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Audited Consolidated Financial Statements for the year ended 31 December 2024 and Declaration of Ordinary 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")
AUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AND DECLARATION OF ORDINARY DIVIDEND
KEY FINANCIAL RESULTS
Year ended Year ended Change
31 Dec 2024 31 Dec 2023 %
Group insurance revenue (R million) 52,317 46,882 12%
Ordinary dividend per share (R cents per share) 985.00 905.00 9%
Basic earnings per share (R cents per share) 3,356 2,973 13%
Headline earnings per share (HEPS) (R cents per share) 3,477 2,310 51%
SALIENT FEATURES
- Conventional insurance net earned premium (NEP) growth of 10% to R32.2 billion
- Conventional insurance net underwriting margin of 7.6% (3.5% in December 2023)
- Alternative risk transfer (ART) profit before tax of R781 million (R516 million in December 2023)
- Return on shareholders' funds of 31.9%
- Economic capital coverage ratio of 166% (155% in December 2023)
- Final dividend of 985.00 cents per share
KEY PERFORMANCE HIGHLIGHTS
Strategic actions improved profitability across our portfolio, driving robust financial performance in 2024.
Santam continued implementing various underwriting measures in response to difficult global operating and risk
environments, which improved profitability.
Conventional insurance
Most of our conventional insurance businesses contributed positively to premium and profit growth. Growth in NEP of 10%,
and a net underwriting margin of 7.6% was achieved, both well within the group's target range.
We maintained our focus on providing superior solutions to our clients while enhancing our client and intermediary
experience. Our philosophy to drive profitable growth, together with the underwriting actions that we implemented,
substantially improved the profitability of our insurance book.
ART insurance
The ART business, consisting of Santam Structured Insurance (SSI) and Centriq, grew its profit contribution significantly,
supported by growth across all revenue lines.
International businesses
Santam's share of the gross written premium of Shriram General Insurance (SGI) in India and Pacific & Orient Insurance
Co. Berhad (P&O) in Malaysia grew by 20%, but net insurance results declined by 3% from a high base. SGI benefited from
book growth and a favourable claims ratio, offset by lower investment returns.
Strategy
We continue to make progress in rolling out our FutureFit 2030 strategy and operating model, supported by the launch of
our refreshed brand. These initiatives will ensure that Santam continues to be profitable and achieve strong growth for
our shareholders.
DECLARATION OF ORDINARY DIVIDEND (NUMBER 140)
Notice is hereby given that the board has declared a gross final dividend of 985.00 cents (2023: 905.00 cents) per
ordinary share for the year ended 31 December 2024 to those members registered on the record date, being Thursday,
20 March 2025. 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 788.00 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: 985.00 cents
Net ordinary cash dividend amount per share: 788.00 cents
Issued shares at 03 March 2025: 115 131 417
Declaration date: Monday, 03 March 2025
Last day to trade cum dividend: Monday, 17 March 2025
Shares trade ex-dividend: Tuesday, 18 March 2025
Record date: Thursday, 20 March 2025
Payment date: Monday, 24 March 2025
To allow for the dividend calculation, Santam's share register will be closed for all transfers, off-market transactions
and dematerialisations or rematerialisations between Tuesday, 18 March 2025 and Thursday, 20 March 2025, 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 financial statements have been audited by the
company's auditors, KPMG, who expressed an unmodified audit opinion on the audited financial statements. The audited
financial statements, including the audit opinion are available on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2025/jse/isse/SNT/YE2024.pdf and on the company's website at
https://www.santam.co.za/media/lx3fcvg3/2024-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 audited 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:
https://www.santam.co.za/media/ermg5i2j/2024-december-ias-booklet.pdf.
ADMINISTRATION
INVESTOR RELATIONS
T Rulashe
T: +27 21 915 7346
E: Thabiso.Rulashe@santam.co.za
NON-EXECUTIVE DIRECTORS
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
03 March 2025
SPONSOR
Equity and Debt sponsor: Investec Bank Limited
Santam is an authorised financial services provider (licence number 3416).
Date: 03-03-2025 07:05:00
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