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Trading Statement
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)
("Sanlam Life")
Bond Issuer Code: BISLI
LEI: 378900E10332DF012A23
Trading statement for the six months ended 30 June 2024
Shareholders are advised that Sanlam is in the process of finalising its financial results for the six months ended
30 June 2024. 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 2024 interim financial results will be released on the Stock
Exchange News Service ("SENS") of the JSE on Thursday, 5 September 2024.
The group expects the following earnings ranges for the six months ended 30 June 2024:
Six months to 30 June
Metric 2024 2024 2023
Expected Expected Actual
increase on range (cents per
comparative (cents per share)
period (%) share)
Net result from financial services (NRFFS) per share1 15 to 25 322 to 350 280
Cash NRFFS per share2 15 to 25 326 to 355 284
Net operational earnings per share1 5 to 15 358 to 392 340
Headline earnings per share (HEPS) 35 to 45 458 to 492 339
Diluted HEPS 35 to 45 451 to 484 334
Earnings per share (EPS) 15 to 25 447 to 486 389
Diluted EPS 15 to 25 440 to 479 383
1
A measure of operating performance of the Sanlam group that is better aligned to cash earnings that drive dividend distribution.
2
Cash NRFFS represents NRFFS adjusted for specific non-cash items: amortisation of intangible assets and changes in insurance
contract assets (i.e. negative liabilities).
The group achieved strong growth in NRFFS and cash NRFFS across all lines of business with notable
contributions from life insurance and general insurance. Life insurance benefited from robust results achieved in
the Pan-Africa operations while general insurance experienced improved performance from Santam. Investment
management and credit and structuring recorded satisfactory results as investment management benefited from
improved performance in the international operations, while credit and structuring recorded sustained performance
in the India operations.
Positive overall investment returns on the shareholder capital portfolio in 2024, albeit lower than 2023, supported
the expected percentage increase in net operational earnings.
The higher level of growth in HEPS and diluted HEPS relative to the growth in NRFFS is mainly due to the
accounting treatment of several one-off items that do not impact NRFFS. Sanlam regards NRFFS as its key
earnings metric.
The rise in earnings per share (EPS) and diluted EPS is attributed to robust operating results which was partially
reduced by a lower accounting gain from the disposal of businesses in 2024 relative to 2023.
NRFFS, cash NRFFS and net operational earnings per share metrics were positively impacted by lower weighted
average number of shares in 2024 relative to 2023.
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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
E-mail: ir@sanlam.co.za
Cape Town, 29 August 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
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Date: 29-08-2024 02:00:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
