Building a fortress position in South Africa

To preserve our leading market positions and to grow, we are refining, innovating and extending our holistic, highly competitive solutions, increasing orchestration in the group and driving digital renewal and innovation.

Diverse product

  • Insurance
  • Asset and wealth management
  • Corporate benefits
  • Retail credit
  • Healthcare
  • Wills and estates
  • Financial planning and advice
  • Loyalty and rewards

Partnerships

  • Banks
  • Telcos
  • Financial Services
  • Non-financial Services
  • Retailers
  • Strategic co-investors in Africa

Technology

  • Modernising core business
  • Future-fit client ecosystems
  • Disruptive product innovation and digitalisation
  • Digital native businesses

Sustainability

  • Financial strength, resilience and consistent performance
  • Trust and reputation
  • Financial inclusion
  • Investing for good in people and planet
  • Partnerships for impact
  • Thought leadership

DECEMBER 2025 FIGURES

Sanlam Group today

Diversified emerging markets

Footprint across 29 countries in Africa and Asia

Largest insurer in Africa

Present in eight of the top 10 largest economies in Africa

R186 billion

Group Equity value

Group equity

Adjusted return on group equity value per share:15,7% above hurdle of 14,7%

17,1%

Return on equity 17,1%

R1,7 trillion

R1,7 trillion in assets under management


Empowering generations with confidence in their financial futures.

Where we are

Our diversified geographic scope and market-leading positions across South Africa, Pan-Africa and Asia, alongside our strategic partners in each region, provide compelling near- to long-term opportunities to capture growth and service the unmet financial services needs of large, marginalised client populations.

Our products
  • Life insurance
  • General insurance
  • Asset and wealth management
  • Corporate benefits
  • Retail credit
  • Healthcare
  • Wills and estates
  • Financial planning and advice
  • Loyalty and rewards
South Africa
  • #1 General insurer
  • #1 Life insurer by new business volumes
  • #1 Largest retail investment platform
  • #1 Largest indexation business
  • #2 Largest multi-manager and wealth manager
  • #3 Largest umbrella fund
  • World-class asset management capabilities
in partnership with
> 20-year partnership
Pan-Africa
  • Presence in 25 countries
  • Top three market position in life insurance across 17 countries and in general insurance across 15 countries
  • 16% insurance market share across Pan-Africa
  • Robust skills and expertise to successfully navigate the African continent
  • A-rated reinsurance
in partnership with
Partnership formed in 2003
Asia
  • One of India’s largest non-banking financial services groups
  • Strong rural and lower middle market presence and penetration
  • Robust ecosystem and cross-selling capacity
  • Strong digital platforms
  • Operations in Malaysia offer a wide range of life and general insurance services
in partnership with
> 20-year partnership

OUR INVESTMENT CASE

Our clear strategy and targets to 2030 reflect confidence in the quality of our businesses in high-potential markets and their ability to deliver accelerated growth and superior long-term value creation.

Quality
Trust

Balance sheet strength

Diversified, prudently managed
and financially dependable

Our deeply embedded risk management processes, inherent prudence and diversification across geographies and product lines enable a strong financial position. This supports our reputation for being unshakably dependable in fulfilling our promises to clients. Our clients’ confidence in us is a key differentiator.

Leadership

High returns from leading margins

Leading innovative strategies
and businesses in each market

In addition to our reliability, we sustain or attain leadership across our markets and product lines by delivering an exceptional client experience. This enables us to generate higher margins and superior, above-market returns on the capital entrusted to us, while meeting the commitments we make to our clients.

Growth
Growth markets

Superior operating profit growth

High-potential markets
in Africa and India

We deliberately compete in high-growth markets where our corporate DNA enables us to profitably serve clients in modest means at scale. Each of our markets (including South Africa) offers favourable structural growth dynamics that will power organic growth in all our businesses.

Growth vectors

Leveraging quality to accelerate growth

Leveraging ecosystems,
partnerships, skills and capital

We continue to invest capital in opportunities that give us strategic optionality. In line with our commitment to disciplined capital allocation, we focus our resources on prioritising those with the highest potential for success. Our 2030 strategy prioritises five clear growth vectors across our regional markets that will accelerate growth and lift returns over the medium to long term.

Enhanced client propositions
Client at the core of our value creation philosophy
Diversification by product line and geographies
Omni-channel engagement to meet clients wherever they are
Returns above the cost of capital
Sustainable growth trajectory
Return on
equity (RoE) > 20%
Return on group equity value (RoGEV) > RSA risk-free rate(1) +4%
Dividend > RSA consumer price index(2) (CPI) +4%
Group economic solvency ratio: 150% to 190%
Operating profit growth > RSA CPI +6%
Sustainability leadership supports our investment case
Designed as a management tool to enable consistent tracking of progress over time and provide investors with greater transparency on the factors that underpin long-term earnings quality, growth sustainability, risk resilience and licence to operate. By integrating sustainability metrics alongside financial performance, we enhance the clarity and credibility of Sanlam’s long-term investment case.
Measured by:
External ESG ratings and governance
Client orientation and satisfaction
Employee engagement and culture
Financial inclusion and social focus
Climate and environmental focus

(1) RSA nine-year bond. (2) On a rolling three-year basis.

Growth vectors
South Africa ecosystem (Including GoTyme Bank JV)
Strengthening our integrated financial services platform to offer a full range of financial services
Improving access to Sanlam for all market segments
Integrating a unique rewards offering
Ecosystem enabled by modern technology with AI and machine learning
Global asset manager (SI and Ninety One relationship)
With the client at the centre of building and managing wealth, our investment focus is to create the best solutions and returns
Building on leading building blocks and capabilities, supported by a vast distribution network
Lloyd’s syndicate (Santam international)
Growing an international specialty business with a primary focus on emerging markets
Leveraging Santam skills and existing book with a new team of deep experts based in London
Pan-Africa (SanlamAllianz JV)
Exploiting brand strength, footprint, distribution and reputation to enhance growth
Leveraging best skills in insurance across Africa to capture new opportunities
Improving insurance penetration over time through reach, scale and relevant product set
India (Shriram ecosystem)
Increasing investment in fast-growing insurance and asset management operations
Improving cross-sell within our integrated financial services ecosystem
Anchored in a high-growth segment where we have competitive advantage
Efficient capital allocation framework
1
Maintain
financial strength
2
Finance
debt and equity
3
Invest in
organic growth
4
Maintain sustainable
and growing dividends
5
Improve position
through acquisition
6
Share buybacks
before special dividends
Creating long-term, sustainable shareholder value

OUR FUTURE ASPIRATION

Structured to deliver sustainable long-term growth

New business growth rates to exceed nominal GDP growth

Capital efficient business model

Self-financing business growth translates to value

Improving margins and ROC from scale, quality and efficiency

Long-term real RoGEV at attractive level

HOW WE ARE DIFFERENT

Our track record of consistent financial delivery

Unit 2021 2022 2023 2024 2025
Group equity value R billion 142,4 140,8 149,9 171,8 185,6
New business volumes R billion 355,9 335,2 396,6 420,2 496,0
Net client cash flow: Investment management (SA) R billion 34,4 28,3 9,7 18,8 61,6
Value of covered new business R million 2 764 2 388 2 853 2 902 3 294
Net result from financial services R million 9 469 10 473 12 379 15 443 15 939
Adjusted RoGEV per share % 14,6% 14,9% 19,5% 18,0% 15,7%
Dividend cps 334 360 400 445 485
Net insurance ratio
Santam % 9,5% 6,3% 6,1% 10,2% 14,3%
Pan-Africa % 16,3% 7,0% 12,1% 12,3% 12,2%
India % 25,2% 27,8% 26,6% 20,2% 24,4%
Group regulatory solvency(1) % 173% 169% 170% 168% 163%

(1)Excludes reinsurance recapture fee, including the fees. Including the fee, NRFFS would be R15,4 billion at a CAGR o4 17% and cash generated CAGR 16%.

Enabling financial inclusion through technology and people

HOW WE SERVE OUR CLIENTS

Our business clusters provide comprehensive, customised, client-centric financial solutions designed to meet the specific needs of individuals, businesses and institutions.

The Group Office supports the Group CEO and business clusters by providing strategic direction, co-ordination and oversight. It fosters collaboration and synergies across the group, monitors performance, ensures robust reporting and assurance, allocates capital and delivers centralised support services to enable the execution of the group strategy.

Sanlam Life and Savings
Sanlam Investments
Santam
Asia
Pan-Africa

Delivery
data, AI and digital transformation

Technology that enables fast, agile delivery and maximum value release with complete AI-driven transformation
Accelerated delivery and AI-enabled differentiating platforms
100% transition to cloud and cloud ways of work
  • Enabler faster delivery to market
  • Enable autonomous teams
  • Deliver long-term cost reduction
Differentiated platforms for client experience
  • Process and experience convergence
  • Differentiated experiences
  • Pervasive automation
  • Pervasive AI enablement
Unlock and exploit our data for value
Data and AI for commercial value
  • Monetised insights and AI/ML models
  • Support new offerings, cost efficiency
Enable a connected Sanlam ecosystem
  • Shift to a customer focus, over product
  • Connect disparate businesses
  • Personalised client offerings
Strengthened and efficient business operations
Low-friction, resilient, platforms and services
  • Secure, resilient operations
  • Scale value delivery
  • Faster, lower dependency delivery
Modern consolidated architecture
  • Reduce our cost and deduplicate
  • Faster, lower dependency delivery
  • Legacy risk elimination
Talent ecosystems
Next generation technology talent
  • Attract top talent through tech
  • Build talent referral ecosystems
  • Tech delivery partnerships with TymeX and Shriram
Rapid value capture in all growth areas
Seamlessly connect ecosystem for scale
and network benefits
Deliver a client-centric and unified business for
growth and differentiation
Release value scale and synergies from
partnership
Modernise, remove friction, strengthen
efficiency in operations

Sustainability lies at the heart of Sanlam's strategy. To us, sustainability is a business priority and a moral responsibility.

View more on our sustainability