New business

• Group new business volumes increased by 18% (22% on a normalised basis) to nearly R500 billion, marking a record annual performance for the group.
• Life insurance new business grew by 10% (17% on a normalised basis) on a present value of new business (PVNBP) basis, with robust performance in corporate, market-linked/living annuity and risk sales.
• Value of new business (VNB) of R2.3 billion at a margin of 2,01%.

Earnings

• Net result from financial services (NRFFS) increased by 3% to over R15,9 billion (+20% on a normalised basis), with strong contributions from all lines of business.
• Net operational earnings decreased by 8% (up 5% on normalised basis), lower investment returns following a sharp strengthening of the South African rand in the second half of 2025.

Group Equity value

• Group Equity Value per share of R87,73.
• Adjusted RoGEV per share of 15,7% was above the group’s hurdle rate of 14,7%.
• Return on Group Equity Value (RoGEV) per share of 13,4%.

Dividend and capital

• The group declared a normal dividend of 485 cents per share, up 9% on 2024.
• Group economic solvency cover ratio remains strong at 183%, well within the target range.
• Discretionary capital R8,1 billion at 31 December 2025.