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Credit Rating Action by Standard & Poor's

2 July 2018

Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that S&P Global Ratings (S&P) has reviewed its national scale ratings on South African insurers which were labeled as under criteria observation (UCO) on 2 July 2018 (after recalibrating the national scale mapping table for South Africa), removing the UCO identifier on the ratings.

Accordingly, Sanlam Life’s National Scale Rating has been revised from ‘zaAA+ to zaAAA’ and the ratings of the SLI3 and SLI4 subordinated deferrable debt issued by Sanlam Life from ‘zaA’ to ‘zaAA-’.

The rating actions do not reflect any change in S&P’s view of the fundamental credit quality of the issuers or issues and the global scale issuer and issue credit ratings on insurers were not affected by the rating actions.

Further details regarding the rating action is available on S&P’s website or in its press release entitled “South Africa National Scale Ratings On Sanlam Revised After Criteria Update; Removed From UCO”.

Sanlam Life Insurance is a licensed financial service provider.
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