SANTAM LIMITED - Trading Statement for the year ended 31 December 2017

Trading Statement – for the year ended 31 December 2017

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000093779)

TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2017

Shareholders are advised that Santam expects its headline earnings per share (HEPS) for the
year ended 31 December 2017 to be between 1 401 cps and 1 455 cps (2016: 1 086). This
will be between 29% and 34% higher than that reported for the comparative period in 2016.
Earnings per share (EPS) is expected to be between 1 485 cps and 1 540 cps (2016: 1 100
cps) which is between 35% and 40% higher.

The increase in HEPS and EPS has been driven mainly by improved investment results
compared to 2016. EPS was furthermore positively impacted by the release of foreign
currency gains on the winding up of Santam International.

The underwriting results held up well, following two significant catastrophe events, as well as
an increase in large property claims during the first half of 2017. The net underwriting margin
is expected to be close to the midpoint of the long-term target range of 4% to 8% of net earned
premiums.

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 audited results for the year
ended 31 December 2017 on 1 March 2018.


CAPE TOWN
21 February 2018
Sponsor: Investec Bank Limited

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