Sanlam Allianz Holdings (kenya) Plc · NSEKE:SLAM
Sanlam Allianz Holdings (kenya) — Sanlam — FY2025 Earnings Presentation
48 slides from Sanlam Allianz Holdings (kenya)'s earnings presentation, Mar 17, 2026
Slide 1: Annual Results
© Sanlam Live with confidence = 2 ray IR l ~—, Annual Results 3 Ewan |— ZYZD estments | Wealth | Credit jannins ————
Slide 2: Disclaimer
Disclaimer This presentation (“presentation”) includes information that management of Sanlam Limited (“Sanlam”) believes is material for the purposes of financial reporting and investor communications. The assessments of materiality are based on applicable financial reporting standards considering t
Slide 3: Contents
CONTENTS 1 Overview and strategy Paul Hanratty 2 Financial results Abigail Mukhuba 3 Business performance Abigail Mukhuba 4 Priorities and outlook Paul Hanratty 5 Additional information 3
Slide 4: Overview and strategy
01 Overview and strategy
Slide 5: Key messages
Overview Financial Business Priorities Additional and strategy results performance and outlook information Key messages Track record of consistent, high-quality growth Robust new business growth, underpinned by Sanlam’s strong competitive positioning Completed key strategic transactions, creating a
Slide 6: Vision 2030
Overview Financial Business Priorities Additional and strategy results performance and outlook information Vision 2030 To be a leading emerging markets financial services group, delivering sustainable Our vision long-term growth through our operations in high potential markets Shriram Accelerating B
Slide 7: Consistent track record
Overview Financial Business Priorities Additional and strategy results performance and outlook information Consistent track record NRFFS (R billion) + 14% Adjusted RoGEV (%) CAGR Adjusted RoGEV per share Hurdle rate 15,41 15,9 19,5 18,0 12,4 14,9 15,7 14,6 10,5 9,5 2021 2022 2023 2024 2025 2021 2022
Slide 8: Strong underlying results
Overview Financial Business Priorities Additional and strategy results performance and outlook information Strong underlying results Growth1 +22% R127 Earnings bn 1 (11%) Group new Net client Value of covered business volumes cash flows new business Earnings1 +20% Earnings1 +5% NRFFS Net operational
Slide 9: Operational excellence in South Africa
Overview Financial Business Priorities Additional and strategy results performance and outlook information Operational excellence in South Africa Ninety One NRFFS1 +26% South Africa leg of transaction successfully completed in February 2026 Sanlam now holds 12,5% equity interest New business +22% Ne
Slide 10: Transformative growth across Africa and India
Overview Financial Business Priorities Additional and strategy results performance and outlook information Transformative growth across Africa and India NRFFS1,2 +3% NRFFS1 +4% New business volumes1,2 +17% New business volumes1 +27% Adjusted RoGEV +6,3% Adjusted RoGEV +29,8% SanlamAllianz integratio
Slide 11: Santam Syndicate 1918
Overview Financial Business Priorities Additional and strategy results performance and outlook information Santam Syndicate 1918 Swift transition from ‘making-it-happen’ into business-as-usual operations Seasoned London-based executive team in place Recruitment remains a key priority Approved capaci
Slide 12: Sustainability Index
Overview Financial Business Priorities Additional and strategy results performance and outlook information Sustainability Index Overall Baseline Index Score1 Score interpretation Target by 2030 3.84 Poor 1.0 – 1.4 Below avg. 1.5 – 2.4 Average 2.5 – 3.4 Good 3.5 – 4.4 Excellent 4.5 – 5.0 4 out of 5 P
Slide 13: Financial results
02 Financial results
Slide 14: Earnings
Overview Financial Business Priorities Additional and strategy results performance and outlook information Earnings Life insurance and health Actual% Normalised% Favourable mortality experience and stronger R million 2025 2024 change change higher-asset fee income Ongoing operational pressures in th
Slide 15: Rand strength drives investment returns (R million)
Overview Financial Business Priorities Additional and strategy results performance and outlook information Rand strength drives investment returns (R million) Increase Decrease Total 3 542 (492) (265) (266) Forex – most of which was in (150) 1 962 4Q2025 (354) (53) 2024 INR hedge Santam forex
Slide 16: Return on group equity value (RoGEV) (%)
Overview Financial Business Priorities Additional and strategy results performance and outlook information Return on group equity value (RoGEV) (%) Increase Decrease Total 15,7% per share Group hurdle of 14,7% 13,4% per share 1,5 15,7 2,7 2,9 13,4 1,5 1,3 (0,7) (0,3) 9,6 (0,9) (4,2) Expected V
Slide 17: Potential GEV uplift from listed share prices
Overview Financial Business Priorities Additional and strategy results performance and outlook information Potential GEV uplift from listed share prices 31 Dec 2025 12 Month 31 Dec 2025 Potential R million DCF valuation 110% VWAP listed share price GEV uplift 18 688 18 834 24 940 Shriram Finance Lim
Slide 18: Capital and solvency
Overview Financial Business Priorities Additional and strategy results performance and outlook information Capital and solvency Target range Discretionary capital (R billion) Group economic solvency cover ratio (%) 8,1 188 183 R5,7 billion 5,3 ring-fenced 4,1 for India 2,9 2,7 2021 2022 2023 2024 20
Slide 19: Dividends per share
Overview Financial Business Priorities Additional and strategy results performance and outlook information Dividends per share + 10% Cents per share CAGR 485 445 12% 400 360 334 10% 8% 6% Dividend within 1,0 – 1,2x cover1 4% Cash profile supports our target to grow dividend by CPI +4%, on a three-ye
Slide 20: Business performance
03 Business performance
Slide 21: Life and health
Overview Financial Business Priorities Additional and strategy results performance and outlook information Life and health New business volumes Value of new business NRFFS Net client cash flow (PVNBP) (VNB) R9,3 billion R36 billion R114 billion R2,3 billion -1% +>100% 10% -21% (+25% normalised) (+17
Slide 22: General insurance
Overview Financial Business Priorities Additional and strategy results performance and outlook information General insurance NRFFS New business volumes R3,6 billion R27,1 billion +17% +12% (+17% normalised) (+16% normalised) NRFFS Net earned premiums Net insurance margin (R million) (R billion) (%)
Slide 23: Investment management
Overview Financial Business Priorities Additional and strategy results performance and outlook information Investment management NRFFS Net client cash flows R1,5 billion R67 billion +7% >+100% (+14% normalised) Sanlam Investments (SI) assets under management (AuM) and NCCF SI 31 December 2025 AUM mi
Slide 24: Credit and structuring
Overview Financial Business Priorities Additional and strategy results performance and outlook information Credit and structuring NRFFS India credit loan book1 R2,3 billion R619 billion +6% +16%1 (+15% normalised) NRFFS (R million) India segment 100% credit book Growing branch network in India compo
Slide 25: New reporting framework: indicative 2025 performance on future metrics
Overview Financial Business Priorities Additional and strategy results performance and outlook information New reporting framework | Indicative 2025 performance on future metrics Illustrative 2030 through-the-cycle targets 2025 performance >RSA CPI + 6% Earnings1 +20% Earnings1 +16% NRFFS Operating
Slide 26: Bridging NRFFS to adjusted headline earnings
Overview Financial Business Priorities Additional and strategy results performance and outlook information New reporting framework | Bridging NRFFS to adjusted headline earnings Actual Normalised R million 2025 2024 % change 2025 2024 %change NRFFS 15 939 15 443 3 16 102 13 418 20 Release from AMR i
Slide 27: Transition to IFRS 17
Overview Financial Business Priorities Additional and strategy results performance and outlook information Transition to IFRS 17 IFRS 4 Current ALM strategy 2025+: IFRS 17 Floating rate Fixed rate Margin value not interest rate sensitive exposure Margins - interest rate CSM exposure Margins sensitiv
Slide 28: Investment variances 2024
Overview Financial Business Priorities Additional and strategy results performance and outlook information Investment variances 2024 IFRS 17 Bond yields Dec 2023 to Dec 2024 (%) CSM Fixed rate 12,15 12,15 exposure 11,38 9,76 RANFR 11,12 11,12 8,67 10,32 9,04 ALM BEL matching on an 8,27 BEL IFRS 17 b
Slide 29: 2025 Investment variances
Overview Financial Business Priorities Additional and strategy results performance and outlook information 2025 Investment variances IFRS 17 Bond yields Dec 2024 - 30 June 2025 (%) Fixed rate exposure Float rate exposure 13% CSM 12% 11% 10% RANFR 9% 8% 7% ALM BEL matching on an ALM BEL matching on a
Slide 30: Hedging effectiveness
Overview Financial Business Priorities Additional and strategy results performance and outlook information Hedging effectiveness Bond yields Dec 2024 – Dec 2025 (%) Effectiveness of BEL ALM 11,12 11,12 10,32 Change in Assets and Liabilities R billion 9,04 BEL at 31 December 2024 79 8,27 9,12 8,96 BE
Slide 31: Long-duration hedging
Overview Financial Business Priorities Additional and strategy results performance and outlook information Long-duration hedging Practical ALM implications of hedging at the very long of the yield curve ALM implications R2048 vs R2053 impact 500 434 5 Long dated risk and annuity liabilities are 2,5
Slide 32: Ninety One shareholding change illustrative impact
Overview Financial Business Priorities Additional and strategy results performance and outlook information Ninety One shareholding change illustrative impact 2025 2025 R million Adjustments Actual Illustrative Net Result From Financial Services (NRFFS) 15 939 (260) 15 708 Operating profit 14 127 (26
Slide 33: Guidance to 2026
Guidance to 2026
Slide 34: Guidance
Overview Financial Business Priorities Additional and strategy results performance and outlook information Guidance Illustrative 2026 2030 through-the-cycle targets Metric 2025 performance outlook >RSA CPI + 6% Earnings1 >20% Return on equity >RSA RFR + 4% Return on GEV >RSA CPI + 4% Dividend 150% t
Slide 35: Priorities and outlook
04 Priorities and outlook
Slide 36: Well positioned
Overview Financial Business Priorities Additional and strategy results performance and outlook information Well positioned Growth platform is established and fully settled Growth vectors receiving inorganic investment Resilience in turbulent environment 36
Slide 37: Strong momentum
Overview Financial Business Priorities Additional and strategy results performance and outlook information Strong momentum Anticipate continued growth in new business – risks from Middle East conflict South Africa supported by investment in ecosystem Pan-Africa moved beyond restructuring; India rema
Slide 38: Focus areas
Overview Financial Business Priorities Additional and strategy results performance and outlook information Focus areas Launch banking in RSA Launch a group-wide rewards programme in RSA Complete integration of the Morocco businesses Turnaround general insurance performance in SanlamAllianz and Sanla
Slide 39: Thank you
© Sanlam Live with confide =F > my
Slide 40: Additional information
Additional information
Slide 41: Basis for normalisation of financial results
Overview Financial Business Priorities Additional and strategy results performance and outlook information Basis for normalisation of financial results Corporate activity and one-off items Constant currency impact (+15,1% on NRFFS) (+1,7% on NRFFS) Corporate activity 2025 exchange rate movements rel
Slide 42: Store of future value: change in CSM and RA
Overview Financial Business Priorities Additional and strategy results performance and outlook information Store of future value | change in CSM and RA on adjusted basis For the year ended 31 December 2025 Increase Decrease Total (R billion) SLS SLS Pan-Africa (59,6%) Pan-Africa (51%) Malaysia
Slide 43: Reconciliation of IFRS 17 CSM and RA to gross VIF
Overview Financial Business Priorities Additional and strategy results performance and outlook information Reconciliation of IFRS 17 CSM and RA to gross VIF of covered business As at 31 December 2025 Increase Decrease Total (R billion) 3,6 62,3 18,8 60 (1,0) 50 4,1 12,7 40 30,4 30 28,2 (2,2) 2
Slide 44: Return on equity (RoE) (%)
Overview Financial Business Priorities Additional and strategy results performance and outlook information Return on equity (RoE) (%) Increase Decrease Total Group through the cycle target of 20% Actual RoE Adjusted RoE 23,0 (1,7) 17,1 0,7 0,3 18,1 (2,0) (2,2) 31-Dec-24 Operating profit Invest
Slide 45: Cash generation and declaration
Overview Financial Business Priorities Additional and strategy results performance and outlook information Cash generation and declaration % R million 2025 2024 change NRFFS 15 939 15 443 3 Amortisation of capitalised IT project and other non-cash (189) 93 adjustments Project expenses (747) (450) Ca
Slide 46: Glossary of terms
Overview Financial Business Priorities Additional and strategy results performance and outlook information Glossary of terms Technical terms and definitions Excludes from RoGEV the impact of actual investment return relative to long-term assumptions, interest rate changes, exchange rate movements an
Slide 47: Glossary of terms
Overview Financial Business Priorities Additional and strategy results performance and outlook information Glossary of terms Technical terms and definitions “GWP” Gross written premium “Net client cash flows” or “NCCF” New business volumes net of surrenders and other payments to clients. “Net operat
Slide 48: Glossary of terms
Overview Financial Business Priorities Additional and strategy results performance and outlook information Glossary of terms Technical terms and definitions “RFR” Risk free rate. “Sustainability index” Group-wide performance framework that consolidates key ESG metrics to provide a single measure of