9 MARCH 2023

Annual results

The Group performed exceptionally well in 2022, against a difficult backdrop of significant volatility in global equity, credit and interest rate markets, surging inflation and catastrophic flooding in KwaZulu-Natal, South Africa. 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.


Key indicators

  • Adjusted Return on Group Equity Value


  • Net results from financial services


  • Life insurance new business volumes


    -5% on a comparative basis

  • Net value of new covered business (VNB)

    R2 731 million on a constant economic basis


  • Net VNB margin

    3,06% on a constant economic basis

    (2021: 2,87%)

Sanlam today reported excellent results for the year ended 31 December 2022 amid a challenging operating environment.

Diverse and complex events characterised the year including significant investment market volatility, the far-reaching impacts of the Russia-Ukraine conflict, surging inflation and energy prices, supply chain disruptions, catastrophic flooding in KwaZulu-Natal, South Africa, and hardship for consumers.

The Group’s financial strength, prudent financial management, diversity and strong competitive positioning across all key product lines and market segments enabled Sanlam to deliver value to clients and shareholders over the period.

Key performance indicators


  • Net results from financial services reached a new historic high, exceeding R10 billion for the first time, increasing by 8% on 2021.
  • Net operational earnings increased by 2%, the lower increase relative to net result from financial services is due to weaker investment markets which resulted in lower investment income, as well as higher project expenditure on strategic initiatives relative to 2021.

New business

  • New business volumes in our life insurance operations were 5% lower than 2021 excluding the disposed UK businesses but remain well above pre-pandemic levels. Net value of new covered business (VNB) decreased by 14% but was only 1% lower on a constant economic basis, with a strong contribution from the Sanlam Emerging Markets portfolio. The Group recorded a new business margin of 2,72% (3,06% on a constant economic basis).
  • Group net client cashflows of R60,0 billion were 23% lower due to weaker net flows in the investment business off an elevated base from the strong inflows in 2021.

Group Equity value

  • Group Equity Value per share of R63,80.
  • Return on Group Equity Value (RoGEV) per share of 4,2%.
  • Adjusted RoGEV per share of 14,9% was above the Group’s hurdle rate of 14,3%.

Dividend and capital

  • The Group declared a normal dividend of 360 cents per share, up 8% on 2021.
  • Group solvency ratio remains strong at 169%, well within the target range.
  • Discretionary capital increased to R5,3 billion.

Annual results

Media release SENS 2022 Annual results 2022 IAS booklet Webcast recording 2022 Annual reporting suite