Interim results 2022

Quick read

Read the highlights from our 2022 Interim results in our quick read summary.


Sanlam had a robust performance for the first six months of 2022 in the face of a challenging environment. The net result from financial services from life insurance was up 23%, asset management was up 25% and our credit operations were up 22%. Our general insurance net result from financial services declined by 57%, impacted by adverse weather conditions including KwaZulu-Natal floods, higher claims and claims costs as well as weaker investment returns on insurance funds. The overall net result from financial services increased by 1% on the first six months of 2021 and is unchanged on a constant currency basis. Net operational earnings decreased 7% due to weaker investment returns on shareholder capital from a volatile market environment, combined with increased project expenditure due to the increased spend on initiatives supporting execution of the Group’s strategy.

New business volumes in our life insurance operations were only marginally lower than the first six months of 2021 on a comparative basis, but still remain at strong levels. Volume growth declined largely due to lower single premium sales in the South African Retail Affluent business. Net value of new covered business (VNB) decreased by 17% on 2021 but was only 2% lower on a comparative economic basis. Net client cashflows of R37,1 billion were 2% lower than 2021 due to lower net flows in the investment businesses.

Group Equity Value per share was R59.28 on 30 June 2022 and Return on Group Equity Value was negative 2,8% for the first six months of 2022. RoGEV was significantly impacted by volatile equity and bond markets over the period. Adjusted RoGEV, which excludes these market impacts was 6,8% (14,1% annualised) over the period.

Return on Group Equity Value per share

-2,8% for the six-month period
adjusted RoGEV of 6.8% (14,1% annualised)

Net result from financial services

+1% Overall performance
+23% Life Insurance
+22% Credit and Structuring
+25% Investment Management
-57% General Insurance

Life insurance new business volumes

-1% on comparative basis

Net value of new covered business (VNB)

R1 076m (constant economic basis: R1 264m)
-17% (constant economic basis: -2%)

Net VNB margin

2,89% on a constant economic basis


The strong operating performance of the Group despite the environment has reinforced Sanlam’s purpose, which is to help our clients live with confidence by empowering them to be financially confident, secure and prosperous.

We serve all market segments across Africa and India with a broad set of products that are accessible and backed by a strong advice offering to protect and grow our clients’ wealth. Our purpose is embedded in the Group’s strategy which aims to improve our offering to clients by increasing our reach and scale through partnerships and use of digital technology.

The Group continued to execute its strategy and has made significant strides in strengthening operations in South Africa and across the continent, enabling future growth and creating competitive advantages through increased scale and product capabilities. In South Africa we completed the acquisition and integration of the Alexforbes life book. The Absa investment management, Alexforbes standalone retirement fund administration and Alexforbes LISP transactions are progressing though their respective regulatory approval processes, having received Competition authority support, and are on track to close before the end of 2022. These transactions will simplify our operations and place our group risk, asset management and LISP operations in leading positions in their respective market segments.

In Africa, the creation of a JV with Allianz will create an unrivalled platform across the continent, with significant client capabilities. The transaction is expected to close in the next 12 months. Our Pan-African general insurance operations reported an underwriting margin within the target range for the first six months of 2022, albeit it at the lower end, impacted by underperformance in the health line of business. Our life insurance operations continue to deliver profitable growth.

The Group continues to progress on digital transformation initiatives with benefits emerging in improved client experience and improved agent productivity. Our InsurTech JV with MTN (aYo) is progressing through regulatory approvals. The aYo platform has over 4 million active policies and is a key enabler of our aim to improve financial inclusion across the continent. We completed our partial exit from the UK, with only a focused international asset manager remaining.

Key features

  • Net result from financial services increased by 1%
  • Net operational earnings decreased by 7%
New business
  • Life insurance new business volumes down 1% to 33,2 billion on a comparative basis
  • Net fund inflows of R37 billion compared to R38 billion in June 2021
  • Net value of new covered business decreased by 2% to R1.3 billion on a constant economic basis
  • Net new covered business margin of 2.89% (2.82% in 2021) on a constant economic basis
Group Equity Value
  • Group Equity Value per share of R59.28
  • Return on Group Equity Value per share of negative 2.8%
  • Adjusted Return on Group Equity Value per share of 6.8%
Capital management
  • Discretionary capital of R6.6 billion on 30 June 2022
  • Sanlam Group solvency cover ratio of 174% (31 December 2021: 173%)

More information

Results presentation IAS booklet Results press release Interim results 2022 SENS announcement Webcasting video


Interested parties can view the live video webcast of the results presentation on the Internet by following URL:

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
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Other Countries +27 10 201 6800
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Recorded playback will be available until 13 September 2022
South Africa +27 10 500 4108
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Other Countries +27 10 500 4108

*Access code for recorded playback: 42905

BusinessDay TV*

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


Adri Hofmeyr
Investor Relations: Sanlam Limited
Tel: 021 947 8455