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Sharenet Sites
Trading Statement for the year ended 31 December 2020
SANTAM LIMITED
(Incorporated in the Republic of South Africa) Registration number: 1918/001680/06
(JSE Share Code: SNT & ISIN ZAE000093779)
NSX share code: SNM
(‘Santam’) or (“the Group”)
TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2020
Shareholders and noteholders are advised that Santam is currently compiling its financial
results for the year ended 31 December 2020 (FY2020). This trading statement provides an
indication of a range for headline earnings per ordinary share (HEPS) and earnings
attributable to equity holders of Santam per ordinary share (EPS) in terms of paragraph
3.4(b) of the JSE Limited Listings Requirements.
Shareholders and noteholders are advised that Santam expects its HEPS for the year ended
31 December 2020 to be between 1 203 cps and 997 cps (2019: 2 069 cps). This will be
between 42% and 52% lower than that reported for the year ended 31 December 2019
(comparative period). EPS is expected to be between 591 cps and 392 cps (2019: 1 990 cps)
which is between 70% and 80% lower than that of the comparative period.
The decrease in HEPS was driven by lower underwriting and investment results. The net
underwriting margin is expected to be positive but below the long-term target range of 4% to
8% of net earned premiums. Contingent Business Interruption (CBI) claims relating to COVID-
19 significantly impacted the underwriting results adversely. This was offset to some extent by
a benign claims environment which impacted positively on the motor book and the strong
performance of the specialist classes of business, notably engineering and agriculture.
In addition to the factors highlighted above, EPS is also impacted by an impairment of the
investment in Saham (held through SAN JV (RF) (Pty) Ltd). The FY2020 impairment is
approximately in line with the impairment of R690 million recognised in June 2020.
Impairment charges are excluded from HEPS and only affect EPS.
The financial information on which this Trading Statement is based has not been reviewed or
reported on by Santam’s external auditors. Santam will release its audited results for the year
ended 31 December 2020 on or about 4 March 2021.
CAPE TOWN
19 February 2021
Sponsor: Investec Bank Limited
Date: 19-02-2021 03:00:00
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