SANLAM LIMITED - Sanlam trading statement for the financial year ended 31 December 2024

Sanlam trading statement for the financial year ended 31 December 2024

Sanlam Limited                                                      Sanlam Life Insurance Limited
Incorporated in the Republic of South Africa                        (Incorporated in the Republic of South Africa)
(Registration number 1959/001562/06)                                (Registration No. 1998/021121/06)
("Sanlam", "Sanlam Group" or "the group")                           Bond Issuer Code: BISLI
JSE Share code: SLM                                                 LEI: 378900E10332DF012A23
A2X share code: SLM                                                 ("Sanlam Life")
NSX share code: SLA
ISIN: ZAE000070660


Sanlam trading statement for the financial year ended 31 December 2024
Shareholders (Sanlam Limited) and noteholders (Sanlam Life) are advised that Sanlam is in the process of finalising
its financial results for the year ended 31 December 2024. This trading statement provides an indication of the
expected ranges for headline earnings and earnings attributable to equity holders of the group in accordance with
paragraph 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"). Sanlam's 2024 financial results will be
released on the Stock Exchange News Service ("SENS") of the JSE on Thursday, 6 March 2025.

The group expects the following earnings ranges for the year ended 31 December 2024:

                                                                              12 months to 31 December
    Metric                                                               2024           2024           2023
                                                                      Expected        Expected        Actual
                                                                     increase on       range        (cents per
                                                                     comparative     (cents per       share)
                                                                      period (%)       share)
 Net result from financial services (NRFFS1) and cash                  20 to 30      688 to 746
 NRFFS per share                                                                                        574
 NRFFS and cash NRFFS per share (excluding one-off                     10 to 20      631 to 688
 reinsurance recapture fee)
 Net operational earnings per share2                                    30 to 40     837 to 901
 Net operational earnings per share (excluding one-off                  20 to 30     772 to 837         644
 reinsurance recapture fee)
 Headline earnings per share ("HEPS")                                   30 to 40     913 to 983         702
 Diluted HEPS                                                           30 to 40     900 to 969         692
 Earnings per Share ("EPS")                                             45 to 55     1 019 to 1 089     703
 Diluted EPS                                                            45 to 55     1 005 to 1 074     693
1     A measure of Sanlam group's operating performance aligned with cash earnings that drive dividend distribution.
2     NRFFS including investment return after allowing for specific shareholders' fund adjustments and project expenses.


The group recorded excellent underlying organic growth, with all lines of business recording strong performance
for the financial year. NRFFS and cash NRFFS growth were further enhanced by receipt of the one-off reinsurance
recapture fee post conclusion of the funeral insurance joint venture between Sanlam and Capitec.

Higher investment returns on the shareholder capital portfolio in 2024, coupled with reduced project expenses
supported the expected percentage increase in net operational earnings.

The higher level of growth in HEPS relative to the growth in net operational earnings is mainly due to reduced
external financing costs in relation to the broad-based black economic empowerment special purpose vehicle (B-
BBEE SPV) in 2024 relative to 2023.

The rise in earnings per share (EPS) is attributed to strong operating results which was bolstered by higher gain
from the disposal of subsidiaries and associates.

NRFFS, cash NRFFS and net operational earnings per share metrics were positively impacted by lower adjusted
weighted average number of shares.

The financial information in this trading statement is the responsibility of the Sanlam board of directors and has not
been reviewed or reported on by the group's external auditors.

For all investor relations queries please contact:



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Sanlam Investor Relations
E-mail: ir@sanlam.co.za

Cape Town, 27 February 2025

Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited

Debt Sponsor to Sanlam Life Insurance Limited
The Standard Bank of South Africa Limited




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Date: 27-02-2025 02:53:00
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