SANTAM LIMITED - Trading Statement for the year ended 31 December 2023

Trading Statement – for the year ended 31 December 2023

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
LEI: 37890092DC55C7D94B35
JSE Share Code: SNT & ISIN ZAE000093779
NSX Share Code: SNM
A2X Share Code: SNT
Bond company code: BISAN
("Santam" or the "Group")

TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2023

Shareholders and noteholders are hereby advised that Santam is currently compiling its
annual financial results for the year ended 31 December 2023. This trading statement
provides guidance for headline earnings per ordinary share ("HEPS") and earnings per
ordinary share ("EPS") attributable to equity holders of Santam 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
year ended 31 December 2023 to fall within the following ranges:

                            Year to                  Year to                Year to
                   31 December 2023         31 December 2023            31 December
                                                                            2022(1)
                  Expected increase           Expected range             Prior year
                on comparative year
                                  %          Cents per share        Cents per share
HEPS                     17% to 37%           2 126 to 2 489                  1 817
EPS                      55% to 75%           2 799 to 3 161                  1 806

The increase in HEPS is mostly attributable to improved investment returns earned during
2023. Strong returns on local and foreign money-market and fixed-interest portfolios were
key contributors to the excellent investment performance, supported by foreign currency
gains following a weaker rand exchange rate. The net underwriting margin is expected to be
below the long-term target range of 5% to 10% of net earned premiums(2), impacted by
adverse weather conditions, exposure to the Türkiye earthquakes, run-off losses in respect
of cancelled loss-making business and large fire claims. This was offset to some extent by a
final release of COVID-19 related contingent business interruption claims provisions.

In addition to the factors impacting the growth in HEPS, EPS also benefited from profit realised
on the disposal of the Group's interest in SAN JV.

Satisfactory gross written premium growth is expected. The Group's economic capital position
is expected to be well within the target range of 145% to 165%.

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 2023 on or about 29 February 2024.

(1) Comparative information for the year ended 31 December 2022 have been restated for the
    adoption of IFRS 17 Insurance Contracts.
(2) Net earned premiums as defined in the segmental information disclosed in the Group's 2023
    Interim Results.


CAPE TOWN
13 February 2024

Sponsor: Investec Bank Limited
Debt Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 13-02-2024 04:00:00
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.