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​2013 Interim Results

The Group achieved exceptional operating earnings growth in 2013. Organic growth contributed 71% of the growth and was achieved by extrac​ting more value from existing businesses, improving efficiencies and reducing costs. Acquisitions made with surplus capital contributed 29% of earnings growth. We had particular success with approach in India, Malaysia and Namibia.

Highlights

"We are pleased with these results. It reaffirms our confidence in our strategy and supports our resolve to continuously deliver value to our shareholders. We are also satisfied with the good progress we are making from our investments in emerging markets."
Dr Johan van Zyl, Sanlam Group Chief Executive

23%

per share increase in Net Result Earnings

37%

growth in New Business Volumes

14.3%

return on Group Equity Value per share​

Dr Johan van Zyl

Key Features

Earnings

  • Net result from financial services per share increased by 23%
  • Normalised diluted headline earnings per share up 35%

Business Volumes

  • New business volumes up 37% to R83 billion
  • Net value of new covered business up 20% to R587 million
  • Net new covered business margin of 2,83%
  • Net fund inflows of R13 billion

Group Equity Value

  • Group Equity Value per share of R37,47
  • Annualised return on Group Equity Value per share of 14,3%

Capital Management

  • Discretionary capital of R3.2 billion at 30 June 2013
  • Sanlam Life Insurance Limited Capital Adequacy Requirements (CAR) cover of 3,9 times

Salient Results

for the six months ended 30 June 2013

R million 2013 2012 %
Sanlam Group
Earnings
Net result from financial services per share cents 118,1 96,2 23
Normalised headline earnings per share(1) cents 169,1 125,5 35
Diluted headline earnings per share cents 171,4 120,1 43
Net result from financial services R million 2 409 1 946 24
Normalised headline earnings(1) R million 3 449 2 539 36
Headline earnings R million 3 474 2 408 44
Group administration cost ratio(2) % 29,3 30,4
Group operating margin(3) % 20,5 19,9
Business Volumes
New business volumes R million 83 244 60 977 37
New fund inflows R million 12 611 10 183 24
Net new covered business
Value of new covered business R million 587 491 20
Covered business PVNBP(4) R million 20 731 17 150 21
New covered business margin(5) % 2,83 2,86
Group Equity Value
Group Equity Value(5) R million 76 609 75 352  
Group Equity Value per share(6) cents 3 747 3 707  
Annualised return on Group Equity Value per share(7) % 14,3 18,4
Sanlam Life Insurance Limited
Shareholders' fund(6) R million 55 481 55 466
Capital adequacy requirements (CAR)(6) R million 7 250 7125
CAR covered by prudential capital(6) times 3,9 4,3

Net result from financial services per share

cents
2013: 118,1
2012: 96,2
%: 23

Normalised headline earnings per share(1)

cents
2013: 169,1
2012: 125,5
%: 35

Diluted headline earnings per share

cents
2013: 171,4
2012: 120,1
%: 43

Net result from financial services

R million
2013: 2 409
2012: 1 946
%: 24

Normalised headline earnings(1)

R million
2013: 3 449
2012: 2 539
%: 36

Headline earnings

R million
2013: 3 474
2012: 2 408
%: 44

Group administration cost ratio(2)

%
2013: 29,3
2012: 30,4
%:

New business volumes

R million
2013: 83 244
2012: 60 977
%: 37

New fund inflows

R million
2013: 12 611
2012: 10 183
%: 24

Net new covered business
Value of new covered business

R million
2013: 587
2012: 491
%: 20

Net new covered business
Covered business PVNBP(4)

R million
2013: 20 731
2012: 17 150
%: 21

Net new covered business
New covered business margin(5)

%
2013: 2,83
2012: 2,86
%:

Group Equity Value(5)

R million
2013: 76 609
2012: 75 352

Group Equity Value per share(6)

cents
2013: 3 747
2012: 3 707

Annualised return on Group Equity Value per share(7)

%
2013: 14,3
2012: 18,4

Shareholders' fund(6)

R million
2013: 60 542
2012: 55 466

Capital adequacy requirements (CAR)(6)

R million
2013: 7 250
2012: 7 125

CAR covered by prudential capital(6)

times
2013: 3,9
2012: 4,3

(1)Normalised headline earnings = headline earnings, excluding fund transfers.

(2)Administration costs as a percentage of income after sales remuneration.

(3)Result from financial services as a percentage of income after sales remuneration.

(4)PVNBP = present value of new business premiums and is equal to the present value of new recurring premiums plus single premiums.

(5)New covered business margin = value of new covered business as a percentage of PVNBP.

(6)Comparative figures are as at 31 December 2012.

(7)Growth in Group Equity Value per share (with dividends paid, capital movements and cost of treasury shares acquired reversed) as a percentage of Group Equity Value per share at the beginning of the year.

Results

Operational Update
June 2015

Net Result from financial services
increased by 8%

New Business Volumes
up 15%

Group Equity Value
per share up by 17%

Full Article

2014
Annual Results

Net Result from financial services
increased by 26%

New Business Volumes
up 18% to R182 billion

Group Equity Value
18.5% return per share

Full Article

Operational Update
December 2014

Net Result from financial services
increased by 27%

New Business Volumes
up 17% to R150 billion

Normalised Headline Earnings
per share up by some 3%

Full Article

2014
Interim Results

Net Result from financial services
increased by 43% per share

New Business Volumes
up 7% to R89 billion

Group Equity Value
18% return per share

Full Article

Operational Update
June 2014

Net Result from financial services
increased by 40%

New Business Volumes
up 21%

Normalised Headline Earnings
per share up by some 30%

Full Article

2013
Annual Results

Net Result from financial services
increased by 34% per share

New Business Volumes
up 36% to R185 billion

Group Equity Value
17% return per share

Full Article

Operational Update
December 2013

Net Result from financial services
increased by 25%

New Business Volumes
up 26% to R128 billion

Normalised Headline Earnings
up 33%

Full Article

2013
Interim Results

Net Result from financial services
increased by 23% per share

New Business Volumes
up 37% to R83 billion

Group Equity Value
14.3% return per share

Full Article

Operational Update
June 2013

Net Result from financial services
increased by 30%

New Business Volumes
up 30% to R49 billion

Normalised Headline Earnings
per share up by some 23%

Full Article

2012
Annual Results

Net Result from financial services
increased by 6% per share

New Business Volumes
up 18% to R136 billion

Group Equity Value
22% return per share

Full Article

Operational Update
December 2012

Net Result from financial services
increased by 10%

New Business Volumes
up 6% to R102 billion

Normalised Headline Earnings
per share up by some 19%

Full Article

2012
Interim Results

Net Result from financial services
increased by 14% per share

New Business Volumes
up 11% to R61 billion

Group Equity Value
18.4% return per share

Full Article

Operational Update
June 2012

Net Result from financial services
increased by 7%

New Business Volumes
up 6%

Normalised Headline Earnings
per share up by some 6%

Full Article

2011
Annual Results

Net Result from financial services
increased by 15% per share

New Business Volumes
up 9% to R115 billion

Group Equity Value
15.7% return per share

Full Article

Operational Update
December 2011

Net Result from financial services
increased by 10%

New Business Volumes
up 4%

Normalised Earnings
were marginally down

Full Article

2011
Interim Results

Net Result from financial services
increased by 22% per share

New Business Volumes
up 11% to R55 billion

Group Equity Value
12.8% return per share

Full Article

Operational Update
June 2011

Net Result from financial services
increased by 15%

New Business Volumes
up 11%

Normalised Headline Earnings
Up on the comparable period

Full Article

2010
Annual Results

Net Result from financial services
increased by 23% per share

New Business Volumes
up 3% to R106 billion

Group Equity Value
18.2% return per share

Full Article

Operational Update
December 2010

Net Result from financial services
increased by 15%

New Business Volumes
up 4%

Normalised Headline Earnings
were marginally up

Full Article

2010
Interim Results

Net Result from financial services
increased by 14% per share

New Business Volumes
decreased by 3% to R50 billion

Group Equity Value
9.1% return per share

Full Article

Operational Update
June 2010

Net Result from financial services
decreased by 7%

New Business Volumes
up 2%

Normalised Headline Earnings
up by 70%

Full Article

2009
Annual Results

Net Result from financial services
decreased by 1% per share

New Business Volumes
up 3% to R103 billion

Group Equity Value
16.2% return per share

Full Article

Operational Update
December 2009

Net Result from financial services
decreased by 7%

New Business Volumes
up 2%

Normalised Headline Earnings
Increased five-fold

Full Article

2009
Interim Results

Net Result from financial services
decreased by 4% per share

New Business Volumes
up 1% to R51 billion

Group Equity Value
5.2% return per share

Full Article

Operational Update
June 2009

Net Result from financial services
decreased by 7%

New Business Volumes
up 2%

Normalised Headline Earnings
down by 23%

Full Article

2008
Annual Results

Net Result from financial services
In line with 2007

New Business Volumes
down 2% to R100 billion

Group Equity Value
-1.7% return per share

Full Article

Operational Update
December 2008

Net Result from financial services
decreased by 6%

New Business Volumes
up 7%

Normalised Headline Earnings
per share down by 86%

Full Article

2008
Interim Results

Net Result from financial services
decreased by 3% per shares

New Business Volumes
up 2% to R51 billion

Group Equity Value
0% return per share

Full Article
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