SANTAM LIMITED - Trading Statement for the six months ended 30 June 2021

Trading Statement for the six months ended 30 June 2021

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 SIX MONTHS ENDED 30 JUNE 2021

Shareholders and noteholders are advised that Santam is currently compiling its interim
financial results for the six months ended 30 June 2021. 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 and EPS for the
six months ended 30 June 2021 to fall within the following ranges:

                            Six months to            Six months to            Six months to
                             30 June 2021             30 June 2021             30 June 2020
                        Expected increase           Expected range              Prior period
                          on comparative
                                   period
                                        %           Cents per share         Cents per share
 HEPS                           20% to 40%               928 to 796                     663
 EPS                                                     928 to 796                      24

The increase in HEPS was driven by improved underwriting results, partly offset by reduced
investment income attributable to shareholders. The comparative period was negatively
impacted by the provision for COVID-19 related contingent business interruption claims. The
net underwriting margin is expected to be above the midpoint of the long-term target range of
4% to 8% of net earned premiums. Conventional insurance premium growth, however,
continues to be strained under difficult economic conditions. The lower interest rate
environment and the stronger Rand exchange rate against most currencies were the key
contributors to the weaker investment performance.

No significant differences between EPS and HEPS are expected for the 30 June 2021 reporting
period. In the comparative period, EPS was negatively impacted by an impairment of the
investment in Saham (held through SAN JV) of R690 million.


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 reviewed results for the six
months ended 30 June 2021 on or about 2 September 2021.


CAPE TOWN
25 August 2021

Sponsor: Investec Bank Limited

Date: 25-08-2021 04:15:00
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