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Sanlam trading statement for the financial year ended 31 December 2023
Sanlam Limited
Incorporated in the Republic of South Africa
(Registration number 1959/001562/06)
("Sanlam", "or "the group")
JSE Share code: SLM
A2X share code: SLM
NSX share code: SLA
ISIN: ZAE000070660
Sanlam Life Insurance Limited
(Incorporated in the Republic of South Africa)
(Registration No. 1998/021121/06)
("Sanlam Life")
Bond Issuer Code: BISLI
LEI: 378900E10332DF012A23
Sanlam trading statement for the financial year ended 31 December 2023
Shareholders (Sanlam Limited) and noteholders (Sanlam Life) are advised that Sanlam is in the process of finalising
its financial results for the year ended 31 December 2023. This trading statement provides an indication of the
expected ranges for headline earnings and earnings attributable to equity holders of the group in accordance with
paragraph 3.4(b) of the Listings Requirements of the JSE Limited ("JSE"). Sanlam's 2023 financial results will be
released on the Stock Exchange News Service ("SENS") of the JSE on Thursday, 7 March 2024.
The group applied the International Financial Reporting Standard ("IFRS") 17 Insurance Contracts standard from
1 January 2023 and has restated 2022 numbers for comparative purposes in accordance with the applicable
standard as indicated below. After allowing for specific shareholders' fund adjustments, the restated 2022 IFRS 17
based numbers are not materially different to the reported IFRS 4 based numbers. The ranges provided in this
trading statement are relative to the IFRS 17 results for the comparative period.
The group expects the following earnings ranges for the year ended 31 December 2023:
12 months to 31 December
Metric Pre-
Post-implementation of IFRS 17 implementation
of IFRS 17
2023 2023 2022 2022
Expected Expected Actual Actual
increase on range (cents per (cents per
comparative (cents per share) share)
period (%) share)
Net result from financial services per 15 to 25 545 to 592 474 461
share ("NRFFS")(1)
Cash NRFFS per share(2) 15 to 25 545 to 592 474 456
Net operational earnings per share(1) 23 to 33 616 to 666 501 477
Headline earnings per share 43 to 53 676 to 723 473 454
("HEPS")
Diluted HEPS 44 to 54 671 to 718 466 447
Earnings per Share ("EPS") 12 to 22 670 to 730 598 579
Diluted EPS 12 to 22 661 to 720 590 571
(1) The 2023 earnings and the restated earnings for the comparable period in 2022 are based on the IFRS 17 accounting standard, after allowing for Sanlam specific shareholder
fund adjustments.
(2) Cash NRFFS represents NRFFS adjusted for specific non-cash items: amortisation of intangible assets, changes in insurance contract assets (i.e. negative liabilities) and other
non-cash items.
Growth in NRFFS was strong across all lines of business supported by:
• Strong risk experience in the life insurance business.
• Higher investment market levels and overall book growth supporting asset-based revenue in the life and
investment management lines of business, as well as good investment returns on insurance funds in the
general insurance businesses.
• Improved performance from the credit portfolio backing life insurance liabilities.
• Higher loan advances in the India operations positively impacting the credit and structuring earnings.
The higher expected percentage increase in net operational earnings is due to higher investment returns on the
shareholder capital portfolio, which also supported the growth in headline earnings.
The increase in EPS and diluted EPS is due to strong operational performance, partly dampened by lower
accounting profit on disposal of operations.
Cash NRFFS provides a better representation of the business earnings.
The financial information in this trading statement is the responsibility of the Sanlam board of directors and has
not been reviewed or reported on by the group's external auditors.
For all investor relations queries please contact:
Sanlam Investor Relations
Tel: +27 21 947 8455
E-mail: ir@sanlam.co.za
Cape Town, 29 February 2024
Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited
Debt Sponsor to Sanlam Life Insurance Limited
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 29-02-2024 02:21:00
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