10 MARCH 2022

2021
Annual results

Looking back on the past year we can again be proud of the Group’s performance in a very challenging environment.

Our performance is testimony to Sanlam’s resilience, and the quality, scale and diversity of our business. Also central to our success is the calibre and commitment of our employees and their ability to execute and deliver value for our shareholders.


2021 ANNUAL RESULTS

Key indicators

  • Return on Group Equity Value per share

    +13,9%

  • Net results from financial services

    +13%

  • New business volumes

    R356bn

    +14%


  • Net value of new covered business (VNB)

    R2 764 million

    +44%

  • Net VNB margin

    2,87%

    (2020: 2,58%)


In 2021 the Sanlam Group laid the foundations for future growth by strongly developing our platforms and at the same time delivering a strong performance in a difficult operating environment. We are building on our purpose-led strategy across the Sanlam Group as part of our ongoing sustainability journey to focus on shared value creation, deepening financial inclusion, driving sustainable investment decisions throughout our assets under management, value chains and ecosystems, and optimising value through our strategic partnerships. Sanlam remains an extremely strong and well capitalised business. In 2021 we were able to use the strength of Sanlam to benefit all stakeholders, particularly those severely impacted by the COVID-19 pandemic.


Key performance indicators

Earnings

  • Operational performance has returned to pre-pandemic levels. Net result from financial services increased by 13% on 2020 (18% in constant currency) and was 4% higher than 2019 excluding one-off items.
  • Net operational earnings increased by 23% (28% in constant currency), reflecting higher investment income relative to 2020.

New business

  • New business volumes exceeded R350 billion for the first time, up 14% on 2020 and 43% higher than 2019.
  • Volume growth bolstered by strong profitability and margins. Net value of new covered business (VNB) increased by 44% on 2020 and 21% on 2019, with a new business margin of 2,87% (2,98% on a constant economic basis).
  • Net client cash flows improved substantially despite the increase in mortality claims, supported by inflows into Sanlam Investments and Sanlam Glacier. Net fund inflows of R78,3 billion were 27% higher than 2020 and 38% higher than 2019.

Group Equity value

  • Group Equity Value per share of R64,44.
  • Return on Group Equity Value (RoGEV) per share of 13,9%.
  • Adjusted RoGEV per share of 14,6% was above the Group’s hurdle rate of 13,6%.

Dividend and capital

  • The Group declared a normal dividend of 334 cents per share, up 11% on 2020.
  • Group solvency ratio remains strong at 173%, well within the target range.
  • Discretionary capital increased to R2,9 billion.

2021
Annual results

Media release SENS 2021 Annual results 2021 IAS booklet 2021 Annual reporting suite
Downloads

Webcasting

Interested parties can view the live video webcast of the results presentation on the Internet via a link on the Sanlam Investor Relations website or by the following URL: https://www.corpcam.com/Sanlam10032022.

This webcast can also be accessed and viewed on Android and Apple tablets and mobile devices. A delayed version of the webcast will be available shortly afterwards at the same address.

Audio dial-in facility

A dial-in facility will be available. We kindly advise callers to dial in 5-10 minutes before the presentation starts at 09:00.

Access numbers for participants dealing live from their country
South Africa 010 201 6800
South Africa (Alternate) 011 535 3600
United Kingdom 0 333 300 1418
USA and Canada 1 508 924 4326
Other Countries 010 201 6800
Other Countries (Alternate) 011 535 3600
Recorded playback will be available until 15 March 2022
South Africa 010 500 4108
Australia 073 911 1378
United Kingdom 0 203 608 8021
USA and Canada 1 412 317 0088
Other Countries 010 500 4108

*Access code for recorded playback: 41567

BusinessDay TV*

The presentation will be broadcast at 09:00 on the South African DStv network channel 412 (BusinessDay TV).

Enquires

Adri Hofmeyr
Investor Relations: Sanlam Limited
Tel: 021 947 8455
Email: adri.hofmeyr@sanlam.co.za