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Performance Our performance | Financial results & reports | Sanlam

Performance

2021 Interim results

Group Equity Value per share

+6.1%

six month return

Net result from financial services

+16%

New business volumes

R176bn

+12%

Net value of new covered business (VNB)

R1 289mn

+94%

Net VNB margin

2,82%

2,06% in 2020

Four-month operational update

The Sanlam Group has continued to deliver on the resilient performance demonstrated in the 2020 financial year, achieving a satisfactory performance in the first four months of 2021, despite the impact of the second wave of the COVID-19 pandemic in South Africa during the period. The Group’s performance continues to demonstrate the strength of the underlying operations which is built on a foundation of a sound capital base, robust cash generation and a diversified growth profile. We made solid progress with the implementation of our strategy of building a fortress position in South Africa, accelerating growth outside of South Africa and strengthening our position where we operate outside of Africa.

Net result from financial services

+18% on 2020

7% lower than 2019

New business volumes

+20% on 2020

58% higher than 2019

Net value of new business (VNB)

+81% on 2020

41% higher than 2019 (margins of 2,82% higher than 2020 and 2019 margins)

Net fund inflows

R28 billion
more than double 2020

73% higher than 2019

2020 Annual results

Although earnings for 2020 were negatively impacted by COVID-19 and are lower than 2019, the group remains in a strong capital position and financially sound. Sanlam delivered solid financial results that reflect the diversity of operations and the underlying resilience of the Group’s businesses. Net result from financial services declined 13% but was up 17% excluding sources of earnings most affected by the COVID-19 pandemic. New business volumes posted strong growth to over R300 billion for the first time (up 25% to R311 billion), net fund inflows increased 8% to R62 billion. Value of new business was impacted by the restrictions on face-to-face sales in many of our markets during year and declined 16% to R1 921 million. The Group remains well positioned for growth and will focus on implementing its revised growth strategy.

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Return on group equity value per share

-2,8%

adjusted RoGEV of 2.6%

Net result from financial services

-13%

+17% excl Covid 19 impact

New business volumes

R311bn

+25%

Net value of new covered business (VNB)

R1 921mn

-16%

Net VNB margin

2,58%

2,98% in 2019

Messages from our leadership

2020 was an incredible time of change and challenge for humankind, with COVID-19 overtaking our lives in a manner never experienced before. Read the views of our Chair, Group Chief Executive and Group Financial Director on the challenges and opportunities that arose in 2020, as well as the steps Sanlam took to deliver on its purpose and create sustained value for its stakeholders.

Chair’s report Download
Group Chief Executive’s report Download
Finance Director's report Download

10-month operational update

Sanlam’s operational performance remained resilient for the 10-month period to 31 October 2020 in the context of a challenging operating environment. New business volumes of R248 billion increased by 25% on the first 10 months of the 2019 financial year. Investment business was the key driver of new business volumes but there has also been an improvement in higher margin life sales over the 4 months since 30 June 2020. Net result from financial services declined by 21% on the first 10 months of the 2019 financial year. Excluding the negative impact of COVID-19, net result from financial services increased by a pleasing 22%. Net value of new business decreased by 21% largely due to lower new life business sales during the lockdown periods, with the higher margin businesses such as Sanlam Sky more severely affected.

Net result from financial services

-21%

up 22% excluding COVID-19 impacts

New business volumes

R248bn (+25%)

Net fund inflows of R51bn (+17%)

Net value of new covered business (VNB)

-21%

to R1 350m

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