Sanlam Limited · JSE:SLM
Sanlam — FY2004 Earnings Presentation
80 slides from Sanlam's earnings presentation, 2005
Slide 1: Index
sanlam group | 2004 annual results | 1 Index | Page Sanlam Group Results Presentation Highlights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Issues Addressed and Delivered • San
Slide 2: Agenda
2 | sanlam group | 2004 annual results Agenda | Highlights Issues addressed and delivered Economic Review Financial & Actuarial Review Strategic Focus Notes |
Slide 3: Highlights
sanlam group | 2004 annual results | 3 Highlights | Operating profit before tax 46% Strong growth by all operations Headline earnings cents per share 31% Net funds inflow of R16.6bn R11.6bn New third party investment mandates of R8.7bn Total new investment inflows 86% Life business inflows 12% Posit
Slide 4: Issues Addressed & Delivered
4 | sanlam group | 2004 annual results Issues Addressed & Delivered | Notes |
Slide 5: Issues addressed & delivered: Sanlam Group
sanlam group | 2004 annual results | 5 Issues addressed & delivered | Sanlam Group Recovery phase completed Businesses stabilised Focus on “Back to Basics” Delivery by businesses on track Strategic focus, making progress on: Distribution Initiatives Capital Management Transformation Making steady pr
Slide 6: Issues addressed & delivered: Individual Life
6 | sanlam group | 2004 annual results Issues addressed & delivered | Individual Life Cost-saving target exceeded – achieved R270 million Improved new business volumes 23% increase in total new business Non-life SA new volumes 17% SA life single premiums 11% Twofold increase in non-SA new business S
Slide 7: Issues addressed & delivered: Individual Life (continued)
sanlam group | 2004 annual results | 7 Issues addressed & delivered | Individual Life (…/continued) Absa broker sales increased significantly 37% growth in life sales & 36% in non-life Absa market share increased Build our Gauteng presence Wealth channel being set up; 60 advisors appointed Strengthe
Slide 8: Issues addressed & delivered: Individual Life (continued)
8 | sanlam group | 2004 annual results Issues addressed & delivered | Individual Life (…/continued) Growth in entry level market Group Solutions channel contributed 4% of new recurring business Doubled capacity of Group Solutions to 220 advisors Safrican / Thebe transaction implemented Leverage from
Slide 9: Individual Life: Product Innovation
sanlam group | 2004 annual results | 9 Issues addressed & delivered | Individual Life : Product Innovation Increased flexibility to clients New Stratus RA : as-and-when commission Conversion facility for existing clients Improved value for money Significantly enhanced early termination values Improv
Slide 10: Issues addressed & delivered: Individual Life
10 | sanlam group | 2004 annual results Issues addressed & delivered | Individual Life Client service levels rated excellent Focus on staff – Project @ Hand FAIS compliant Notes |
Slide 11: Issues addressed & delivered: Employee Benefits
sanlam group | 2004 annual results | 11 Issues addressed & delivered | Employee Benefits Established Sanlam Employee Benefits as independent business Building of capacity underway Transformation New key appointments made in distribution Learnerships initiated in EB Administration Distribution Strong
Slide 12: Issues addressed & delivered: Employee Benefits (continued)
12 | sanlam group | 2004 annual results Issues addressed & delivered | Employee Benefits (…/continued) Mega fund market New capabilities introduced Critical mass will be reached by mid 2005 JV established with Break-thru Financial Services Agreements with Independent Financial Services’ participants
Slide 13: Issues addressed & delivered: Sanlam Investment Management
sanlam group | 2004 annual results | 13 Issues addressed & delivered | Sanlam Investment Management Investment performance continues to improve Strong growth in fund inflows – gross as well as net Launched investment marketing ability – sim.sense Sale of TASC completed Empowerment transaction in Nam
Slide 14: Domestic AF BIV 12 month rolling rankings
14 | sanlam group | 2004 annual results Domestic AF BIV 12 month rolling rankings | 4.0 SIM Unique 6.0 Universe 8.0 8 10.0 12.0 14.0 16.0 18.0 20.0 21 22.0 12.99 06.00 12.00 06.01 12.01 06.02 12.02 06.03 12.03 06.04 12.04 Notes |
Slide 15: 12m rolling SIM Domestic vs AF Domestic BIV
sanlam group | 2004 annual results | 15 12m rolling SIM Domestic vs AF Domestic BIV | 1.030 SIM Unique Median 1.0220 1.010 0.990 0.970 0.950 12.99 06.00 12.00 06.01 12.01 06.02 12.02 06.03 12.03 06.04 12.04 Notes |
Slide 16: Sanlam Collective Investments
16 | sanlam group | 2004 annual results Sanlam Collective Investments | Selective Performance highlights : 31/12/2004 Value Fund 1-yr return of 65,81% 1st position OVERALL Industrial Fund 1-yr return of 53,61% 2nd in category Balanced Fund 1-yr return of 35,46% 4th out of 25 funds 2-yr return of 29,
Slide 17: Issues addressed & delivered: Santam
sanlam group | 2004 annual results | 17 Issues addressed & delivered | Santam Focus on: Underwriting and re-insurance Operational efficiency Cash and working capital management Delivered: Return on capital of 37% Net written premium increased by 12% Net insurance result of R1.4 billion 107% increase
Slide 18: Issues addressed & delivered: Sanlam Capital Markets
18 | sanlam group | 2004 annual results Issues addressed & delivered | Sanlam Capital Markets Restructuring of Gensec Bank completed Banking license returned Progress made in establishing Sanlam Capital Markets Staff compliment stabilized Establishing identity of Sanlam Capital Markets Funding of bu
Slide 19: Issues addressed & delivered: Sanlam Capital Markets (continued)
sanlam group | 2004 annual results | 19 Issues addressed & delivered | Sanlam Capital Markets (…/continued) Full implementation and integration of SCM’s world class IT systems Great strides made in extracting synergies within the Sanlam Group Risk management solutions for Group companies Leveraging
Slide 20: Issues addressed & delivered: Sanlam Independent Financial Services
20 | sanlam group | 2004 annual results Issues addressed & delivered | Sanlam Independent Financial Services The primary focus of contributing to business flows to the Sanlam Group starting to materialise Contribution to profit before tax of R50m Sanlam Financial Services restructured Operating prof
Slide 21: Economic Review
sanlam group | 2004 annual results | 21 Economic Review | Notes |
Slide 22: Business Environment
22 | sanlam group | 2004 annual results Business Environment | Second half of 2004 much better than first half Inflation stabilising at a lower level Managing costs is a core challenge Growth increased Bond yields fell sharply in Q4 Healthy increase in real disposable income of households Debt risin
Slide 23: Consumer inflation
sanlam group | 2004 annual results | 23 Consumer inflation | CPIX vs CPI 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 02.98 08.98 02.99 08.99 02.00 08.00 02.01 08.01 02.02 08.02 02.03 08.03 02.04 08.04 CPIX CPI Notes |
Slide 24: Yield on 10-year government bond
24 | sanlam group | 2004 annual results Yield on 10-year government bond | 19.0 17.0 15.0 13.0 11.0 9.0 7.0 76 78 80 82 84 86 88 90 92 94 96 98 00 02 04 Notes |
Slide 25: Economic Forecast
sanlam group | 2004 annual results | 25 Economic Forecast | Economic conditions remain strong, but momentum to level off Short-term interest rates to maintain current levels Bond yields fully priced Equity prices to rise in line with earnings Rand to depreciate moderately Household disposable income
Slide 26: Financial and Actuarial Review
26 | sanlam group | 2004 annual results Financial and Actuarial Review | Notes |
Slide 27: Salient Features
sanlam group | 2004 annual results | 27 Salient Features | Rand Million 2004 2003 % New funds received 59 852 38 786 54 Net inflow of funds 16 591 4 956 235 Operating Profit before tax 3 520 2 405 46 Core Earnings 3 340 2 641 26 Headline Earnings AFS 3 185 2 351 35 LTRR 4 141 3 291 26 Operating prof
Slide 28: Salient Features
28 | sanlam group | 2004 annual results Salient Features | Rand Million 2004 2003 % Life new business APE 1 958 1 832 7 New business EV 324 232 40 New business EV Margin % 16,5 12,7 Individual life 18,3 12,4 Employee benefits 11,5 13,4 International 9,7 15,8 Embedded Value cps 1 346 1 131 19 Growth
Slide 29: New Funds Received
sanlam group | 2004 annual results | 29 New Funds Received | Rand Million 2004 2003 % Life business Individual Life 8 723 7 572 15 Employee Benefits 2 477 2 440 2 Investment 40 933 22 019 86 Short term 7 719 6 755 14 TOTAL 59 852 38 786 54 Notes |
Slide 30: Net Funds Flow
30 | sanlam group | 2004 annual results Net Funds Flow | Rand Million 2004 2003 % Life business Individual Life 173 (2 162) 108 Employee Benefits (3 611) (2 865) (26) Investment 16 707 7 603 120 Short term 3 322 2 380 40 TOTAL 16 591 4 956 235 Total Inflows 70 731 48 883 45 Total Outflows (54 140) (
Slide 31: Operating Profit
sanlam group | 2004 annual results | 31 Operating Profit | Rand Million 2004 2003 % Individual Life 1 580 1 285 23 Employee Benefits 188 182 3 Investment Management 431 270 60 Independent Financial Services 50 (1) Sanlam Capital Markets 90 55 64 Santam 1 369 735 86 Corporate & other (188) (121) (55)
Slide 32: Income Statement
32 | sanlam group | 2004 annual results Income Statement | Rand Million 2004 2003 % Net operating profit 1 968 1 402 40 Equity-accounted earnings 969 781 24 Investment income 403 458 (12) CORE EARNINGS 3 340 2 641 26 Net loss on derivatives (155) - Financial assistance to p/holders - (290) HEADLINE
Slide 33: Ubuntu-Botho Participation
sanlam group | 2004 annual results | 33 Ubuntu-Botho Participation | Rand Million 2004 Participation in: New business Embedded Value 21,0 Segregated Funds 12,7 Collective Investments 10,6 44,3 Ordinary share equivalent million 5,8 Notes |
Slide 34: Investment Profile
34 | sanlam group | 2004 annual results Investment Profile | Rand Million 2004 % Strategic Investments: 7 785 26 Santam 4 028 13 Investment Management 2 384 8 Sanlam Capital Markets 483 2 Independent Financial Services 394 1 Life Cluster businesses 496 2 Absa 9 429 31 Balanced Portfolio & Net Corpor
Slide 35: Embedded Value
sanlam group | 2004 annual results | 35 Embedded Value | Rand Million 2004 2003 Shareholders’ funds at fair value 29 982 22 819 Adjustment to fair value (1 965) (1 381) Shareholders’ adjusted assets 28 017 21 438 Net Value of in-force business 8 665 7 793 Sanlam Group EV 36 682 29 231 Embedded Value
Slide 36: Embedded Value Earnings
36 | sanlam group | 2004 annual results Embedded Value Earnings | Rand Million 2004 2003 Embedded value from new life insurance business 324 218 Earnings from existing life insurance business 1 358 1 404 Expected return 1 145 1 153 Operating experience variances 142 241 Operating assumption changes
Slide 37: Embedded Value Earnings
sanlam group | 2004 annual results | 37 Embedded Value Earnings | Rand Million 2004 2003 EV earnings from life operations 1 682 1 622 Economic assumption & tax changes 197 93 Investment variances 216 (50) Growth from life business 2 095 1 665 Investment return on shareholders’ adjusted net assets 6
Slide 38: Analysis of Return on Embedded Value
38 | sanlam group | 2004 annual results Analysis of Return on Embedded Value | NAV (76%) Strategic R2 435m R6 021m 28,1% Other R3 586m NUB EV R324m Expected Profit R1 145m VIF (24%) R2 063m Operating Experience Var. R142m 26,5% Other R255m Economic Assumptions R197m EV R8 084m 27,7% Notes |
Slide 39: Strategic Focus: Individual Businesses
sanlam group | 2004 annual results | 39 Strategic Focus | Individual Businesses Notes |
Slide 40: Strategic Focus: Individual Life
40 | sanlam group | 2004 annual results Strategic Focus | Individual Life Grow new business and new business embedded value Absa co-operation Group schemes Gauteng Wealth channel Ubuntu-Botho structure Alliances/JV Product competitiveness Extend our processes and agility Service Notes |
Slide 41: Strategic Focus: Employee Benefits
sanlam group | 2004 annual results | 41 Strategic Focus | Employee Benefits Increase single premiums substantially Expected mainly from Ubuntu-Botho & IFS partnerships Stem the net outflows Aiming at breakeven net cashflow for 2005 Save R20m in costs Invest part of this in a new institutional sales
Slide 42: Strategic Focus: Employee Benefits (continued)
42 | sanlam group | 2004 annual results Strategic Focus | Employee Benefits (…/continued) Administration Build stand-alone sustainability Increased contribution in 2005 Realise potential value from JVs Benefits anticipated in H1 2005 Notes |
Slide 43: Strategic Focus: Sanlam Investment Management
sanlam group | 2004 annual results | 43 Strategic Focus | Sanlam Investment Management Continue to improve long-term investment performance track record Aggressively grow third party AUM Grow the investment cluster businesses Implement new retail distribution model Increase brand awareness Enhance p
Slide 44: Strategic Focus: Santam
44 | sanlam group | 2004 annual results Strategic Focus | Santam Enhance Capital management and investment philosophy Return excess capital of R1.15 billion to shareholders Revised dividend policy to support efficient capital management Optimise investment return at acceptable risk levels Growth of
Slide 45: Strategic Focus: Sanlam Capital Markets
sanlam group | 2004 annual results | 45 Strategic Focus | Sanlam Capital Markets Continued focus on: Extract synergies from within the Sanlam Group Building the identity of Sanlam Capital Markets Extend reach to corporates and institutions off Sanlam base Notes |
Slide 46: Strategic Focus: Sanlam Independent Financial Services
46 | sanlam group | 2004 annual results Strategic Focus | Sanlam Independent Financial Services Grow and extract synergies from new acquisitions: Investments in the Employee Benefits market Break-thru Financial Services, an Employee Benefits broker in the labour market Simeka : Employee Benefits and
Slide 47: Strategic Focus: Sanlam Group
sanlam group | 2004 annual results | 47 Strategic Focus | Sanlam Group Notes |
Slide 48: Focus remains
48 | sanlam group | 2004 annual results Focus remains | Driving increased ROEV Santam Strategic Investments SIM/SCM Absa Capital Efficiency Balanced Portfolio Gearing Structural Growth Application of Excess Capital Return to Shareholders ROE/ ROEV Absa Co-operation Ubuntu-Botho Top- Top-Line Growth
Slide 49: Capital Analysis
sanlam group | 2004 annual results | 49 Capital Analysis | Rand Billion Sanlam Life required capital 16,3 Other strategic holdings 7,0 23,3 Other (before 2004 dividend) 6,7 Total capital 30,0 Notes |
Slide 50: Conclusion
50 | sanlam group | 2004 annual results Conclusion | Overall focus for 2005 Capital Complete the potential disposal of Absa shares (or portion) to Barclays Progress on introduction of gearing & secure approvals Pursue structural growth opportunities Pursue capital reduction Distribution focus on Ent
Slide 51: Prospects 2005
sanlam group | 2004 annual results | 51 Prospects 2005 Notes |
Slide 52: Slide 52
Slide 53: Sanlam Group Appendices
sanlam group | 2004 annual results | 53 SANLAM GROUP A P P E N D I C E S
Slide 54: Changes in reporting structures and accounting policies
54 | sanlam group | 2004 annual results CHANGES IN REPORTING STRUCTURES AND ACCOUNTING POLICIES The results of Innofin have been transferred from the Investment cluster to the Life Insurance cluster. Results from operations of prior periods have been restated accordingly and for December 2003, R22 m
Slide 55: Income Statement
sanlam group | 2004 annual results | 55 Income Statement | 2004 2003 Rand Million Rand Million FUNDS RECEIVED FROM CLIENTS 70 731 48 883 Financial services income 17 079 15 970 Sales remuneration (1 961) (1 892) Income after sales remuneration 15 118 14 078 Underwriting policy benefits (6 965) (6 87
Slide 56: Core Earnings by business
56 | sanlam group | 2004 annual results Sanlam Life Santam Sanlam Investments Rand Million 2004 2003 2004 2003 2004 2003 Financial services income 7 317 7 119 7 922 6 960 992 752 Sales remuneration (1 019) (1 103) (942) (789) – – Income after sales remuneration 6 298 6 016 6 980 6 171 992 752 Underw
Slide 57: Sanlam Group Shareholders' Funds
sanlam group | 2004 annual results | 57 Sanlam Group Shareholders’ Funds | Segmental Income Statement for the year ended 31 December 2004 Sanlam Capital Discontinuing Independent Financial Corporate & other TOTAL Markets Operations Services 2004 2003 2004 2003 2004 2003 2004 2003 2004 2003 225 234 (
Slide 58: Analysis of Gross Funds Received from Clients
58 | sanlam group | 2004 annual results Analysis of Gross Funds Received from Clients | Total Life Insurance* Life Licence* Other Rand Million 2004 2003 2004 2003 2004 2003 2004 2003 Sanlam Life 18 463 15 361 11 117 9 698 – 165 7 346 5 498 Individual Life 6 432 6 297 6 432 6 297 – – – – Recurring 1
Slide 59: Analysed per type of business or license
sanlam group | 2004 annual results | 59 Analysed per type of business or license Rand Million 2004 2003 Life insurance 11 200 10 012 Investments 40 933 22 019 Short-term insurance 7 719 6 755 Total new business 59 852 38 786 Premiums on existing business 10 879 10 097 Total funds received 70 731 48
Slide 60: Analysis of Gross Funds Paid to Clients
60 | sanlam group | 2004 annual results Analysis of Gross Funds Paid to Clients | Total Life Insurance (1) Life Licence (1) Other Rand Million 2004 2003 2004 2003 2004 2003 2004 2003 Sanlam Life 27 954 25 322 23 423 22 581 – – 4 531 2 741 Individual Life 14 424 15 773 14 424 15 773 – – – – Surrender
Slide 61: Analysis of Net Inflow of Funds
sanlam group | 2004 annual results | 61 Analysis of Net Inflow of Funds | Total Life Insurance* Life Licence* Other Rand Million 2004 2003 2004 2003 2004 2003 2004 2003 Sanlam Life 1 186 (76) (1 629) (2 998) – 165 2 815 2 757 Individual Life (702) (2 411) (702) (2 411) – – – – Employee Benefits (1 7
Slide 62: Shareholders' Funds Balance Sheet at Net Asset Value
62 | sanlam group | 2004 annual results Shareholders’ Funds Balance Sheet at Net Asset Value at 31 December 2004 | All businesses consolidated at Net Asset Value 2004 2003 Rand Million Rand Million ASSETS Property and equipment 184 220 Owner-occupied properties 380 390 Goodwill 1 865 1 855 Investmen
Slide 63: Shareholders' Funds Balance Sheet at Fair Value
sanlam group | 2004 annual results | 63 Shareholders’ Funds Balance Sheet at Fair Value at 31 December 2004 | Group businesses listed below not consolidated, but reflected as investments at fair value Sanlam Limited Sanlam Life Insurance Limited 2004 2003 2004 2003 Rand Million Rand Million Rand Mil
Slide 64: Embedded Value
64 | sanlam group | 2004 annual results Embedded Value | 2004 2003 Rand Million Rand Million 1. EMBEDDED VALUE Sanlam group shareholders’ funds at fair value 29 982 22 819 Adjustment for discounting capital gains tax (1) 138 91 Adjustment to include business under value of in-force (2) (321) (449) P
Slide 65: New Business Embedded Value and Sensitivity
sanlam group | 2004 annual results | 65 EMBEDDED VALUE (continued) 2004 2003 Rand Million Rand Million 3. NEW BUSINESS EMBEDDED VALUE Value of new business 342 260 • Individual business – RSA 282 200 • Employee Benefits – RSA 46 57 • International (9) 14 3 Cost of Capital at risk (18) (28) • Individ
Slide 66: Embedded Value: Methodology and Principal Assumptions
66 | sanlam group | 2004 annual results EMBEDDED VALUE (continued) Gross value of Cost of capital Net value of Change new business at risk new business from base Rand Million Rand Million Rand Million % Value of new business Base value 342 (18) 324 • Increase risk discount rate by 1,0% to 11,8% 305
Slide 67: Embedded Value: New Business Premiums
sanlam group | 2004 annual results | 67 EMBEDDED VALUE (continued) HIV/Aids Allowance has been made, where appropriate, for the impact of expected HIV/Aids-related claims, consistent with the recommendations of the Actuarial Society of South Africa as set out in its proposed Professional Guidance No
Slide 68: Statement of Actuarial Values of Assets & Liabilities
68 | sanlam group | 2004 annual results Statement of Actuarial Values of Assets & Liabilities of Sanlam Life Insurance Limited Group at 31 December 2004 | 2004 2003 Notes Rand Million Rand Million ASSETS 1 Fair value of assets 186 375 164 625 LESS : LIABILITIES 160 330 144 889 Actuarial value of pol
Slide 69: Notes to the Statement of Actuarial Values
sanlam group | 2004 annual results | 69 NOTES TO THE STATEMENT OF ACTUARIAL VALUES OF ASSETS AND LIABILITIES OF SANLAM LIFE INSURANCE LIMITED GROUP AT 31 DECEMBER 2004 1. SANLAM LIFE INSURANCE LIMITED GROUP Information presented is in respect of the Sanlam Life Insurance Limited group, unless noted
Slide 70: Notes of the Statement of Actuarial Values (continued)
70 | sanlam group | 2004 annual results Notes of the Statement of Actuarial Values & Liabilities of Sanlam Life Insurance Limited group at 31 December 2004 (…/conitued) 5. FINANCIAL ASSISTANCE PROVIDED TO POLICYHOLDERS During the course of 2003 a prudent valuation of the financial position of the Pa
Slide 71: Notes of the Statement of Actuarial Values (continued)
sanlam group | 2004 annual results | 71 Notes of the Statement of Actuarial Values & Liabilities of Sanlam Life Insurance Limited group at 31 December 2004 (…/conitued) 9. ASSET COMPOSITION The assets backing the capital adequacy requirements after management actions, used for the purpose of grossin
Slide 72: Merchant Investors Assurance Company Limited (MIA)
72 | sanlam group | 2004 annual results Notes of the Statement of Actuarial Values & Liabilities of Sanlam Life Insurance Limited group at 31 December 2004 (…/conitued) 13. MERCHANT INVESTORS ASSURANCE COMPANY LIMITED (MIA) 2004 2003 Rand Million Rand Million ASSETS Fair value of assets 14 409 14 36
Slide 73: Sanlam Group Businesses
sanlam group | 2004 annual results | 73 SANLAM GROUP B U S I N E S S E S
Slide 74: Life Cluster
74 | sanlam group | 2004 annual results Life Cluster | Admin Costs excluding restructuring 1200 1 151 1150 1100 1 058 1 066 1050 1 038 1 026 Rand Million 1000 950 945 949 948 929 936 900 850 800 2000 2001 2002 2003 2004 First Half Second Half Life Cluster | Operating profit excluding restructuring 9
Slide 75: Life Cluster: Individual Life and Employee Benefits
sanlam group | 2004 annual results | 75 Life Cluster : Individual Life | Surrenders including Namibia 2 600 2 470 2 400 2 397 2 200 2 107 2 079 2 067 Rand Million 2 000 1 953 1 878 1 800 1 751 1 600 1 400 1 386 1 391 1 200 2000 2001 2002 2003 2004 First Half Second Half Life Cluster : Employee Benef
Slide 76: Investment Cluster
76 | sanlam group | 2004 annual results Investment Cluster | Income per division Total Total Total (Investment Cluster) (SA operation) (International operation) Rand Million 2004 2003 2004 2003 2004 2003 Income 992 752 840 697 152 55 Administration costs (561) (482) (486) (448) (75) (34) Profit befo
Slide 77: Santam
sanlam group | 2004 annual results | 77 Santam | Income Statement 2004 2003 Rand Million Rand Million Gross written premium 9 735 9 513 Net written premium 7 843 7 022 Net earned premium 7 719 6 755 Claims incurred (4 397) (4 375) Net commission (942) (789) Management expenses (1 214) (1 061) Underw
Slide 78: Independent Financial Services Cluster Net Operating Profit
78 | sanlam group | 2004 annual results Independent Financial Services Cluster Net Operating Profit | 2004 2003 Rand Million Rand Million Sanlam Financial Services 47 (10) Gensec Property Services 10 19 Sanlam Consultants and Actuaries 6 (4) Other (1) – Cluster overheads (6) (10) Operating profit be
Slide 79: The business environment during 2004
sanlam group | 2004 annual results | 79 The business environment during 2004 | Looking back on 2004 one can conclude that it has been the best year for the South African economy and financial markets since 2001. Apparently, the negative consequences of the rand currency crisis of December 2001, the
Slide 80: Contact Details
sanlam group | 2004 interim results | 80 Contact Details Registered Office Sanlam 2 Strand Road Bellville 7530 South Africa Tel: +27 21 947-9111 Fax: +27 21 947-3670 Investor Relations Website: www.sanlamltd.co.za Corporate Office Businesses Group Chief Executive CEO : Individual Life Johan van Zyl