Wrap Text
Audited annual results for the year ended 31 December 2024
Sanlam Limited
Incorporated in the Republic of South Africa
(Registration number 1959/001562/06)
("Sanlam", "Sanlam Group" 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)
Bond Issuer Code: BISLI
LEI: 378900E10332DF012A23
("Sanlam Life")
Audited annual results for the year ended 31 December 2024
Key performance indicators
For the 12 months ended 31 December Unit 2024 2023 % change
Earnings
Shareholders' fund information
Net result from financial services (NRFFS) (1) R million 15 443 12 379 25%
Cash NRFFS R million 15 536 12 398 25%
Net operational earnings(2) R million 18 544 13 889 34%
NRFFS excluding reinsurance recapture fee R million 14 071 12 379 14%
Cash NRFFS excluding reinsurance recapture fee R million 14 164 12 398 14%
Net operational earnings excluding reinsurance recapture fee R million 17 172 13 889 24%
Headline earnings R million 20 083 14 467 39%
Basic profit attributable to shareholders' R million 22 240 14 478 54%
Weighted average number of shares million 2 111 2 089 1%
Adjusted weighted average number of shares million 2 115 2 158 (2%)
NRFFS per share cents 730 574 27%
Cash NRFFS per share cents 735 574 28%
Net operational earnings per share cents 877 644 36%
NRFFS per share excluding reinsurance recapture fee cents 665 574 16%
Cash NRFFS per share excluding reinsurance recapture fee cents 670 574 17%
Net operational earnings per share excluding reinsurance
812 644 26%
recapture fee cents
Headline earnings per share cents 964 702 37%
Diluted headline earnings per share cents 952 692 37%
Dividend per share cents 445 400 11%
International Financial Reporting Standards (IFRS)
information
Basic profit attributable to shareholders' per share cents 1 068 703 52%
Diluted basic profit attributable to shareholders' per share cents 1 054 693 52%
Business volumes
Total new business volumes R million 420 236 396 590 6%
Total net client cash flows R million 54 141 35 672 52%
Life insurance
New business volumes (PVNBP)(3) R million 103 231 100 241 3%
Value of new covered business R million 2 902 2,853 2%
New covered business margin % 2,81 2,85
Life insurance net client cash flows R million 16 737 18 678 (10%)
1
For the 12 months ended 31 December Unit 2024 2023 % change
General insurance
New business volumes R million 49 139 47 153 4%
Net client cash flows R million 19 966 16 744 19%
Investment management
New business volumes R million 297 211 274 579 8%
Net client cash flows R million 17 438 250 >100%
Group equity value
Group equity value R million 171 810 149 904 15%
Group equity value per share cents 8 123 7 086 15%
Return on group equity value per share % 20,3 16,7
Adjusted return on group equity value per share % 18,0 19,5
Return on equity
Return on equity % 21,3 15,8
Return on equity excluding reinsurance recapture fee % 19,8 15,8
Solvency cover
Sanlam Group % 168 170
Sanlam Life Insurance Limited % 231 245
Sanlam Life Insurance Limited covered business % 168 170
Notes
(1) A measure of Sanlam group's operating performance aligned with cash earnings that drive dividend distribution.
(2) NRFFS including investment return after allowing for specific shareholders' fund adjustments and project expenses.
(3) Present value of new business premiums.
The group achieved net result from financial services (NRFFS) of R14,1 billion (R15,4 billion including
the one-off reinsurance recapture fee ("reinsurance recapture fee")), up by 14% from 2023 (up by 25%
including the reinsurance recapture fee). NRFFS benefited from strong organic growth, with robust
contributions from life insurance, general insurance and investment management, and good underlying
performance from credit and structuring. NRFFS per share increased by 16% (up by 27% including the
reinsurance recapture fee) due to lower adjusted weighted average number of shares in 2024 relative to
2023. Cash NRFFS per share increased by 17% (up by 28% including the reinsurance recapture fee).
Net operational earnings of R17,2 billion (R18,5 billion including the reinsurance recapture fee) increased
by 24% (up by 34% including the reinsurance recapture fee), benefiting from higher investment returns
on the shareholder capital portfolio, coupled with reduced corporate project expenses. Net operational
earnings per share increased by 26% (up by 36% including the one-off reinsurance recapture fee).
Headline earnings per share increased by 37%, with the higher growth relative to net operational earnings
resulting from reduced external financing costs in 2024 in relation to the broad-based black economic
empowerment special purpose vehicle (B-BBEE SPV).
Attributable earnings per share increased by 52% due to gains from proceeds on the sale of Sanlam's
Namibia operations into the SanlamAllianz joint venture ("JV"), and the partial sale of the group's direct
stake in Shriram Finance Limited.
Group new business volumes increased by 6% to R420 billion, benefiting from increased investment
management inflows from the South African businesses. Life and general insurance recorded robust
inflows.
Life insurance net value of new covered business ("VNB") increased by 2% following structural corporate
activity involving the sale of Sanlam Namibia to SanlamAllianz and the termination of the Capitec JV, as
well as currency depreciations in the Pan-Africa portfolio.
Net client cash flows increased by 52% to R54 billion mainly from a rebound in the South Africa
investment management operations, where both asset and wealth management performed strongly, and
the retail investment platform business recorded improved net inflows.
Group equity value ("GEV") per share was R81,23 on 31 December 2024. RoGEV and adjusted RoGEV
per share was 20,3% and 18,0% respectively for 2024, ahead of the hurdle rate of 15,6%. Contributors
to RoGEV were, robust value of new business and positive risk, working capital and credit spread
experience in the life insurance operations, and in the non-life operations, strong operating results from
Santam, improved performance and outlook from the India credit business and solid performance from
SanlamAllianz, partially offset by the write-down of the Afrocentric valuation.
Shareholders are advised that a final gross cash dividend of 445 cents per share was declared for the
year ended 31 December 2024, an increase of 11% on the prior year dividend. The dividend is payable
on Monday, 7 April 2025 by way of electronic bank transfers to ordinary shareholders recorded in the
register of Sanlam at close of business on Friday, 4 April 2025. The last date to trade to qualify for this
dividend will be Tuesday, 1 April 2025, and Sanlam shares will trade ex-dividend from Wednesday, 2
April 2025. Share certificates may not be dematerialised or rematerialised between Wednesday, 2 April
2025 and Friday, 4 April 2025, both days included. Shareholders who have not yet provided their banking
details for dividend payments are requested to do so by contacting Sanlam's transfer secretary,
Computershare, at 0861 100 913 or +27 (0)11 370 5000.
The South African dividend withholding tax regime applies in respect of this dividend. The dividend in full
will be subject to the 20% withholding tax, where applicable, which result in a net dividend, to the
shareholders who are not exempt from paying dividend tax, of 356 cents per share. The number of
ordinary shares in issue in the company's share capital as at the date of the declaration is 2,087,513,370
excluding treasury shares of 29,640,579. The company's tax reference number is 9536/346/84/5.
This short-form results announcement is the responsibility of the Sanlam board of directors and is a
summary of the information contained in the audited consolidated annual financial statements for the year
ended 31 December 2024 ("Annual Financial Statements") which can be found a
https://senspdf.jse.co.za/documents/2025/jse/isse/slm/FY24.pdf
and further commentary can be found at http://sanl.am/2024AR available on the Sanlam website.
Annual Financial Statements for the year ended 31 December 2024 have been independently audited by
the group's joint auditors, PwC Inc. and KPMG Inc. Their audit report containing an unmodified opinion,
along with the Annual Financial Statements are available for inspection at the company's registered office
and also available at http://sanl.am/2024AFS on Sanlam's website.
Copies of the the Annual Financial Statements are available for inspection at, or may be requested from
the Company Secretary: Sanlam's registered office and the offices of its sponsor during office hours or
online at www.sanlam.com, at no charge. Any investment decision should be based on a consideration
of the the Annual Financial Statements.
SANLAM LIMITED
Registered office: 2 Strand Road, Bellville, 7530, South Africa
Sanlam Investor Relations
E-mail: ir@sanlam.co.za
JSE SPONSOR
Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited
Debt Sponsor to Sanlam Life Insurance Limited
The Standard Bank of South Africa Limited
6 March 2025
Date: 06-03-2025 09:00:00
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