margin is however still expected to be within the long term target range of 4% to 8%.
The South African investment portfolio performed in line with the market. Foreign currency
exchange losses had a negative impact on investment returns following the relative
strengthening of the Rand compared to December 2015. In addition the value of the Sanlam
Emerging Markets (SEM) general insurance businesses portfolio showed negative
unrealised fair value movements following tough trading conditions in certain emerging
markets.
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 reviewed interim results
for the six months ended 30 June 2016 on 31 August 2016.
CAPE TOWN
16 August 2016
Sponsor: Investec Bank Limited
Date: 16/08/2016 02:05:00 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.
