SANLAM LIMITED - Interim Results for the six months ended 30 June 2018

Release Date: 06/09/2018 07:05
Code(s): SLM
 
Wrap Text
Interim Results for the six months ended 30 June 2018

Sanlam Limited
Incorporated in South Africa             
(Registration number: 1959/001562/06)                      
(Tax reference number: 9536/346/84/5)                                         
JSE share code (primary listing): SLM
NSX share code: SLA
ISIN: ZAE000070660

Interim Results for the six months ended 30 June 2018

Financial and operational review
Key features of the 2018 interim results
Earnings
- Net result from financial services increased by 8% (up 10% in constant currency)

New Business
- Net value of new covered business up 1% to R791 million (up 4% on consistent economic basis)
- Net new covered business margin of 2,46% (2,61% in 2017)
- New business volumes declined by 1% to R110 billion (in line with 2017 in constant currency)
- Net fund inflows of R17,2 billion compared to R18,9 billion in 2017

Group Equity Value
- Group Equity Value per share of R60,90
- Annualised Return on Group Equity Value per share of 13,7%
- Adjusted annualised Return on Group Equity Value per share of 18,2%; exceeding target of 13%

Capital management
- Executing on our African strategy
  - Acquisition of remaining 53% stake in Saham Finances awaiting certain regulatory approvals, anticipated before end of 2018
  - R5,5 billion raised at favourable share price to de-risk transaction 
  - Discretionary capital of R9,9 billion at 30 June 2018 committed to acquisition
  - Planned 5% BBBEE share issuance will provide remainder of funding requirement and restore discretionary capital to appropriate level
- Sanlam Group solvency cover ratio of 2,3 times; Sanlam Life Insurance Limited solvency cover ratio for covered business of 2,3 times

Dividend
- No interim dividend declared in line with Group policy

Salient results
for the six months ended 30 June 2018
                                                                                  2018        2017    Change
Earnings
Net result from financial services                               R million       4 393       4 056        8%
Normalised headline earnings(1)                                  R million       4 917       4 481       10%
Headline earnings                                                R million       5 126       4 565       12%
Weighted average number of shares                                  million     2 062,3     2 026,0        2%
Adjusted weighted average number of shares                         million     2 081,7     2 049,2        2%
Diluted net result from financial services per share                 cents       211,0       197,9        7%
Diluted normalised headline earnings per share(1)                    cents       236,2       218,7        8%
Diluted headline earnings per share                                  cents       248,6       225,3       10%
Business volumes
New business volumes                                             R million     109 522     110 257       (1%)
Net fund inflows                                                 R million      17 239      18 879       (9%)
Net new covered business
 Value of new covered business                                   R million         791         782        1%
 Covered business PVNBP(2)                                       R million      32 099      29 976        7%
 New covered business margin(3)                                          %        2,46        2,61
Group Equity Value
Group Equity Value(4)                                            R million     128 668     121 763        6%
Group Equity Value per share(4)                                      cents       6 090       5 940        3%
Annualised Return on Group Equity Value per share(5)(9)                  %        13,7        11,7
Adjusted annualised Return on Group Equity Value per share(6)(9)         %        18,2        16,2
Solvency cover(4)(7)
Sanlam Group                                                         times         2,3         2,2
Sanlam Life Insurance Limited                                        times         2,9         2,7
Sanlam Life Insurance Limited covered business(8)                    times         2,3         2,3

Notes
(1) Normalised headline earnings = headline earnings, excluding fund transfers.
(2) PVNBP = present value of new business premiums and is equal to the present value of new recurring premiums plus single premiums.
(3) New covered business margin = value of new covered business as a percentage of PVNBP.
(4) Comparative figures are as at 31 December 2017.
(5) Growth in Group Equity Value per share (with dividends paid, capital movements and cost of treasury shares acquired reversed) as a
    percentage of Group Equity Value per share at the beginning of the year.
(6) Adjusted Return on Group Equity Value = Return on Group Equity Value excluding investment market and currency volatility as well as 
    changes in interest rates and other factors outside of management's control.
(7) Based on the new prudential regime implemented in South Africa with an effective date of 1 July 2018.
(8) Excludes investments in subsidiaries and associated companies, discretionary capital, cash accumulated for dividend payments and the 
    net asset value of non-covered operations.
(9) Annualised return excludes annualisation of the cost of capital impact relating to the release of capital from covered business in 
    2018, and in 2017 annualisation of the revaluation of the Ghana operations to disposal value.

Executive review
Operating conditions were very challenging during the first six months of 2018 across a number of markets where Sanlam operates. 
Investment market volatility, a stronger average Rand exchange rate and a weak South African economy in particular dampened growth 
prospects for our key performance indicators. The Group's well-diversified profile across geographies, market segments and client 
offerings again provided resilience against these headwinds, enabling us to deliver an acceptable operational performance for the six 
months ended 30 June 2018. Annualised adjusted Return on Group Equity Value (RoGEV) per share of 18,2% exceeded the 2018 target of 13%,
further strengthening our track record of consistent shareholder value creation.

Economic growth in many markets remains below longer-term potential, in particular in our South African and Namibian markets. As 
anticipated, it will take some time for improved business and consumer sentiment in South Africa to translate into accelerated economic 
growth. Some remaining uncertainty around government policy is having a prolonged effect. Following growth of more than 2% in the last
three quarters of 2017, the South African economy shrank by 2,2% year-on-year in the first quarter of 2018. Mining, manufacturing and 
agricultural production recorded the largest declines. Full year growth prospects remain pedestrian at just above 1%. A lack of growth 
in formal employment, higher tax rates and inflationary pressure dampened disposable income and demand in our core middle-income market 
in South Africa. Although we have experienced some recovery in Glacier's new business performance in the first quarter of 2018, affluent 
investors remain cautious. The Namibian economy is still struggling from weak public sector investment, coupled with stagnant private sector
credit extension. The economies and currencies of Nigeria and Angola also remained under pressure, but the increase in oil prices over the 
last few months should provide improved prospects for these economies going forward. The economic outlook in the other Africa regions where 
we operate is improving, with favourable conditions and a positive outlook in India and Malaysia.

The South African and international investment markets experienced significant volatility during the first six months of 2018. The 
South African equity market rallied into December 2017, finding support from record-level global stock markets as well as the favourable 
outcome of the ruling party's elective conference. Optimism improved further at the beginning of 2018 with the appointment of 
Cyril Ramaphosa as South African president and the subsequent cabinet changes. These favourable conditions were, however, short lived as
global markets were gripped by fears of an accelerated interest rate hiking cycle by the US Federal Reserve and the risk of a trade war
between the US, Europe and China that could have severe consequences for global economic growth. This spurred a global stock market 
sell-off and resulted in a decline across  most major investment markets towards the end of June 2018, aggravated in South Africa by
government policy uncertainty that fuelled anxiety with local and foreign investors in the second quarter. The Mining Charter, Eskom, 
State-Owned Enterprises' finances and the National Health Insurance proposals are the main factors. South African long-term interest rates
also reacted positively to the political developments in the first quarter. This trend reversed as global geopolitical risk heightened,
with both the five-year and nine-year benchmark rates closing higher at the end of June 2018 than 31 December 2017 and 30 June 2017.

The sharp strengthening of the Rand exchange rate in 2017 and the first part of 2018 is reflecting in a stronger average exchange rate 
in the first half of 2018 relative to the same period in 2017, suppressing the overall translated results of Sanlam Emerging Markets as 
well as Sanlam Investment Group's international operations.

The Group's primary indicator of shareholder value creation remains Return on Group Equity Value (RoGEV). Given the nature of the Group's
diversified business, we consider this measure of performance the most appropriate since it incorporates the result of all the major 
value drivers in the business. The annualised RoGEV per share for the six months to 30 June 2018 of 13,7% exceeded the target of 13%,
despite weaker investment markets and the rise in long-term interest rates, finding support from a relatively weaker Rand at 30 June 2018
compared to the end of December 2017 as well as a strong performance of the Santam share price. Annualised adjusted RoGEV per share, 
which excludes investment market and currency volatility as well as changes in interest rates and other factors outside of management's
control, also exceeding the 13% target at 18,2%. Annualised actual and adjusted RoGEV per share excludes annualisation of the positive 
impact that the new share issuance in April 2018 had on GEV per share (refer Group Equity Value section below).

Net result from financial services increased by 8% (10% in constant currency). Sanlam Emerging Markets (SEM), Santam and Sanlam Corporate 
achieved strong growth, which offset softer contributions by Sanlam Personal Finance (SPF) Sanlam Investment Group (SI). Investments in 
new growth initiatives (predominantly BrightRock) and lower market-related and annuity profits at Glacier were the main contributors to a 
2% decline in SPF's contribution.Excluding new growth initiatives, SPF achieved growth of 4%. Lower performance fees and a decline in 
Sanlam Capital Markets' operating earnings from a high base in 2017 contributed to an overall 9% decline in SI's net result from 
financial services.

The new ordinary shares issued in April 2018 in anticipation of the Saham Finances acquisition (refer Responsible capital allocation and
management section that follows) resulted in a 1,6% increase in the weighted average number of shares in issue, with a similar dilution 
in earnings per share. The dilution will decrease once the increased participation in Saham Finances' earnings is consolidated from the 
effective date of the transaction.

New business volumes declined by 1% (in line with 2017 in constant currency), an acceptable performance under difficult conditions. All 
clusters achieved solid growth, apart from SI where the SA Investment Management and Wealth Management units experienced lower inflows.
Growth of 6% in the net value of new covered business (VNB) (on a consistent economic basis and excluding the impact of structural 
activity) fell short of our expectations, reflecting weak growth in SPF middle-income market risk business, lower margin mix of business
at Glacier and declines at Sanlam Corporate and SEM's Rest of Africa region (excluding Saham Finances).

Good progress has been made in finalising the acquisition of the remaining stake in Saham Finances. A number of synergies have been 
identified. We are also expanding disclosure in respect of Saham Finances' performance in this interim results announcement (refer below).
Finalising the terms of a broad-based black economic empowerment share issuance to provide funding for this transaction is at an advanced 
stage (refer Responsible capital allocation and management section below).

Strategic initiatives
The Group's strategic intent of sustainable value creation for all key stakeholders remains firmly in place, underpinned by the Group's
vision to:

- Lead in client-centric wealth creation, management and protection in South Africa.
- Be a leading Pan-African financial services group with a meaningful presence in India and Malaysia.
- Play a niche role in wealth and investment management in specific developed markets.

The Group's vision and strategic intent is pursued through a strategy focussed on four pillars:

- Profitable top-line growth through a culture of client-centricity.
- Enhancing resilience and earnings growth through diversification.
- Extracting value through innovation and improved efficiencies.
- Responsible capital allocation and management.

Continuous transformation of the Group to remain relevant in a changing world is key. We define transformation broadly to include among
others economic transformation to reduce wealth inequality, transforming our staff to reflect the demographic profile of our client base
and societies where we operate, transforming our distribution channels and operations in line with technological and regulatory 
developments and most importantly, transforming everything we do in line with the changing needs and preferences of our clients. 
Transformation therefore underpins the Group's strategy in its entirety as a key focus area under each of the strategic pillars.

We continued to execute on all strategic pillars in the first half of 2018.

Profitable top-line growth through a culture of client-centricity
Solid overall new business growth was achieved by all clusters apart from SI, where improved investor confidence is not yet reflecting in 
an increased allocation of institutional mandates. Below benchmark performance also contributed to the muted net inflows. Our portfolios 
were not well positioned for the run in the South African market post the political changes at the end of 2017 and beginning of 2018, while 
the larger than benchmark exposure to Steinhoff in 2017 also detracted from the performance levels. Wealth Management and Implemented 
Consulting inflows in the retail segment were also under pressure in a competitive environment. Strong inflows were experienced in Satrix 
index-tracking funds, with Satrix Managers consolidating its position as the leading business in the retail segment of this market. Santam 
achieved commendable growth of 13% in gross written premiums (9% excluding structural growth) in a very competitive market. VNB was affected
by a slow start to the year at Sanlam Corporate and SPF's Safrican group schemes and Individual Life businesses (excluding BrightRock), a 
change in mix of business at Glacier to less profitable linked products and an under performance in SEM's Rest of Africa region (excluding 
Saham Finances).

Saham Finances delivered in line with its business plan, achieving 13% and 39% organic growth in overall new business volumes and VNB 
respectively in constant currency, the latter being off a low base. SPF concluded new credit life underwriting and distribution agreements
with Capitec Bank in the first half of 2018. The annual credit life premiums received in the first half of 2018 contributed R566 million 
to new business volumes. The roll-out of funeral products has also commenced, with solid initial demand. BrightRock performed well and 
exceeded its new business and VNB targets.

Prospects on this key metric for the remainder of the year are more promising, as outlined in the Outlook section that follows.

Diligent focus on client centricity and the quality of new business written also enhances the resilience of the life insurance in-force 
book, with satisfactory persistency being maintained despite the economic pressures in the core South African middle-income market.

In line with historic trends, positive experience variances persisted.

Enhancing resilience and earnings growth through diversification
The acquisition of the remaining stake in Saham Finances is progressing in line with expectations. A number of regulatory approvals have 
been received. The main other condition precedent is the demerger of the non-financial services activities within the Saham Finances Group,
with good progress achieved to date. The conclusion of this acquisition will significantly enhance the Group's geographical (Francophone 
West Africa and North Africa) and line of business (general insurance) profile. A number of synergies were identified during the 
acquisition of the initial 47% stake. Our ability to extract these synergies will be strengthened through obtaining the controlling stake.
Saham Finances' management team is fully supportive of the acquisition and the future partnership with Sanlam. Their track record of 
execution positions us well to realise the synergies, which include:

- Growing the Saham Finances life insurance operations. Life insurance currently contributes less than 20% of Saham Finances' operating 
  profit. Sanlam's life insurance expertise elsewhere in Africa positions us very well to grow this line of business across the Saham 
  Finances footprint, which spans across a number of markets with favourable demographic profiles, strong economic growth prospects and 
  low insurance penetration. Focus remains on further accelerating growth in this line of business.
- Utilising the Saham Finances general insurance expertise to grow the other SEM general insurance businesses in Africa. This will be 
  implemented over time in line with Saham Finances' operational capacity.
- Expanding the Saham Finances product offering in assistance and health insurance across other SEM markets. SEM's current health insurance
  offering in Zambia and Uganda have already been transferred to Saham Finances, with feasibility studies in respect of the roll-out of 
  assistance business in Southern Africa progressing well.
- Optimising reinsurance across the SEM general insurance footprint while also expanding the general insurance specialist classes of 
  business offering in conjunction with Santam. The intention is to achieve this by amending Santam's participation in SEM's African 
  general insurance businesses to focus largely on reinsurance and specialist lines.
- Optimising capital management within the Saham Finances Group. Sanlam's extensive capital management expertise will be utilised to 
  identify and extract any excess capital in the Saham Finances operations.
- Utilising the combined SEM and Saham Finances footprint to provide a compelling one-stop service offering to multi-nationals operating 
  across the African continent. Initiatives in this area have already resulted in new mandates being concluded with annualised premiums in 
  excess of R50 million. 
- The Santam Board approved increased participation by Santam in Saham Finances, in terms of which Santam's effective stake in Saham Finances
  will increase from 7% to 10%.

Extracting value through innovation and improved efficiencies
Embedding new investments was a key focus area in the first half of 2018. In SPF the working relationship with BrightRock is largely 
established, with the business exceeding its new business targets by a healthy margin. BrightRock products will be launched under the 
Sanlam brand in 2019.

MiWay Life and Indie are tracking behind their business plans in the first half of 2018. We are monitoring progress and will adjust their
strategies as experience develops. However, the distribution and digital capabilities honed in these businesses make Sanlam well-placed to 
secure and establish affinity distribution partnerships with strong external brands. The first such partnership to market is Capitec Bank, 
but others are being actively explored.

The business intelligence (BI) project, aimed at extracting value through big data and data analytics, is making good progress, with 
business demand for test cases exceeding our initial forecasts. The current focus is on using BI to improve underwriting accuracy, to have 
better and more targeted engagements with clients and to consolidate our data management. The latter is an important component in preparing
for the extensive data requirements emanating from the new International Financial Reporting Standard (IFRS) for insurance accounting 
(IFRS 17) that will apply from the 2021 financial year. Of fundamental importance is that our BI initiative is not about the technology, but
about changing the way we work with data to ensure a much more explorative and interactive relationship with data, which will drive improved 
business performance in the longer term.

Responsible capital allocation and management
Discretionary capital of R2,4 billion was released during the first half of 2018 through the excess cash dividend cover in respect of the
2017 financial year as well as a reduction in the capital allocation to Sanlam Personal Finance and Sanlam Corporate. The latter is largely
attributable to more effective balance sheet management, as outlined in the 2017 Integrated Report. We also conducted an accelerated book 
build process at the end of March 2018 (with the new shares issued and listed in April 2018) to raise R5,5 billion (net of dividends paid)
as partial funding for the Saham Finances acquisition. Deployment of discretionary capital during the first half of 2018 was limited to a 
few small transactions, resulting in a discretionary capital balance of R9,9 billion at the end of June 2018. This is earmarked for the 
Saham Finances acquisition.

Our intention at concluding the third phase of the Saham Finances acquisition was to fully finance the transaction through shareholders' 
equity, in line with the Group's capital management philosophy. Given the level of discretionary capital available, this necessitated a 
new share issuance. This would have been the first equity raising since demutualisation in 1998 and it is unlikely that we would do a 
further issuance in the foreseeable future. It therefore provided us with a unique opportunity to concomitantly enhance the Group's 
empowerment credentials by increasing our direct black shareholding to a leading position in South Africa, which has become an important
consideration for institutional clients in addition to the overall direct and indirect shareholding as reflected in the Financial Sector
Scorecard. As it takes some time to structure an empowerment issuance, the equity raising was split into two phases - an initial issuance
to de-risk the transaction, and a second phase to introduce a broad-based empowerment component.

To de-risk the acquisition, we issued 3% new shares in April through the accelerated book build process. This placed us in a position that
we could, if required, temporarily finance the remainder of the transaction through debt while we finalise an empowerment issuance, without
putting the Group's credit rating at risk. Our intent is that this will now be followed by the second phase, being a further 5% issuance to
a broad-based black empowerment vehicle. This equity raising will provide the remaining funding for the acquisition and will restore the 
discretionary capital portfolio to an appropriate level for future bolt-on acquisitions. It will also increase Sanlam's direct black 
shareholding to an industry-leading 19%, which will position us well to gain institutional business in employee benefits, third party asset 
management, health and distribution. We recognise that this is a follow-on empowerment transaction and the intent is therefore to limit any
dilution to shareholders to an acceptable level, well below that of primary transactions. This issuance will also be subject to shareholder 
approval together with the Group's BBBEE strategy.

Outlook
Economic growth prospects in our key markets are not expected to improve for the remainder of the year and will continue to impact on our
ability to accelerate organic growth. Structural growth and new initiatives such as the Capitec Bank agreements should, however, support 
operational performance in the second half of the year. Particularly pleasing is the conclusion of investment-related mandates of 
R5 billion by Sanlam Corporate in July 2018, which will make a marked contribution to VNB and new business volumes. On the negative 
side, SI received notice of an R8 billion outflow of low margin index-tracking funds managed on an outsourced basis. We continue to 
attract flows into the Satrix index-tracking funds and the impact of the withdrawal on profitability should therefore be minimal.Focus 
also remains on addressing the few areas within the wider Group that failed to deliver to target in the first six months, so as to get
them back on track for the financial year.

Shareholders need to be aware of the impact that the level of interest rates and financial market returns and volatility have on earnings
and GEV. Relative movements in these elements may have a major impact on the growth in normalised headline earnings, VNB and GEV to be 
reported for the 2018 financial year.

We will continue to diligently execute on the strategic priorities identified in the Group's 2017 Integrated Report.

Forward-looking statements
In this report we make certain statements that are not historical facts and relate to analyses and other information based on forecasts 
of future results not yet determinable, relating, amongst others, to new business volumes, investment returns (including exchange rate 
fluctuations) and actuarial assumptions. These statements may also relate to our future prospects, developments and business strategies. 
These are forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995. Words such as 
"believe", "anticipate", "intend", "seek", "will", "plan", "could","may", "endeavour" and "project" and similar expressions are intended
to identify such forward-looking statements, but are not the exclusive means of identifying such statements. Forward-looking statements
involve inherent risks and uncertainties and, if one or more of these risks materialise, or should underlying assumptions prove incorrect,
actual results may be very different from those anticipated. Forward-looking statements apply only as of the date on which they are made,
and Sanlam does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or
otherwise. Any forward-looking information contained in this announcement has not been reviewed and reported on by Sanlam's external auditors.

Constant currency information
The constant currency and structural information included in this interim results announcement has been presented to illustrate the impact 
of changes in currency exchange rates and the impact of changes in the Group's structure and is the responsibility of the Group's board of
directors ("Board").  It is presented for illustrative purposes only and because of its nature may not fairly present the Group's financial
position, changes in equity, result of operations or cash flows. All references to constant currency information are based on the translation 
of foreign currency results for the six months to 30 June 2018 at the weighted average exchange rate for the six months to 30 June 2017, 
which is also applied for the translation of comparative information. The major currencies contributing to the exchange rate movements are the 
British Pound, United States Dollar, Indian Rupee, Angolan Kwanza and the Nigerian Naira (negative movements in the table below indicate a 
strengthening in the Rand exchange rate):

                                                                          Average rand          Average rand           
                                                                         exchange rate         exchange rate           Change in 
                                                                         - 6 months to         - 6 months to             average
Currency                                                                  30 June 2018          30 June 2017       exchange rate
British Pound                                                                    16,92                 16,59                2,0%
United States Dollar                                                             12,30                 13,20               (6,8%)
Indian Rupee                                                                     0,188                 0,201               (6,8%)
Angolan Kwanza                                                                   0,057                 0,080              (28,7%)
Nigerian Naira                                                                   0,034                 0,042              (18,5%)
 
Sanlam's external auditor, Ernst & Young Inc., issued a limited assurance report in respect of the constant currency and structural 
information in terms of section 8 of the JSE Listings Requirements. The limited assurance report is available for inspection at Sanlam 
Limited's registered address.

Comments on the results
Introduction
The Sanlam Group's International Financial Reporting Standards (IFRS) financial statements for the six months ended 30 June 2018 are
presented based on and in compliance with IFRS, specifically IAS34 on Interim Financial Reporting. The basis of presentation and
accounting policies for the IFRS financial statements and Shareholders' information are in all material respects consistent with those
applied in the 2017 Integrated Report and Annual Financial Statements, apart from the application on IFRS 9 and IFRS 15 as described 
below and a restructuring at Sanlam Investment Group (SIG) as outlined below.

Following the creation of the Central Credit Manager (CCM) within Sanlam Capital Markets (SCM), it was decided to further enhance focus
on the management of Sanlam assets within the SIG cluster, while at the same time creating a third party asset manager that can more 
effectively compete with independent asset managers. The Sanlam Asset Management division and Sanlam Structured Solutions were 
accordingly combined with SCM to form the new Sanlam Specialised Finance sub cluster. Comparative Shareholders' fund information has 
been restated accordingly, apart from GEV and RoGEV where the transfer of businesses were done on 1 January 2018.

Most of the Group's businesses achieved a solid underlying performance in the first half of 2018 despite challenging economic and 
investment market conditions. Highlights and lowlights for the six months include the following:

HIGHLIGHTS                                                                      LOWLIGHTS
Adjusted annualised RoGEV per share of 18,2% exceeded                           Underperformance in SEM East Africa
 the target of 13%                                                                                    
Exceptional underwriting performance by Santam                                  Low growth in SPF Individual Life risk new business
                                                                                 and lower margin mix at Glacier
Strong operating profit growth at SEM and Sanlam Corporate                      Lower new business volumes and net inflows at SI
Positive experience variances persisting                                        Decline in SI profitability
Improved single premium inflows at Glacier and strong individual life
 risk business sales at Sanlam Sky
Strong new business volumes in most of the SEM operations
Conclusion of Capitec Bank agreements: credit life underwriting and 
 distribution of other products
Large new business mandates at Sanlam Corporate and Safrican post 
 interim reporting period

Operating environment
Economic conditions
Economic conditions in South Africa and Namibia during the first six months of the 2018 financial year were not conducive to growth, as 
elaborated on in the Executive review.

Equity markets
The South African equity market delivered a relatively weaker performance with the FTSE/JSE Swix Index (inclusive of dividends) recording
negative returns of 4,8% for the six months to 30 June 2018, compared to a positive return of 3,3% in the comparable six-month period in
2017. On average, the Swix was 8,5% higher in the first half of 2018 compared to the same period in 2017. The MSCI World Index total return
in Rand of 11,2% was well in excess of the 6% return for the first half of 2017.

Interest rates
The South African nine- and five-year interest rates increased by 30 and 50 basis points respectively since the end of 2017, and by 20 and
30 basis points respectively compared to the 30 June 2017 levels. Movements in interest rates commensurately had a negative impact on VNB 
growth and RoGEV for the first six months of 2018. The South African All Bond Index return of 4% in the first half of 2018 was in line with
the 2017 comparable performance.

Foreign currency exchange rates
The South African Rand strengthened sharply against most currencies during 2017 and the first part of 2018, weakening into the latter part 
of the six months to 30 June 2018. Average exchange rates during the first half of 2018 were commensurately stronger relative to the first 
six months of 2017. This had a negative impact on the Rand-based earnings, new business volumes, net fund flows and VNB performance of the 
Group's non-South African operations that are translated at average exchange rates. The weakening of the Rand since December 2017, however, 
had a positive impact on the valuation of non-South African operations for GEV purposes. The exchange rate of the Rand against the 
currencies to which the Group has major exposure is summarised in the table below.

                                                                                                               Rest of
                                            United                                                              Africa
Foreign currency/ZAR                       Kingdom           USA  Botswana       India     Morocco  Malaysia (weighted)
                                               GBP           USD       BWP         INR         MAD       MYR
31/12/2017                                   16,75         12,38      1,28        0,19        1,33      3,05
30/06/2018                                   18,10         13,71      1,34        0,20        1,45      3,41
Weakening/(strengthening)                     8,1%         10,7%      5,0%        3,4%        9,5%     11,7%     10,8%
Average first half 2017                      16,59         13,20      1,28        0,20        1,34      3,02
Average first half 2018                      16,92         12,30      1,28        0,19        1,33      3,13
Weakening/(strengthening)                     2,0%         (6,8%)    (0,3%)      (6,8%)      (0,7%)     3,7%     (8,4%)

Group Equity Value
GEV amounted to R128,7 billion or 6 090 cents per share at 30 June 2018. Including the dividend of 290 cents per share paid during the six 
months, an annualised RoGEV per share of 13,7% was achieved for the first half of 2018. This exceeded the 13% target for 2018, due to 
strong returns from SEM, Sanlam Corporate and the listed Santam shareholding. Positive experience variances persisted, exceeding R1 billion
for the six months, while the depreciation in the Rand exchange rate during the six months to June 2018 benefited the returns of the 
non-South African operations. Higher long term interest rates, however, diluted RoGEV for the period. The capital raising at the end of 
March 2018 was done at a share price above GEV per share, contributing 1,2% to RoGEV. Adjusted RoGEV per share, which excludes the impact 
of lower investment return than the long-term assumptions, interest rate changes and other one-off effects not under management control,
and assuming normalised exchange rate movements, amounted to 18,2% - also in excess of the target.

Group Equity Value at 30 June 2018
      
                                                                GEV                 RoGEV
                                                            June  December             
R million                                                   2018      2017                       %
Group operations                                         117 161   113 829       7 833         7,0
 Sanlam Personal Finance                                  42 860    43 401       2 352         5,5
 Sanlam Emerging Markets                                  29 909    27 621       2 429         8,8
 Sanlam Investment Group                                  19 144    18 331         984         5,3
 Santam                                                   19 355    18 108       1 665         9,2
 Sanlam Corporate                                          5 893     6 368         403         6,9

Covered business                                          54 097    54 283       3 833         7,3
 Value of in-force business                               40 169    39 245       3 253         8,3
 Adjusted net worth                                       13 928    15 038         580         4,3
Other operations                                          63 064    59 546       4 000         6,7

Group operations                                         117 161   113 829       7 833         7,0
Discretionary capital and other                           11 507     7 934        (294)       (3,2)

Group Equity Value                                       128 668   121 763       7 539         6,2
Per share (cents)                                          6 090     5 940         440         7,4
Per share - annualised                                                                        13,7

Group operations yielded an overall return of 7,0% for the six months to June 2018 (not annualised), the combination of 7,3% return on 
covered business and 6,7% on other Group operations.

The main components contributing to the return on covered business are included in the table below:

Return on covered business for the six months ended 30 June 2018

%                                                           2018      2017
Expected return - unwinding of the risk discount rate        4,6       4,5
Value of new covered business                                1,5       1,5
Operating experience variances                               2,0       1,2
Operating assumption changes                                 0,0       0,2
Economic assumption changes                                 (0,9)      0,3
Expected investment return on capital portfolio              0,8       1,1
Investment variances                                        (1,1)     (0,5)
 Value of in-force                                          (1,4)     (0,2)
 Capital portfolio                                           0,3      (0,3)
Foreign currency translation differences and other           0,4       1,2
Return on covered business                                   7,3       9,5
Return on covered business annualised*                      14,5      18,3

* Annualised return excludes annualisation of the cost of capital impact relating to the release of capital from covered business in 
  2018, and in 2017 annualisation of the revaluation of the Ghana operations to disposal value.

The covered business operations achieved a good overall performance despite lower than expected investment returns and the negative 
impact of higher long term interest rates on the valuation of the in-force book of business. The main items contributing to the return
from covered business included the following:

- Expected return on covered business was broadly in line with the comparable period in 2017.
- Value of new covered business contributed to similar returns in 2018 than in the first half of 2017 despite the pressure on growth 
  (refer business volumes section below).
- Operating experience variances increased markedly in the first half of 2018, attributable to a good mix of positive risk experience, 
  credit spreads and working capital management profits. The release of R1,5 billion of capital from the South African operations had a 
  one-off positive impact of some R290 million on cost of capital.
- The increase in the risk discount rate in 2018 due to higher long term interest rates had a negative impact on returns of some 1%.
- Equity and interest rate markets underperformed in the first half of 2018 compared to actuarial assumptions, contributing to an overall
  negative variance of some 1%, more than double the negative variance experienced in the comparable six months in 2017.

Other Group operations achieved a return of 6,7% for the six months. The returns from non-South African operations benefited from the 
weakening in the Rand exchange rate against most currencies during the six-month period. This was, however, largely offset by higher risk 
discount rates following the increase in long term interest rates in India, Namibia, Malaysia and the CIMA region, as well as lower long
term economic growth forecasts used in the valuation models. Low growth in assets under management at the South African investment
management businesses also had a negative impact on valuations. Apart from these businesses, underlying operational performance in general 
supported valuations and returns during the first half of 2018. The Group's investment in Santam is valued at its listed share price, which
achieved a strong return of 9,2% in the first half of 2018.

The negative return on discretionary and other capital is largely due to low investment return earned on foreign currency held as hedge for
the Saham Finances acquisition and an increase in Group-level support costs in response to a more complex regulatory environment.

Earnings
Shareholders' fund income statement for the six months ended 30 June 2018

R million                                                   2018      2017      Change
Net result from financial services                         4 393     4 056          8%
 Sanlam Personal Finance                                   2 096     2 133         (2%)
 Sanlam Emerging Markets                                     911       771         18%
 Sanlam Investment Group                                     523       573         (9%)
 Santam                                                      573       337         70%
 Sanlam Corporate                                            308       244         26%
 Group office and other                                      (18)       (2)     (>100%)
Net investment return                                        691       586         18%
Project expenses                                             (47)      (36)       (31%)
Amortisation of intangible assets                           (119)     (123)         3%
Equity participation costs                                    (1)       (2)        50%
Normalised headline earnings                               4 917     4 481         10%
Profit on disposal of subsidiaries and associates              3       150
Impairments                                                  (74)      (21)
Net equity-accounted non-headline earnings                    (5)      173
Normalised attributable earnings                           4 841     4 783          1%

Net result from financial services (net operating profit) of R4,4 billion increased by 8% on the first six months of 2017 (10% in constant
currency), with strong growth in Santam, SEM and Sanlam Corporate.

The following structural activities impacted on growth in net result from financial services at a cluster level, but with a net immaterial
overall impact on the Group results:

- SEM:
 - The acquisition of a 16,6% additional stake in Saham Finances in May 2017;
 - The acquisition of a 75% interest in PineBridge's East African investment management business, effective July 2017; and
 - The disposal of SEM's interests in the Enterprise Group in Ghana with effect from 1 July 2017.
- SPF:
 - The acquisition of a 53% interest in BrightRock with effect from October 2017; and
 - Initial losses from new initiatives - MiWay Life and Indie.
- SI:
 - The disposal of Summit Trust in 2017.
- Sanlam Corporate:
 - The acquisition of ABSA Consultants and Actuaries with effect from 1 April 2018.
- Santam:
 - The acquisition of RMB-SI in 2017.

SPF delivered a resilient performance for a mature business in an environment of low economic growth and a weak equity market performance.
The 2% decline in net result from financial services is largely attributable to the initial losses from new growth initiatives, including 
BrightRock. Excluding these losses, net result from financial services increased by 2%.

- The Recurring premium sub cluster achieved 10% growth in net result from financial services (20% excluding new initiatives). Profit from
  risk business benefited from favourable claims experience and lower new business strain, the latter due to the low growth in new risk 
  business volumes (excluding BrightRock). Earnings from the savings business were supported by higher average assets under management. 
  Despite the negative investment market performance in the first half of 2018, average market levels in 2018 were still higher than the 
  comparable six months to June 2017. The sub cluster also benefitted from a reallocation of expenses to Glacier.
- Sanlam Sky grew its net result from financial services by 8% despite a major increase in new business strain following the strong growth 
  in individual life recurring premium risk business, which generates relatively more new business strain than group life. Excluding the 
  increase in new business strain, net result from financial services increased by 23%.
- Glacier, which incorporates single premium life investments and the Linked Investment Service Providers (LISP) platform recorded a 26% 
  decline in net result from financial services, the combined effect of a 33% decline in profit from life investments and 9% from the LISP 
  platform. The decline from life investments can be ascribed to lower market-related fee income from products where Glacier participates
  in actual investment return, negative annuity modelling changes, lower annuity mortality experience variances and a reallocation of 
  expenses from the recurring premium sub cluster. Expense reallocation from the recurring premium sub cluster is also the driver behind 
  the decline in profitability of the LISP platform.
- Strategic business development includes Sanlam Personal Loans, Sanlam Trust, Multi-Data and Sanlam Reality. Continued investment to 
  improve the attractiveness of the Reality platform is the main driver behind the decline in net result from financial services from this 
  sub cluster. Sanlam Personal Loans' contribution increased by 5%, broadly in line with growth in the lending book.

SEM grew its net result from financial services by 18% including structural activity and exchange rate differences. Organic growth in 
constant currency amounted to 17%.

- Namibia's net result from financial services declined by 3% (down 23% on a gross basis). Capricorn Investment Holdings (CIH) sold 14,5% 
  of its stake in Bank Windhoek during 2017, resulting in Bank Windhoek becoming an associate of CIH. CIH's participation in Bank Windhoek's 
  earnings is commensurately equity accounted on a net basis from the transaction date and not consolidated on a gross basis as in the past.
  This is the main contributor to the variance in the level of growth in Namibia's gross and net result from financial services. The 
  decrease in net result from financial services is largely due to higher new business strain following strong growth in entry-level market
  risk business, negative group life claims experience and lower participation in Bank Windhoek's earnings following the disposal in 2017.
  Excluding the higher new business strain, net result from financial services increased by 12%.
- The Botswana operations' contribution to net result from financial services declined by 4%  after a one-off allowance for prior year tax 
  under provisions at Letshego of R36 million after non-controlling interest. In constant currency and excluding the tax adjustment, net 
  result from financial services increased by 20%. All operations achieved double-digit growth, apart from investment management and general 
  insurance. The life insurance business in particular recovered from a weak first half performance in 2017 when annuity new business volumes 
  were under severe pressure. Investment management earnings declined by 5% due to low growth in average assets under management and foreign
  currency translation differences. Restructuring costs in the general insurance business suppressed profit growth.
- Saham Finances' net result from financial services increased by 102% (103% in constant currency), with organic growth of 41% supported by
  the impact of the additional 17% stake acquired in May 2017. Organic growth in gross written premium amounted to 10% in constant currency, 
  with net earned premiums increasing by 13%. All regions contributed satisfactory growth in written premiums apart from Lebanon, which
  reflects the impact of a challenging operating environment. Profitability in Lebanon is commensurately under pressure. Currency weakness 
  in Angola is similarly placing pressure on this region's cost base and underwriting performance. This was, however, more than offset by
  overall good performances from the other regions and particularly strong growth in reinsurance profits. The efforts to optimise reinsurance
  within the Saham Finances Group is bearing positive results. The general insurance operations achieved an overall net underwriting margin in 
  excess of 10%, exceeding both the prior year and current year targets. Life insurance profits also experienced strong growth, albeit from 
  a small base.
- Net result from financial services in India rose 30% (41% in constant currency). Growth in earnings was supported by the one-off 
  de-monetisation related provision recognised in 2017. Excluding this, net result from financial services increased by 19% on a comparable 
  basis, with all operations contributing to the strong growth.
- The Rest of Africa operations had a disappointing six months, with net result from financial services declining by 47% excluding 
  structural activity (31% in constant currency). Including structural activity (disposal of the Ghana operations and acquisition of 
  PineBridge East Africa), net result from financial services declined by 56% (47% in constant currency). Weak performance in Malawi, 
  Tanzania, Kenya and Zambia more than offset strong growth from the other regions. Nigeria and Zimbabwe performed particularly well, 
  increasing their contribution to net result from financial services by 106% and 25% respectively. Life insurance profit in Malawi 
  declined from a high base in 2017, which was supported by favourable claims experience. New regulations in Tanzania require that no 
  general insurance cover can be provided from 2018 if premiums have not been received in cash. Sanlam General Insurance Tanzania is 
  still adapting to the new environment, experiencing a significant decline in written premiums and commensurately underwriting profit.
  A recovery is only expected from 2019. Lower new business volumes in Zambia is placing pressure on the file size and profitability.
- High group life claims experience suppressed the profit contribution of the Malaysian businesses, hiding a satisfactory recovery in the
  operational performance of both the life and general insurance business. The life insurance business reported a marginal loss as a result
  of the high claims experience. The general insurance business stemmed its declining profit trajectory of the last few years, with only a 
  marginal decrease in result from financial services. Both businesses are experiencing improved new business traction, which bodes well 
  for future earnings growth.

SI's net result from financial services declined by 9% (7% in constant currency), with declines at the Investment Management SA and
International businesses more than offsetting satisfactory growth from the Wealth Management sub cluster.

- The Investment Management SA net result from financial services declined by 8% on 2017 due to low growth in assets under management, a
  decline in performance fees and losses from  new initiatives.
- Wealth Management net result from financial services increased by 7%, but declined by 2% on a gross basis. Brokerage income benefited 
  from higher trading volumes, achieving double-digit growth. This was, however, offset by a reallocation of funds by clients to 
  international products on which the business earns lower fees, and an increase in administration expenses relating to system upgrades. 
  The effective tax rate declined in 2018 due to prior year under provisions recognised in the comparable period, resulting in the 
  disparate growth on a net and gross basis.
- The International business experienced a 19% decline in net result from financial services (2% down on a gross basis). The decline on a
  gross basis is largely attributable to a stronger average Rand exchange rate and lower fee income earned from the Sanlam capital 
  portfolio. The portfolio included significant foreign cash balances in 2017 held as hedging for offshore acquisitions, which were 
  subsequently used to settle the related transactions. Prior year tax under provisions increased the effective tax rate in 2018, resulting
  in the disparate growth on a net and gross basis.
- Sanlam Specialised Finance consists of Sanlam Capital Markets (SCM), including the Central Credit Manager (CCM), Sanlam Portfolio 
  Management (SPM) and Sanlam Structured Solutions (SSS). SPM and SSS achieved strong growth in net result from financial services (10% and
  42% respectively). Good deal flow in SSS and diligent expense management supported the results. SCM experienced a 17% decline in net 
  result from financial services mainly due to the impact of widening credit spreads on debt exposure and after-tax losses of R22 million 
  recognised in respect its Steinhoff exposures. Substantially all Steinhoff listed debt positions have been closed at a realised loss of
  R10 million after tax and a net loss of R12 million after tax was recognised on a residual Steinhoff equity position, the value of which
  is now immaterial.

Santam increased its net result from financial services by an exceptional 70%.

- A benign claims environment in the first half of 2018 contributed to an overall 8,4% underwriting margin for conventional business, which 
  exceeded the upper end of its 4% - 8% target range. This is in sharp contrast to the 4,2% underwriting margin of the comparable 2017
  period, which included abnormal weather-related catastrophe claims of some R100 million after tax and non-controlling interests. The 
  2018 results include claims relating to the listeriosis outbreak early in 2018 of some R40 million after tax and non-controlling interests.
- Investment return on insurance funds (float income) decreased by 11% due to lower investment market returns.
- Santam's share of earnings from the SEM general insurance businesses increased by 42% after tax.

The 26% increase in Sanlam Corporate's net result from financial services is the aggregate of 22% organic growth and a 4% contribution from 
the first-time inclusion of ABSA Consultants and Actuaries (ACA), which was acquired effective 1 April 2018.

- Sanlam Employee Benefits' (SEB) contribution increased by 33% (28% excluding ACA). SEB Investments grew earnings by 43% due to lower new 
  business strain (ascribed to lower annuity new business volumes) and favourable annuity mortality experience. Also supporting the results
  were an increase in working capital profit and a decline in administration-related losses.
- The Healthcare business increased its profit contribution by a satisfactory 16%.

Normalised headline earnings of R4,9 billion are 10% up on 2017. This is the combined effect of the 8% increase in net result from 
financial services, an 18% increase in net investment return earned on the capital portfolio, a 4% decline in amortisation of intangible
assets and equity participation costs and a 31% increase in net project expenses.

Net investment return benefited from structural activity as well as interest earned on the capital raised through the accelerated book build.

Net project expenses include Shriram Life Insurance expansion cost of R22 million, due diligence and related costs incurred on investigating
and concluding transactions of R19 million and one-off restructuring and small project costs of R6 million. Shriram Life Insurance is 
incurring an abnormal level of branch establishment costs as it aggressively expands its own distribution footprint. These costs are 
recognised as project expenses while expansion activities are significant relative to the size of the in-force book, to avoid distorting
the underlying operational performance of the business. Once profit releases from the in-force book reach an appropriate size, the costs
will be reallocated to net result from financial services on a prospective basis. The remainder of project expenses are one-off in nature
and related to specific corporate actions.

Normalised attributable earnings increased by 1%. The relatively lower growth in normalised attributable earnings compared to normalised
headline earnings relates to the following:

- A decline in profit recognised on the disposal of subsidiaries and associates from R150 million in 2017 to R3 million in 2018. Disposals
  in the comparable period related mostly to the final liquidation of Santam's former international operations.
- Net equity-accounted non-headline earnings decreased from R173 million in 2017 to a loss of R5 million in 2018. The profit recognised in
  2017 related primarily to the disposal by CIH of a partial stake in Bank Windhoek (refer above).
- Impairments of R74 million were recognised in the first half of 2018 compared to R21 million in the comparable 2017 period. Current year 
  impairments relate primarily to the investments in Letshego and Blue Ink.

Business volumes
New business volumes declined by 1% amidst pressure on new inflows at SI in South Africa. Life insurance new business volumes increased by 
9%, investment business inflows declined by 6% and general insurance earned premiums increased by 12%.

SPF's new business sales increased by 8%, with improved investor confidence reflecting in a recovery in Glacier's single premium performance.

- The Recurring premium sub cluster and Strategic business development grew new business volumes by 29%, the combined effect of 34% growth 
  in recurring premium business (68% of total new business sales) and 20% growth in single premiums (32% of total new business sales). 
  Excluding the first-time contribution of BrightRock, new business volumes increased by a pleasing 15% (recurring premiums by 12%).
  Individual Life risk business sales (excluding BrightRock) increased by 1%. Dedicated focus on this line of business over the last few
  years enabled SPF to regain leading market share, contributing to a moderation in growth opportunities as market forces become more
  competitive. Growth was furthermore impacted by pressure on disposable income in the middle-income market. The other lines of business
  achieved overall good growth, with particularly strong sales of recurring premium retirement annuities, single premium endowments and 
  credit life business.
- Sanlam Sky's new business increased by an exceptional 77%. This includes the 2018 annual premium in respect of the recently concluded
  credit life agreement with Capitec Bank of R566 million. Individual life recurring premium new business increased by 12% to R526 million,
  with strong growth of 23% in risk business. Group recurring premium sales (excluding Capitec Bank credit life) declined by 50% from a 
  high base in 2017 to R102 million. The comparable 2017 period included the biennial renewal of the Zionist Christian Church scheme and
  two large schemes written by Safrican. The pipeline of new business at Safrican is promising, with new schemes in excess of R150 million
  already concluded subsequent to 30 June 2018.
- Glacier new business increased by 6%, a welcome turnaround from the declining new business trends in the prior year. As anticipated, the
  mix of business changed to lower margin linked products as investor confidence improved. The LISP business achieved growth of 7%, while 
  demand for traditional life investments were in line with the first half of 2017.

The increase in single premium business had a major positive impact on SPF's net fund inflows, which increased by 71% from R4 billion in 
2017 to R6,8 billion in 2018.

SEM new business volumes increased by 13% (up 7% in constant currency and excluding structural activity).

- New business volumes in Namibia increased by 25%. New life business declined by 14%, with lower affluent market sales more than offsetting
  sterling growth in the more profitable entry-level market. New investment business, which is volatile in nature, increased by 39%.
- In Botswana, new investment business declined by 24% from a high base in 2017 (which reflected a more than 60% increase compared to the 
  first half of 2016). New life business declined marginally, but with a change in mix to the more profitable group life and annuity lines
  of business. Overall new business sales were down 18%.
- Rest of Africa new business volumes grew by 12% (23% in constant currency). Excluding structural activity, new business volumes increased
  by 17% (up 30% in constant currency). Investment business flows were the main driver of the overall growth, with life insurance business 
  under pressure in Kenya, Uganda and Zambia. This contributed to a weak VNB performance in the Rest of Africa region (excluding Saham 
  Finances). Tanzanian general insurance earned premiums also disappointed, as highlighted before.
- Saham Finances new business increased by 75%. Structural activity augmented organic growth of 13% in net earned premiums. As indicated
  before, all regions contributed satisfactory growth, apart from Lebanon.
- The Indian life insurance business continued to perform well, growing its new business contribution by 18% in constant currency. The 
  general insurance business experienced more muted growth of 10% in constant currency following a decision to reduce exposure to crop
  business, contributing to overall constant currency growth of 12% on the first half of 2017 (4% at actual exchange rates).
- The Malaysian businesses are showing early signs of a turnaround in performance with overall growth of 5% in new business volumes (2% 
  in constant currency). The life business grew new business volumes by 16% (12% in constant currency), a satisfactory performance compared
  to prior year new business trends. The general insurance business still struggled with a decrease of 6% in net earned premiums (9% in 
  constant currency). The mix of business, however, improved with less reliance on motor cycle business.

Net fund flows increased by 72% from R1,9 billion in 2017 to R3,2 billion in 2018. Most regions contributed to the growth.

After strong new business flows in 2017, SI experienced lower new business volumes in the first half of 2018 with an overall decline of 9%.
As highlighted before, renewed investor confidence has not yet had any positive impact on institutional inflows, while relative under
performance also had a negative impact. The Wealth Management cluster could not match their new business flows of 2017, while the 
International businesses experienced strong growth in their new business flows from our predominantly South African client base. The 
decline in new business also reflects in net fund inflows, which decreased from R9,2 billion in 2017  to R3,4 billion in 2018. The SA 
Investment Management businesses experienced the largest decline from a high base in 2017.

Gross written premiums at Santam increased by 13%. Organic growth was augmented by structural growth from the acquisition of RMB-SI during
2017. Motor and property, which contributes 71% of total gross written premium, increased by a solid 10% in a very competitive market. 
Alternative risk, which includes the RMB-SI business, increased by 44%. Accident and health and guarantee business also grew strongly.
Engineering, liability and transportation are the only lines of business that recorded declines in gross written premiums. Net earned 
premiums increased by 5%, with high levels of reinsurance in the alternative risk and specialised lines. 

Sanlam Corporate new business volumes include life licence investment business with effect from 2018. This business, which was previously
recognised in the SI cluster, is the main driver behind the 25% growth in new business. Life business declined by 9%, the combined effect 
of 13% growth in recurring premiums and a 13% decline in single premiums. Annuity business in particular had a slow start to the year. 
The pipeline of new business for the remainder of the year is promising, with R5 billion of single premium business already concluded 
subsequent to the end of June 2018.

Business volumes for the six months ended 30 June 2018

                                                              New business                     Net inflows
R million                                                   2018      2017      Change        2018      2017    Change
Sanlam Personal Finance                                   31 022    28 614          8%       6 777     3 961       71%
Sanlam Emerging Markets                                   11 407    10 068         13%       3 201     1 859       72%
Sanlam Investment Group                                   53 429    58 983         (9%)      3 411     9 232      (63%)
Santam                                                    11 122    10 551          5%       4 203     3 298       27%
Sanlam Corporate                                           2 542     2 041         25%        (353)      529     (167%)
Total                                                    109 522   110 257         (1%)     17 239    18 879       (9%)
Covered business                                          23 192    21 267          9%       6 167     4 935       25%
Investment business                                       71 478    75 716         (6%)      5 375     9 694      (45%)
General    insurance                                      14 852    13 274         12%       5 697     4 250       34%
Total                                                    109 522   110 257         (1%)     17 239    18 879       (9%)

Overall net fund inflows of R17,2 billion in 2018 is a satisfactory performance given the challenging market conditions and a high base 
in 2017.

The discount rate used to determine VNB is directly linked to long-term interest rates. The 20bps and 30bps increase in the South African 
nine- and five-year benchmark rates respectively in 2018 compared to 30 June 2017 resulted in a commensurate increase in the risk discount
rate, with a 2% negative impact on VNB growth. VNB margins were in general maintained on a per product basis, with the decline in average 
margins attributable to a change in mix to less profitable product lines, in particular at Glacier and Sanlam Corporate. The 
underperformance in life new business in SEM's East Africa region also suppressed overall VNB margins.

SPF achieved overall growth of 6% (10% on a comparable economic basis). This includes a first-time contribution by BrightRock of R21 million. 
Sanlam Sky VNB grew by 20%, largely reflective of the individual life new business performance. The VNB contribution from Capitec Bank 
credit life agreement offset the effect of lower new business at Safrican as well as the biennial renewal of the ZCC scheme that was 
included in the 2017 comparable period. Funeral product sales were also recently activated through the Capitec Bank channel, with pleasing 
initial sales volumes. The strong growth in new business at the Recurring premium sub cluster and Strategic Business Development supported
their VNB, which increased by 28% excluding BrightRock (47% including BrightRock). Glacier's VNB declined by 20% due to the change in 
business mix to the less profitable linked products.

Net VNB at SEM declined by 12% (down 9% in constant currency). Excluding structural activity, VNB increased by 10% in constant currency. 
All regions contributed strong organic growth, apart from East Africa, where the underperformance in life business had a significant 
negative impact on VNB.

Lower Sanlam Corporate annuity single premium business contributed to a decline in the cluster's VNB. The performance is expected to
improve in the remainder of the year in line with the large new mandates concluded subsequent to 30 June 2018 and a further good pipeline
of new business.

Value of new life business for the six months ended 30 June 2018

R million                                                   2018      2017      Change
Net value of new covered business                            791       782          1%
 Sanlam Personal Finance                                     622       585          6%
 Sanlam Emerging Markets                                     150       171        (12%)
 Sanlam Investment Group                                       -         -           -
 Sanlam Corporate                                             19        26        (27%)
Gross of non-controlling interest                            877       846          4%

Net present value of new business premiums                32 099    29 976          7%
 Sanlam Personal Finance                                  23 052    21 164          9%
 Sanlam Emerging Markets                                   3 502     3 566         (2%)
 Sanlam Investment Group                                   1 800     1 456         24%
 Sanlam Corporate                                          3 745     3 790         (1%)
Gross of non-controlling interest                         33 667    31 230          8%

Net new covered business margin                            2,46%     2,61%
 Sanlam Personal Finance                                   2,70%     2,76%
 Sanlam Emerging Markets                                   4,28%     4,80%
 Sanlam Investment Group                                       -         -
 Sanlam Corporate                                          0,51%     0,69%
Gross of non-controlling interest                          2,60%     2,71%

Capital management
The Group started the year with discretionary capital of R2 billion, after allowing for the ABSA Consultants and Actuaries acquisition. A
number of capital management actions during 2018 affected the balance of available discretionary capital, which amounted to R9,9 billion 
at 30 June 2018.

Discretionary capital at 30 June 2018

R million
Discretionary capital at 31 December 2017                  2 000
Excess dividend cover                                        693
Capital released from Sanlam Life                          1 748
 Allocated capital                                         1 500
 Excess investment return                                    248
Capital raised                                             5 455
Investment return and other                                   82
Corporate activity                                          (128)
 South Africa                                                (19)
 Other emerging markets                                      (14)
 Developed markets                                           (95)

Discretionary capital at 30 June 2018                      9 850

Movements in discretionary capital during the first half of 2018 included the following:

- The excess cash operating earnings cover in respect of the dividend paid in 2018.
- Capital of R1,7 billion released from the covered business operations in Sanlam Life. As communicated in the Group's 2017 annual results 
  announcement, capital allocated to the covered business operations on the Sanlam Life balance sheet was reduced by R1,5 billion in the 
  first half of 2018. Investment return earned on the Sanlam Life capital base in the first half of 2018 (R248 million) is also available 
  for release.
- Capital of R5,5 billion was raised through an accelerated book build at the end of March 2018 as partial funding for the acquisition of
  the remaining stake in Saham Finances.
- Corporate activity was limited in the first half of 2018, consuming only R128 million of discretionary capital. The largest transaction 
  concluded was the acquisition of a stake in Phoenix Infraworks, an infrastructure specialist investment manager, for R92 million. This
  acquisition augments the alternative investment classes offering to the SI client base.
- Investment return and other small movements added R82 million.

The acquisition of the remaining stake in Saham Finances will require total funding of R13 billion after allowing for an R864 million 
contribution from Santam to increase its effective interest in Saham Finances from 7% to 10%, which exceeds the current balance of
available discretionary capital. A 5% share issuance is planned to provide the remaining funding and also to restore the discretionary 
capital balance to an appropriate level for funding of bolt-on acquisitions, as outlined in the Executive review.

The Saham Finances acquisition was hedged at an average rate of R13,24. The unrealised fair value gain on the hedging instruments amounted
to R403 million after tax at 30 June 2018. The profit was recognised directly in the Statement of Changes in Equity in terms of the hedge 
accounting applied under IFRS. The eventual profit or loss realised at payment date will be recognised as an adjustment to the acquisition 
price. The investment is expected to meet Sanlam's hurdle rate at the hedged exchange rate, taking cognisance of the expected depreciation 
of the rand against the US$ over the long term.

Solvency
All of the life insurance businesses within the Group were sufficiently capitalised at the end of June 2018. The new solvency regime 
(previously referred to as Solvency Assessment and Management) became effective on 1 July 2018 with the promulgation of the new Insurance 
Act, 2017. A Solvency Capital Requirement (SCR) target cover range under the new regime of between 1,7 times and 2,1 times has been set for
Sanlam Life Insurance Limited's (Sanlam Life) covered business. The R8 billion of IFRS-based required capital allocated to these operations
at the end of June 2018 translated into a SCR cover of 2,3 times. The SCR cover ratio for the Sanlam Life entity as a whole at 2,9 times
exceeded the covered business ratio at the end of June 2018 due to the inclusion of discretionary and other capital held on the Sanlam Life
balance sheet as well as investments in Santam and other Group operations that are not allocated to Sanlam Life's covered business operations
(i.e. not included in the R8 billion allocated capital referred to above). The Sanlam Group SCR cover ratio of 2,3 times remained broadly in
line with the 2,2 times cover at 31 December 2017. The Group will increasingly focus on the Group SCR cover as the main solvency measure.

Dividend
The Group only declares an annual dividend due to the costs involved in distributing an interim dividend to our large shareholder base.

Accounting policies and basis of preparation
The preparation of the Group's reviewed condensed consolidated interim financial statements was supervised by the financial director, 
Heinie Werth CA (SA).

The condensed consolidated interim financial statements are prepared in accordance with International Financial Reporting Standards (IFRS),
specifically IAS 34 - interim financial reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, 
Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa.

The policy liabilities and profit entitlement rules are determined in accordance with prevailing legislation, generally accepted actuarial
practice and the stipulations contained in the demutualisation proposal. There have been no material changes in the financial soundness 
valuation basis since 31 December 2017, apart  from changes in the economic assumptions.

The accounting policies and basis of preparation for the IFRS financial statements and shareholders' information are in all material respects
consistent with those applied in the 2017 annual report apart from the adoption of new IFRSs at the beginning of the 2018 financial year and
the changes in segmental reporting referred to below. The effect of the new IFRSs on the Sanlam Group is described below.

The following new or revised IFRSs and interpretations have been applied in the 2018 financial year:

- IFRS 9 - Financial Instruments
  The principles with regards to the classification and measurement of financial assets and liabilities, measuring impairment allowances for 
  financial assets, and hedge accounting have been amended due to the implementation of the new accounting standard, IFRS 9 - Financial 
  Instruments, applicable to all accounting periods beginning on or after 1 January 2018. Sanlam has implemented the standard, other than the
  hedging provisions which have not yet been adopted, on a modified retrospective basis and therefore comparatives are not restated and the
  impact of the adoption is recognised in equity on 1 January 2018. The effects of adoption on the Statement of Financial Position as at 
  1 January 2018 are shown in note 10.1 of the condensed interim financial statements.

The key changes introduced by IFRS 9 are as follows:
1. Classification and measurement - financial assets are required to be measured and classified based on the cash flow characteristics of 
   the instrument and the business model under which the asset is managed. The classification and measurement of financial liabilities is 
   largely unchanged, with the exception of the amendment requiring that the own credit risk component of fair value movements on liabilities 
   designated at fair value through profit or loss now be presented in other comprehensive income.
2. Impairment - IFRS 9 introduces an expected credit loss model. This entails the recognition of an allowance for expected credit loss 
   looking one year into the future or over the lifetime of the financial asset if the credit risk relating to the financial asset has 
   increased significantly. The impairment model is therefore 'forward looking', replacing the incurred loss model as previously required 
   by IAS 39.

- IFRS 15 - Revenue from Contracts with Customers
  This standard relates to the measurement, classification and disclosure of revenue from contracts with customers of the Sanlam Group.

The key factors in the application of IFRS 15 are as follows:

- A five-step model is applied to determine when to recognise revenue from contracts with customers, and at what amount.
- Revenue is recognised when (or as) Sanlam satisfies a performance obligation and transfers control of goods or services to a customer 
  at the amount to which the company expects to be entitled and that is allocated to that specific performance obligation.
- Depending on whether certain criteria are met, revenue is recognised either over time or at a point in time, as or when control of the 
  goods or services is transferred to the customer.
- More extensive and detailed disclosure are required in terms of IFRS 15.

Sanlam has adopted the standard using the modified retrospective basis and therefore comparatives are not restated and the impact of the 
adoption is recognised in equity on 1 January 2018.

Impact on the adoption of IFRS 9 and IFRS 15
The Group has assessed the impact that the initial application of IFRS 9 and IFRS 15 had on its consolidated financial statements. The 
impact of the adoption of these standards on the Group's equity as at 1 January 2018 is based on assessments undertaken across the Group to
date and is summarised below.

IFRS 9
The adoption of IFRS 9 has resulted in a reduction in total equity of R441 million on 1 January 2018. The impact is primarily a result of
the recognition of expected credit losses in associated entities as well as isolated incidents of changes in the classification and 
measurement of certain financial instruments.

The majority of financial assets were measured at fair value through profit and loss under IAS39, and continue to be under IFRS 9, either
because they are mandatorily measured as such, or through designation.

The changes in classification and measurement are as follows:

- Certain financial assets, predominantly interest bearing investments, previously measured at amortised cost under IAS 39, have been
  reclassified to fair value through profit or loss under IFRS 9 as the Solely Payments of Principal and Interest (SPPI) criterion are no
  longer met. The remeasurement impact on opening retained earnings is an increase of R6 million.
- The change in fair value that is attributable to changes in the credit risk of financial liabilities designated at fair value through 
  profit or loss is presented in other comprehensive income under IFRS 9. In the current period, this portion of the movement in such 
  instruments was immaterial.

Impairment of financial assets
Based on the impairment methodology described above, the Group has determined that the application of IFRS 9's impairment requirements
at 1 January 2018 results in additional impairment allowances in a number if equity-accounted associates.

The total impact on the balance of associates and opening retained earnings at 1 January 2018 is negative R428 million. The impact of
applying the expected credit losses model in subsidiary entities resulted in a decrease in net asset value of R19 million.

Disclosure
Additional disclosures in terms of IFRS 9 in respect of changes in classification and measurement will be presented in the annual 
financial statements in accordance with the disclosure requirements in IFRS 7 on the initial application of IFRS 9.

IFRS 15
The Group has assessed the impact of the adoption of IFRS 15 on opening retained earnings and concluded that there is no quantitative 
impact for Sanlam. Please refer to notes 2 and 3 of the condensed interim financial statements for additional disclosures provided.

The following new or revised IFRSs and interpretations, effective in future years and not early adopted, may have an impact on future results:

- IFRS 16 - Leases (effective 1 January 2019)
- IFRIC 23 - Uncertainty over Income Tax Treatments (effective 1 January 2019)
- IFRS 17 - Insurance contracts (effective 1 January 2021)

  The impact of the application of these revised standards and interpretations in future financial reporting periods on the Group's 
  reported results, financial position and cash flows are still being assessed. The Group is currently engaged in projects to implement 
  the requirements of IFRS 17. The IFRS 17 project is currently focused on finalising gap analyses at this early stage and the Group will 
  provide an update on the expected financial effects in future reporting periods.
 
Changes to segmental reporting are described above.

EXTERNAL REVIEW
The appointed auditors, Ernst & Young Inc, reviewed the interim condensed financial statements and Shareholders' information of the Group
at 30 June 2018. These reviews were conducted in accordance with International Standards on Review Engagements 2410, "Review of Interim
Financial Information Performed by the Independent Auditor of the Entity". Copies of the unqualified review reports of Ernst & Young Inc 
are presented below.

Independent auditors' review report on Sanlam Limited interim Shareholders' information
To the directors of Sanlam Limited

Introduction
We have reviewed the accompanying interim Shareholders' Information of Sanlam Limited for the six months ended 30 June 2018, comprising 
Group Equity Value; Change in Group Equity Value; Return on Group Equity Value; Shareholders' fund at net asset value; Shareholders' fund 
income statement and Notes to the shareholders' fund information as set out below, and the basis of accounting set out above.

Directors' responsibility for interim financial information
The directors of Sanlam Limited are responsible for the preparation and presentation of this interim financial information in accordance
with the basis of accounting set out above, for determining that the basis of preparation is acceptable in the circumstances, and for such
internal control as the directors determine is necessary to enable the preparation of interim financial information that is free from 
material misstatement, whether due to fraud or error.

Auditors' responsibility
Our responsibility is to express a conclusion on this interim financial information. We conducted our review in accordance with 
International Standard on Review Engagements (ISRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor 
of the Entity". ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe that the interim
financial statements are not prepared in all material respects in accordance with the basis of accounting set out above. This standard also
requires us to comply with relevant ethical requirements.

A review of interim financial information in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily 
consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate
the evidence obtained.

The procedures performed in a review are substantially less than and differ in nature from those performed in an audit conducted in
accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim Shareholders' Information 
for the six months ended 30 June 2018 is not prepared, in all material respects, in accordance with the basis of accounting set out above.

Basis of accounting
Without modifying our conclusion, we draw attention to the Sanlam Limited Shareholders' Information above, which describes the basis of 
accounting. The Sanlam Limited Interim Shareholders' Information is prepared to provide additional information in respect of the Group 
shareholders' fund in a format that corresponds with that used by management in evaluating the performance of the Group. As a result the 
Sanlam Limited Interim Shareholders' information may not be suitable for another purpose.

Ernst & Young Inc.
Director: Christo Du Toit
Registered Auditor
Chartered Accountant (SA)
No. 3 Dock Road
Waterway House
V&A Waterfront
Cape Town
5 September 2018


Group Equity Value
at 30 June 2018

                                                        Group Equity Value  Value of in-force/Fair  Adjusted net asset    Elimination of        Shareholders' fund
                                                                                  value adjustment          value        goodwill and VOBA      at net asset value
                                                            June  December        June    December      June  December      June  December          June  December
                                                        Reviewed   Audited    Reviewed     Audited  Reviewed   Audited  Reviewed   Audited      Reviewed   Audited
R million                                     Note          2018      2017        2018        2017      2018      2017      2018      2017          2018      2017
Sanlam Personal Finance                                   42 860    43 401      36 234      35 786     6 626     7 615    (1 117)   (1 145)        7 743     8 760
 Covered business(1)                           7.1        39 006    39 546      33 444      33 290     5 562     6 256    (1 117)   (1 145)        6 679     7 401
  Sanlam Sky                                               8 093     7 956       7 447       7 352       646       604      (447)     (467)        1 093     1 071
  Other                                                   30 913    31 590      25 997      25 938     4 916     5 652      (670)     (678)        5 586     6 330
 Other operations                                          3 854     3 855       2 790       2 496     1 064     1 359         -         -         1 064     1 359
  Glacier                                                  2 423     2 321       2 009       1 867       414       454         -         -           414       454
  Sanlam Personal Loans                                    1 060     1 052         499         252       561       800         -         -           561       800
  Other operations                                           371       482         282         377        89       105         -         -            89       105

Sanlam Emerging Markets                                   29 909    27 621       6 582       6 319    23 327    21 302    (1 681)   (1 606)       25 008    22 908
 Covered business                              7.2         7 248     6 686       3 911       3 665     3 337     3 021    (1 681)   (1 606)        5 018     4 627
  Namibia                                                  1 844     1 816       1 316       1 318       528       498         -         -           528       498
  Botswana                                                 1 437     1 333       1 055         980       382       353       (48)      (66)          430       419
  Rest of Africa (excluding Saham Finances)                1 247     1 050         317         247       930       803        (2)      (10)          932       813
  Saham Finances(2)                                        1 339     1 265         712         707       627       558      (961)     (878)        1 588     1 436
  India                                                      782       702         273         206       509       496      (303)     (293)          812       789
  Malaysia                                                   599       520         238         207       361       313      (367)     (359)          728       672
 Other operations                                         22 661    20 935       2 671       2 654    19 990    18 281         -         -        19 990    18 281
  Shriram Capital                                          9 779     9 524       2 385       2 585     7 394     6 939         -         -         7 394     6 939
  Saham Finances                                           7 853     6 833         476         363     7 377     6 470         -         -         7 377     6 470
  Capricorn Investment Holdings                            1 053     1 022         (17)          8     1 070     1 014         -         -         1 070     1 014
  Letshego                                                 1 032       991          20           8     1 012       983         -         -         1 012       983
  Pacific & Orient                                           431       376          (3)          -       434       376         -         -           434       376
  Other operations                                         2 513     2 189        (190)       (310)    2 703     2 499         -         -         2 703     2 499

Sanlam Investment Group                                   19 144    18 331      11 715      11 495     7 429     6 836      (356)     (356)        7 785     7 192
 Covered business                              7.3         2 889     2 768         153         124     2 736     2 644      (356)     (356)        3 092     3 000
  Sanlam UK                                                1 312     1 213         728         679       584       534      (356)     (356)          940       890
  Central Credit Manager                                   1 577     1 555        (575)       (555)    2 152     2 110         -         -         2 152     2 110
 Other operations                                         16 255    15 563      11 562      11 371     4 693     4 192         -         -         4 693     4 192
  Investment Management SA(3)                              5 592     6 882       5 248       6 583       344       299         -         -           344       299
  Wealth Management                                        2 334     2 242       1 983       1 936       351       306         -         -           351       306
  International                                            6 564     5 643       3 165       2 306     3 399     3 337         -         -         3 399     3 337
  Sanlam Specialised Finance(3)                            1 765       796       1 166         546       599       250         -         -           599       250

Santam                                                    19 355    18 108      14 197      13 278     5 158     4 830         -         -         5 158     4 830
Sanlam Corporate                                           5 893     6 368       2 721       2 423     3 172     3 945      (241)        -         3 413     3 945
 Covered business(1)                           7.5         4 954     5 283       2 661       2 166     2 293     3 117      (241)        -         2 534     3 117
 Other operations                                            939     1 085          60         257       879       828         -         -           879       828
  Afrocentric                                                892     1 001          72         223       820       778         -         -           820       778
  Other                                                       47        84         (12)         34        59        50         -         -            59        50

                                                        Group Equity Value  Value of in-force/Fair  Adjusted net asset    Elimination of        Shareholders' fund
                                                                                  value adjustment         value         goodwill and VOBA      at net asset value
                                                            June  December        June    December      June  December      June  December          June  December
                                                        Reviewed   Audited    Reviewed     Audited  Reviewed   Audited  Reviewed   Audited      Reviewed   Audited
R million                                     Note          2018      2017        2018        2017      2018      2017      2018      2017          2018      2017
Group operations                                         117 161   113 829      71 449      69 301    45 712    44 528    (3 395)   (3 107)       49 107    47 635
Dividend pool                                                  -     5 885           -           -         -     5 885         -         -             -     5 885
Discretionary capital(4)                                   9 850     2 000        (403)        562    10 253     1 438         -         -        10 253     1 438
Other capital                                              3 567     1 665           -           -     3 567     1 665    (1 197)   (1 197)        4 764     2 862
Present value of holding company expenses       10        (1 910)   (1 616)     (1 910)     (1 616)        -         -         -         -             -         -
Group Equity Value                                       128 668   121 763      69 136      68 247    59 532    53 516    (4 592)   (4 304)       64 124    57 820

 Covered business                                2        54 097    54 283      40 169      39 245    13 928    15 038    (3 395)   (3 107)       17 323    18 145
 Other operations                                5        63 064    59 546      31 280      30 056    31 784    29 490         -         -        31 784    29 490
Group operations                                         117 161   113 829      71 449      69 301    45 712    44 528    (3 395)   (3 107)       49 107    47 635
Discretionary and other capital                           11 507     7 934      (2 313)     (1 054)   13 820     8 988    (1 197)   (1 197)       15 017    10 185
Group Equity Value                                       128 668   121 763      69 136      68 247    59 532    53 516    (4 592)   (4 304)       64 124    57 820
Value per share                                  9         60,90     59,40                                                                         30,35     28,22

(1) Excludes subordinated debt funding of Sanlam Life. At 1 January 2018, capital allocated to Sanlam Personal Finance and Sanlam Employee
    Benefits covered business were reduced by R969 million and R531 million respectively.
(2) The embedded value of Saham Finances is calculated using a risk discount rate inclusive of the cost of capital.
(3) Comparative information has been adjusted for the reallocation of businesses from Investment Management SA to Sanlam Specialised Finance.
(4) Fair value adjustments relate to the reversal of marked-to-market changes on hedging instruments, to be recognised in the financial year
    that the hedged transactions become effective.

Analysis of Group Equity Value per line of business
at 30 June 2018

                                                                                                                   Investment             Credit             Administration,
                                                  Total               Life Business        General Insurance       Management           & Structuring         Health & Other
                                              June      December      June    December        June  December      June  December      June      December      June  December
                                          Reviewed       Audited  Reviewed     Audited    Reviewed   Audited  Reviewed   Audited  Reviewed       Audited  Reviewed   Audited
R million                                     2018          2017      2018        2017        2018      2017      2018      2017      2018          2017      2018      2017
South Africa                                89 871        86 537    45 537      46 384      19 355    18 108     8 997     9 565     1 310         1 302    14 672    11 178
Namibia                                      4 159         3 982     1 844       1 816         349       322       174       171     1 053         1 022       739       651
Botswana                                     3 257         3 005     1 437       1 333          97        86       450       405     1 032           991       241       190
Rest of Africa (excluding Saham)             2 398         1 922     1 247       1 050         516       448       499       291        95            71        41        62
Saham Finances                               9 192         8 098     1 339       1 265       7 853     6 833         -         -         -             -         -         -
India                                       10 696        10 361       782         702       1 361     1 213       135       135     8 418         8 311         -         -
Malaysia                                     1 158         1 032       599         520         431       376         -         -         -             -       128       136
Other International                          7 937         6 826     1 312       1 213           -         -     6 625     5 613         -             -         -         -
Total                                      128 668       121 763    54 097      54 283      29 962    27 386    16 880    16 180    11 908        11 697    15 821    12 217

Change in Group Equity Value
for the six months ended 30 June 2018 (reviewed)

                                                      GEV at the                                      GEV at 
                                                       beginning                                     the end    
                                                          of the           Net capital    Dividend    of the
R million                                                 period  Earnings  investment        paid    period
Sanlam Personal Finance                                   43 401     2 352        (809)     (2 084)   42 860
 Covered business                                         39 546     2 194        (809)     (1 925)   39 006
  Sanlam Sky                                               7 956       576          48        (487)    8 093
  Other                                                   31 590     1 618        (857)     (1 438)   30 913
 Other operations                                          3 855       158           -        (159)    3 854
  Glacier                                                  2 321       189           -         (87)    2 423
  Sanlam Personal Loans                                    1 052        89           -         (81)    1 060
  Other operations                                           482      (120)          -           9       371

Sanlam Emerging Markets                                   27 621     2 429         311        (452)   29 909
 Covered business                                          6 686       847           5        (290)    7 248
  Namibia                                                  1 816        81          10         (63)    1 844
  Botswana                                                 1 333       214          (3)       (107)    1 437
  Rest of Africa (excluding Saham Finances)                1 050       250           9         (62)    1 247
  Saham Finances                                           1 265       138         (20)        (44)    1 339
  India                                                      702        98          (3)        (15)      782
  Malaysia                                                   520        66          12           1       599
 Other operations                                         20 935     1 582         306        (162)   22 661
  Shriram Capital                                          9 524       311           -         (56)    9 779
  Saham Finances                                           6 833     1 003           2          15     7 853
  Capricorn Investment Holdings                            1 022        (9)          -          40     1 053
  Letshego                                                   991         7           -          34     1 032
  Pacific & Orient                                           376        82           -         (27)      431
  Other operations                                         2 189       188         304        (168)    2 513

Sanlam Investment Group                                   18 331       984         235        (406)   19 144
 Covered business                                          2 768       258         (54)        (83)    2 889
  Sanlam UK                                                1 213       133         (34)          -     1 312
  Central Credit Manager                                   1 555       125         (20)        (83)    1 577
 Other operations                                         15 563       726         289        (323)   16 255
  Investment Management SA(1)                              6 882      (480)       (734)        (76)    5 592
  Wealth Management                                        2 242       138          23         (69)    2 334
  International                                            5 643       945          34         (58)    6 564
  Sanlam Specialised Finance(1)                              796       123         966        (120)    1 765

Santam                                                    18 108     1 665           -        (418)   19 355
Sanlam Corporate                                           6 368       403        (627)       (251)    5 893
 Covered business                                          5 283       534        (627)       (236)    4 954
 Other operations                                          1 085      (131)          -         (15)      939
Discretionary capital                                      2 000        40       7 810           -     9 850
Other capital                                              7 550       (40)      2 137      (6 080)    3 567
Present value of holding company expenses                 (1 616)     (294)          -           -    (1 910)
Elimination of intergroup dividends                           -          -      (3 611)      3 611         -
Group Equity Value                                       121 763     7 539       5 446      (6 080)  128 668
Covered business                                          54 283     3 833      (1 485)     (2 534)   54 097
Other operations                                          59 546     4 000         595      (1 077)   63 064
Group operations                                         113 829     7 833        (890)     (3 611)  117 161
Discretionary and other capital                            7 934      (294)      6 336      (2 469)   11 507
Group Equity Value                                       121 763     7 539       5 446      (6 080)  128 668

(1) Comparative information has been adjusted for the reallocation of businesses from Investment Management SA to Sanlam Specialised Finance.
  
Change in Group Equity Value (continued)
for the six months ended 30 June 2017 (reviewed)

                                                      GEV at the                                      GEV at
                                                       beginning                                     the end
                                                          of the           Net capital    Dividend    of the
R million                                                 period  Earnings  investment        paid    period
Sanlam Personal Finance                                   41 878     3 535      (1 596)     (2 152)   41 665
 Covered business                                         38 216     3 234      (1 596)     (1 930)   37 924
  Sanlam Sky                                               7 237       843         (57)       (450)    7 573
  Other                                                   30 979     2 391      (1 539)     (1 480)   30 351
 Other operations                                          3 662       301           -        (222)    3 741
  Glacier                                                  2 192       240           -        (131)    2 301
  Sanlam Personal Loans                                      999        73           -         (82)      990
  Other operations                                           471       (12)          -          (9)      450
 
Sanlam Emerging Markets                                   22 097     1 550       5 245        (721)   28 171
 Covered business                                          6 370     1 148         748        (320)    7 946
  Namibia                                                  1 709       160         (27)        (73)    1 769
  Botswana                                                 1 261        94          19         (88)    1 286
  Rest of Africa (excluding Saham Finances)                1 509       878          66        (110)    2 343
  Saham Finances                                             672       (27)        691         (24)    1 312
  India                                                      677        31           1         (15)      694
  Malaysia                                                   542        12          (2)        (10)      542
 Other operations                                         15 727       402       4 497        (401)   20 225
  Shriram Capital                                          7 963       714           -          (9)    8 668
  Saham Finances                                           3 197      (428)      3 909         (78)    6 600
  Letshego                                                 1 190       (79)          -          (9)    1 102
  Pacific & Orient                                           476         3           -           1       480
  Capricorn Investment Holdings                            1 077        56           -        (142)      991
  Other operations                                         1 824       136         588        (164)    2 384

Sanlam Investment Group                                   15 807       655         877        (511)   16 828
 Covered business                                          1 137       153       1 097         (71)    2 316
  Sanlam UK                                                1 137        47           -           -     1 184
  Central Credit Manager                                       -       106       1 097         (71)    1 132
 Other operations                                         14 670       502        (220)       (440)   14 512
  Investment Management SA                                 7 071      (245)          -        (211)    6 615
  Wealth Management                                        2 155         3           5          (8)    2 155
  International                                            4 844       579         125         (56)    5 492
  Sanlam Specialised Finance                                 600       165        (350)       (165)      250

Santam                                                    15 868       747           -        (387)   16 228
Sanlam Corporate                                           6 385       563        (355)       (173)    6 420
 Covered business                                          5 523       347        (355)       (177)    5 338
 Other operations                                            862       216           -           4     1 082

Discretionary capital                                        550       (29)      1 479           -     2 000
Other capital                                              9 916        33      (1 836)     (5 437)    2 676
Present value of holding company expenses                 (1 784)     (104)          -           -    (1 888)
Elimination of intergroup dividends                            -         -      (3 944)      3 944         -
Group Equity Value                                       110 717     6 950        (130)     (5 437)  112 100
Covered business                                          51 246     4 882        (106)     (2 498)   53 524
Other operations                                          50 789     2 168       4 277      (1 446)   55 788
Group operations                                         102 035     7 050       4 171      (3 944)  109 312
Discretionary and other capital                            8 682      (100)     (4 301)     (1 493)    2 788
Group Equity Value                                       110 717     6 950        (130)     (5 437)  112 100

Return on Group Equity Value
for the six months ended 30 June 2018
                                                                                       
                                                              Six months                  
                                                                  Reviewed     Audited                                                                             
                                                            June      June    December
%                                                           2018      2017        2017
Sanlam Personal Finance                                      5,5       8,5        17,5
 Covered business                                            5,7       8,6        18,3
  Sanlam Sky                                                 7,2      11,7        28,8
  Other                                                      5,3       7,9        15,7
 Other operations                                            4,1       8,2        11,2
  Glacier                                                    8,1      10,9        15,6
  Sanlam Personal Loans                                      8,5       7,3         5,3
  Other operations                                         (24,9)     (2,5)        3,4

Sanlam Emerging Markets                                      8,8       6,6        11,5
 Covered business                                           12,7      18,0        23,2
  Namibia                                                    4,5       9,4        19,7
  Botswana                                                  16,1       7,5        19,6
  Rest of Africa (excluding Saham Finances)                 23,8      58,2        59,5
  Saham Finances                                            10,9      (4,0)       (4,2)
  India                                                     14,0       4,6         3,1
  Malaysia                                                  12,7       2,2         0,2
 Other operations                                            7,6       2,4         7,5
  Shriram Capital                                            3,3       9,0        20,8
  Saham Finances                                            14,7      (9,5)       (3,4)
  Letshego                                                   0,7      (6,6)      (14,1)
  Pacific & Orient                                          21,8       0,6       (19,3)
  Capricorn Investment Holdings                             (0,9)      5,2        10,0
  Other operations                                           8,6       7,5         3,2

Sanlam Investment Group                                      5,3       4,0        14,2
 Covered business                                            9,3       8,0        14,9
  Sanlam UK                                                 11,0       4,1         6,7
  Central Credit Manager                                     8,0      13,8        21,0
 Other operations                                            4,6       3,4        14,1
  Investment Management SA                                  (7,9)     (3,6)       10,1
  Wealth Management                                          6,1       0,1        10,5
  International                                             16,7      12,0        17,5
  Sanlam Specialised Finance                                 7,0      14,1        58,1

Santam                                                       9,2       4,7        18,0
Sanlam Corporate                                             6,9       9,2        21,0
 Covered business                                           11,2       6,6        20,4
 Other operations                                          (12,1)     25,1        24,5
  Afrocentric                                               (9,2)     27,1        26,9
  Other                                                    (50,6)      6,9         3,4

Discretionary capital and other                             (3,2)     (1,4)        0,2
Group Equity Value                                           6,2       6,3        14,9
Covered business                                             7,3       9,5        18,8
Other operations                                             6,7       4,2        12,9
Group operations                                             7,0       6,8        15,8
Discretionary and other capital                             (3,2)     (1,4)        0,2
Group Equity Value                                           6,2       6,3        14,9
RoGEV per share                                              7,4       6,1        14,8
Sanlam Group hurdle rate                                     6,3       6,4        13,2

Analysis of Group Equity Value Earnings
for the six months ended 30 June 2018

Covered business(1)
                                                                                                                                      Adjusted net
                                                                           Total         Value of in-force      Cost of capital        asset value
                                                                      June        June        June      June      June      June      June      June    December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017        2017
Operational earnings                                                 4 287       3 784       1 204     1 125       297        61     2 786     2 598       7 612
 Value of new life insurance business(2)                               791         782       2 247     2 016       (88)     (105)   (1 368)   (1 129)      1 841
 Unwinding of discount rate                                          2 417       2 315       2 323     2 221        94        94         -         -       4 620
 Expected profit                                                         -           -      (3 382)   (3 142)        -         -     3 382     3 142           -
 Operating experience variances                                      1 078         595          50        (1)      280       104       748       492       1 558
  Risk experience                                                      247         261           8        71        (4)       (6)      243       196         447
  Persistency                                                          (56)       (114)         49       (78)        4        13      (109)      (49)         67
  Maintenance expenses                                                  27           1          (2)        2         -         2        29        (3)         (9)
  Working capital management                                           197         191           -         2         -         -       197       189         452
  Credit spread                                                        192         170          (2)        -         -         -       194       170         396
  Other                                                                471          86          (3)        2       280        95       194       (11)        205
 Operating assumption changes                                            1          92         (34)       31        11       (32)       24        93        (407)
  Risk experience                                                       14          71          14        50         -         2         -        19         183
  Persistency                                                          (15)          -         (13)        7        (3)       (3)        1        (4)       (115)
  Maintenance expenses                                                  73           7          42       (13)        1         -        30        20        (239)
  Modelling changes and other                                          (71)         14         (77)      (13)       13       (31)       (7)       58        (236)

Net investment return                                                  593         405           -         -         -         -       593       405         930
 Expected return on adjusted net asset value                           445         556           -         -         -         -       445       556       1 020
 Investment variances on adjusted net asset value                      148        (151)          -         -         -         -       148      (151)        (90)
Net project expenses                                                   (13)          -           -         -         -         -       (13)        -           -
Valuation and economic basis                                          (996)        736        (806)      787         2        10      (192)      (61)        762
 Investment variances on in-force business                            (777)       (120)       (634)      (65)       31         3      (174)      (58)        691
 Economic assumption changes                                          (471)        150        (464)      149        11         4       (18)       (3)        234
  Investment yields                                                   (479)        149        (465)      148         4         4       (18)       (3)        260
  Long-term asset mix assumptions and other                              8           1           1         1         7         -         -         -         (26)
 Foreign currency translation differences                              252         (39)        292       (42)      (40)        3         -         -        (163)
 Revaluation of business held for sale                                   -         745           -       745         -         -         -         -           -
Change in tax basis                                                    (34)          -         (16)        -        (1)        -       (17)        -           -
Profit on disposal of subsidiaries and associated companies              -           -           -         -         -         -         -         -         789
Goodwill and VOBA from business combinations                            (4)        (43)         (4)      (43)        -         -         -         -        (485)
GEV earnings: covered business                                       3 833       4 882         378     1 869       298        71     3 157     2 942       9 608
 Acquired value of in-force                                            296         690         248       423         -         -        48       267       1 443
 Disposal of businesses                                                  -           -           -         -         -         -         -         -      (1 331)
 Transfers from covered business                                    (4 315)     (3 294)          -         -         -         -    (4 315)   (3 294)     (6 683)
Embedded value of covered business at the beginning of the period   54 283      51 246      42 620    39 379    (3 375)   (3 534)   15 038    15 401      51 246
Embedded value of covered business at the end of the period         54 097      53 524      43 246    41 671    (3 077)   (3 463)   13 928    15 316      54 283

(1) Refer to note 7 for an analysis per cluster.
(2) Refer to note 1 for further information.

Other operations
                                                                                             Sanlam Personal     Sanlam Emerging   Sanlam Investment
                                                                           Total                Finance               Markets             Group                 Santam         Sanlam Corporate
                                                                      June        June        June      June      June      June      June      June        June      June      June      June    December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed    Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017        2018      2017      2018      2017        2017
Earnings from operations valued at listed share prices               1 665         747           -         -         -         -         -         -       1 665       747         -         -       2 854
Earnings from operations valued at net asset value                     119         148           -         -        45       (82)       74       230           -         -         -         -         323
Earnings from operations valued based on discounted cash flows       2 216       1 273         158       301     1 537       484       652       272           -         -      (131)      216       3 710
 Unwinding of discount rate                                          2 968       2 480         340       327     1 551     1 156       984       921           -         -        93        76       4 957
 Operating experience variances                                       (315)        218         (29)       10      (178)      342       (41)      (82)          -         -       (67)      (52)        350
  General insurance                                                   (102)        (93)          -         -      (102)      (93)        -         -           -         -         -         -          32
  Investment management                                               (106)       (129)          -         -       (65)      (47)      (41)      (82)          -         -         -         -         133
  Credit and structuring                                               (62)        489          (9)       (4)      (53)      493         -         -           -         -         -         -         231
  Administration, health and other                                     (45)        (49)        (20)       14        42       (11)        -         -           -         -       (67)      (52)        (46)

 Assumption changes                                                      5      (1 373)        (17)      (61)      (77)     (872)      234      (626)          -         -      (135)      186        (210)
  General insurance                                                    268        (600)          -         -       268      (600)        -         -           -         -         -         -        (383)
  Investment management                                                298        (566)          -         -        64        60       234      (626)          -         -         -         -        (257)
  Credit and structuring                                              (220)       (419)         23       (19)     (243)     (400)        -         -           -         -         -         -         698
  Administration, health and other                                    (341)        212         (40)      (42)     (166)       68         -         -           -         -      (135)      186        (268)
 Economic assumption changes                                        (2 147)         36        (136)       25      (932)     (140)   (1 057)      145           -         -       (22)        6        (409)
 Foreign currency translation differences                            1 705         (88)          -         -     1 173        (2)      532       (86)          -         -         -         -        (978)

GEV earnings: other operations                                       4 000       2 168         158       301     1 582       402       726       502       1 665       747      (131)      216       6 887

Discretionary and other capital
                                                                         Total
                                                                      June        June    December
                                                                  Reviewed    Reviewed     Audited
R million                                                             2018         2017       2017
Investment return                                                       58         (27)       (129)
Corporate expenses                                                    (312)       (106)         53
 Net corporate expenses                                                (18)         (2)       (115)
 Change in present value of holding company expenses                  (294)       (104)        168
Share-based payment transactions                                       (40)         33          86
GEV earnings: discretionary and other capital                         (294)       (100)         10


Reconciliation of Group Equity Value Earnings

                                                                      June        June    December
                                                                  Reviewed    Reviewed     Audited
R million                                                             2018        2017        2017
IFRS earnings                                                        6 979       4 557       9 411
 Normalised attributable earnings                                    4 841       4 783      11 001
 Earnings recognised directly in equity
  Foreign currency translation differences                           1 699        (209)     (1 044)
  Net cost of treasury shares delivered                               (167)       (162)       (216)
  Share-based payments                                                 171         181         340
  Change in ownership of subsidiaries                                  (11)          -         (63)
  IFRS 9 transitional provisions                                      (429)          -           -
  Other comprehensive income                                           875         (36)       (607)
Fair value adjustments                                                 935       2 464       7 268
 Change in fair value adjustments: non-life                            259         524       4 538
 Earnings from covered business: VIF                                   676       1 940       2 730
Adjustments to net worth                                              (375)        (71)       (174)
 Present value of holding company expenses                            (294)       (104)        168
 Movement in book value of treasury shares: non-life subsidiaries      (39)          -         (47)
 Change in goodwill/VOBA less VIF acquired                             (42)         33        (295)

Group Equity Value earnings                                          7 539       6 950      16 505

Analysis of shareholders' fund at net asset value
at 30 June 2018

                                                                       Sanlam Life(1)        Sanlam Emerging         Sanlam                                                  Consolidation    Shareholders' fund
                                                                                                Markets(2)      Investment Group       Santam            Group Office(3)        Entries(4)    at net asset value
                                                                      June    December        June  December      June  December      June  December      June  December      June  December      June  December
                                                                  Reviewed     Audited    Reviewed   Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017      2018      2017      2018      2017      2018      2017
Assets
Equipment                                                              333         302         142       135        68        66       308       319         -         -         -         -       851       822
Owner-occupied properties                                              470         470         235       224       114       113        19        19         -         -         -         -       838       826
Goodwill                                                               816         714         376       323     1 229     1 159       765       765         -         -     1 197     1 197     4 383     4 158
Value of business acquired                                             993         845         650       658       391       427         -         -         -         -         -         -     2 034     1 930
Other intangible assets                                                 66          60         207       212       168       161        44        58         -         -         -         -       485       491
Deferred acquisition costs                                           3 007       3 012          12        13         -         -         -         -         -         -         -         -     3 019     3 025
Investments                                                         23 777      17 699      30 151    27 953     5 466     4 622    18 278    17 099     1 361     2 219    (3 297)   (3 039)   75 736    66 553
 Properties                                                              1          10         917       843         -         -         -         -         -         -         -         -       918       853
 Associated companies                                                  894         882      25 033    23 157       522       549     3 076     2 763         -         -    (2 900)   (2 691)   26 625    24 660
 Joint ventures                                                        714         870           -         -         -         -        68        66         -         -         -         -       782       936
 Equities and similar securities                                       370         424         505       357       374       252     1 445     2 956       367       481      (433)     (430)    2 628     4 040
 Interest-bearing investments                                        3 641       3 918       2 043     1 878     1 079       341     9 162     8 315       994     1 736       (84)      (38)   16 835    16 150
 Structured transactions                                               602         316          24        22         -         -       563       588         -         -         -         -     1 189       926
 Investment funds                                                    9 067       9 390         339       424     3 031     2 968     3 253     1 351         -         -       120       120    15 810    14 253
 Cash, deposits and similar securities                               8 488       1 889       1 290     1 272       460       512       711     1 060         -         2         -         -    10 949     4 735
Deferred tax asset                                                     432         394         193       196       155       129       130       157         -         -         3         7       913       883
Assets of disposal groups classified as held for sale                    -           -          62         -         -         -         -         -         -         -         -         -        62         -
General insurance technical assets                                       -           -         300       152         -         -     6 568     6 248         -         -         -         -     6 868     6 400
Working capital assets                                               5 947       9 149       2 508     2 575    19 477    20 009    13 090    12 334     3 608     3 655    (1 731)   (5 108)   42 899    42 614
 Trade and other receivables                                         1 477       2 565       1 851     1 809    16 351    13 827     5 660     5 415     3 277     3 319    (1 797)   (5 134)   26 819    21 801
 Cash, deposits and similar securities                               4 470       6 584         657       766     3 126     6 182     7 430     6 919       331       336        66        26    16 080    20 813

Total assets                                                        35 841      32 645      34 836    32 441    27 068    26 686    39 202    36 999     4 969     5 874    (3 828)   (6 943)  138 088   127 702
Equity and liabilities
Shareholders' fund                                                  18 604      19 562      25 504    23 672     8 289     8 506     5 158     4 830       326       136     6 243     1 114    64 124    57 820
Non-controlling interest                                               201         233       5 319     5 072        49        42     3 477     3 281         -         -    (2 938)   (2 697)    6 108     5 931
Total equity                                                        18 805      19 795      30 823    28 744     8 338     8 548     8 635     8 111       326       136     3 305    (1 583)   70 232    63 751
Term finance                                                         2 174       2 167         120       111     1 275        17     2 049     2 056       786     1 917         -         -     6 404     6 268
Structured transactions liabilities                                    193       1 156           -         -         -         -         -         -         -         -         -         -       193     1 156
Cell owners' interest                                                    -           -           -         -         -         -     3 220     3 217         -         -         -         -     3 220     3 217
Deferred tax liabilities                                             1 006         943         289       301        64        22        87       121         -         -         -        43     1 446     1 430
General insurance technical provisions                                   -           -         786       552         -         -    18 886    18 116         -         -         -         -    19 672    18 668
Working capital liabilities                                         13 663       8 584       2 818     2 733    17 391    18 099     6 325     5 378     3 857     3 821    (7 133)   (5 403)   36 921    33 212
 Trade and other payables                                           12 281       7 489       2 766     2 733    17 090    17 874     5 969     5 116     3 825     3 791    (7 141)   (5 402)   34 790    31 601
 Provisions                                                             42         127           -         -        81        82        92        68        20        20        17        17       252       314
 Taxation                                                            1 340         968          52         -       220       143       264       194        12        10        (9)      (18)    1 879     1 297

Total equity and liabilities                                        35 841      32 645      34 836    32 441    27 068    26 686    39 202    36 999     4 969     5 874    (3 828)   (6 943)  138 088   127 702
Analysis of shareholders' fund
Covered business                                                     9 213      10 518       5 018     4 627     3 092     3 000         -         -         -         -         -         -    17 323    18 145
Other operations                                                     1 943       2 187      19 990    18 281     4 693     4 192     5 158     4 830         -         -         -         -    31 784    29 490
Discretionary and other capital                                      7 448       6 857         496       764       504     1 314         -         -       326       136     6 243     1 114    15 017    10 185
Shareholders' fund at net asset value                               18 604      19 562      25 504    23 672     8 289     8 506     5 158     4 830       326       136     6 243     1 114    64 124    57 820
Consolidation reserve                                                1 019       1 200           -         -         -         -         -         -         -         -    (1 646)   (1 600)     (627)     (400)
Shareholders' fund per Group statement of financial position        19 623      20 762      25 504    23 672     8 289     8 506     5 158     4 830       326       136     4 597      (486)   63 497    57 420

(1) Includes the operations of Sanlam Personal Finance and Sanlam Corporate (which includes Sanlam Health and Sanlam Employee Benefits) as 
    well as discretionary capital held by Sanlam Life.
(2) Includes discretionary capital held by Sanlam Emerging Markets.
(3) Group Office and Other includes the assets of Genbel Securities and Sanlam Limited Corporate on a consolidated basis.
(4) Elimination of intercompany balances, other investments and term finance between companies within the Group.

Shareholders' fund income statement
for the six months ended 30 June 2018

                                                                       Sanlam Personal       Sanlam Emerging   Sanlam Investment                                                Group Office     
                                                                           Finance(1)             Markets             Group               Santam        Sanlam Corporate          & Other(1)           Total
                                                                      June        June        June      June      June      June      June      June      June      June      June      June      June      June    December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017      2018      2017      2018      2017      2018      2017        2017
Financial services income                                            9 301       8 471       4 000     3 525     2 880     2 627    11 562    10 990     2 712     2 257       139       134    30 594    28 004      58 700
Sales remuneration                                                  (1 753)     (1 444)       (564)     (525)     (216)      (81)   (1 291)   (1 255)      (34)      (28)        -         -    (3 858)   (3 333)     (7 150)
Income after sales remuneration                                      7 548       7 027       3 436     3 000     2 664     2 546    10 271     9 735     2 678     2 229       139       134    26 736    24 671      51 550
Underwriting policy benefits                                        (2 031)     (1 816)       (851)     (749)        -         -    (6 919)   (7 252)   (1 544)   (1 309)        -         -   (11 345)  (11 126)    (22 499)
Administration costs                                                (2 610)     (2 233)       (923)     (828)   (1 952)   (1 803)   (1 971)   (1 622)     (709)     (577)     (176)     (153)   (8 341)   (7 216)    (15 493)
Result from financial services before tax                            2 907       2 978       1 662     1 423       712       743     1 381       861       425       343       (37)      (19)    7 050     6 329      13 558
Tax on result from financial services                                 (837)       (845)       (530)     (402)     (184)     (162)     (382)     (245)     (117)      (99)       19        17    (2 031)   (1 736)     (3 726)
Result from financial services after tax                             2 070       2 133       1 132     1 021       528       581       999       616       308       244       (18)       (2)    5 019     4 593       9 832
Non-controlling interest                                                26           -        (221)     (250)       (5)       (8)     (426)     (279)        -         -         -         -      (626)     (537)     (1 283)
Net result from financial services                                   2 096       2 133         911       771       523       573       573       337       308       244       (18)       (2)    4 393     4 056       8 549
Net investment income                                                  186         107         115        84        12        72        34        20        47        45       (23)      (25)      371       303         808
 Investment income(1)                                                  248         145         194       175        17        77        87        37        52        53       (32)      (34)      566       453       1 198
 Tax on investment income                                              (58)        (38)        (52)      (63)       (5)       (5)      (18)       (2)       (5)       (8)        9         9      (129)     (107)       (284)
 Non-controlling interest                                               (4)          -         (27)      (28)        -         -       (35)      (15)        -         -         -         -       (66)      (43)       (106)
Project expenses                                                         -           -         (39)      (31)       (6)       (5)        -         -         -         -        (2)        -       (47)      (36)       (114)
Net amortisation of value of business acquired and 
 other intangibles                                                     (26)        (20)        (26)      (19)      (62)      (78)       (4)       (5)       (1)       (1)        -         -      (119)     (123)       (261)
Equity participation costs                                               -           -           -         -         -         -        (1)       (2)        -         -         -         -        (1)       (2)         (2)
Net equity-accounted headline earnings                                   -           -           -         5         7        11        10        16        (4)       (5)        -         -        13        27          38
 Equity-accounted headline earnings                                      -           -           -        12         8        11        16        28        (4)       (5)        -         -        20        46          79
 Tax on equity-accounted headline earnings                               -           -           -        (2)        -         -         -        (2)        -         -         -         -         -        (4)        (18)
 Non-controlling interest                                                -           -           -        (5)       (1)        -        (6)      (10)        -         -         -         -        (7)      (15)        (23)
Net investment surpluses                                                35          96         168        71        71        24        35        18        (3)       50         1        (3)      307       256         817
 Investment surpluses(1)                                                46         129         340       153        84        30       112        55         5        65         1        (3)      588       429       1 153
 Tax on investment surpluses                                           (11)        (33)        (91)      (46)      (13)       (6)      (42)      (12)       (8)      (15)        -         -      (165)     (112)       (202)
 Non-controlling interest                                                -           -         (81)      (36)        -         -       (35)      (25)        -         -         -         -      (116)      (61)       (134)

Normalised headline earnings                                         2 291       2 316       1 129       881       545       597       647       384       347       333       (42)      (30)    4 917     4 481       9 835
Net profit on disposal of subsidiaries and associated companies          -           -           3         5         -         -         -       145         -         -         -         -         3       150       1 335
 Profit on disposal of subsidiaries and associated companies             -           -           -         8         -         -         -       180         -         -         -         -         -       188       1 401
 Tax on profit on disposal of subsidiaries and associated companies      -           -           5         -         -         -         -         -         -         -         -         -         5         -         (24)
 Non-controlling interest                                                -           -          (2)       (3)        -         -         -       (35)        -         -         -         -        (2)      (38)        (42)
Impairments                                                              -           -         (48)      (14)      (23)       (1)       (3)       (6)        -         -         -         -       (74)      (21)       (303)
Net equity-accounted non-headline earnings                               -           -           -       179         -         -         -         -        (5)       (6)        -         -        (5)      173         134
Normalised attributable earnings                                     2 291       2 316       1 084     1 051       522       596       644       523       342       327       (42)      (30)    4 841     4 783      11 001
Fund transfers                                                        (181)        (28)          -         -         -         -         -         -         -         -       390       112       209        84         (78)
Attributable earnings per Group statement of comprehensive income    2 110       2 288       1 084     1 051       522       596       644       523       342       327       348        82     5 050     4 867      10 923
Diluted earnings per share
 Weighted average number of shares for normalised earnings per 
 share (million)                                                                                                                                                                               2 081,7   2 049,2     2 049,1
 Net result from financial services (cents)                          100,7       104,1        43,8      37,6      25,1      28,0      27,5      16,4      14,8      11,9      (0,9)     (0,1)    211,0     197,9       417,2

(1) Previously, investment return included investment returns on the investment in Sanlam Limited shares that were eliminated in the Group Office and Other column. 
    From December 2017, the elimination is done in the cluster with comparatives adjusted accordingly.

Net result from financial services
for the six months ended 30 June 2018

Analysis per line of business

                                                                                                                   Investment           Credit &         Administration,
                                                    Total             Life Insurance       General Insurance       Management         Structuring         Health & Other
                                              June          June      June        June        June      June      June      June      June      June      June      June
                                          Reviewed      Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed
R million                                     2018          2017      2018        2017        2018      2017      2018      2017      2018      2017      2018      2017
South Africa                                 3 217         3 011     2 244       2 178         465       260       266       259       116       154       126       160
Namibia                                        158           161        63          73          32        26         7         9        56        53         -         -
Botswana                                       186           155       107          88           2         1        17        16        60        50         -         -
Rest of Africa                                 329           263       106         134         254       128         -         -       (31)        1         -         -
 Saham Finances                                279           148        44          24         235       124         -         -         -         -         -         -
 Other                                          50           115        62         110          19         4         -         -       (31)        1         -         -
India                                          354           270        15          15         102        67         -         -       237       188         -         -
Malaysia                                        11            25        (1)         10          12        15         -         -         -         -         -         -
Other International                            138           171        43          39           -         -        95       132         -         -         -         -
Total                                        4 393         4 056     2 577       2 537         867       497       385       416       438       446       126       160

Notes to the shareholders' fund information
for the six months ended 30 June 2018

1. Value of new covered business

                                                                                             Sanlam Personal    Sanlam Emerging   Sanlam Investment
                                                                           Total                 Finance            Markets             Group           Sanlam Corporate
                                                                      June        June        June      June      June      June      June      June      June      June
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed
R million                                                   Note      2018        2017        2018      2017      2018      2017      2018      2017      2018      2017
Value of new covered business (at point of sale)
 Gross value of new covered business                                   976         957         682       643       255       256         4         4        35        54
 Cost of capital                                                       (99)       (111)        (46)      (58)      (33)      (21)       (4)       (4)      (16)      (28)
Value of new covered business                                          877         846         636       585       222       235         -         -        19        26
Value of new business attributable to
 Shareholders' fund                                            3       791         782         622       585       150       171         -         -        19        26
 Non-controlling interest                                               86          64          14         -        72        64         -         -         -         -
Value of new covered business                                          877         846         636       585       222       235         -         -        19        26

Analysis of new business profitability
Before non-controlling interest
 Present value of new business premiums                             33 667      31 230      23 463    21 164     4 659     4 820     1 800     1 456     3 745     3 790
 New business margin                                                 2,60%       2,71%       2,71%     2,76%     4,76%     4,88%         -         -     0,51%     0,69%
After non-controlling interest:
 Present value of new business premiums                             32 099      29 976      23 052    21 164     3 502     3 566     1 800     1 456     3 745     3 790
 New business margin                                                 2,46%       2,61%       2,70%     2,76%     4,28%     4,80%         -         -     0,51%     0,69%

Capitalisation factor - recurring premiums                             3,8         4,5       3,8(1)      5,0       3,0       3,1       4,5       5,3       6,7       6,9

(1) Excluding the value of new business from Capitec Bank, Sanlam Personal Finance capitalisation factor would be 4,7 at 30 June 2018.

Geographical analysis

                                                  Value of new    Present value of new   
                                               covered business     business premiums    New business margin
                                              June          June      June        June        June      June
                                          Reviewed      Reviewed  Reviewed    Reviewed    Reviewed  Reviewed
                                              2018          2017      2018        2017        2018      2017
Before non-controlling interests
South Africa                                   655           611    27 208      24 954       2,41%     2,45%
 Sanlam Sky                                    244           204     3 050       2 688       8,00%     7,59%
 Glacier                                       218           272    14 122      13 160       1,54%     2,07%
 Sanlam Corporate                               19            26     3 745       3 790       0,51%     0,69%
 Other                                         174           109     6 291       5 316       2,77%     2,05%
Namibia                                         53            44       898       1 025       5,90%     4,29%
Botswana                                        82            72     1 296       1 358       6,33%     5,30%
Rest of Africa                                  24            77     1 230       1 258       1,95%     6,12%
 Saham Finances                                 15             8       223         106       6,73%     7,55%
 Other                                           9            69     1 007       1 152       0,89%     5,99%
India                                           38            27       684         612       5,56%     4,41%
Malaysia                                        25            15       551         567       4,54%     2,65%
Other international                              -             -     1 800       1 456           -         -
Total                                          877           846    33 667      31 230       2,60%     2,71%
After non-controlling interests
South Africa                                   641           611    26 797      24 954       2,39%     2,45%
 Sanlam Sky                                    244           204     3 050       2 688       8,00%     7,59%
 Glacier                                       218           272    14 122      13 160       1,54%     2,07%
 Sanlam Corporate                               19            26     3 745       3 790       0,51%     0,69%
 Other                                         160           109     5 880       5 316       2,72%     2,05%
Namibia                                         32            27       685         778       4,67%     3,47%
Botswana                                        48            42       783         821       6,13%     5,12%
Rest of Africa                                  21            69     1 069       1 066       1,96%     6,47%
 Saham Finances                                 15             8       223         106       6,73%     7,55%
 Other                                           6            61       846         960       0,71%     6,35%
India                                           38            27       684         612       5,56%     4,41%
Malaysia                                        11             6       281         289       3,91%     2,08%
Other international                              -             -     1 800       1 456           -         -
Total                                          791           782    32 099      29 976       2,46%     2,61%

2. Value of in-force covered business sensitivity analysis

                                                Gross value of                                Net value of        Change from
                                              in-force business       Cost of capital      in-force business      base value %
                                              June      December      June    December        June  December      June  December
                                          Reviewed       Audited  Reviewed     Audited    Reviewed   Audited  Reviewed   Audited
R million                                     2018          2017      2018        2017        2018      2017      2018      2017
Base value                                  43 246        42 620    (3 077)     (3 375)     40 169    39 245
Risk discount rate increase by 1%           40 982        40 330    (3 514)     (3 854)     37 468    36 476        (7)       (7)

                                              June      December
Gross value of in-force                   Reviewed       Audited
business profile                              2018          2017
Year 1 - 5                                     56%           55%
Year 1                                         17%           17%
Year 2                                         13%           12%
Year 3                                         10%           10%
Year 4                                          9%            9%
Year 5                                          7%            7%
Year 6 - 10                                    24%           24%
Year 11 - 20                                   17%           17%
Year 20+                                        3%            4%

3. Value of new business sensitivity analysis (net of non-controlling interest)

                                                 Gross value                                    Net value          Change from 
                                               of new business        Cost of capital        of new business       base value %
                                              June          June      June        June        June      June      June      June
                                          Reviewed      Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed
R million                                     2018          2017      2018        2017        2018      2017      2018      2017
Base value                                     879           887       (88)       (105)        791       782
Risk discount rate increase by 1%              767           766      (100)       (119)        667       647       (16)      (17)


4. Economic assumptions - covered business
                                                                      June    December
                                                                  Reviewed     Audited
%                                                                     2018        2017
Gross investment return, risk discount rate and inflation
Sanlam Life
 Point used on the relevant yield curve                             9 year      9 year
 Fixed-interest securities                                             9,3         9,0
 Equities and offshore investments                                    12,8        12,5
 Hedged equities                                                       8,7         8,4
 Property                                                             10,3        10,0
 Cash                                                                  8,3         8,0
 Inflation rate(1)                                                     7,3         7,0
 Risk discount rate                                                   11,8        11,5

(1) Expense inflation of 11,3% (Dec 2017: 11,0%) assumed for retail business administered on old platforms.

Sanlam Developing Markets(2)
 Point used on the relevant yield curve                             5 year      5 year
 Fixed-interest securities                                             8,5         8,0
 Equities and offshore investments                                    12,0        11,5
 Hedged equities                                                       7,5         7,0
 Property                                                              9,5         9,0
 Cash                                                                  7,5         7,0
 Inflation rate                                                        6,5         6,0
 Risk discount rate                                                   11,0        10,5

(2) Excludes the Sanlam Life products written on the Sanlam Developing Markets license.

                                                                      2018        2017
Botswana Life Insurance
 Fixed-interest securities                                             6,5         6,5
 Equities and offshore investments                                    10,0        10,0
 Hedged equities                                                       n/a         n/a
 Property                                                              7,5         7,5
 Cash                                                                  5,5         5,5
 Inflation rate                                                        3,5         3,5
 Risk discount rate                                                   10,0        10,0

Sanlam Investments and Pensions
 Point used on the relevant yield curve                            15 year     15 year
 Fixed-interest securities                                             1,6         1,6
 Equities and offshore investments                                     4,8         4,8
 Hedged equities                                                       n/a         n/a
 Property                                                              4,8         4,8
 Cash                                                                  1,6         1,6
 Inflation rate                                                        3,3         3,3
 Risk discount rate                                                    5,3         5,3

Illiquidity premiums
Investment returns on non-participating and inflation-linked annuities, as well as guarantee plans include assumed illiquidity premiums due
to matching assets being held to maturity.

Assumed illiquidity premiums generally amount to between 25bps and 80bps (2017: 25bps and 60bps) for non-participating annuities, between 
25bps and 75bps (2017: 25bps to 75bps) for inflation-linked annuities and capped at 120bps (2017: 120bps) reflecting both illiquidity 
premiums and credit risk premium for guarantee plans.

Asset mix of the assets supporting adjusted net asset value - covered business

                                                                                  Fixed-interest
                                                                                  securities (%)         Equities (%)        Offshore (%)  Hedged Equities (%)       Property (%)         Cash (%)            Total (%)
                                                            June  December        June    December      June  December      June  December      June  December      June  December      June  December      June  December
                                                        Reviewed   Audited    Reviewed     Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited  Reviewed   Audited
R million                                                   2018      2017        2018        2017      2018      2017      2018      2017      2018      2017      2018      2017      2018      2017      2018      2017
Required capital
 South Africa                                              9 941    11 375           -           -         3         2         6         7        75        78         -         -        16        13       100       100
 Namibia                                                     513       498           6           6        35        36         -         -         -         -         -         -        59        58       100       100
 Botswana Life                                               382       353           -           -         -         -         -         -         -         -        50        50        50        50       100       100
 Sanlam Life Insurance (Kenya)                               132       108          35          35        40        40         -         -         -         -        15        15        10        10       100       100
 Other Africa                                                882       760          59          59         6         6         -         -         -         -         6         6        29        29       100       100
 Shriram Life Insurance (India)                              229       192          30          30        66        66         -         -         -         -         -         -         4         4       100       100
 MCIS (Malaysia)                                             320       285          73          73        19        19         -         -         -         -         -         -         8         8       100       100
 Sanlam Investments and Pensions (UK)                        508       428           -           -         -         -         -         -         -         -         -         -       100       100       100       100
Total required capital                                    12 907    13 999
 Free Surplus                                              1 021     1 039
Adjusted net asset value                                  13 928    15 038

Assumed long-term expected return on required capital

                                                                                  Gross return on       Net return on      
                                                                                  required capital    required capital
                                                                                  June    December      June  December
                                                                              Reviewed     Audited  Reviewed   Audited
%                                                                                 2018        2017      2018      2017
Sanlam Life                                                                        9,0         8,7       7,3       7,0
Sanlam Developing Markets                                                          8,4         7,9       6,5       6,1
Sanlam Namibia                                                                    10,2         9,9       9,1       8,8
Sanlam Namibia Holdings                                                            8,9         8,5       7,8       7,4
Botswana Life                                                                      6,5         6,5       4,9       4,9
Sanlam Life Insurance (Kenya)                                                     11,6        12,5       8,1       8,8
Shriram Life Insurance (India)                                                     9,9        10,0       8,4       8,6
MCIS (Malaysia)                                                                    5,3         5,0       4,9       4,6
Sanlam Investments and Pensions (UK)                                               1,6         1,6       1,3       1,3

5. Value of other Group operations sensitivity analysis
5.1 Valuation methodology

                                                                                  June    December
                                                                              Reviewed     Audited
R million                                                                         2018        2017
Listed share price                                                              19 355      18 108
Discounted cash flows                                                           41 090      39 130
Sanlam Personal Finance                                                          3 854       3 855
 Glacier                                                                         2 423       2 321
 Sanlam Personal Loans                                                           1 060       1 052
 Other operations                                                                  371         482
Sanlam Emerging Markets                                                         21 485      19 885
 Shriram Capital                                                                 9 779       9 524
 Saham Finances                                                                  7 853       6 833
 Letshego                                                                        1 032         991
 Pacific & Orient                                                                  431         376
 Capricorn Investment Holdings                                                   1 053       1 022
 Other operations                                                                1 337       1 139
Sanlam Investment Group(1)                                                      14 812      14 305
 Investment Management SA                                                        4 735       6 067
 Wealth Management                                                               2 334       2 192
 International                                                                   6 368       5 500
 Sanlam Specialised Finance                                                      1 375         546
Sanlam Corporate                                                                   939       1 085
 Afrocentric                                                                       892       1 001
 Other                                                                              47          84
Net asset value                                                                  2 619       2 308
Sanlam Investment Group(1)                                                       1 443       1 258
 Investment Management SA                                                          857         815
 International                                                                     196         193
 Sanlam Specialised Finance                                                        390         250
Sanlam Emerging Markets                                                          1 176       1 050
                                                                                63 064      59 546

(1) Comparative information has been adjusted for the reallocation of businesses from Investment Management SA to Sanlam Specialised Finance.

5.2 Sensitivity analysis: businesses valued at discounted cash flows

                                                                                                                                                                     Rand exchange
                                                                                  Risk discount      Perpetuity growth    Equities and        Interest rates       rate depreciation
                                                              Base value              rate +1%            rate +1%       properties -10%             -1%                  +10%
                                                            June  December        June    December      June  December      June  December        June  December      June  December
                                                        Reviewed   Audited    Reviewed     Audited  Reviewed   Audited  Reviewed   Audited    Reviewed   Audited  Reviewed   Audited
R million                                                   2018      2017        2018        2017      2018      2017      2018      2017        2018      2017      2018      2017
Sanlam Personal Finance                                    3 854     3 855       3 528       3 529     3 992     4 003     3 691     3 683       4 237     4 235     3 854     3 855
 Glacier                                                   2 423     2 321       2 201       2 106     2 525     2 426     2 260     2 149       2 688     2 576     2 423     2 321
 Sanlam Personal Loans                                     1 060     1 052         986         982     1 086     1 078     1 060     1 052       1 147     1 130     1 060     1 052
 Other operations                                            371       482         341         441       381       499       371       482         402       529       371       482
Sanlam Emerging Markets                                   21 485    19 885      18 830      17 186    23 287    21 874    21 427    19 716      25 183    23 656    23 562    21 781
 Shriram Capital                                           9 779     9 524       8 628       8 267    10 478    10 469     9 779     9 524      11 267    11 166    10 757    10 476
 Saham Finances                                            7 853     6 833       6 698       5 696     8 725     7 655     7 853     6 833       9 618     8 558     8 638     7 516
 Letshego                                                  1 032       991         908         872     1 109     1 065     1 032       991       1 186     1 139     1 135     1 090
 Pacific & Orient                                            431       376         392         342       465       406       431       376         480       419       474       414
 Capricorn Investment Holdings                             1 053     1 022         971         942     1 113     1 083     1 053       920       1 161     1 127     1 053     1 022
 Other operations                                          1 337     1 139       1 233       1 067     1 397     1 196     1 279     1 072       1 471     1 247     1 505     1 263
Sanlam Investment Group                                   14 812    14 305      13 288      12 746    15 669    15 267    14 114    13 307      16 724    16 286    15 460    14 885
 Investment Management SA                                  4 735     6 067       4 247       5 437     4 983     6 415     4 502     5 747       5 333     6 839     4 735     6 091
 Wealth Management                                         2 334     2 192       2 109       2 020     2 447     2 362     2 185     1 911       2 609     2 513     2 345     2 198
 International                                             6 368     5 500       5 668       4 790     6 814     5 922     6 108     5 117       7 273     6 333     7 005     6 050
 Sanlam Specialised Finance                                1 375       546       1 264         499     1 425       568     1 319       532       1 509       601     1 375       546
Sanlam Corporate                                             939     1 085         870         995       969     1 122       939     1 085       1 022     1 180       939     1 085
 Afrocentric                                                 892     1 001         825         923       921     1 036       892     1 001         973     1 092       892     1 001
 Other                                                        47        84          45          72        48        86        47        84          49        88        47        84
                                                          41 090    39 130      36 516      34 456    43 917    42 266    40 171    37 791      47 166    45 357    43 815    41 606
Weighted average assumption                                                      15,4%       14,9%      2-5%      2-5%


6. Business volumes
6.1  Analysis of new business and total funds received
     Analysed per business, reflecting the split between life insurance, general insurance and investment business

                                                                                                         Investment
                                                         Life insurance(1)      General insurance       business(2)            Total
                                                            June      June        June        June      June      June      June      June    December
                                                        Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                   2018      2017        2018        2017      2018      2017      2018      2017        2017
Sanlam Personal Finance(3)                                16 961    15 136           -           -    14 061    13 478    31 022    28 614      58 615
Recurring premium sub cluster and SBD                      1 592     1 221           -           -        74        74     1 666     1 295       2 838
 Recurring                                                 1 121       834           -           -         6        10     1 127       844       1 807
 Single                                                      471       387           -           -        68        64       539       451       1 031
Sky                                                        1 194       675           -           -         -         -     1 194       675       1 455
Glacier                                                   14 175    13 240           -           -    13 987    13 404    28 162    26 644      54 322
Sanlam Emerging Markets                                    2 654     2 707       3 730       2 723     5 023     4 638    11 407    10 068      21 903
Namibia                                                      611       710           -           -     2 675     1 925     3 286     2 635       5 593
 Recurring                                                   102        75           -           -         -         -       102        75         179
 Single                                                      509       635           -           -     2 675     1 925     3 184     2 560       5 414
Botswana                                                     817       824          82          80     1 783     2 357     2 682     3 261       7 137
 Recurring                                                   159       168          82          80         -         -       241       248         522
 Single                                                      658       656           -           -     1 783     2 357     2 441     3 013       6 615
Rest of Africa (excluding Saham Finances)                    621       655         393         405       565       356     1 579     1 416       2 975
 Recurring                                                   334       425         393         405       101        24       828       854       1 592
 Single                                                      287       230           -           -       464       332       751       562       1 383
Saham Finances                                                61        33       2 360       1 347         -         -     2 421     1 380       3 385
India                                                        378       342         763         751         -         -     1 141     1 093       2 224
 Recurring                                                   221       231         763         751         -         -       984       982       1 992
 Single                                                      157       111           -           -         -         -       157       111         232
Malaysia                                                     166       143         132         140         -         -       298       283         589
 Recurring                                                   147       122         132         140         -         -       279       262         523
 Single                                                       19        21           -           -         -         -        19        21          66
Sanlam Investment Group                                    1 722     1 383           -           -    51 707    57 600    53 429    58 983     123 407
Investment Management SA                                       -         -           -           -    36 845    45 807    36 845    45 807      91 492
Wealth Management(4)                                           -         -           -           -     5 313     5 565     5 313     5 565      14 902
International(4)                                           1 722     1 383           -           -     9 549     6 228    11 271     7 611      17 013
 Recurring                                                    22        17           -           -         2         4        24        21          44
 Single                                                    1 700     1 366           -           -     9 547     6 224    11 247     7 590      16 969
Santam                                                         -         -      11 122      10 551         -         -    11 122    10 551      21 435
Sanlam Corporate                                           1 855     2 041           -           -       687         -     2 542     2 041       4 828
 Recurring                                                   332       294           -           -         -         -       332       294         570
 Single                                                    1 523     1 747           -           -       687         -     2 210     1 747       4 258
Total new business                                        23 192    21 267      14 852      13 274    71 478    75 716   109 522   110 257     230 188

(1) Life insurance business relates to business written under a life licence that is included in the calculation of embedded value of covered
    business.
(2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a life insurance
    policy where there is very little or no insurance risk. Life licence business is excluded from the calculation of embedded value of 
    covered business.
(3) Comparative information has been adjusted to reflect the revised management structure implemented in 2017.
(4) Comparative information has been adjusted for the reallocation of business units between the International and Wealth Management sub-cluster.

                                                                                                          Investment
                                                         Life insurance(1)       General insurance        business(2)          Total                  
                                                            June      June        June        June      June      June      June      June    December
                                                        Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                   2018      2017        2018        2017      2018      2017      2018      2017        2017
Recurring premiums on existing funds:
Sanlam Personal Finance                                    8 880     8 448           -           -        89       102     8 969     8 550      17 821
 Recurring premium sub cluster and SBD                     6 574     5 987           -           -        89       102     6 663     6 089      12 773
 Sky                                                       2 259     2 424           -           -         -         -     2 259     2 424       4 998
 Glacier                                                      47        37           -           -         -         -        47        37          50                                                                                                                                     
Sanlam Emerging Markets                                    2 831     2 720           -           -        95         -     2 926     2 720       5 295
 Namibia                                                     551       562           -           -         -         -       551       562       1 117
 Botswana                                                    667       581           -           -         -         -       667       581       1 247
 Rest of Africa (excluding Saham Finances)                   440       477           -           -        95         -       535       477         830
 Saham Finances                                              197       163           -           -         -         -       197       163         261
 India                                                       315       280           -           -         -         -       315       280         494
 Malaysia                                                    661       657           -           -         -         -       661       657       1 346
Sanlam Investment Group                                      179       179           -           -        25     1 199       204     1 378       3 088
 Investment Management SA                                      -         -           -           -         -     1 171         -     1 171       2 681
 International                                               179       179           -           -        25        28       204       207         407
Sanlam Corporate                                           2 632     2 786           -           -     1 978         -     4 610     2 786       5 367   
Total funds received                                      37 714    35 400      14 852      13 274    73 665    77 017   126 231   125 691     261 759

(1) Life insurance business relates to business written under a life licence that is included in the calculation of embedded value of covered
    business.
(2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a life insurance
    policy where there is very little or no insurance risk. Life licence business is excluded from the calculation of embedded value of 
    covered business.

6.2  Analysis of payments to clients

                                                                                                          Investment
                                                         Life insurance(1)       General insurance        business(2)          Total
                                                            June      June        June        June      June      June      June      June    December
                                                        Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                   2018      2017        2018        2017      2018      2017      2018      2017        2017
Sanlam Personal Finance(3)                                20 901    20 377           -           -    12 313    12 826    33 214    33 203      67 982
Recurring premium sub cluster and SBD                      9 344     9 311           -           -       246       300     9 590     9 611      19 685
 Surrenders                                                1 218     1 285           -           -         -         -     1 218     1 285       2 573
 Other                                                     8 126     8 026           -           -       246       300     8 372     8 326      17 112
Sky                                                        1 567     1 331           -           -         -         -     1 567     1 331       2 830
 Surrenders                                                  224       232           -           -         -         -       224       232         448
 Other                                                     1 343     1 099           -           -         -         -     1 343     1 099       2 382
Glacier                                                    9 990     9 735           -           -    12 067    12 526    22 057    22 261      45 467
 Surrenders                                                1 588     1 402           -           -         -         -     1 588     1 402       3 479
 Other                                                     8 402     8 333           -           -    12 067    12 526    20 469    20 859      41 988
Sanlam Emerging Markets                                    3 545     3 894       2 236       1 771     5 351     5 264    11 132    10 929      25 058
Namibia                                                      965     1 389           -           -     3 474     3 294     4 439     4 683       9 815
 Surrenders                                                   81       413           -           -         -         -        81       413         504
 Other                                                       884       976           -           -     3 474     3 294     4 358     4 270       9 311
Botswana                                                     685       840          37          35     1 820     1 570     2 542     2 445       6 985
 Surrenders                                                  106       190           -           -         -         -       106       190         409
 Other                                                       579       650          37          35     1 820     1 570     2 436     2 255       6 576
Rest of Africa (excluding Saham Finances)                    586       589         207         213        57       400       850     1 202       2 409
 Surrenders                                                   57       107           -           -         -         -        57       107         156
 Other                                                       529       482         207         213        57       400       793     1 095       2 253
Saham Finances                                               241       132       1 252         678         -         -     1 493       810       2 114
India                                                        235       227         682         778         -         -       917     1 005       2 054
 Surrenders                                                   94        98           -           -         -         -        94        98         243
 Other                                                       141       129         682         778         -         -       823       907       1 811
Malaysia                                                     833       717          58          67         -         -       891       784       1 681
 Surrenders                                                  199       196           -           -         -         -       199       196         521
 Other                                                       634       521          58          67         -         -       692       588       1 160
Sanlam Investment Group                                    1 938     1 896           -           -    48 284    49 233    50 222    51 129     110 385
 Investment Management SA                                      -         -           -           -    32 963    35 890    32 963    35 890      80 926
 Wealth Management(4)                                          -         -           -           -     5 615     7 850     5 615     7 850      16 139
 International(4)                                          1 938     1 896           -           -     9 706     5 493    11 644     7 389      13 320
Santam                                                         -         -       6 919       7 253         -         -     6 919     7 253      14 170
Sanlam Corporate                                           5 163     4 298           -           -     2 342         -     7 505     4 298       9 589
 Surrenders                                                  979       972           -           -       402         -     1 381       972       1 817
 Other                                                     4 184     3 326           -           -     1 940         -     6 124     3 326       7 772
Total payments to clients                                 31 547    30 465       9 155       9 024    68 290    67 323   108 992   106 812     227 184

(1) Life insurance business relates to business written under a life licence that is included in the calculation of embedded value of covered
    business.
(2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a life insurance
    policy where there is very little or no insurance risk. Life licence business is excluded from the calculation of embedded value of
    covered business.
(3) Comparative information has been adjusted to reflect the revised management structure implemented in 2017.
(4) Comparative information has been adjusted for the reallocation of business units between the International and Wealth Management 
    sub-cluster.

6.3  Analysis of net inflow/(outflow) of funds

                                                                                                          Investment
                                                        Life insurance(1)       General insurance         business(2)          Total                  
                                                            June      June        June        June      June      June      June      June    December
                                                        Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                   2018      2017        2018        2017      2018      2017      2018      2017        2017
Sanlam Personal Finance(3)                                 4 940     3 207           -           -     1 837       754     6 777     3 961       8 454
 Recurring premium sub cluster and SBD                    (1 178)   (2 103)          -           -       (83)     (124)   (1 261)   (2 227)     (4 074)
 Sky                                                       1 886     1 768           -           -         -         -     1 886     1 768       3 623
 Glacier                                                   4 232     3 542           -           -     1 920       878     6 152     4 420       8 905
Sanlam Emerging Markets                                    1 940     1 533       1 494         952      (233)     (626)    3 201     1 859       2 140
 Namibia                                                     197      (117)          -           -      (799)   (1 369)     (602)   (1 486)     (3 105)
 Botswana                                                    799       565          45          45       (37)      787       807     1 397       1 399
 Rest of Africa (excluding Saham Finances)                   475       543         186         192       603       (44)    1 264       691       1 396
 Saham Finances                                               17        64       1 108         669         -         -     1 125       733       1 532
 India                                                       458       395          81         (27)        -         -       539       368         664
 Malaysia                                                     (6)       83          74          73         -         -        68       156         254
Sanlam Investment Group                                      (37)     (334)          -           -     3 448     9 566     3 411     9 232      16 110
 Investment Management SA                                      -         -           -           -     3 882    11 088     3 882    11 088      13 247
 Wealth Management(4)                                          -         -           -           -      (302)   (2 285)     (302)   (2 285)       (147)
 International(4)                                            (37)     (334)          -           -      (132)      763      (169)      429       3 010
Santam                                                         -         -       4 203       3 298         -         -     4 203     3 298       7 265
Sanlam Corporate                                            (676)      529           -           -       323         -      (353)      529         606
Total net inflow                                           6 167     4 935       5 697       4 250     5 375     9 694    17 239    18 879      34 575

(1) Life insurance business relates to business written under a life licence that is included in the calculation of embedded value of covered
    business.
(2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a life insurance
    policy where there is very little or no insurance risk. Life licence business is excluded from the calculation of embedded value of 
    covered business.
(3) Comparative information has been adjusted to reflect the revised management structure implemented in 2017.
(4) Comparative information has been adjusted for the reallocation of business units between the International and Wealth Management 
    sub-cluster.

7.  Cluster Information
7.1  Sanlam Personal Finance

Analysis of earnings  

                                                           Life insurance      Non-life operations          Total
                                                            June      June        June        June      June      June  December
                                                        Reviewed  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed   Audited
R million                                                   2018      2017        2018        2017      2018      2017      2017
Net result from financial services                         1 925     1 930         171         203     2 096     2 133     4 235
 Recurring premium sub cluster                             1 054       960           6           6     1 060       966     1 856
 Sanlam Sky                                                  487       450           -           -       487       450       875
 Glacier                                                     348       484          94         110       442       594     1 264
 SBD and other                                                36        36          71          87       107       123       240
 Net investment return                                       122       229          99         (26)      221       203       490
  Operations                                                 122       229           6           6       128       235       489
  Discretionary capital and other                              -         -          93         (32)       93       (32)        1
 Net other earnings                                          (26)      (20)          -           -       (26)      (20)      (45)
Normalised attributable earnings                           2 021     2 139         270         177     2 291     2 316     4 680

Analysis of change in GEV - covered business
                                                                             Total         Value of in-force   Cost of capital      Net asset value
                                                                      June        June        June      June      June      June      June      June    December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017        2017
Operational earnings                                                 3 218       2 942         951       886       130        73     2 137     1 983       5 984
 Value of new life insurance business                                  622         585       1 776     1 565       (44)      (58)   (1 110)     (922)      1 407
 Unwinding of discount rate                                          1 914       1 822       1 872     1 763        42        59         -         -       3 661
 Expected profit                                                         -           -      (2 711)   (2 494)        -         -     2 711     2 494           -
 Operating experience variances                                        712         415          38        44       175        75       499       296       1 107
  Risk experience                                                      209         208           -        72        (1)       (5)      210       141         401
  Persistency                                                          (53)        (86)         42       (38)        4         2       (99)      (50)       (100)
  Maintenance expenses                                                  32           1          (1)       (1)        -         -        33         2          10
  Working capital management                                           150         138           -         2         -         -       150       136         346
  Credit spread                                                         60          87          (2)        -         -         -        62        87         186
  Other                                                                314          67          (1)        9       172        78       143       (20)        264
 Operating assumption changes                                          (30)        120         (24)        8       (43)       (3)       37       115        (191)
  Risk experience                                                        -          70           -        43         -         2         -        25         118
  Persistency                                                            -           -           -         -         -         -         -         -         (80)
  Maintenance expenses                                                  67          40          35        (1)        1         -        31        41        (182)
  Modelling changes and other                                          (97)         10         (59)      (34)      (44)       (5)        6        49         (47)
Net investment return                                                  122         229           -         -         -         -       122       229         481
  Expected return on adjusted net asset value                          175         291           -         -         -         -       175       291         432
  Investment variances on adjusted net asset value                     (53)        (62)          -         -         -         -       (53)      (62)         49
Valuation and economic basis                                        (1 104)         63        (910)       90         -        26      (194)      (53)        636
 Investment variances on in-force business                            (742)       (140)       (566)     (107)       19        16      (195)      (49)        375
 Economic assumption changes                                          (362)        203        (344)      197       (19)       10         1        (4)        261
  Investment yields                                                   (356)        203        (338)      197       (19)       10         1        (4)        261
  Long-term asset mix and other                                         (6)          -          (6)        -         -         -         -         -           -
Change in tax basis                                                    (38)          -         (20)        -         -         -       (18)        -           -
Goodwill and VOBA from business combinations                            (4)          -          (4)        -         -         -         -         -        (442)
GEV earnings: covered business                                       2 194       3 234          17       976       130        99     2 047     2 159       6 659
 Acquired value of in-force                                              8           -           7         -         -         -         1         -         721
 Transfers from/(to) other Group operations                            298        (838)          -         -         -       321       298    (1 159)     (1 158)
 Transfers from covered business                                    (3 040)     (2 688)          -         -         -         -    (3 040)   (2 688)     (4 892)
Embedded value of covered business at the beginning of the period   39 546      38 216      34 682    31 823    (1 392)   (1 965)    6 256     8 358      38 216
Embedded value of covered business at the end of the period         39 006      37 924      34 706    32 799    (1 262)   (1 545)    5 562     6 670      39 546

Assets under management

                                                                      June    December
                                                                  Reviewed     Audited
R million                                                             2018        2017
Sanlam Sky: Life insurance operations                                5 578       5 562
Recurring premium sub cluster                                      162 726     171 820
 Life insurance operations                                         160 744     169 737
 Investment operations                                               1 982       2 083
Glacier                                                            317 599     299 905
 Life insurance operations                                         183 568     168 690
 Investment operations                                             134 031     131 215
Total                                                              485 903     477 287
Life insurance operations                                          349 890     343 989
Investment operations                                              136 013     133 298
                                                                   485 903     477 287
Sanlam Personal Loans
Gross size of loan book (R million)                                  4 861       4 690
Interest margin                                                      16,4%       16,6%
Bad debt ratio                                                        5,3%        4,3%
Administration cost as % of net interest                             30,2%       31,1%

7.2  Sanlam Emerging Markets

Analysis of earnings
                                                                      June        June    December
                                                                  Reviewed    Reviewed     Audited
R million                                                             2018        2017        2017
Net result from financial services                                     911         771       1 793
 Life insurance                                                        290         320         645
 General insurance                                                     294         160         379
 Investment management                                                  24          25          58
 Credit and banking                                                    322         292         760
 Other                                                                 (19)        (26)        (49)
Net investment return                                                  283         155         328
 Net investment income                                                 115          84         201
 Net investment surpluses                                              168          71         127
Net other earnings                                                    (110)        125         936
 Project expenses                                                      (39)        (31)        (99)
 Amortisation of value of business acquired and other intangibles      (26)        (19)        (44)
 Profit on disposal of subsidiaries and associated companies             3           5       1 159
 Net equity-accounted headline earnings                                  -           5          10
 Impairments                                                           (48)        (14)       (230)
 Net equity-accounted non-headline earnings                              -         179         140

Normalised attributable earnings                                     1 084       1 051       3 057


Analysis of net result from financial services

                                                                   Life insurance        Non-life operations         Total
                                                                      June        June        June      June      June      June  December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed   Audited
R million                                                             2018        2017        2018      2017      2018      2017      2017
Namibia                                                                 63          73          85        80       148       153       344
Botswana                                                               107          88          42        67       149       155       356
Rest of Africa (excluding Saham Finances)                               62         110         (24)      (24)       38        86       134
Saham Finances                                                          44          24         190        92       234       116       243
India                                                                   15          15         313       238       328       253       759
Malaysia                                                                (1)         10           9        10         8        20        24
Corporate and other                                                      -           -           6       (12)        6       (12)      (67)
Net result from financial services                                     290         320         621       451       911       771     1 793

Analysis of net investment return
                                                                    Life insurance       Non-life operations         Total
                                                                      June        June        June      June      June      June  December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed   Audited
R million                                                             2018        2017        2018      2017      2018      2017      2017
Namibia                                                                 19          24          63         6        82        30       114
Botswana                                                                 9          (4)         31         -        40        (4)        5
Rest of Africa (excluding Saham Finances)                               39          35         (13)        2        26        37       113
Saham Finances                                                           7           8         107        27       114        35       130
India                                                                    8          14          34        19        42        33        22
Malaysia                                                                 1          10           2         3         3        13        16
Corporate and other                                                      -          11         (24)        -       (24)       11       (72)
Net investment return                                                   83          98         200        57       283       155       328

Analysis of change in GEV - covered business

                                                                           Total           Value of in-force    Cost of capital    Net asset value
                                                                      June        June        June      June      June      June      June      June    December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed     Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017        2017
Operational earnings                                                   478         476         216       172       (34)      (30)      296       334         817
 Value of new life insurance business                                  150         171         355       331       (24)      (15)     (181)     (145)        347
 Unwinding of discount rate                                            259         273         242       266        17         7         -         -         494
 Expected profit                                                         -           -        (420)     (429)        -         -       420       429           -
 Operating experience variances                                         85          64          42       (12)       (8)        7        51        69          25

  Risk experience                                                       17          32          17         1        (3)       (1)        3        32          83
  Persistency                                                           (7)        (21)         10       (20)       (6)        9       (11)      (10)         (3)
  Maintenance expenses                                                  (7)          4          (1)        3         -         2        (6)       (1)        (11)
  Working capital management                                            17          28           -         -         -         -        17        28          48
  Other                                                                 65          21          16         4         1        (3)       48        20         (92)
 Operating assumption changes                                          (16)        (32)         (3)       16       (19)      (29)        6       (19)        (49)
  Risk experience                                                       14           1          14         7         -         -         -        (6)         42
  Persistency                                                          (15)          -         (13)        7        (3)       (3)        1        (4)        (35)
  Maintenance expenses                                                 (12)        (32)        (11)      (11)        -         -        (1)      (21)        (46)
  Modelling changes and other                                           (3)         (1)          7        13       (16)      (26)        6        12         (10)

Net investment return                                                  324          46           -         -         -         -       324        46         (29)
 Expected return on adjusted net asset value                           104          95           -         -         -         -       104        95         186
 Investment variances on adjusted net asset value                      220         (49)          -         -         -         -       220       (49)       (215)
Net project expenses                                                   (13)          -           -         -         -         -       (13)        -           -
Valuation and economic basis                                            54         669          86       699       (25)      (16)       (7)      (14)        (58)
 Investment variances on in-force business                             (38)        (23)        (47)        7        (2)      (15)       11       (15)         78
 Economic assumption changes                                          (106)        (10)        (93)       (6)        5        (5)      (18)        1          19
  Investment yields                                                   (111)        (11)        (92)       (7)       (1)       (5)      (18)        1          45
  Long-term asset mix assumptions and other                              5           1          (1)        1         6         -         -         -         (26)
 Foreign currency translation differences                              198         (43)        226       (47)      (28)        4         -         -        (155)
 Revaluation of business held for sale                                   -         745           -       745         -         -         -         -           -
Change in tax basis                                                      4           -           4         -        (1)        -         1         -           -
Profit on disposal of subsidiaries and associated companies              -           -           -         -         -         -         -         -         789
Goodwill and VOBA from business combinations                             -         (43)          -       (43)        -         -         -         -         (43)
GEV earnings: covered business                                         847       1 148         306       828       (60)      (46)      601       366       1 476
 Acquired value of in-force                                              -         690           -       423         -         -         -       267         722
 Disposal of businesses                                                  -           -           -         -         -         -         -         -      (1 331)
 Transfers from covered business                                      (285)       (262)          -         -         -         -      (285)     (262)       (551)
Embedded value of covered business at the beginning of the period    6 686       6 370       4 045     3 871      (380)     (358)    3 021     2 857       6 370
Embedded value of covered business at the end of the period          7 248       7 946       4 351     5 122      (440)     (404)    3 337     3 228       6 686


Analysis of Saham Finances
                                                                                  June        June               June                          June
                                                                              Reviewed    Reviewed             Reviewed                      Reviewed
                                                                                  2018        2017               2018                           2017
                                                                                                            San JV (46,7%)                San JV (34,2%)
                                                                                                                       Remaining                      Remaining
                                                                                   Saham Total           SEM    Santam  interest       SEM    Santam   interest  
R million                                                                             (100%)         (39,7%)      (7%)   (53,3%)   (26,9%)    (7,3%)    (65,8%)
Gross written premiums                                                           8 666       8 010     3 434       607     4 625     2 158       585      5 267
Net earned premium                                                               6 391       5 945     2 533       447     3 411     1 601       436      3 908
Net claims incurred                                                             (3 901)     (3 829)   (1 546)     (273)   (2 082)   (1 032)     (281)    (2 516)
Net commission                                                                    (671)       (612)     (266)      (47)     (358)     (165)      (45)      (402)
Management expenses                                                             (1 174)     (1 382)     (465)      (82)     (627)     (371)     (101)      (910)
Underwriting result                                                                645         122       256        45       344        33         9         80
Investment return on insurance funds                                               508         736       201        36       271       198        53        485
Net insurance result                                                             1 153         858       457        81       615       231        62        565
Tax and non-controlling interest                                                  (513)       (409)     (203)      (36)     (274)     (101)      (30)      (278)
Net result from Financial Services before cluster-level cost allocation            640         449       254        45       341       130        32        287
Allocation of cluster overhead costs                                               (20)        (14)      (20)        -         -       (14)        -          -
Net result from financial services                                                 620         435       234        45       341       116        32        287
 
Analysis of gross written premium

                                                                                   Life insurance    General Insurance      Reinsurance           Total
                                                                                  June        June      June      June      June      June       June      June
                                                                              Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed   Reviewed  Reviewed
R million                                                                         2018        2017      2018      2017      2018      2017       2018      2017
Morocco                                                                            831         742     3 213     3 162         -         -      4 044     3 904
Lebanon                                                                            337         341       311       341         -         -        648       682
Mauritius                                                                            -           -         -         -       674       527        674       527
Ivory Coast                                                                        274         244       839       739         -         -      1 113       983
Angola                                                                              30          35       730       667         -         -        760       702
Other                                                                              196         150     1 319     1 193       589       567      2 104     1 910
Consolidation                                                                      (16)        (99)      (75)      (32)     (586)     (567)      (677)     (698)
Gross written premium                                                            1 652       1 413     6 337     6 070       677       527      8 666     8 010

Analysis of underwriting result
                                    
                                                                                   Life Insurance    General Insurance     Reinsurance           Total
                                                                                  June        June      June      June      June      June       June      June
                                                                              Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed   Reviewed  Reviewed
R million                                                                         2018        2017      2018      2017      2018      2017       2018      2017
Morocco                                                                             62          5        254       126         -         -        316       131
Lebanon                                                                              2         (1)         2        (1)        -         -          4        (2)
Mauritius                                                                            -          -          -         -       290       256        290       256
Ivory Coast                                                                        (26)       (68)        61        48         -         -         35       (20)
Angola                                                                               -         (1)         7       (10)        -         -          7       (11)
Other                                                                              (43)       (38)        72       (39)      (36)     (155)        (7)     (232)
Underwriting result                                                                 (5)      (103)       396       124       254       101        645       122


Investment in Saham Finances
                                                                                  June
                                                                              Reviewed
R million                                                                         2018
Assets                                                                          59 221
 Intangible assets                                                               5 031
 Investment assets                                                              30 319
 Other assets                                                                   23 871
Liabilities                                                                    (43 243)
 Policy liabilities                                                            (35 174)
 Other liabilities                                                              (8 069)
Net asset value                                                                 15 978
 Non-controlling interest                                                        4 039
 Shareholders' fund                                                             11 939

Calculated carrying value                                                        5 567
Foreign currency hedge                                                            (574)
Goodwill recognised in the carrying value of associate                           5 719
Carrying value                                                                  10 712

Assets under management
                                                                                  June    December
                                                                              Reviewed     Audited
R million                                                                         2018        2017
Life insurance operations                                                       47 790      48 769
Investment operations                                                           70 368      63 908
 Namibia                                                                        22 248      23 190
 Botswana                                                                       12 609      11 535
 Rest of Africa                                                                 35 511      29 183

Assets under management                                                        118 158     112 677

Size of loan book (Sanlam share)
                                                                                  June    December
                                                                              Reviewed     Audited
R million                                                                         2018        2017
Shriram Transport Finance Company                                               18 670      16 194
Shriram City Union Finance                                                       4 850       4 253
Capricorn Investment Holdings                                                    8 410       7 912
Letshego                                                                         1 859       1 651


7.3 Sanlam Investment Group
Analysis of net result from financial services

                                                                                   Life Insurance  Non-life operations         Total
                                                                                  June        June      June      June      June      June
                                                                              Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed
R million                                                                         2018        2017      2018      2017      2018      2017
Investment Management                                                               43          39       281       325       324       364
 Investment Management SA                                                            -           -       122       133       122       133
 Wealth Management                                                                   -           -        64        60        64        60
 International                                                                      43          39        95       132       138       171
Sanlam Specialised Finance                                                          83          71       116       138       199       209
Net result from financial services(1)                                              126         110       397       463       523       573

(1) Included in net result from financial services are performance fees of R5,5m (2017: R23,8m) net of tax.

Analysis of change in GEV - covered business

                                                                                        Total        Value of in-force   Cost of capital     Net asset value
                                                                                  June        June      June      June      June      June      June      June      December
                                                                              Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed       Audited
R million                                                                         2018        2017      2018      2017      2018      2017      2018      2017          2017
Operational earnings                                                                84         100        (2)      (11)      (27)        7       113       104           239
 Value of new life insurance business                                                -           -        32        26        (4)       (4)      (28)      (22)            -
 Unwinding of discount rate                                                         44          33        24        23        20        10         -         -            89
 Expected profit                                                                     -           -       (54)      (53)        -         -        54        53             -
 Operating experience variances                                                     68          65        (4)       (9)      (15)        1        87        73           136

  Risk experience                                                                    1           4         -         -         -         -         1         4             6
  Persistency                                                                        2           1         3         2        (1)       (1)        -         -            10
  Maintenance expenses                                                              (2)          -         -         -         -         -        (2)        -            (5)
  Credit spread                                                                     84          71         -         -         -         -        84        71           138
  Other                                                                            (17)        (11)       (7)      (11)      (14)        2         4        (2)          (13)
 Operating assumption changes                                                      (28)          2         -         2       (28)        -         -         -            14
  Risk experience                                                                    -           -         -         -         -         -         -         -            23
  Maintenance expenses                                                               -           -         -         -         -         -         -         -           (21)
  Modelling changes and other                                                      (28)          2         -         2       (28)        -         -         -            12

Net investment return                                                              103          35         -         -         -         -       103        35           176
 Expected return on adjusted net asset value                                        76          40         -         -         -         -        76        40           157
 Investment variances on adjusted net asset value                                   27          (5)        -         -         -         -        27        (5)           19

Valuation and economic basis                                                        71          18        64        16        (6)       (3)       13         5           (12)
 Investment variances on in-force business                                           4          19       (10)       14         -         -        14         5            (8)
 Economic assumption changes                                                        13          (5)        8        (3)        6        (2)       (1)        -             4
  Investment yields                                                                  4          (5)        -        (3)        5        (2)       (1)        -             4
  Long-term asset mix assumptions and other                                          9           -         8         -         1         -         -         -             -
 Foreign currency translation differences                                           54           4        66         5       (12)       (1)        -         -            (8)

GEV earnings: covered business                                                     258         153        62         5       (33)        4       229       144           403
 Transfers from/(to) other Group operations                                         42       1 097         -         -         -      (444)       42     1 541         1 559
 Transfers from covered business                                                  (179)        (71)        -         -         -         -      (179)      (71)         (331)
Embedded value of covered business at the beginning of the period                2 768       1 137       828       828      (704)     (157)    2 644       466         1 137
Embedded value of covered business at the end of the period                      2 889       2 316       890       833      (737)     (597)    2 736     2 080         2 768


Assets under management

                                                                                    Assets under                           Administration
                                                                                     management          Fee income             cost
                                                                                  June    December      June  December      June  December
                                                                              Reviewed     Audited  Reviewed   Audited  Reviewed   Audited
                                                                                  2018        2017      2018      2017      2018      2017
                                                                             R million   R million         %         %         %         %
Investment Management
 Investment Management SA(1)                                                   731 880     730 565      0,32      0,31      0,24      0,24
 Wealth Management(2)                                                          155 061     163 132      0,54      0,59      0,42      0,46
  Annuity assets                                                                75 416      72 559
  Non-annuity assets                                                            79 645      90 573
 International(2)                                                              175 337     154 836      0,76      0,84      0,58      0,63
 Central Credit Manager & Intra-cluster eliminations                          (221 527)   (217 257)
Asset management operations                                                    840 751     831 276
Covered business
 Sanlam UK                                                                      49 478      45 470
 Central Credit Manager                                                         31 120      30 754
Assets under management                                                        921 349     907 500


Asset mix of assets under management: asset management operations

                                                                                 Fixed    
R million                                                                     interest    Equities  Offshore Properties     Cash     Total
June - reviewed
2018
Investment Management SA                                                       159 285     332 375    97 949    24 132   118 139   731 880
Wealth Management                                                                    -     116 485    34 719         -     3 857   155 061
International                                                                        -           -   175 337         -         -   175 337
Central Credit Manager & Intra-cluster consolidation                                                                              (221 527)
Total                                                                          159 285     448 860   308 005    24 132   121 996   840 751

December - audited
2017
Investment Management SA                                                       160 970     341 651    76 017    21 794   130 133   730 565
Wealth Management(2)                                                                 -     129 090    29 957         -     4 085   163 132
International(2)                                                                     -           -   154 836         -         -   154 836
Central credit manager & Intra-cluster consolidation                                                                              (217 257)
Total                                                                          160 970     470 741   260 810    21 794   134 218   831 276

(1) Includes Sanlam assets of R273bn (December 2017: R269bn).
(2) Comparative information has been adjusted for the reallocation of businesses between Wealth Management and International sub-clusters.
 
7.4 Santam
        
                                                                                  June        June  December
                                                                              Reviewed    Reviewed   Audited
R million                                                                         2018        2017      2017
Business volumes
Gross written premiums                                                          15 591      13 795    29 720
Net earned premiums                                                             11 122      10 551    21 435
Net fund flows                                                                   4 203       3 298     7 265


Insurance activities
 
                                                                             
                                                                                  Gross written          Underwriting
                                                                                    premiums               result
                                                                                  June        June      June      June
                                                                              Reviewed    Reviewed  Reviewed  Reviewed
R million                                                                         2018        2017      2018      2017
Conventional insurance                                                          13 122      12 085       916       428
 Motor                                                                           6 349       5 944       513       459
 Property                                                                        4 763       4 188       280      (415)
 Engineering                                                                       608         645       127       114
 Liability                                                                         563         566       (49)       93
 Transportation                                                                    347         356       (16)       12
 Accident and health                                                               273         232        40        35
 Guarantee                                                                         124          77       (32)       (3)
 Other                                                                              95          77        53       133
Alternative risk                                                                 2 469       1 710        25        (6)
Total                                                                           15 591      13 795       941       422
Ratios
 Administration cost ratio(1)                                                                          17,7%     15,4%
 Claims ratio(1)                                                                                       62,2%     68,7%
 Underwriting margin(1)                                                                                 8,5%      4,0%
 Investment return on insurance funds margin                                                            2,7%      3,2%

(1) Ratios are calculated as a percentage of net earned premiums.

                                                                                       Total             Conventional     Alternative risk
                                                                                  June        June      June      June      June      June  December
                                                                              Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed   Audited
R million                                                                         2018        2017      2018      2017      2018      2017      2017
Earnings
Underwriting result                                                                941         422       916       428        25        (6)    1 281
 Net earned premiums                                                            11 122      10 551    10 948    10 250       174       301    21 435
 Net claims incurred                                                            (6 919)     (7 252)   (6 796)   (7 003)     (123)     (249)  (14 170)
 Net commission                                                                 (1 292)     (1 255)   (1 361)   (1 273)       69        18    (2 424)
 Management expenses (excluding BEE costs)                                      (1 970)     (1 622)   (1 875)   (1 546)      (95)      (76)   (3 560)
Investment return on insurance funds                                               301         338       263       296        38        42       648
Net insurance result                                                             1 242         760     1 179       724        63        36     1 929
Strategic participations                                                           139         101                                               244
 Saham Finances                                                                     81          62                                               118
 SEM target shares                                                                  58          39                                               126

Gross result from financial services                                             1 381         861                                             2 173
Tax and non-controlling interest                                                  (808)       (524)                                           (1 322)
Net result from financial services                                                 573         337                                               851


7.5  Sanlam Corporate
Business volumes
Sanlam Employee Benefits

                                                                                      Total            Life insurance  Investment business
                                                                                  June        June      June      June      June      June
                                                                              Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed
R million                                                                         2018        2017      2018      2017      2018      2017
New business volumes                                                             2 542       2 041     1 855     2 041       687         -
 Recurring premiums                                                                332         294       332       294         -         -
  Guaranteed                                                                       157         152       157       152         -         -
  Risk                                                                             175         142       175       142         -         -
 Single premiums                                                                 2 210       1 747     1 523     1 747       687         -
  Guaranteed                                                                       428         457       428       457         -         -
  Risk                                                                              11           4        11         4         -         -
  Retirement                                                                       791       1 041       791     1 041         -         -
  Annuity                                                                           96         152        96       152         -         -
  Special structures                                                               197          93       197        93         -         -
  Other                                                                            687           -         -         -       687         -


Analysis of earnings
                                                                                   Life insurance  Non-life operations          Total
R million                                                                         2018        2017      2018      2017      2018      2017
Net result from financial services                                                 236         177        72        67       308       244
 Sanlam Employee Benefits                                                          236         177         -         -       236       177
 Healthcare and other                                                                -           -        72        67        72        67
Net investment return                                                               44          95         -         -        44        95
 Net investment income                                                              47          45         -         -        47        45
 Net investment surpluses                                                           (3)         50         -         -        (3)       50
Net other earnings                                                                   -           -       (10)      (12)      (10)      (12)
Normalised attributable earnings                                                   280         272        62        55       342       327


Analysis of change in GEV - covered business

                                                                             Total         Value of in-force    Cost of capital      Net asset value
                                                                      June        June        June      June      June      June      June      June   December
                                                                  Reviewed    Reviewed    Reviewed  Reviewed  Reviewed  Reviewed  Reviewed  Reviewed    Audited
R million                                                             2018        2017        2018      2017      2018      2017      2018      2017       2017
Operational earnings                                                   507         266          39        78       228        11       240       177        572
 Value of new life insurance business                                   19          26          84        94       (16)      (28)      (49)      (40)        87
 Unwinding of discount rate                                            200         187         185       169        15        18         -         -        376
 Expected profit                                                         -           -        (197)     (166)        -         -       197       166          -
 Operating experience variances                                        213          51         (26)      (24)      128        21       111        54        290
  Risk experience                                                       20          17          (9)       (2)        -         -        29        19        (43)
  Persistency                                                            2          (8)         (6)      (22)        7         3         1        11        160
  Maintenance expenses                                                   4          (4)          -         -         -         -         4        (4)        (3)
  Working capital management                                            30          25           -         -         -         -        30        25         58
  Credit spread                                                         48          12           -         -         -         -        48        12         72
  Other                                                                109           9         (11)        -       121        18        (1)       (9)        46
 Operating assumption changes                                           75           2          (7)        5       101         -       (19)       (3)      (181)
  Maintenance expenses                                                  18          (1)         18        (1)        -         -         -         -         10
  Modelling changes and other                                           57           3         (25)        6       101         -       (19)       (3)      (191)

Net investment return                                                   44          95           -         -         -         -        44        95        302
 Expected return on adjusted net asset value                            90         130           -         -         -         -        90       130        245
 Investment variances on adjusted net asset value                      (46)        (35)          -         -         -         -       (46)      (35)        57
Valuation and economic basis                                           (17)        (14)        (46)      (18)       33         3        (4)        1        196
 Investment variances on in-force business                              (1)         24         (11)       21        14         2        (4)        1        246
 Economic assumption changes                                           (16)        (38)        (35)      (39)       19         1         -         -        (50)
  Investment yields                                                    (16)        (38)        (35)      (39)       19         1         -         -        (50)

GEV earnings: covered business                                         534         347          (7)       60       261        14       280       273      1 070
 Transfers from/(to) other Group operations                           (340)       (259)          -         -         -       123      (340)     (382)      (401)
 Transfers from covered business                                      (811)       (273)          -         -         -         -      (811)     (273)      (909)
 Acquired value of in-force                                            288           -         241         -         -         -        47         -          -
Embedded value of covered business at the beginning of the period    5 283       5 523       3 065     2 857      (899)   (1 054)    3 117     3 720      5 523
Embedded value of covered business at the end of the period          4 954       5 338       3 299     2 917      (638)     (917)    2 293     3 338      5 283

8. Normalised diluted earnings per share

                                                                                       June
                                                                              Reviewed    Reviewed
Cents                                                                             2018        2017
Normalised diluted earnings per share:
Net result from financial services                                               211,0       197,9
Headline earnings                                                                236,2       218,7
Profit attributable to shareholders' fund                                        232,6       233,4

R million
Analysis of normalised earnings (refer shareholders' fund 
income statement above):
Net result from financial services                                               4 393       4 056
Headline earnings                                                                4 917       4 481
Profit attributable to shareholders' fund                                        4 841       4 783

Reconciliation of normalised headline earnings:
Headline earnings per note 1 below                                               5 126       4 565
Add/(Less): Fund transfers                                                        (209)        (84)
Normalised headline earnings                                                     4 917       4 481
                                                                               
                                                                               Million     Million
Adjusted number of shares:
Weighted average number of shares for diluted earnings per share 
(refer note 1 below)                                                           2 062,3      2026,0
Add: Weighted average Sanlam shares held by policyholders                         19,4        23,2
Adjusted weighted average number of shares for normalised diluted earnings 
per share                                                                      2 081,7     2 049,2

9. Value per share
Net asset value per share is calculated on the Group shareholders' fund at net asset value of R64 124 million (2017: R57 820 million), 
divided by 2 112,8 million (2017: 2 049,9 million) shares.

Equity value per share is calculated based on the Group Equity Value of R128 668 million (2017: R121 763 million), divided by 2 112,8 million
(2017: 2 049,9 million) shares.
                                                                                  June    December
                                                                              Reviewed     Audited
R million                                                                         2018        2017
Number of shares for value per share
Number of ordinary shares in issue at beginning of period                      2 166,5     2 166,5
Shares held by subsidiaries in shareholders' fund                               (139,0)     (137,4)
Shares issued                                                                     65,5         0,0
Outstanding shares in respect of Sanlam Limited long-term incentive schemes       19,8        20,8
Adjusted number of shares for value per share                                  2 112,8     2 049,9

10. Present value of holding company expenses
The present value of holding company expenses has been calculated by applying a multiple of 8,9 (December 2017: 8,7) to the after tax 
recurring corporate expenses.

11. Shares issued
During 2018, Sanlam Limited issued 65 517 241 shares at a price of R87 per share. The shares issued represent approximately 3,0% of the 
Company's issued ordinary share capital of 2 166 471 806 prior to the issuance.

12. Share repurchases
Sanlam shareholders granted general authorities to the Group at the 2018 and 2017 annual general meetings to repurchase Sanlam shares in 
the market. The Group did not acquire any shares in 2018.

Interim condensed consolidated financial statements
Independent auditor's review report on interim condensed consolidated financial statements
To the shareholders of Sanlam Limited
Introduction

We have reviewed the condensed consolidated financial statements of Sanlam Limited, contained in the accompanying interim report, which 
comprise the condensed consolidated statement of financial position as at 30 June 2018 and condensed consolidated statements of 
comprehensive income, changes in equity and cash flow for the six-month period then ended, selected explanatory notes set out below, and 
the basis of accounting as set out above.

Directors' responsibility for the interim financial statements
The directors of Sanlam Limited are responsible for the preparation and presentation of these interim condensed consolidated financial 
statements in accordance with International Financial Reporting Standard IAS 34 - "Interim Financial Reporting", the SAICA Financial 
Reporting Guides, as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards 
Council and the requirements of the Companies Act of South Africa, and for such internal control as the directors determine is necessary to
enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditors' responsibility
Our responsibility is to express a conclusion on these interim condensed consolidated financial statements. We conducted our review in
accordance with International Standard of Review Engagements (ISRE) 2410, "Review of Interim Financial Information Performed by the 
Independent Auditor of the Entity". ISRE 2410 requires us to conclude whether anything has come to our attention that causes us to believe
that the interim financial statements are not prepared in all material respects in accordance with the applicable financial reporting 
framework. This standard also requires us to comply with relevant ethical requirements.

A review of interim financial information in accordance with ISRE 2410 is a limited assurance engagement. We perform procedures, primarily 
consisting of making inquiries of management and others within the entity, as appropriate, and applying analytical procedures, and evaluate
the evidence obtained.

The procedures performed in a review is substantially less than and differ in nature from those performed in an audit conducted in 
accordance with International Standards on Auditing. Accordingly, we do not express an audit opinion on these financial statements.

Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated 
financial statements of Sanlam Limited for the six-month period ended 30 June 2018 is not prepared, in all material respects, in accordance 
with International Financial Reporting Standard IAS 34, "Interim Financial Reporting", the SAICA Financial Reporting Guides as issued by 
the Accounting Practices Committee, the Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements 
of the Companies Act of South Africa.


Ernst & Young Inc.
Director: Christo du Toit
Registered Auditor
Chartered Accountant (SA)
No. 3 Dock Road
Waterway House
V&A Waterfront
Cape Town
5 September 2018

Group statement of financial position
at 30 June 2018

                                                                              Reviewed     Audited
                                                                                  June    December
R million                                                                         2018        2017
Assets
Equipment                                                                          939         876
Owner-occupied properties                                                          984         963
Goodwill                                                                         4 384       4 158
Value of business acquired                                                       2 033       1 930
Other intangible assets                                                            485         517
Deferred acquisition costs                                                       3 650       3 659
Long-term reinsurance assets                                                     1 093       1 063
Investments                                                                    689 677     656 020
 Properties                                                                     11 936      11 505
 Investment in associates and joint ventures                                    28 388      26 476
 Equities and similar securities                                               195 431     201 095
 Interest-bearing investments                                                  193 768     185 363
 Structured transactions                                                        18 598      15 381
 Investment funds                                                              188 679     177 235
 Cash, deposits and similar securities                                          52 877      38 965
Deferred tax asset                                                               1 931       2 083
Assets of disposal groups classified as held for sale                              608         321
General insurance technical assets                                               6 868       6 400
Working capital assets                                                          56 530      55 593
 Trade and other receivables                                                    39 479      33 633
 Cash, deposits and similar securities                                          17 051      21 960

Total assets                                                                   769 182     733 583
Equity and liabilities
Capital and reserves
 Share capital and premium                                                       5 657          22
 Treasury shares                                                                (3 997)     (3 811)
 Other reserves                                                                 10 417       9 084
 Retained earnings                                                              51 420      52 125
Shareholders' fund                                                              63 497      57 420
Non-controlling interests                                                        6 183       6 017
Total equity                                                                    69 680      63 437
Long-term policy liabilities                                                   537 640     524 441
 Insurance contracts                                                           178 447     178 868
 Investment contracts                                                          359 193     345 573
Term finance                                                                     6 527       6 426
Margin business                                                                  2 051       1 918
Other interest-bearing liabilities                                               4 476       4 508
Structured transaction liabilities                                              11 427       4 187
External investors in consolidated funds                                        67 313      62 329
Cell owners' interest                                                            3 220       3 217
Deferred tax liability                                                           2 273       2 435
General insurance technical provisions                                          19 671      18 668
Working capital liabilities                                                     51 431      48 443
 Trade and other payables                                                       48 815      46 507
 Provisions                                                                        273         333
 Taxation                                                                        2 343       1 603

Total equity and liabilities                                                   769 182     733 583

Group statement of comprehensive income
for the six months ended 30 June 2018

                                                                              Reviewed    Reviewed
R million                                                             Note        2018        2017
Net income                                                                      44 033      47 289
 Financial services income                                               3      33 629      30 465
 Reinsurance premiums paid                                                      (5 204)     (4 380)
 Reinsurance commission received                                                   948         742
 Investment income                                                              15 553      14 921
 Investment surpluses                                                             (513)      8 281
 Finance cost - margin business                                                    (70)        (54)
 Change in fair value of external investors' liability                            (310)     (2 686)

Net insurance and investment contract benefits and claims                      (22 924)    (28 084)
 Long-term insurance and investment contract benefits                          (16 626)    (21 390)
 General insurance claims                                                       (9 177)    (10 901)
 Reinsurance claims received                                                     2 879       4 207

Expenses                                                                       (14 103)    (12 485)
 Sales remuneration                                                             (4 801)     (4 073)
 Administration costs                                                           (9 302)     (8 412)

Impairments                                                                       (108)        (27)

Amortisation of intangibles                                                       (172)       (146)

Net operating result                                                             6 726       6 547
Equity-accounted earnings                                                        1 364       1 296
Finance cost - other                                                              (386)       (501)
Profit before tax                                                                7 704       7 342
Taxation                                                                        (2 158)     (1 962)
 Shareholders' fund                                                             (1 777)     (1 439)
 Policyholders' fund                                                              (381)       (523)

Profit for the period                                                            5 546       5 380
Other comprehensive income: to be recycled through profit or loss 
 in subsequent periods
 Movement in foreign currency translation reserve                                1 952        (306)
 Other comprehensive income of equity accounted investments                        (94)          4
 Movement in cash flow hedge                                                       965         (40)
Comprehensive income for the period                                              8 369       5 038

Allocation of comprehensive income:
Profit for the period                                                            5 546       5 380
 Shareholders' fund                                                              5 050       4 867
 Non-controlling interests                                                         496         513

Comprehensive income for the period                                              8 369       5 038
 Shareholders' fund                                                              7 624       4 622
 Non-controlling interests                                                         745         416

Earnings attributable to shareholders of the company (cents):
Profit for the period 
 Basic earnings per share                                                1       247,2       242,8
 Diluted earnings per share                                              1       244,9       240,2

Group statement of changes in equity
for the six months ended 30 June 2018

                                                                      Note    Reviewed    Restated
R million                                                                         2018        2017
Shareholders' fund
Balance at beginning of the period                                              57 420      53 390
IFRS transitional adjustments                                         10.1        (429)          -
Balance at beginning of the period - restated                                   56 991      53 390
Comprehensive income                                                             7 624       4 622
 Profit for the period                                                           5 050       4 867
 Other comprehensive income                                                      2 574        (245)
Net acquisition of treasury shares(1)                                             (860)       (245)
Share-based payments                                                               171         181
Acquisitions, disposals and other movements in interests                           (11)          -
Shares issued                                                                    5 635           -
Dividends paid(2)                                                               (6 053)     (5 400)

Balance at end of the period                                                    63 497      52 548
Non-controlling interests
Balance at beginning of the period                                               6 017       5 696
IFRS transitional adjustments                                         10.1         (12)          -
Balance at beginning of the period - restated                                    6 005       5 696
Comprehensive income                                                               745         416
 Profit for the period                                                             496         513
 Other comprehensive income                                                        249         (97)
Net acquisition of treasury shares(1)                                              (23)        (27)
Share-based payments                                                                15          16
Acquisitions, disposals and other movements in interests                            (8)         46
Dividends paid                                                                    (551)       (489)

Balance at end of the period                                                     6 183       5 658

Shareholders' fund                                                              56 991      53 390
Non-controlling interests                                                        6 005       5 696
Total equity at the beginning of the period                                     62 996      59 086

Shareholders' fund                                                              63 497      52 548
Non-controlling interests                                                        6 183       5 658
Total equity at the end of the period                                           69 680      58 206

(1) Comprises movement in cost of shares held by subsidiaries, the share incentive trust and other consolidated funds.
(2) Dividend of 290 cents per share declared and paid during 2018 in respect of the 2017 financial year (2017: 268 cents).

Group cash flow statement
for the six months ended 30 June 2018

                                                                              Reviewed    Restated
R million                                                             Note        2018        2017
Cash flows from operating activities                                             3 108       1 074
Cash utilised in operations                                            5.1      (4 119)     (4 989)
Interest received                                                                9 736       9 690
Interest paid                                                                     (456)       (555)
Dividends received                                                               5 927       4 873
Dividends paid                                                                  (6 500)     (5 768)
Taxation paid                                                                   (1 480)     (2 177)

Cash flows from investing activities                                              (336)     (4 185)
Acquisition of subsidiaries and associates                                        (336)     (4 185)

Cash flows from financing activities                                             4 828         548
Shares issued                                                                    5 635           -
Movement in treasury shares                                                       (883)       (272)
Term finance raised                                                                431       1 112
Term finance repaid                                                               (355)       (292)

Net increase in cash and cash equivalents                                        7 600      (2 563)
Effect of exchange rate movements on cash balances                                 905          (5)
Cash, deposits and similar securities at beginning of the period                55 419      52 621
Cash, deposits and similar securities at end of the period             5.2      63 924      50 053

Notes to the interim condensed consolidated financial statements
for the six months ended 30 June 2018

1.  Earnings per share
For basic earnings per share, the weighted average number of ordinary shares is adjusted for the treasury shares held by subsidiaries, 
consolidated investment funds and policyholders. Basic earnings per share is calculated by dividing earnings by the adjusted weighted 
average number of shares in issue.

For diluted earnings per share, the weighted average number of ordinary shares is adjusted for the shares not yet issued under the Sanlam 
Share Incentive Scheme and treasury shares held by subsidiaries, consolidated investment funds and policyholders.  Diluted earnings per 
share is calculated by dividing earnings by the adjusted diluted weighted average number of shares in issue.

Refer above for normalised earnings per share, which is based on the economic earnings attributable to the shareholders' fund, and in
management's view should also be used when evaluating the Group's economic performance.

                                                                              Reviewed    Reviewed
Cents                                                                             2018        2017
Basic earnings per share:
Headline earnings                                                                251,0       227,7
Profit attributable to shareholders' fund                                        247,2       242,8
Diluted earnings per share:
Headline earnings                                                                248,6       225,3
Profit attributable to shareholders' fund                                        244,9       240,2

R million
Analysis of earnings:
Profit attributable to shareholders' fund                                        5 050       4 867
Less: Net profit on disposal of operations                                          (3)       (150)
 Profit on disposal of subsidiaries and associated companies                         -        (188)
 Tax on profit on disposal of subsidiaries and associated companies                 (5)          -
 Non-controlling interests                                                           2          38
Less: Equity-accounted non-headline earnings                                         5        (173)
Plus: Impairments                                                                   74          21
 Gross impairments                                                                 108          27
 Tax on impairments                                                                 (1)         (1)
 Non-controlling interests                                                         (33)         (5)

Headline earnings                                                                5 126       4 565

Million
Number of shares:
Number of ordinary shares in issue at beginning of the period                  2 166,5     2 166,5
Add: Weighted number of shares issued                                             32,8           -
Less:  Weighted Sanlam shares held by subsidiaries and consolidated 
        investment funds (including policyholders)                              (156,8)     (161,6)
Adjusted weighted average number of shares for basic earnings per share        2 042,5     2 004,9
Add: Number of shares in respect of Sanlam Limited long-term incentive 
      schemes                                                                     19,8        21,1
Adjusted weighted average number of shares for diluted earnings per share      2 062,3     2 026,0


2.  Reconciliation of segmental information

                                                                              Reviewed    Reviewed
R million                                                                         2018        2017
Segment financial services income (per shareholders' fund income statement)     30 594      28 004
 Sanlam Personal Finance                                                         9 301       8 471
 Sanlam Emerging Markets                                                         4 000       3 525
 Sanlam Investment Group                                                         2 880       2 627
 Santam                                                                         11 562      10 990
 Sanlam Corporate                                                                2 712       2 257
 Group Office and other                                                            139         134
IFRS adjustments                                                                 3 035       2 461
Total financial services income                                                 33 629      30 465

Segment results (per shareholders' fund income statement after tax and 
 non-controlling interest)                                                       4 841       4 783
 Sanlam Personal Finance(1)                                                      2 291       2 316
 Sanlam Emerging Markets                                                         1 084       1 051
 Sanlam Investment Group                                                           522         596
 Santam                                                                            644         523
 Sanlam Corporate                                                                  342         327
 Group Office and other(1)                                                         (42)        (30)
Non-controlling interests included in segment result                               496         513
Fund transfers                                                                     209          84
Total profit for the period                                                      5 546       5 380

Segment IFRS 15 revenue from contracts with customers(2)
 Sanlam Personal Finance                                                         2 213
 Sanlam Emerging Markets                                                           143
 Sanlam Investment Group                                                         2 854
 Sanlam Corporate                                                                  844

Total revenue in the scope of IFRS 15                                            6 054

(1) Previously, investment return included returns on the investment in Sanlam Limited Shares that were eliminated in Group Office and Other.
    Since the 2017 year end, the elimination is done within the Sanlam Personal Finance cluster with comparative information being adjusted 
    accordingly.
(2) Comparative information not required in terms of IFRS 15.

3.  Financial Services Income
Financial services income is considered to be revenue for IFRS purposes and can be disaggregated as follows:
3.1 According to primary geography

                                                                                           June 2018 - Reviewed
                                                                                 South     Rest of          Other        Total
R million                                                                       Africa      Africa  International
IFRS 15 Revenue                                                                  4 695         152          1 207        6 054
 Administration fees                                                             3 020           -            304        3 324
 Asset management and performance fees                                           1 234         104            583        1 921
 Commissions                                                                       208          44            305          557
 Other                                                                             233           4             15          252
Revenue not within the scope of IFRS 15                                         23 382       3 151          1 042       27 575
Financial services income                                                       28 077       3 303          2 249       33 629

3.2 According to timing of revenue recognition

                                                                                           June 2018 - Reviewed
                                                                                                       Not in the        
                                                                            At a point                   scope of
R million                                                                      in time   Over time        IFRS 15        Total
IFRS 15 Revenue                                                                    529       5 525              -        6 054
 Administration fees                                                                 -       3 324              -        3 324
 Asset management and performance fees                                               -       1 921              -        1 921
 Commissions                                                                       414         143              -          557
 Other                                                                             115         137              -          252
Revenue not within the scope of IFRS 15                                              -           -         27 575       27 575
Financial services income                                                          529       5 525         27 575       33 629


4. Financial assets and Financial liabilities
Classification of financial instruments

                                                                             Fair value through profit or loss
                                                                                                       Total fair    Amortised    
R million                                                                  Mandatorily  Designated          value         cost    Total
Investments                                                                    397 544     249 768        647 312        2 432  649 744
 Equities and similar securities                                               195 431           -        195 431            -  195 431
 Investment in joint ventures                                                        -         391            391            -      391
 Interest bearing investments                                                        -     191 336        191 336        2 432  193 768
 Structured transactions                                                        13 434       5 164         18 598            -   18 598
 Investment funds                                                              188 679           -        188 679            -  188 679
 Cash, deposits and similar securities                                               -      52 877         52 877            -   52 877
Working capital assets                                                          18 214       4 946         23 160       32 471   55 631
 Trade and other receivables                                                    18 214       1 767         19 981       18 599   38 580
 Cash, deposits and similar securities                                               -       3 179          3 179       13 872   17 051

Total financial assets                                                         415 758     254 714        670 472       34 903  705 375

Investment contract liabilities                                                      -     359 193        359 193            -  359 193
Term finance                                                                         -       4 305          4 305        2 222    6 527
Structured transaction liabilities                                              11 427           -         11 427            -   11 427
External investors in consolidated funds                                             -      67 313         67 313            -   67 313
Trade and other payables                                                        20 172           -         20 172       24 807   44 979
Total financial liabilities                                                     31 599     430 811        462 410       27 029  489 439


5.  Notes to the cash flow statement
5.1 Cash generated/(utilised) in operations

                                                                                  June        June
                                                                              Reviewed    Reviewed
R million                                                                         2018        2017
Profit before tax per statement of comprehensive income                          7 704       7 342
Net movement in policy liabilities                                               6 903      13 420
Non-cash flow items                                                               (242)     (9 058)
 Depreciation                                                                       90          94
 Bad debts written off                                                              53          35
 Share-based payments                                                              186         197
 Profit on disposal of subsidiaries and associates                                   -        (188)
 Fair value adjustments                                                            513      (8 093)
 Impairment of investments and goodwill                                            108          47
 Amortisation of intangibles                                                       172         146
 Equity-accounted earnings                                                      (1 364)     (1 296)
Items excluded from cash utilised in operations                                (14 894)    (13 725)
 Interest and preference share dividends received                               (9 423)     (9 407)
 Interest paid                                                                     456         555
 Dividends received                                                             (5 927)     (4 873)
Net purchase of fixed assets                                                      (140)        (94)
Net disposal of owner-occupied properties                                            1          14
Increase in net working capital assets and liabilities                          (3 451)     (2 888)
Cash utilised in operations                                                     (4 119)     (4 989)

5.2 Cash, deposits and similar securities
Working capital: Cash, deposits and similar securities                          11 438      13 984
Investment cash                                                                 52 877      36 317
Bank overdrafts                                                                   (391)       (248)
Total cash, deposits and similar securities                                     63 924      50 053

6.  Contingent liabilities
Shareholders are referred to the contingent liabilities disclosed in the 2017 annual report. The circumstances surrounding the contingent
liabilities remain materially unchanged.

7. Subsequent events
No material facts or circumstances have arisen between the dates of the statement of financial position and this report that affect the 
financial position of the Sanlam Group at 30 June 2018 as reflected in these financial statements.

8. Business Combinations
There were no material business combinations during 2018.

9.Fair value disclosures
Determination of fair value and fair value hierarchy
Below follows required disclosure of fair value measurements, using a three-level fair value hierarchy that reflects the significance of 
the inputs used in determining the measurements. It should be noted that these disclosures only cover assets and liabilities measured at
fair value.

Included in level 1 category are assets and liabilities that are measured by reference to unadjusted, quoted prices in an active market for
identical assets and liabilities.

Included in level 2 category are assets and liabilities measured using inputs other than quoted prices included within level 1 that are 
observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). For example, instruments
measured using a valuation technique based on assumptions that are supported by prices from observable current market transactions are 
categorised as level 2.

Assets and liabilities measured using inputs that are not based on observable market data are categorised as level 3.

R million                                                                      Level 1     Level 2        Level 3        Total
Recurring fair value measurements
30 June 2018 - reviewed
 Equities and similar securities                                               192 744       2 323            364      195 431
 Interest-bearing investments                                                   33 247     158 064             25      191 336
 Structured transactions                                                         8 791       9 807              -       18 598
 Investment funds                                                              185 730       2 524            425      188 679
 Cash, deposits and similar securities: Investments                                  -      52 877              -       52 877
 Trade and other receivables                                                    13 163       6 818              -       19 981
 Cash, deposits and similar securities: Working capital                              -       3 179              -        3 179
 Investment in joint ventures                                                        -           -            391          391
 Total assets at fair value                                                    433 675     235 592          1 205      670 472

 Investment contract liabilities                                                     -     357 226          1 967      359 193
 Term finance                                                                        -       4 305              -        4 305
 Structured transactions liabilities                                                 -      11 427              -       11 427
 External investors in consolidated funds                                       66 728           -            585       67 313
 Trade and other payables                                                        9 163      11 009              -       20 172
 Total liabilities at fair value                                                75 891     383 967          2 552      462 410

31 December 2017 - audited
 Equities and similar securities                                               198 226       2 436            433      201 095
 Interest-bearing investments                                                   42 154     141 825             30      184 009
 Structured transactions                                                         7 130       8 251              -       15 381
 Investment funds                                                              173 802       3 103            330      177 235
 Trading account assets                                                         11 090       5 233              -       16 323
 Cash, deposits and similar securities: Investments                             24 353      14 572              -       38 925
 Investment in joint ventures                                                        -           -            359          359
 Total assets at fair value                                                    456 755     175 420          1 152      633 327

 Investment contract liabilities                                                     -     343 368          2 205      345 573
 Term finance                                                                        -       4 300              -        4 300
 Structured transactions liabilities                                                 -       4 187              -        4 187
 Trading account liabilities                                                    11 547      11 447              -       22 994
 External investors in consolidated funds                                       61 802           -            527       62 329
 Total liabilities at fair value                                                 73 349     363 302          2 732      439 383


Reconciliation of movements in level 3 assets and liabilities measured at fair value

                                                                              Equities   Interest-                  Investment   
                                                                           and similar     bearing     Investment     in joint   Total
R million                                                                   securities investments          funds     ventures  assets
Assets
30 June 2018 - reviewed
 Balance at 1 January 2018                                                         433          30            330          359   1 152
 Total gain in statement of comprehensive income                                     8           -             11           32      51
 Acquisitions                                                                        1           -             84            -      85
 Disposals                                                                         (90)         (5)             -            -     (95)
 Foreign exchange movements                                                         12           -              -            -      12
 Settlements                                                                         -           -              -            -       -
 Balance at 30 June 2018                                                           364          25            425          391   1 205

31 December 2017 - audited
 Balance at 1 January 2017                                                         420         392            467          423   1 702
 Total gain/(loss) in statement of comprehensive income                              1           -            (19)         (64)    (82)
 Acquisitions                                                                       21           -              -            -      21
 Disposals                                                                          (2)          -           (118)           -    (120)
 Foreign exchange movements                                                         (7)          -              -            -      (7)
 Settlements                                                                         -        (362)             -            -    (362)
 Balance at 31 December 2017                                                       433          30            330          359   1 152


                                                                                                         External        
                                                                            Investment               investors in  
                                                                              contract        Term   consolidated        Total
R million                                                                  liabilities     finance          funds  liabilities
    Liabilities
    30 June 2018 - reviewed
    Balance at 1 January 2018                                                    2 205           -            527        2 732
    Total gain in statement of comprehensive income                                324           -              2          326
    Acquisitions                                                                    74           -              -           74
    Disposals                                                                     (775)          -              -         (775)
    Settlements                                                                      -           -              -            -
    Foreign exchange movements                                                     139           -             56          195
    Balance at 30 June 2018                                                      1 967           -            585        2 552

    31 December 2017 - audited
    Balance at 1 January 2017                                                    2 312         201            604        3 117
    Total gain/(loss) in statement of comprehensive income                          72           -            (38)          34
    Acquisitions                                                                    36           -              -           36
    Disposals                                                                     (189)          -              -         (189)
    Settlements                                                                      -        (164)             -         (164)
    Foreign exchange movements                                                     (26)        (37)           (39)        (102)
    Balance at 31 December 2017                                                  2 205           -            527        2 732


                                                                            Six months   Full year
                                                                              Reviewed     Audited
                                                                                  2018        2017

Gains and losses on level 3 instruments (realised and unrealised)  
included in profit and loss
Total (losses)/gains included in profit or loss for the period                    (275)        383
Total unrealised gains or losses included in profit or loss for the period
for assets held at the end of the reporting period                                  56         258


Transfers between categories

                                                                                                                                         Cash,  
                                                                  Equities               Interest-                                    deposits       
                                                               and similar                 bearing     Structured   Investment     and similar       Total
R million                                                       securities          investments(1)   transactions        funds   securities(2)      assets                                                                                             
Financial assets
Six months Reviewed - 2018
Transfer from level 1 to level 2                                         -                       -              -            -          31 659      31 659
Transfer from level 2 to level 1                                         -                     161              -            -               -         161

Full year Audited - 2017
Transfer from level 1 to level 2                                         -                     169              -            -               -         169
Transfer from level 2 to level 1                                         -                     107              -            -               -         107

                                                                                                         External
                                                                                                     investors in   Investment               
                                                                                                     consolidated     contract            Term        Total
                                                                                                         funds(3)  liabilities         Finance  Liabilities   
R million                                                                                                   
Liabilities
Six months Reviewed - 2018
Transfer from level 1 to level 2                                                                                -            -               -            -

Full year Audited - 2017
Transfer from level 2 to level 1                                                                              328            -               -          328

(1) Investments traded in a market that became inactive during the year have been transferred from level 1 to level 2. Conversely, 
    investments traded in a market that became active have been transferred from level 2 to level 1.
(2) Management have reassessed the criteria of IFRS 13 with regards to cash, deposits and similar securities and concluded that it better reflects
    a level 2 classification within the fair value hierarchy.
(3) External investors in consolidated funds transfers relate to investment funds that listed during the year ended December 2017. As a result,
    those funds were classified as level 1.

Valuation techniques used in determining the fair value of financial assets and liabilities
           
Instrument              Applicable                 Valuation basis        Main assumptions    Significant Unobservable input
                          to level
Equities and               2 and 3                 Discounted cash      Bond and interbank          Cost of Capital Earnings
similar securities                               flow model (DCF),      swap interest rate                          multiple
                                                 Earnings multiple          curve, Cost of 
                                                                         Capital, Consumer 
                                                                               price index       

Interest-bearing           2 and 3                   DCF, Earnings      Bond and interbank        Earnings multiple Discount
investments                                  multiple, Quoted put/      swap interest rate                              rate
                                                surrender price by          curve, Cost of
                                                            issuer       Capital, Consumer 
                                                                               price index 

Structured                      2       Option pricing models DCF       Bond and interbank                               n/a
transactions assets                                                     swap interest rate
and liabilities                                                             curve. Forward 
                                                                       equity and currency                             
                                                                     rates Volatility risk 
                                                                               adjustments

Investment contract       2 and 3           Current unit price of       Bond and interbank                 Earnings multiple
liabilities and                        underlying unitised asset,       swap interest rate
investment funds                         multiplied by the number  curve, Cost of Capital,
                                                   of units held.    Consumer price index,
                                                Earnings multiple            Bond interest
                                                              DCF               rate curve
                                                                        
Trade and other                 2         DCF, Earnings multiple,       Bond and interbank                               n/a
receivables/payables                   Quoted put/surrender price       swap interest rate
                                        by issuer, option pricing           curve, Cost of 
                                                           models        Capital, Consumer 
                                                                              price index,                                                                                                                  
                                                                             Forward rate, 
                                                                       Credit risk spread,      
                                                                          Liquidity spread                                                                                                                                        

Cash, deposits                 2                  Mark-to market        Bond and interbank                               n/a
and similar                                          Yield curve             swap interest                                                               
securities                                                                      rate curve 

Investment in                  3                             DCF        Bond and interbank                   Cost of Capital
joint ventures                                                          swap interest rate
                                                                            curve, Cost of
                                                                         Capital, Consumer 
                                                                              price index                               

Term finance                   2                             DCF     Bond and forward rate                  Liquidity spread
                                                                         Credit ratings of 
                                                                                    issuer 
                                                                          Liquidity spread 
                                                                        Agreement interest 
                                                                                    curves                       

External investors             3           Current unit price of        Bond and interbank              Capitalisation rate
in consolidated funds                         unitised net asset        swap interest rate                    Discount rate
                                               value, multiplied            curve, Cost of
                                                by the number of         Capital, Consumer
                                                      units held               price index
                                                                                                

Sensitivity of level 3 assets and liabilities measured at fair value to changes in key assumptions
                                                                     
                                                                                                                        Effect       Effect
                                                                                Effect      Effect                     of a 1%      of a 1%     
                                                                              of a 10%    of a 10%                 increase in  decrease in
                                                                  Carrying increase in decrease in       Carrying     discount     discount
R million                                                           amount    multiple    multiple       amount(1)        rate         rate
Six months - reviewed
30 June 2018
 Other investments
 Equities and similar securities(2)                                    364          36         (36)             -            -            -
 Interest-bearing investments                                            -           -           -             25           (1)           1
 Investment funds(2)                                                   425          43         (43)             -            -            -
 Investment in joint ventures                                            -           -           -            391          (32)          36
 Total                                                                 789          79         (79)           416          (33)          37

 Liabilities
 Investment contract liabilities                                     1 966         197        (197)             -            -            -
 Term finance                                                            -           -           -              -            -            -
 External investors in consolidated funds                              585          59         (59)             -            -            -
Total liabilities                                                    2 551         256        (256)             -            -            -

Full year - audited
31 December 2017
 Other investments
 Equities and similar securities(2)                                    433          43         (43)             -            -            -
 Interest-bearing investments                                            -           -           -             30           (1)           1
 Investment funds(2)                                                   330          33         (33)             -            -            -
 Investment in joint ventures                                            -           -           -            359          (32)          36
 Total assets                                                          763          76         (76)           389          (33)          37

 Liabilities
 Investment contract liabilities(2)                                  2 205         221        (221)             -            -            -
 Term finance                                                            -           -           -              -            -            -
 External Investors in consolidated funds                              527          53         (53)             -            -            -
 Total liabilities                                                   2 732         274        (274)             -            -            -

(1) Represents mainly instruments valued on a discounted cash flow basis, with sensitivities based on changes in the discount rate.
(2) Represents mainly private equity investments valued on earnings multiple, with sensitivities based on the full valuation.

10.  Adoption of new standards and restatements
10.1  IFRS 9 Transitional adjustments
STATEMENT OF FINANCIAL POSITION
At 1 January 2018

                                                                Previously    Restated
                                                                  reported      IFRS 9
R million                                                          Audited Adjustments     Audited
ASSETS
Investments                                                        656 020        (434)    655 586
 Properties                                                         11 505           -      11 505
 Investment in associates and joint ventures                        26 476        (428)     26 048
 Equities and similar securities                                   201 095           -     201 095
 Interest-bearing investments                                      185 363          (6)    185 357
 Structured transactions                                            15 381           -      15 381
 Investment funds                                                  177 235           -     177 235
 Cash, deposits and similar securities                              38 965           -      38 965
Working capital assets                                              55 593          (7)     55 586
 Trade and other receivables                                        33 633          (7)     33 626
 Cash, deposits and similar securities                              21 960           -      21 960
 Other assets                                                       21 970           -      21 970

Total assets                                                       733 583        (441)    733 142

                                                                Previously    Restated
                                                                  reported      IFRS 9 
R million                                                          Audited Adjustments     Audited
EQUITY AND LIABILITIES
Capital and reserves
 Share capital and premium                                              22           -          22
 Treasury shares                                                    (3 811)          -      (3 811)
 Other reserves                                                      9 084           -       9 084
 Retained earnings                                                  52 125        (429)     51 696
Shareholders' fund                                                  57 420        (429)     56 991
Non-controlling interests                                            6 017         (12)      6 005
Total equity                                                        63 437        (441)     62 996
Total liabilities                                                  670 146           -     670 146
Total equity and liabilities                                       733 583        (441)    733 142

10.2 Restatement of Group cash flow statement
Management reassessed the presentation of the Group's cash flow statement in respect of cash flows relating to the acquisition and disposal
of investments that back core operations. These were previously classified as investing cash flows which created a disconnect between 
operating and investing cash flows, as the originating insurance and investment contracts cash flows are respectively treated as operating
cash flows. Presenting acquisitions and disposals of investments as part of operating cash flows more accurately reflects to the users of
the financial statements, the link between the ability to generate cash from investment and insurance contracts and the utilisation of these
cash flows on various investments. 
                                                                                  2017
                                                                        As  
                                                                previously
                                                                  reported Adjustments    Restated
Cash flows from operating activities                                10 333      (9 259)      1 074
Cash flows from investing activities                               (13 444)      9 259      (4 185)
 Net acquisitions of investments                                    (9 259)      9 259           -
 Acquisition of subsidiaries and associates                         (4 185)          -      (4 185)

The above restatements did not have any impact on the Group's statement of financial position, statement of comprehensive income and 
statement of changes in equity.

Administration

Registered name
Sanlam Limited
(Registration number: 1959/001562/06)                      
(Tax reference number: 9536/346/84/5)                                         
JSE share code (primary listing): SLM
NSX share code: SLA
ISIN: ZAE000070660
Incorporated in South Africa

Transfer secretaries
Computershare Investor Services (Pty) Ltd  (Registration number 2004/003647/07)
Rosebank Towers, 15 Biermann Avenue, Rosebank 2196,  South Africa
PO Box 61051, Marshalltown 2107, South Africa
Telephone +27 (0)11 370 5000


Group Company Secretary
Sana-Ullah Bray

Registered Office
2 Strand Road, Bellville 7530
South Africa
Telephone: +27 (0)21 947 9111
Fax: +27 (0)21 947 3670

Postal address
PO Box 1, Sanlamhof 7532, South Africa

Sponsor
Deutsche Securities (SA) Proprietary Limited

Internet address
http://www.sanlam.co.za

Directors
J van Zyl (Chairman), PT Motsepe (Deputy Chairman), SA Nkosi (Lead Independent Director), IM Kirk (Group Chief Executive), 
HC Werth (Financial Director), PB Hanratty, MV Moosa(1), AD Botha,  RV Simelane, KT Nondumo, CG Swanepoel, M Mokoka(2), TI Mvusi, 
Y Ramiah(3), PL Zim(4)

Bellville
5 September 2018
(1) Retired on 6 June 2018.
(2) Appointed on 14 March 2018.
(3) Resigned on 5 January 2018.
(4) Retired on 5 January 2018.



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