SANTAM LIMITED - Trading Statement for the year ended 31 December 2024

Trading Statement for the year ended 31 December 2024

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
LEI: 37890092DC55C7D94B35
JSE Share Code: SNT & ISIN: ZAE000093779
NSX Share Code: SNM
A2X Share Code: SNT
Bond company code: BISAN
("Santam" or the "Group")

TRADING STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024

Shareholders and noteholders are hereby advised that Santam is currently compiling its annual
financial results for the year ended 31 December 2024. This trading statement provides
guidance for Headline Earnings per Ordinary Share (HEPS) and Earnings per Ordinary Share
(EPS) attributable to equity holders of Santam in terms of paragraph 3.4(b) of the JSE Limited
Listings Requirements.

Shareholders and noteholders are, furthermore, advised that Santam expects its HEPS and
EPS for the year ended 31 December 2024 to fall within the following ranges:

                           Year to                   Year to                  Year to
                  31 December 2024          31 December 2024         31 December 2023
                 Expected increase            Expected range               Prior year
                on the comparative
                              year
                                 %           Cents per share          Cents per share
  HEPS                  40% to 60%            3 234 to 3 696                    2 310
  EPS                    0% to 20%            2 973 to 3 568                    2 973

The increase in HEPS and EPS is attributable to improved underwriting results for conventional
insurance business and earnings growth at the alternative risk transfer businesses. The net
underwriting margin for conventional insurance business is expected to be within the long-term
target range of 5% to 10% of net earned premiums(1) despite significant weather-related
catastrophes and other large losses. Growth in EPS is expected to be lower than HEPS due
to the R705 million one-off gain realised in 2023 on the disposal of the Group's stake in SAN
JV (RF) (Pty) Ltd. This one-off gain was included in EPS but excluded from HEPS in line with
the requirements for the calculation of these metrics.

Satisfactory gross written premium growth is anticipated.

The Group's economic capital solvency position is expected to be well within the target range
of 145% to 165%.

The financial information on which this trading statement is based has not been reviewed or
reported on by Santam's external auditors. Santam will release its audited results for the year
ended 31 December 2024 on or about 3 March 2025.

(1)   Net earned premiums as defined in the segmental information disclosed in the Group's 2024
      Annual Results.


CAPE TOWN
11 February 2025

Sponsor (Equity and Debt): Investec Bank Limited

Date: 11-02-2025 12:00:00
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