Wrap Text
Reviewed interim results for the six months ended 30 June 2025
Sanlam Limited
Incorporated in the Republic of South Africa
(Registration number 1959/001562/06)
("Sanlam", "Sanlam Group" or "the group")
JSE Share code: SLM
A2X share code: SLM
NSX share code: SLA
ISIN: ZAE000070660
Sanlam Life Insurance Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/021121/06)
Bond Issuer Code: BISLI
LEI: 378900E10332DF012A23
("Sanlam Life")
Reviewed interim results for the six months ended 30 June
Key performance indicators
%
For the six months ended 30 June Unit 2025 2024 change
Earnings
Shareholders' fund information
Net result from financial services (NRFFS)1 R million 8 076 7 056 14%
Cash NRFFS R million 8 207 7 181 14%
Net operational earnings2 R million 9 296 8 087 15%
Headline earnings R million 9 705 9 838 (1%)
Basic profit attributable to shareholders' R million 10 227 9 932 3%
Weighted average number of shares million 2 116 2 108 0%
Adjusted weighted average number of shares million 2 116 2 116 0%
NRFFS per share cents 382 333 15%
Cash NRFFS per share cents 388 339 14%
Net operational earnings per share cents 439 382 15%
Headline earnings per share cents 465 473 (2%)
Diluted headline earnings per share cents 459 467 (2%)
International Financial Reporting Standards (IFRS)
information
Basic profit attributable to shareholders' per share cents 490 478 3%
Diluted basic profit attributable to shareholders' per share cents 483 471 3%
Business volumes
Total new business volumes R million 217 805 203 992 7%
Total net client cash flows R million 48 530 23 972 >100%
Life insurance
New business volumes (PVNBP)3 R million 51 213 51 044 0%
Value of new covered business R million 1 139 1 394 (18%)
New covered business margin % 2,22 2,73
Life insurance net client cash flows R million 15 642 10 570 48%
General insurance
New business volumes R million 27 146 23 667 15%
Net client cash flows R million 11 909 9 254 29%
Investment management
New business volumes R million 153 080 143 129 7%
Net client cash flows R million 20 979 4 148 >100%
Group equity value
Group equity value R million 177 921 171 810 4%
Group equity value per share cents 8 412 8 123 4%
1 A measure of Sanlam group's operating performance aligned with cash earnings that drive dividend distribution.
2
NRFFS including investment return and project expenses, after allowing for specific shareholders' fund adjustments.
3
Present value of new business premiums.
1
Return on group equity value per share4 % 18,2 19,5
Adjusted return on group equity value per share4 % 15,4 22,5
Return on equity
Return on equity4 % 19,4 18,8
Solvency cover
Sanlam Group % 170 168
The group achieved net result from financial services (NRFFS) of R8,1 billion, 14% higher than 2024
(15% per share), and 20% higher on a normalised5 basis. NRFFS benefited from strong contributions
from general insurance, life insurance and credit and structuring. Cash NRFFS per share increased by
14%. Net operational earnings of R9,3 billion increased by 15%, benefiting from higher investment returns
on the shareholder capital portfolio.
Headline earnings per share decreased by 2% and attributable earnings per share increased by 3%, with
the lower growth relative to net operational earnings due to the 2024 results benefiting from higher
positive investment variances and partial recognition of the non-cash6 Capitec reinsurance recapture fee.
Attributable earnings per share was also impacted by lower gains from disposal of subsidiaries and
associates relative to 2024.
Group new business volumes increased by 7% to R218 billion, benefiting from increased investment
management and general insurance inflows in South Africa. Life insurance volume growth was muted,
but was sustained at relatively high levels, and showed improved trends in the second quarter of 2025.
Life insurance net value of new business ("VNB") decreased by 18% following corporate activity involving
the cessation of the Capitec co-operation agreement, sale of Sanlam Namibia to SanlamAllianz and the
reduction of Sanlam's holding in SanlamAllianz. On a normalised basis, VNB declined by 3% due to lower
sales of life annuities and weaker contribution from group business in the entry level market in South
Africa.
Net client cash flows more than doubled to R48,5 billion mainly from the South Africa investment
management operations, where both asset management and retail investment platform business
performed strongly, in addition to robust growth in life and general insurance net inflows.
Group equity value ("GEV") per share was R84,12 on 30 June 2025. RoGEV and adjusted RoGEV per
share was 8,9% (18,2% annualised7) and 7,6% (15,4% annualised7) respectively for 2024, ahead of the
hurdle rate of 7,1% (14,7% annualised). Contributors to RoGEV were satisfactory value of new business
and positive risk, working capital and credit spread experience in the life insurance operations, and in the
non-life operations, strong performance from the South Africa operations, continued growth momentum
in India and solid performance from Pan-Africa.
This short-form results announcement is the responsibility of the Sanlam board of directors and is a
summary of the information contained in the full announcement which can be found at:
https://senspdf.jse.co.za/documents/2025/jse/isse/slm/HY25.pdf
and further commentary can be found available on the Sanlam website.
The condensed consolidated interim financial statements for the six months ended 30 June 2025,
including comparatives for the six months ended 30 June 2024 where applicable, have been
independently reviewed by the group's joint auditors, PwC Inc. and KPMG Inc. Their unmodified reviewed
opinion, along with the full reviewed consolidated condensed interim financial statements are available
for inspection at the company's registered office and available at http://sanl.am/IR2025 on Sanlam's
website.
Copies of the full reviewed interim results are available for inspection at, or may be requested from the
Company Secretary: Sanlam's registered office and the offices of its sponsor during office hours or online
at www.sanlam.com, at no charge. Any investment decision should be based on a consideration of the
full reviewed interim results.
4
Six-month return annualised.
5
In constant currency with adjustments for corporate activity and specific one-off items.
6
Only became cash on 31 October 2024.
7
The annualised number is the half year number compounded, excluding one-off items not expected to repeat.
SANLAM LIMITED
Registered office: 2 Strand Road, Bellville, 7530, South Africa
Sanlam Investor Relations
E-mail: ir@sanlam.co.za
JSE SPONSOR
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
NSX sponsor
Simonis Storm Securities (Pty) Ltd
4 September 2025
Date: 04-09-2025 09:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
Sharenet Sites 
