Wrap Text
Reviewed Condensed Consolidated Interim Financial Statements for the Six Months ended 30 June 2024 and Dividend
Santam Limited
Incorporated in the Republic of South Africa
Registration number 1918/001680/06
ISIN: ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35
("Santam" or "the company" or "the Group")
REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2024 AND DECLARATION OF
ORDINARY DIVIDEND
KEY FINANCIAL RESULTS
Period ended Period ended Change
30 Jun 2024 30 Jun 2023 %
Group insurance revenue (R million) 24,634 22,492 10%
Ordinary dividend per share (R cents per share) 535.00000 495.00000 8%
Basic earnings per share (R cents per share) 1,567 1,170 34%
Headline earnings per share (HEPS) (R cents per share) 1,578 1,170 35%
SALIENT FEATURES
- Conventional insurance net earned premium growth of 7% to R15.4 billion
- Conventional insurance net underwriting margin of 6.5% (3.8% in June 2023)
- Gross claims paid of R14.2 billion
- Annualised return on shareholders' funds of 33.6%
- Economic capital coverage ratio of 158% (155% in December 2023)
- Interim dividend of 535.00000 cents per share
KEY PERFORMANCE HIGHLIGHTS
Santam Group delivered an improved performance with pleasing underwriting results. Despite the operating environment
in our primary market remaining difficult, progress with our FutureFit 2030 strategy and our diversification across
market segments, insurance classes and geographies enabled the Group to achieve a resilient performance in the first
half of 2024.
Conventional insurance
All our major conventional insurance businesses contributed positively to an overall growth in gross written premiums
of 8% and a net underwriting margin of 6.5%, well within the Group's target range of 5 to 10%.
Underwriting actions at Broker Solutions and Client Solutions, along with portfolio restructuring at Santam Re,
improved the Group's risk profile and rating strength of the Group's in-force book. This, combined with favourable
attritional loss experience, outweighed the impact of weather-related catastrophes and large losses, creating positive
earnings momentum.
Alternative Risk Transfer (ART) insurance
The ART business, consisting of Santam Structured Insurance (SSI) and Centriq, delivered an excellent performance,
supported by solid growth across all revenue lines.
International businesses
Shriram General Insurance (SGI) in India recorded strong growth from all distribution channels. SGI's underwriting
performance benefited from the book growth and a favourable claims ratio, but it was offset by a lower return on
insurance funds.
Strategy
We continue to make progress in executing all the pillars of our FutureFit strategy, which creates a solid foundation
to deliver enhanced shareholder value into the future.
DECLARATION OF ORDINARY DIVIDEND (NUMBER 139)
Notice is hereby given that the board has declared a gross interim dividend of 535.00000 cents (Jun 2023: 495.00000 cents)
per ordinary share for the six months ended 30 June 2024 to those members registered on the record date, being Friday, 20
September 2024. The dividend has been declared from income reserves. A dividend withholding taxation of 20% will be
applicable to all shareholders who are not exempt, with a net dividend of 428.00000 cents per ordinary share payable to
such shareholders.
Company tax reference number: 9475/144/71/4
LEI: 37890092DC55C7D94B35
Gross ordinary cash dividend amount per share: 535.00000 cents
Net ordinary cash dividend amount per share: 428.00000 cents
Issued shares at 29 August 2024: 115 131 417
Declaration date: Thursday, 29 August 2024
Last day to trade cum dividend: Tuesday, 17 September 2024
Shares trade ex-dividend: Wednesday, 18 September 2024
Record date: Friday, 20 September 2024
Payment date: Monday, 23 September 2024
To allow for the dividend calculation, Santam's share register will be closed for all transfers, off-market transactions
and dematerialisations or rematerialisations between Wednesday, 18 September 2024 and Friday, 20 September 2024, both days
inclusive.
In terms of the dividends tax legislation, the dividends tax amount due will be withheld and paid over to the South
African Revenue Service (SARS) by a nominee company, stockbroker or Central Securities Depository Participant (CSDP)
(collectively Regulated Intermediary) on behalf of shareholders. Shareholders should seek their own advice on the tax
consequences associated with the dividend and are encouraged to ensure their records are up to date so that the correct
withholding tax is applied to their dividend.
SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the directors. The condensed consolidated interim financial
statements have been audited by the company's auditors, KPMG, who expressed an unmodified review opinion on the reviewed
condensed consolidated interim financial statements. The reviewed condensed consolidated interim financial statements,
including the review opinion is available on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2024/jse/isse/SNT/HY2024.pdf and on the company's website at
https://www.santam.co.za/media/0ifbqpdc/2024-interim-financial-statements.pdf.
Any investment decision by investors and/or shareholders and/or bondholders in relation to the company's shares or bonds
should be based on consideration of the reviewed condensed consolidated interim financial statements as the information in
this announcement does not provide all of the details.
The presentation to analysts can be found on the company's website at http://www.santam.co.za/media/uaod5sge/2024-june-
ias-booklet.pdf.
ADMINISTRATION
INVESTOR RELATIONS
T Rulashe
T: +27 21 915 7346
E: Thabiso.Rulashe@santam.co.za
NON-EXECUTIVE DIRECTORS
M Chauke, CD Da Silva, MP Fandeso, PB Hanratty, DEH Loxton, MM Mahlangeni, NT Moholi (chairperson), AM Mukhuba, JJ Ngulube,
PE Speckmann, LA Swartz
EXECUTIVE DIRECTORS
TC Madzinga (group chief executive officer), ML Olivier (group chief financial officer)
COMPANY SECRETARY
R Eksteen
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
15 Biermann Avenue, Rosebank 2196 Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000
Fax: 011 688 5216
www.computershare.com
SANTAM HEAD OFFICE AND REGISTERED ADDRESS
1 Sportica Crescent
Tyger Valley, Bellville 7530 PO Box 3881, Tyger Valley 7536
Tel: 021 915 7000
Fax: 021 914 0700
www.santam.co.za
Registration number 1918/001680/06
ISIN ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35
29 August 2024
SPONSOR
Equity sponsor: Investec Bank Limited
Debt sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)
Santam is an authorised financial services provider (licence number 3416).
Date: 29-08-2024 07:05:00
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