Sanlam Allianz Holdings (kenya) Plc · NSEKE:SLAM
Sanlam Allianz Holdings (kenya) — Sanlam — Investor Day (2025)
138 slides from Sanlam Allianz Holdings (kenya)'s investor day presentation, Oct 31, 2025
Slide 1: Capital Markets Day 2025
2025 Capital 3 Markets Day
Slide 2: Disclaimer
Disclaimer In this presentation we make certain statements that are not historical facts and relate to analyses and other information based on forecasts of future results not yet determinable, relating, among others, to new business volumes, investment returns (including exchange rate fluctuations)
Slide 3: Agenda
Agenda 1 Leveraging quality. Accelerating growth 2 Strategic growth vectors Shriram financial services ecosystem in India Accelerating specialist capability via Lloyd's Unlocking the Pan-African insurance frontier Sanlam - A Winning as ‘one Sanlam’ in South Africa Asset management reimagined quality
Slide 4: Leveraging quality. Accelerating growth.
Leveraging quality. Accelerating growth. Paul Hanratty CAPITAL MARKETS DAY 2025
Slide 5: Living with confidence
© Sanilam Living with confidence
Slide 6: We're in it for the long term
We’re in it for the long term Strong Prudence Growth compounded is in our through performance DNA partnership
Slide 7: Our DNA is unchanged
Our DNA is “unchanged,
Slide 8: Speakers
Speakers Paul Hanratty Abigail Mukhuba Anton Gildenhuys Bongani Madikiza Karl Westvig Sanlam Group CEO Sanlam Chief Finance CEO: Sanlam Life CEO:SA Retail Mass CEO: TymeBank Officer & Finance Director and Savings Carl Roothman Tavaziva Madzinga Heinie Werth David Marshall Asha Sookha CEO: Sanlam Inv
Slide 9: Our strategy and 2030 ambition is underpinned by our purpose
Our strategy and 2030 ambition is underpinned by our purpose To be a leading emerging markets financial services group, delivering sustainable Our vision long-term growth through our operations in high potential markets Building a Shriram financial Accelerating Unlocking the Pan- Winning as ‘one Our
Slide 10: Allowing our clients to live with confidence
Allowing our clients to live with confidence 107+ years 96 million+ lives of client service history touched 18.2% Return on group R188 billion R1.5 trillion+ equity value market capitalisation assets under management per share World-class 30 skills and IP 8 of top 10 largest Present in Countries 150
Slide 11: Building a unique platform to capture growth
Building a unique platform to capture growth ALIGNING POSITIONING SOLIDIFYING THE PLATFORM AND SIMPLIFYING AND ACCELERATING OUR PURPOSE FOR GROWTH FORTIFYING FOR THE FUTURE QUALITY GROWTH 2020 - 2021 2022 - 2023 2024 2025 1 1 1 1 Life insurance Asset management General insurance Banking and Credit H
Slide 12: Diverse product lines create competitive advantage in emerging markets
Diverse product lines create competitive advantage in emerging markets
Slide 13: High growth potential underpinned by attractive market fundamentals
High growth potential underpinned by attractive market fundamentals Growth drivers South Africa Pan-Africa1 India Working age population2 (million) 40 809 983 Young demographics 60% 74% 59% (% under 34) Life: 10.0% Life: 0.4% Life: 2.7% Ex-RSA, low insurance penetration3 Non-life: 2.7% Non-life: 0.6
Slide 14: Our strategic growth vectors
Our strategic growth vectors Shriram financial Accelerating specialist Unlocking services ecosystem capability via Lloyd’s the Pan-African in India Tavaziva Madzinga insurance frontier David Marshall Heinie Werth Asset management Winning as ‘one Sanlam’ in South Africa reimagined Anton Gildenhuys, B
Slide 15: Bringing about simplicity and transparency - aligning to global best practice
Bringing about simplicity and transparency - aligning to global best practice Sustainability embedded throughout
Slide 16: Our new key performance metrics
Our new key performance metrics Operating Return Return profit growth on equity on GEV Dividend Economic Sustainability growth solvency ratio index
Slide 17: Ambitious group targets to 2030
Ambitious group targets to 2030 Operating > RSA CPI profit growth + 6% p.a. Return Return Dividend Economic Sustainability on equity on GEV growth solvency ratio index
Slide 18: Ambitious group targets to 2030
Ambitious group targets to 2030 Return on equity > 20% p.a. Operating Return Dividend Economic Sustainability profit growth on GEV growth solvency ratio index
Slide 19: Ambitious group targets to 2030
Ambitious group targets to 2030 Return > RSA RFR1 on GEV + 4% p.a. Operating Return Dividend Economic Sustainability profit growth on equity growth solvency ratio index 1. RSA 9-year bond
Slide 20: Ambitious group targets to 2030
Ambitious group targets to 2030 Dividend > RSA CPI growth + 4% p.a. Operating Return Return Economic Sustainability profit growth on equity on GEV solvency ratio index
Slide 21: Ambitious group targets to 2030
Ambitious group targets to 2030 Economic solvency ratio 150% to 190% Operating Return Return Dividend Sustainability profit growth on equity on GEV growth index
Slide 22: Ambitious group targets to 2030
Ambitious group targets to 2030 Sustainability index TBC Operating Return Return Dividend Economic profit growth on equity on GEV growth solvency ratio
Slide 23: Ambitious group targets to 2030
Ambitious group targets to 2030 Operating Return Return profit growth on equity on GEV > RSA CPI + 6% p.a. > 20% p.a. > RSA RFR1 + 4% p.a. Dividend Economic Sustainability growth solvency ratio index > RSA CPI + 4% p.a. 150% to 190% TBC 1. RSA 9-year bond
Slide 24: Impact on management incentives
Impact on management incentives ROE ROGEV Dividend growth FROM FROM FROM 0% 70% CPI + (3% to 7%) 30% CPI + (1% to 4%) TO TO TO 40% RFR + (3% to 7%) 30% RFR + (3% to 7%) 30% CPI + (2% to 5%)
Slide 25: Leveraging quality. Accelerating growth.
Leveraging quality. Accelerating growth. Paul Hanratty CAPITAL MARKETS DAY 2025
Slide 26: Shriram financial services ecosystem in India
Shriram financial services ecosystem in India David Marshall CAPITAL MARKETS DAY 2025
Slide 27: Structural drivers underpin strong growth well into the future
Structural drivers underpin strong growth well into the future...
Slide 28: Large rural market, supportive regulation, mature digitisation
Large Supportive Mature rural market regulation digitisation 920m Insurance 640m for all real-time digital people payments by 2047 per day
Slide 29: Competitive moat in rural India
...further enhanced by our competitive moat in rural India... Unrivalled rural reach Innovation + fit-for Integrated ecosystem, purpose solutions blending human + digital 4 Deep brand 3 5 Rural market trust leadership 2 6 Community-led Efficiency + profitability 1 7
Slide 30: An ecosystem that captures the full opportunity
...an ecosystem that captures the full opportunity and grows with the customer... Entry point through Protect through Credit & Lending General Insurance 9.71m customers ~4x market growth in FY24-25 ~R550bn loan book More than 90 000 agents Growth through Build through Asset + Wealth Life Insurance M
Slide 31: ShriramOne app
ShriramOne app a ‘single front door’ to the Group
Slide 32: Supported by the Shriram One app
...supported by the Shriram One app… One-Stop Financial Hub Transparent Attractive tracking Rewards Secure and seamless Integrated lifestyle user experience services 19.2m 13.1m 4.5 Registered Non-Shriram Rating on users customers Google Play
Slide 33: Shriram One app business value
...supported by the Shriram One app… Lower >R40 bn Higher customer Loans via Shriram customer acquisition costs lifetime value One app Up to September’25 Business value Natural >R10 bn Data-driven Fixed deposits via cross-sell insights opportunities Shriram One app Up to September’25
Slide 34: India journey over the last years
India journey over the last 20 years
Slide 35: A strong foundation for quality growth
A strong foundation for quality growth Strategic Build actions Restructure Life and General Insurance businesses built from scratch Simplified group structure Exit Transactions in train to increase economic Merged SCUF1 Strategic exit from interest in insurance to and STFC2 Shriram Housing
Slide 36: Significant value creation to date
Significant value creation to date Value ~2.5x created increase in 4 yrs India GEV 2.71 19% 22.7 21.3 GEV in R billion 38% 20% 15.4 28% 12.8 10 2020 2021 2022 2023 2024 Note 1: If the R2.7bn net proceeds for the disposal of SFL shares are included, the 2024 GEV would have increased by 19% to R25.4bn
Slide 37: Success: How will we measure it?
Success How will we measure it?
Slide 38: Contribution to group target metrics
Contribution to group target metrics between 2025-2030 > RSA Operating profit growth CPI+10% Credit & Lending General Insurance 15-20% Asset + Wealth General Volume growth Management Insurance Life Insurance Life 20-25% Volume growth Insurance
Slide 39: We expect quality growth and sustainable value creation for years to come
We expect quality growth and sustainable value creation for years to come Topline Ecosystem Significant It’s a growth > model mature cross-learning marathon, SA and Pan-Africa and delivering opportunities not a sprint
Slide 40: Shriram financial services ecosystem in India
Shriram financial services ecosystem in India David Marshall CAPITAL MARKETS DAY 2025
Slide 41: Q&A
Q&A
Slide 42: Accelerating specialist capability via Lloyd's
Accelerating specialist capability via Lloyd’s Tavaziva Madzinga CAPITAL MARKETS DAY 2025
Slide 43: Santam at a glance
>22% maintained Listed on the 107 SA market Johannesburg years share over 10 years Stock Exchange of client service history R49.9 bn Market capitalisation Diverse (30 June 2025) range of product >3,000 intermediaries lines: Supporting our growth 3.8 million+ Motor South Africa Pan-Africa Other inter
Slide 44: Our 2030 ambition: navigating a complex environment
Our 2030 ambition Navigating a complex environment 1. 2. 3. “Lower for longer” economic Evolving consumer & Intensifying growth in South Africa intermediary preferences competition 4. 5. 6. Increasing frequency & severity Rise in use of AI & Fierce competition of weather-related events data analytic
Slide 45: Our 2030 ambition
Our 2030 ambition Strengthen Maintaining our dominance in broker channels leadership position Shifting to a multi-channel model in South Africa C t db i j 468 Scaling direct and tied agency Drive international Selectively building other int. business through SanlamAllianz partnership expansion and i
Slide 46: Lloyd's syndicate: Syndicate 1918
Lloyd’s syndicate: Syndicate 1918
Slide 47: Why Lloyd's?
Why Lloyd’s? Large, global marketplace Lloyd’s premium by region: Reinsurance licenses Insurance licenses n $55 billion GWP – over 7x size of South Africa’s P&C market, ~3x Africa P&C Access to licenses to trade in 77 insurance and 200 reinsurance territories Source: Lloyd’s Annual Report 2024; Lloy
Slide 48: Why Lloyd's?
Why Lloyd’s? Diversified risk portfolio 35% Casualty 2% Accident & Health n 5% Other Energy Balanced mix, cross-cycle resilience 33% 7% Speciality Underwriting innovation Property & flexibility 14% Marine & Aviation Deep insurance expertise Source: Lloyd’s Annual Report 2024; Lloyd’s Capital Market
Slide 49: Why Lloyd's?
Why Lloyd’s? Proven, trusted model Strong growth £55bn GWP growing at 9% CAGR over the last 5 years Profitable performance £10bn+ profit for 2 consecutive years n 88% average combined ratio for the last Strong U/W performance 3 years Access to Lloyd’s superior ratings with S&P, Fitch and 10.9% avera
Slide 50: Strategic alignment and synergistic value creation
Strategic alignment and synergistic value creation What Santam brings to Lloyd’s What Lloyd’s brings to Santam Trusted brand with over Unique access Largest specialist A-rated insurance 22% market share in to African and re/insurance platform and reinsurance South Africa emerging markets in the worl
Slide 51: Business mix
We’re not starting from scratch... Business mix o Cede existing specialist business o Delivers immediate scale and relevance o Synergistic growth opportunity for Lloyd’s in Africa o Portfolio mix of 60/40 in 2026 o The new London-based business to support the international strategy o Will grow in sp
Slide 52: Funding framework
We’re not starting from scratch... Funding framework o Syndicate to be funded through surplus capital and additional debt o Issuance of additional R1 billion in subordinated debt during 2025 to maintain South African regulatory capital ratios and manage impact on Group capital o Optimise syndicate c
Slide 53: Driving successful execution
Driving successful execution Highly skilled, Aligned and Embedding the experienced supported by Santam right culture leadership team Specialist Solutions
Slide 54: Robust governance & lean operating model
Robust governance & lean operating model 1. 2. 3. Lloyd’s governance Adherence to Lean cost base: framework, partnered Santam’s Group targeting a below- with Asta Governance Policy market expense ratio
Slide 55: Value creation to 2030
Value creation to 2030 Whilst initially dilutive due to the delayed recognition of premium written, the syndicate will be accretive over the medium to long-term. Increased contribution from Well over 20% of international business to GWP GWP by 2030 Expected syndicate > 10% by 2030 underwriting margi
Slide 56: The road ahead - milestones to 2030
The road ahead - milestones to 2030 ACHIEVED TO DATE ON TRACK April 2025: July – November 2025: Santam Board Approval Making it Happen phase May 2025: 30 November 2025: Lloyd’s Business Opportunities Committee approval Permission to write July 2025: Lloyd’s Council ‘in-principle’ approval Key app
Slide 57: A transformational step in Santam's journey
A transformational step in Santam’s journey Accelerate Access top-tier Grow in lines we international ambition underwriting talent understand
Slide 58: A transformational step in Santam's journey
A transformational step in Santam’s journey Strategically Operationally Primed for growth sound efficient from day one
Slide 59: Accelerating specialist capability via Lloyd's
Accelerating specialist capability via Lloyd’s Tavaziva Madzinga CAPITAL MARKETS DAY 2025
Slide 60: Q&A
Q&A
Slide 61: Unlocking the Pan-African insurance frontier
Unlocking the Pan-African insurance frontier Heinie Werth CAPITAL MARKETS DAY 2025
Slide 62: A strong growth runway
A strong growth runway for the Pan-African insurance market Global GDP growth, by region (%) African GDP growth, by region (%) 4.6 6.3 6.4 3.4 4.6 2.8 4.0 4.0 2.7 3.6 3.2 1.7 2.1 1.1 1.7 1.6 2024 (Actual) 2030 (Forecast) 2024 (Actual) 2030 (Forecast) Africa ex.SA US Europe Latin America Southern Afr
Slide 63: A strong growth runway
A strong growth runway for the Pan-African insurance market Life insurance penetration, by region (%) General insurance penetration, by region (%) 4.5 5.1 3.8 3.1 2.6 2.1 1.7 1.3 0.8 1.6 0.9 0.8 0.5 0.5 0.7 0.2 0.3 Pan - Africa 2024 (Actuals) Other Regions (2024 Actuals) Pan - Africa 2024 (Actuals)
Slide 64: A strong growth runway
A strong growth runway for the pan-African insurance market Africa’s current contribution to The current Pan-African (ex. SA) the world’s population is 18% labour force is 809m, and is and projected to be 19% by 2030 projected to grow to 954m by 2030 ~70% 89% of the current population is Current Pan
Slide 65: SanlamAllianz has the widest pan African footprint
SanlamAllianz has the widest pan African footprint and holds leading positions across most markets and lines of business A quality business, spanning 26 countries R1.4 billion R3.8 billion 16% Net result from 124% Attributable earnings financial services Egypt Senegal Mali Niger 18.6% Adjusted RoGEV
Slide 66: Room for further growth across life and general insurance
Given our existing presence and scale, we see room for further growth across both life and general insurance Life insurance General insurance 16% SAZ R28 bn 16% SAZ R32 bn Total Market Total Market R170 bn Other players R202 bn Other players R142 bn R170 bn 84% 84% Top 5 countries, making up 70% of
Slide 67: Our growth strategy
Our growth strategy More than double our earnings off 2024 baseline by 2030 and achieve a top 3 position across our remaining markets
Slide 68: Complete remaining integrations, rebranding and synergies
Complete remaining Attain top 3 Defend and grow integrations, rebranding market position market shares and realisation of identified synergies Selectively enter new Relevant technical support Drive markets over time and from the centre to assist our efficiencies exit unattractive ones businesses’ ac
Slide 69: Life insurance initiatives
Life insurance initiatives Distribution Product Build and optimise agency distribution Product development, repricing and revamp Increase agency size and hybrid distribution models product set Increase agency productivity through activity management Focus on and increase annuity business Selling ski
Slide 70: General insurance initiatives
General insurance initiatives Distribution and Product Continuous product Multi-channel Standardised retail products Develop products targeting innovation with lifetime value servicing and simple customer journeys SME and MidCorp Intensify efforts to enhance Grow corporate Deepen and grow Improve te
Slide 71: Life insurance initiatives & General insurance initiatives
Life insurance initiatives & General insurance initiatives Driving growth through new Driving a Standardise and simplify business acquisition, cross- high-performance IT / operations environment selling and reducing churn culture and platforms Drive operational efficiencies Investment return Leverag
Slide 72: Progress on integration, synergies realised in line with expectations
We continue to make good progress on integration, with synergies being realised in line with expectations By the end of 2025, we will have completed 10 out of 11 integrations Completed In progress expected Planned for 2026 completion 2025 Côte d’Ivoire Senegal Kenya Mauritius Morocco Cameroon Madaga
Slide 73: Pan-Africa value creation by 2030
Pan-Africa value creation by 2030 General Insurance Life business Value of new net earned Net insurance Operating volumes growth business growth premium result ratio profit growth1 (NEP) growth >RSA 12% – 15% 15% – 20% 12% – 15% 10% – 15% CPI + 10% 1. Normalised for investment market volatility. Not
Slide 74: Leading business across Africa
Leading business across Africa Long-term focus Quality partnership Accelerate through diversified growth
Slide 75: Unlocking the Pan-African insurance frontier
Unlocking the Pan-African insurance frontier Heinie Werth CAPITAL MARKETS DAY 2025
Slide 76: Q&A
Q&A
Slide 77: Winning as 'one Sanlam' in South Africa
Winning as ‘one Sanlam’ in South Africa Paul Hanratty CAPITAL MARKETS DAY 2025
Slide 78: Attractive long-term fundamentals despite past challenges
Attractive long-term fundamentals despite past challenges Youthful population Diversified economy Supplier of strategically important Working age population minerals, critical for global (as % of total population), 2024 transitions Sectoral composition of GDP, 2024 Tanzania 54% SA share of global re
Slide 79: Lost decade post-2010 is behind us
“Lost decade” post-2010 is behind us Operation Vulindlela delivering visible results 8.0 6.0 South African real GDP % changes over time Private sector building blocks for infrastructure & energy in place 4.0 Percentage (%) 2.0 0.0 Registered Renewables as % Access to (2.0) electricity generation of
Slide 80: Key reforms shaping trajectory
Key reforms shaping trajectory Energy Connectivity Governance Trade & Industry • Eskom reform • Expanding digital access • State capture • African Continental Free • 22,500MW renewables commission Trade Area (AfCFTA) pipeline • Stronger institutions • Transnet development • R500 bn investment plan •
Slide 81: Solid foundations for sustained recovery
Solid foundations for sustained recovery
Slide 82: Winning as 'one Sanlam' in South Africa
Winning as ‘one Sanlam’ in South Africa Anton Gildenhuys, Bongani Madikiza, Karl Westvig CAPITAL MARKETS DAY 2025
Slide 83: Leading businesses across South Africa
Leading businesses across South Africa Investment Life, risk & General management funeral insurance insurance • Largest indexation business • Leading VNB writer, writing one • Leading general insurer, in SA (Satrix), with market third of VNB across listed with 23% market share share of c.38% insurer
Slide 84: World-class strategic partner in TymeBank
World-class strategic partner in TymeBank Affordable & accessible Strategic alignment Valued and trusted for clients in driving financial inclusion by clients Banking for % everyone >65 61 Free monthly account Of SA retail banking Net Promoter customers & merchants Score in South Africa1 Highest sav
Slide 85: Industry leading customer acquisition cost
Industry leading customer acquisition cost Customer acquisition cost (USD per customer) $5 $4 $7 $9 Notes: ZARUSD of 18; PHPUSD of 56. Includes 100% of South Africa and 100% of Philippines. Customer acquisition cost includes cost of KYC, card issuance, in-field ambassadors (inclusive of kiosk-relate
Slide 86: Industry leading cost to serve
Industry leading cost to serve TymeBank’s cost to serve is 10% that of traditional banks
Slide 87: Integrating the breadth of our capabilities into a single ecosystem
Integrating the breadth of our capabilities into a single ecosystem Health Life and solutions* funeral Insurance One view of clients One view of Sanlam Transactional banking General Savings & Credit* insurance Value added Investment services Managment *Subject to meeting regulatory approval and priv
Slide 88: Value creation to 2030
Value creation to 2030 Ambition is for the SA ecosystem to materially shift the profile of the SA earnings base by 2030 By 2030… Additional (& more diversified) revenue streams Significant delta – exact impacts to be through banking and retail credit confirmed in future years, too early to be defini
Slide 89: Interim roadmap and milestones
Interim roadmap and milestones > > March 2026: June 2026: Sanlam banking New Group-wide rewards proposition and Sanlam Group programme launches App will have national launch
Slide 90: Our right to win
Our right to win Unmatched Leveraging Exceptional points of proven partnership presence technology capability
Slide 91: Winning as 'one Sanlam' in South Africa
Winning as ‘one Sanlam’ in South Africa Anton Gildenhuys, Bongani Madikiza, Karl Westvig CAPITAL MARKETS DAY 2025
Slide 92: Q&A
Q&A
Slide 93: Asset management reimagined
Asset management reimagined Carl Roothman CAPITAL MARKETS DAY 2025
Slide 94: Global and local trends reshaping the asset management industry
Global and local trends are reshaping the asset management industry Margin squeeze Advisers and DFMs Passives are the new architects gaining ground Mass customisation 4 Rapid rise becoming mainstream 3 5 of alternatives 2 6 Traditional investment Increase in structures losing ground SA offshore allo
Slide 95: Sanlam Investment Group has successfully anticipated industry evolution
Sanlam Investment Group has successfully anticipated, and evolved ahead of, the industry’s evolution Established Graviton Established Amplify Sold UK Wealth and Demerged SanFin Financial Services Investments Financial Planning, and 3-manager model Life and Pensions 2013 2014 2019 2020 2022 2022 2024
Slide 96: Sanlam Investment Group: high-quality asset manager with competitive strengths
Today, Sanlam Investment Group is a high-quality asset manager, with market leading scale and competitive strengths Customised Best-in-class Access to the Sanlam Powerful distribution Leader in transformation solutions building blocks balance sheet footprint and empowerment World-class partners
Slide 97: Reshaped for tomorrow
Reshaped for tomorrow…Leaner. Stronger. Positioned for growth. Investments Relevant investment solutions Utilising best-in-class building blocks Multi-management Private wealth Active Indexation Alternatives PLATFORM: SCI and SAMI1 1. Sanlam Collective Investments and Sanlam Asset Management Ireland
Slide 98: One of the largest, most diversified asset management firms in South Africa
One of the largest, most diversified asset management firms in South Africa Sanlam Investment Group AUM >R1.4 trillion SANLAM SANLAM PRIVATE SANLAM SATRIX ALTERNATIVE WEALTH MULTI-MANAGEMENT INVESTMENTS (annuity client book) Largest indexation 2nd largest multi Leading Africa and Top-tier private cl
Slide 99: Asset management reimagined
Asset management reimagined Carl Roothman CAPITAL MARKETS DAY 2025
Slide 100: Q&A
Q&A
Slide 101: Driving sustainable value creation and strategic execution
Driving sustainable value creation and strategic execution Abigail Mukhuba CAPITAL MARKETS DAY 2025
Slide 102: We're in it for the long term
We’re in it for the long term Simplifying Maintaining Reinforcing our reporting disciplined capital our investment case: and disclosure management quality growth
Slide 103: Simplifying our reporting and disclosures
Simplifying our reporting and disclosures
Slide 104: Our business fundamentals remain unchanged
Delivering clarity, confidence and long-term value Shift focus to Modernised Simpler, more Embedded IFRS disclosures comparable sustainability Our business fundamentals remain unchanged
Slide 105: Our new framework
Our new framework Adjusted Transparency Group economic Operating RoGEV headline on sources and solvency cover profit and RoE earnings uses of cash ratio Net Disclosing Group regulatory RoGEV NRFFS operational cash generated solvency cover only earnings only ratio
Slide 106: Our new framework
Our new framework Adjusted Transparency Operating headline on sources and profit earnings uses of cash1 Group economic RoGEV Sustainability solvency cover and RoE index ratio 1. Drivers of dividend
Slide 107: Just real economics
No more "volatility absorption adjustment” in the profit and loss statement Just real economics
Slide 108: Transparency - historical NRFFS reconciliation to operating profit
Transparency - historical NRFFS reconciliation to operating profit and adjusted headline earnings History Future R million 20241 R million 20241 Net result from financial services 15 443 Operating profit2 15 759 Net investment return 3 542 Net investment return 4 796 Project expenses (441) Net opera
Slide 109: More visible volatility – economics more transparent
More visible volatility – economics more transparent NRFFS and operating profit (R billion) NRFFS and operating profit growth (%) 15.4 15.8 40 12.9 12.4 30 10.5 9.9 20 9.5 8.4 8.3 10 6.6 0 -10 -20 -30 -40 1 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 NRFFS Operating profit NRFFS Operating prof
Slide 110: More visible volatility – economics more transparent
More visible volatility – economics more transparent Shareholders’ fund adjustments and project expense impact on operating profit (R billion) -1,8 -1,2 -0,6 +0,5 +0,4 1.1 -0.1 0.8 -0.7 -0.6 -0.4 -0.5 -1.5 -0.5 -0.3 2020 2021 1 2022 2023 2024 Shareholders fund adjustments Project expenses NRFFS in
Slide 111: Reporting enhancements
Reporting enhancements Alignment & Simplification Enhanced disclosure Include IFRS 17 of cluster reporting by line of on contractual service financial performance business and geography margin and risk adjustment measures Enhanced disclosure Enhanced Include sources of operating profit for investmen
Slide 112: Continued capital allocation discipline
Continued capital allocation discipline
Slide 113: Efficient capital allocation framework
Efficient capital allocation framework 1 2 3 4 5 6 Maintain Finance Invest in Maintain Acquisitions Share buybacks financial debt and organic sustainable to improve before special strength equity growth and growing position dividends dividends creating long-term, sustainable shareholder value
Slide 114: While retaining rock solid financial strength and resilience
While retaining rock solid financial strength and resilience Group regulatory and economic solvency ratio (%) 200% Group regulatory 190% solvency 180% Group economic 170% solvency 160% 150% Group economic solvency target range 140% 130% Group regulatory 120% solvency minimum 1 2020 2021 2022 2023 20
Slide 115: While retaining rock solid financial strength and resilience
While retaining rock solid financial strength and resilience Group economic solvency ratio base position sensitivity analysis (%) 190% Base position (186%) -1% -4% -5% 180% -11% -19% 170% 160% 150% Equities –30% Interest rates –1% Credit spreads +1% ZAR appreciation 10% Shock scenario
Slide 116: While retaining rock solid financial strength and resilience
While retaining rock solid financial strength and resilience Group financial leverage ratio (%) 40% 35% Maximum financial leverage ratio (%) 30% 25% 20% Current financial 15% leverage ratio (%) 10% 2022 2023 2024 2025 1 2 Sanlam Life Insurance A- AAA SanlamAllianz RE A- AAA Santam A- 1. Financial st
Slide 117: Allocating capital to support quality growth
Allocating capital to support quality growth South Africa ecosystem (including TymeBank JV) South Africa life, general insurance and asset management Global asset manager (Sanlam Investment Group and Ninety One relationship) • High returns Growth Lloyd’s syndicate vectors (Santam international) • Hi
Slide 118: Our capital allocation priorities
Our capital allocation priorities Businesses and geographies Strong and scalable Technology, customer with sustainable competitive cash generation, engagement, and advantage. without dilution strategic partnerships leverage quality while accelerating growth New investment Reinvestment Expansion into
Slide 119: Strong cash generation and deployment
Strong cash generation and deployment that creates maximum long-term shareholder value Sources Disciplined Sustained of cash use of cash ROE & RoGEV Strong recurring Reinvest in high-return Consistently high and operating cash flows growth opportunities sustainable returns on from core businesses sh
Slide 120: Effectively generating and utilising capital over time
Effectively generating and utilising capital overtime (2020 to 2024) Generation R58 billion R18 billion Utilisation Gross operating Investment in profit from clusters1 new business 7% 19% 5% 19% R4 billion R4 billion 2% Special dividends received and Shares bought back 11% R93 excess dividend cover
Slide 121: Dividend payments
Dividend payments a key component of shareholder value creation Dividend policy Dividend profile stability Solid cash remittance remains unchanged remains intact mix across the group
Slide 122: Elevating our performance targets
Elevating our performance targets
Slide 123: Simple, transparent and balanced scorecard
Simple, transparent and balanced scorecard for sustainable value creation Financial performance Lasting value creation Sustainability Capital management Customer satisfaction and loyalty Customers Financial inclusion Cost efficiency Shareholders Responsible investment Risk management People Environm
Slide 124: Delivering tangible value 2025 – 2030
Delivering tangible value 2025 – 2030 2025 – 2030 guidance Raising dividend growth target Economic solvency Leverage cover ratio within ratio within target range target Excess discretionary Discretionary 2% to 4% +4% cap Minimum capital allocated within capital balance capital allocation R1 billion
Slide 125: Return on equity ambitions
Return on equity ambitions 25% 20% 2014 – 2024 RoE: 16% average 2025 – 2030 RoE p.a 15% 20% minimum 10% 5% 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Average Hurdle rate RoE
Slide 126: Setting new primary medium-term targets
Setting new primary medium-term targets supported by growth vectors 2019 – 2024 Actual 2025 – 2030 Ambition (per annum) (per annum) Operating profit growth RSA CPI + 4%1 > RSA CPI + 6% Return on equity 17%2 > 20% Adjusted RoGEV RSA RFR3 + 4.6%2 > RSA RFR + 4% Dividend growth RSA CPI + 4.5%4 > RSA CP
Slide 127: Secondary metrics tracked
Secondary metrics tracked Return on IRR on New VNB growth CSM new Embedded life insurance and VNB margin business Value1 business CSM Operating Cost to NCCF growth margin Income ratio 1. Embedded value relates to covered business
Slide 128: We balance Ambition with discipline
We balance Ambition with discipline
Slide 129: Quality growth underpinned by prudent consistent delivery
Quality growth underpinned by prudent consistent delivery Simplified, Refined and Long-term transparent reporting defined KPIs value creation Segmental disclosures Primary KPIs Dividend policy maintained for stability and real growth Sources and uses of cash Secondary lead indicators Dividend target
Slide 130: Driving sustainable value creation and strategic execution
Driving sustainable value creation and strategic execution Abigail Mukhuba CAPITAL MARKETS DAY 2025
Slide 131: Sanlam's investment case
Sanlam’s investment case Quality Growth Trust Leadership Growth markets Clear growth vectors • Shriram financial services ecosystem in Balance sheet High returns from Superior operating India strength leading margins profit growth • Accelerating specialist capability via Lloyd’s • Unlocking the Pan-
Slide 132: Q&A
Q&A
Slide 133: Leveraging quality. Accelerating growth.
Leveraging quality. Accelerating growth. CAPITAL MARKETS DAY 2025
Slide 134: Glossary of terms
Glossary of terms Technical terms and definitions “Adjusted headline earnings” or “AHE” IFRS earnings adjusted for non-operational items. This includes operational earnings and investment return after allowing for project costs. “APE” Annualised premium equivalent “bps” Basis points Cash NRFFS repre
Slide 135: Glossary of terms
Glossary of terms Technical terms and definitions “Net results from financial services “ or Profit earned by the group from operating activities and excludes investment return earned on the capital portfolio. “NRFFS” The annualised value of all new policies (insurance and investment contracts) that
Slide 136: Additional deep dives
Additional deep 1 Tyme shareholding structure dives 2 Accounting treatment of strategic initiatives
Slide 137: Sanlam – ARC/Tyme shareholding structure
Sanlam – ARC/Tyme shareholding structure African Rainbow Sanlam Limited Capital Proprietary ARC Fund Limited (ARC) 100% Sanlam Life 37.5% 37.5% Insurance Limited Nubank & 25% African Rainbow Capital Financial other 100% Services Holdings Proprietary international Limited (ARC FSH) investors Sanlam P
Slide 138: Accounting treatment of strategic investments
Accounting treatment of strategic investments Sanlam Life Company Investment Effective Holding Sanlam Life Group Measurement Measurement Sanlam Life owns 25% directly in ARC 25% stake in ARC We equity account our stake in ARC FSH. Sanlam reflects Sanlam Life fair values its FSH and an effective stak