Slide 1: Interim financial results for the six months ended 30 June 2026
Interim financial results for the six months ended 30 June 2026 Presented by: Tavaziva Madzinga and Wikus Olivier Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.
Slide 2: Contents
Contents 1. Key messages 03 2. Operating environment 04 3. Operating highlights 07 4. Strategic update 09 5. Financial results 15 6. Capital management 30 7. Closing remarks 33 Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for
Slide 3: First half performance underpinned by disciplined underwriting
Resilient performance with margins well above the midpoint of the target range, despite significant weather and other large losses Add icons if you have too, Successfully launched Syndicate 1918, a step change in our please make the bullets diversification and international play interesting First ha
Slide 4: Operating environment
Operating environment Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.
Slide 5: The global backdrop: Geopolitics, Energy, Growth and Pricing
The global backdrop: Geopolitics, Energy, Growth and Pricing Heightened geopolitical risk is driving disruption Elevated energy prices Global Geopolitical Index, 2020 - 2026 Brent Crude Oil Price (US$/bbl), 2020 - 2026 330 $118 319 $101 $82 $81 $84 221 $70 $69 198 180 117 104 $42 138 58 92 64 2020 2
Slide 6: The South African macro backdrop behind our results
The South African macro backdrop behind our results Fuel prices remain the primary source of cost pressure Inflation is reaccelerating Fuel and Transport Inflation, June 2026 vs June 2025 Headline Index vs Annual Inflation rate (%) 110 9 50.8% 105 8 7 100 Rate (%) 31.7% 6 Index 95 5 12.7% 90 4 85 3
Slide 7: Operating highlights
Operating highlights Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies. Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companie
Slide 8: Performance update: June 2026
Performance update: June 2026 GROWTH EARNINGS FINANCIAL VALUE DRIVERS STRENGTH Underwriting margin for Direct as % of GWP 23% Conventional insurance (2025: 22%) conventional insurance business Group economic capital GWP growth of 10% of 8.1% (2025: 11.3%) coverage ratio of 167% (2025: 10%) Internati
Slide 9: Strategic update
Strategic update Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 10: On track to deliver FutureFit 2030 through disciplined strategy execution
On track to deliver FutureFit 2030 through disciplined strategy execution Our purpose To safeguard what is important to our clients Strategic intent Leading South African insurer driven by data, with the client at the centre of everything we do Values Care Collaboration Integrity Innovation Client a
Slide 11: Disciplined underwriting and geocoding are structural advantages
Disciplined underwriting and geocoding are structural advantages Geocoding turning addresses into precise geographic coordinates, powering smarter underwriting, risk mapping and claims response Disciplined underwriting Geocoding • Property-level location accuracy on every risk we write • Rate adequa
Slide 12: Miway's growth broadens as strategic initiatives scale
Miway’s growth broadens as strategic initiatives scale Sustained double-digit GWP growth is underpinned by improved policy count, despite pressure on consumers POLICY COUNT - QUARTERLY TRENDS GWP - QUARTERLY TRENDS Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q
Slide 13: Santam Syndicate 1918: launched on plan, scaling specialist capability
Santam Syndicate 1918: launched on plan, scaling specialist capability In its first six months, Syndicate 1918, the only African-headquartered participant in the Lloyd’s market, has concluded R1.3 billion of expected new incremental premiums, accelerating Santam’s international diversification and e
Slide 14: Our long term targets to 2030
Our long term targets to 2030 FINANCIAL NET DIVERSIFICATION CAPITAL GWP GROWTH RETURN ON DIVIDEND UNDERWRITING International COVERAGE RATE CAPITAL GROWTH CPI + GDP + 1% to 2% MARGIN GWP >30% >24% Based on NEP growth RATIO 5% to 10% Direct GWP> 30% 145% to 165% NON-FINANCIAL CUSTOMER EMPLOYEE ESG SA
Slide 15: Financial results
Financial results Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.
Slide 16: Results at a glance
Results at a glance For the period ended For the period ended 30 June 2026 30 June 2025 NEP growth 5.5% 16.0% Claims ratio 58.4% 56.0% Acquisition cost ratio 33.5% 32.7% Underwriting margin 8.1% 11.3% Investment return on insurance funds 2.9% 2.6% Net insurance result 11.0% 13.9% Return on capital (
Slide 17: Business volumes
Business volumes Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies. Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 18: Conventional insurance: gross written premium vs CPI + GDP growth
Conventional insurance GROSS WRITTEN PREMIUM VS CPI + GDP GROWTH • Double-digit growth across all businesses apart from Broker Solutions and Client Solutions 10.5 • First-time contribution from 11 9.7 10.1 9.4 9.1 Syndicate 1918 8.2 • Strong growth in Corporate 8 6.4 Property new business 5.3 5.5 5.
Slide 19: Conventional insurance: GWP per insurance class
Conventional insurance • Good growth in GROSS WRITTEN PREMIUM Property across all businesses, including PER INSURANCE CLASS (R’M) Specialist Solutions; first-time contribution 11 479 from Syndicate 1918; Property base effect of 9 775 17% MultiChoice 8 684 Motor 8 257 5% acquisition 1 030 • Robust gr
Slide 20: Conventional insurance: GWP geographic analysis
Conventional insurance GROSS WRITTEN PREMIUM GEOGRAPHIC ANALYSIS (%) 17% 14% • Syndicate 1918 accelerating international 6% 6% expansion and diversification • GIFT City office launched in India on 1 April 2026 • Target of 30% international GWP by 2030 80% 77% South Africa Rest of Africa Other intern
Slide 21: Conventional insurance: GWP geographic analysis in R million
Conventional insurance • Strong growth in Direct and GROSS WRITTEN PREMIUM Partnership business GEOGRAPHIC ANALYSIS in SA partly offset by soft rating environment for Specialist lines; good 10.1% growth from other 25 000 23 053 personal and 6.4% 20 944 commercial lines 20 000 businesses 17 781 • Mai
Slide 22: Conventional insurance: reinsurance as % of gross earned premium
Conventional insurance REINSURANCE AS % OF GROSS EARNED PREMIUM 25 • Lower reinsurance 20 spend in Specialist Solutions and Santam Re 15 Percentage 20.7 22.1 20.9 10 20.6 19.2 16.7 16.3 15.2 5 - Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Percentages disclosed for periods prior to Dec 20
Slide 23: Earnings
Earnings Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies. Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 24: Analysis of earnings
• Significant weather- related losses; Analysis of earnings investment return on insurance funds supported by strong investment market Jun-26 Jun-25 performance and Variance benchmark R million R million outperformance Conventional 2 805 2 526 11% • Investment return on capital Net insurance result
Slide 25: Operating earnings
Operating earnings Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 26: Net insurance result: Conventional
Net insurance result: Conventional • Underwriting margin well within the target range despite significant large losses Jun-26 Jun-25 • Total weather- % related catastrophe % of NEP % of NEP and other large R million R million change losses of R1.5 billion Gross written premium 23 053 20 944 10.1% co
Slide 27: Conventional insurance: net acquisition cost as % of NEP
Conventional insurance NET ACQUISITION COST: AS % OF NET EARNED PREMIUM 35 32.7 32.7 33.5 31.3 29.4 30.0 29.9 30.3 30 • Stringent focus on driving efficiencies in 13.7 14.2 light of inflation risk 25 13.9 13.2 • Increase in expense 12.8 13.4 13.9 13.8 ratio since June 2025 20 attributable to Syndica
Slide 28: Conventional insurance: net insurance result as % of NEP
Conventional insurance NET INSURANCE RESULT: AS % OF NET EARNED PREMIUM 15.0 13.9 14.3 • Strong underlying underwriting result 12.5 2.6 3.0 • Investment return on 11.0 insurance funds 10.2 benefiting from recovery 10.0 9.5 in markets since the 2.9 end of March 1.5 2.6 Percentage • Reserve sufficienc
Slide 29: Alternative risk transfer insurance
Alternative risk transfer insurance Jun-26 Jun-25 Variance R million R million • High comparative base Fee income 268 270 (1%) for fee income and investment margin Investment margin 228 222 3% • Favourable underwriting experience at most Underwriting income 77 92 (16%) partners, albeit lower than be
Slide 30: Capital management
Capital management Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 31: Return on capital
Return on capital NET INCOME EXPRESSED AS % OF WEIGHTED AVERAGE SHAREHOLDERS’ FUNDS 40 31.9 33.2 29.2 28.5 28.5 0.7 30 27.0 11.9 4.1 20 9.9 18.5 15.1 Percentage 4.9 32.5 31.4 10 8.0 22.9 18.6 20.0 13.6 13.4 8.8 - (0.8) (2.2) (10) Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Insurance ROC
Slide 32: Capital management
Capital management • Group economic capital requirement based on the internal model R11.9 billion (Dec 2025: R11.3 billion) • Group economic capital coverage ratio of 167% at 30 June 2026 (Dec 2025: 169%) • Target economic capital coverage ratio band maintained at between 145% and 165% • Considering
Slide 33: Closing remarks
Closing remarks Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies. Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 34: Progressing on sustainability
Progressing on sustainability Positive impact on society Supporting community Culture and and nature resilience customer experience • Continued as a constituent of the • Through over R12 billion paid in gross • Continued commitment to excellent FTSE4Good Index Series and FTSE/JSE claims, we supporte
Slide 35: Outlook: a deliberate shift toward margin expansion
Outlook: a deliberate shift toward margin expansion Profitable growth and cost discipline are the priorities Continue to strengthen distribution Maintain underwriting and pricing partnerships and deliver market-leading discipline through the softening rate cycle broker enablement Accelerate investme
Slide 36: Consistent, disciplined delivery on a credible path to 2030
Consistent, disciplined delivery on a credible path to 2030 A proven track record against our financial targets underpins confidence in the strategy GWP growth Net underwriting margin (NUM) and Return on capital (ROC) growth NUM ROC ROC Target GWP growth rate vs Target 32 12 10 28 10 8 24 8 10.5% 10
Slide 37: Questions?
Questions? Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 38: Supplementary information
Supplementary information Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
Slide 39: Exchange rate volatility
Exchange rate volatility CLOSING RATES Currency Jun-26 Dec-25 Change United States Dollar 16.39 16.59 1.2% Euro 18.74 19.46 3.7% Indian Rupee 0.17 0.18 17.4% AVERAGE RATES Currency Jun-26 Jun-25 Change United States Dollar 16.40 18.38 10.8% Euro 19.14 20.05 4.6% Indian Rupee 0.18 0.21 16.0% 39
Slide 40: Investment market performance
Investment market performance RETURN FOR THE PERIOD INDEX Jun-26 Jun-25 JSE All Share (4.8%) 14.7% JSE Swix 40 (5.6%) 17.7% JSE All Bond 4.3% 6.6% SA Money Market (STeFI) 3.4% 3.8% USD Money Market (SOFR) 1.9% 2.2% 40
Slide 41: Conventional insurance: GWP segmental analysis - personal and commercial
Conventional insurance GROSS WRITTEN PREMIUM SEGMENTAL ANALYSIS - PERSONAL AND COMMERCIAL 20 000 11.6% 15 000 13 876 7.8% 12 429 R million 10 000 9 177 8 515 5 000 - Personal Commercial Jun-26 Jun-25 41
Slide 42: Conventional insurance: net underwriting result - personal and commercial
Conventional insurance NET UNDERWRITING RESULT SEGMENTAL ANALYSIS - PERSONAL AND COMMERCIAL • Commercial lines 2 000 impacted by weather- related catastrophe and 56.8% other large losses 1 600 • Syndicate 1918 (84.0%) 1 350 included in Commercial lines 1 200 1 164 • Strong underlying R million contr
Slide 43: Conventional insurance: Miway
Conventional insurance MIWAY Jun-26 Jun-25 Variance Gross written premium (R million) 2 303 2 043 13% • Solid performance Underwriting result (R million) 246 219 12% despite pressure on consumers Claims ratio 51.3% 49.6% • Some deterioration in collection rates, but improved recently Acquisition cos
Slide 44: India/Malaysia target shares
India/Malaysia target shares ANALYSIS OF SANTAM’S SHARE OF NIR FOR P&O AND SGI • SGI GWP growth of 20% in constant Jun-26 % of Jun-25 % of currency, with strong R million NEP R million NEP contributions from the Shriram ecosystem and own channels Gross written premium 760 750 • Net insurance result
Slide 45: Asset liability matching
Asset liability matching GROUP CONSOLIDATED NET ASSETS AT 30 JUNE 2026 12 127 39 927 4 098 15 896 72 048 100 5 6 • No change in strategic 24 3 asset allocation and 80 2 matching philosophy 55 • Duration of bond 66 exposure in capital Percentage 60 88 79 portfolio to be reduced 40 74 • Strategic inve
Slide 46: Conventional insurance: size of net insurance funds
Conventional insurance SIZE OF NET INSURANCE FUNDS 14 000 13 428 13 297 13 132 12 792 12 706 12 406 12 186 12 127 12 000 11 167 9 910 10 000 9 370 8 721 8 444 R million 8 000 6 000 4 000 2 000 - 46
Slide 47: Shareholder funds: currency exposure
Shareholder funds CURRENCY EXPOSURE 100 3 3 2 3 18 18 15 17 80 19 22 20 24 Percentage 60 40 55 60 61 60 20 - Dec-24 Jun-25 Dec-25 Jun-26 Rand US Dollar Indian Rupee (Target shares) Other currencies (mainly Namibian Dollar and Malaysian Ringgit) 47
Slide 48: Investment return
Investment return Investment return on Jun-26 Jun-25 Variance insurance funds R million R million Conventional 542 466 16% • Significant decline in Alternative Risk Transfer 228 222 3% forex losses Santam group 770 688 12% • Conventional investment return benefited from SGI revaluation Shareholder J
Slide 49: Conventional insurance: South Africa and International
Conventional insurance June 2026 June 2025 % of % of % of % of % of % of R million Total NEP South Africa NEP International NEP Total NEP South Africa NEP International NEP Gross written premium 23 053 17 781 5 272 20 944 16 719 4 225 Net earned premium 18 906 100% 15 731 100% 3 175 100% 17 920 100%
Slide 50: Conventional insurance
Conventional insurance June 2026 June 2025 Gross Net Net Gross Net Net Net earned Net earned R million written premium underwriting insurance written premium underwriting insurance premium result result premium result result South Africa 17 781 15 731 1 611 2 068 16 719 14 694 1 836 2 230 Internatio
Slide 51: Thank you
Thank you • Santam Santam is an authorised is an authorised financialfinancial services(FSP services provider provider 3416),(FSP 3416),non-life a licensed a licensed insurernon-life and theinsurer andcompany controlling the controlling company for its group for its group of companies. of companies.