Interim results 2023

Quick read

Read the highlights from our 2023 Interim results in our quick read summary.

Key features

  • Net result from financial services increased by 26%
  • Cash net results from financial services increased by 30%
  • Net operational earnings increased by 64%
New business
  • Total new business volumes up 19% to 190,8 billion on a comparative basis
  • Total net fund inflows of R11,4 billion compared to R37 billion in June 2022
  • Net value of new covered business increased by 21% to R1,3 billion on a constant economic basis
  • Net new covered business margin of 2,91% (2,50% in 2022) on a constant economic basis
Group Equity Value
  • Group Equity Value per share of R67,85
  • Return on Group Equity Value per share of 12,0%
  • Adjusted Return on Group Equity Value per share of 8,5%
Capital management
  • Sanlam Group solvency cover ratio of 167% (31 December 2022: 169%)


The group delivered strong financial performance for the first six months of 2023, with the earnings pattern back on track after the series of what the group classifies as one-in-25/100-year events during the period from 2020 to 2022.

Growth in net result from financial services over the first six months of 2023 was broad-based, with life insurance increasing by 28%, general insurance by 38% and credit and structuring by 36%. Investment management increased by 9% on a comparable basis.

Net operational earnings increased by 64%. The higher growth relative to net result from financial services is due to increased investment return benefitting from the recovery in local and international investment markets over the period.

The group recorded new business volume growth of 19% due to good sales growth in investment management, supported by the addition of the Absa asset management business and general insurance supported by good premium growth across the portfolio. Life insurance new business volume growth was muted but reflected a shift to higher-margin products, resulting in increased value of new business and margins. Net value of new covered business (VNB) increased by 18% and was 21% higher on a constant economic basis.

Group net client cash flows of R11,4 billion were lower than 2022 due to an increase in outflows from savings products in South Africa, which reflect the challenging consumer environment, and a pick-up in outflows in our UK investment management operations.

Group equity value per share was R67,85 on 30 June 2023 and return on group equity value was 12,0% for the first six months of 2022. RoGEV benefited from robust contributions from value of new business, improved performance and outlook in our credit business in India, and a strong contribution from Santam. Strong investment markets and a weakening of the rand relative to the main valuation currencies in the non-South African operations also contributed to the higher return for the first six months of 2023.

Return on Group Equity Value per share

12,0% for the six-month period
Adjusted RoGEV of 8,5% for the six-month period


+26% Net results from financial services
+30% Cash net results from financial services
+64% Net operational earnings

Total new business volumes


Net value of new covered business (VNB)

R1 265m (constant economic basis: R1 305m)
+18% (constant economic basis: +21%)

Net VNB margin

2,91% on a constant economic basis

More information

Results presentation IAS booklet Results press release Interim results 2023 SENS announcement


View the live video webcast of the results presentation at 15:30 by registering at the following link:

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