Sanlam : 2026 Three-month operational update

About this update from Sanlam Limited

Sanlam Limited (Incorporated in the Republic of South Africa) (Registration number 1959/001562/06) ("Sanlam", "Sanlam Group" or "the group") JSE Share code: SLM A2X share code: SLM NSX share code: SLA ISIN: ZAE000070660 Sanlam Life Insurance Limited (Incorporated in the Republic of South Africa) (Registration No. 1998/021121/06) ("Sanlam Life") Bond Issuer Code: BISLI LEI: 378900E10332DF012A23 Operational update for the three months ended 31 March 2026 Sanlam delivered strong operational momentum and experienced resilient client activity in the first quarter of 2026. Strong new business volume growth, exceptional net client cash flows and good persistency across the group reflected the benefits of its diversified business model and continued execution of its strategy to accelerate quality growth. During the quarter, the operating environment became increasingly volatile as conflict escalated in the Middle East, which contributed to higher energy prices, elevated interest rates and weaker equity market performance across several of the group's key markets. Severe weather-related events across parts of Southern Africa and Pan-Africa resulted in elevated catastrophe claims in the group's general insurance operations. Against this backdrop, the group maintained strong capital levels, delivered positive operating profit growth and continued to execute key strategic transactions. These include the completion of the Ninety One transaction and increased ownership in the Shriram insurance businesses in India. Key features of the group's operating performance in the first quarter are summarised below. For the period ended 31 March 20261 Organic growth New business volumes increase 29% Net client cash flows R38,6 billion Earnings 8% Operating profit increase Capital strength R3,2 billion Discretionary capital Note: Unless otherwise stated, all commentary relates to the three months ended 31 March 2026 compared to the three months ended 31 March 2025. Growth rates are normalised and provided on a comparable (constant currency and consistent group structure) basis. Absolute amounts are presented on an actual basis. ‌Strategic update The group's strategic aspiration to accelerate quality growth leverages its diversified platform to deliver long-term growth in high-potential emerging markets. Execution is prioritised, focusing on five growth vectors: winning as 'one San...

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