Sanlam Limited
(Incorporated in the Republic of South Africa)
Registration number 1959/001562/06
JSE & 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)
Bond Issuer Code: SMT1
(“Sanlam Life”)

Trading statement for the financial year ended 31 December 2022

Shareholders are advised that Sanlam Limited (“Sanlam” or “the Group”) is in the process of finalising its financial
results for the year ended 31 December 2022. This trading statement provides an indication of the expected ranges
for headline earnings and earnings attributable to equity holders of the Group in accordance with paragraph 3.4(b)
of the Listings Requirements of the JSE Limited (JSE). Sanlam's 2022 financial results will be released on the Stock
Exchange News Service (SENS) of the JSE on Thursday, 9 March 2023.

The Group expects the following earnings ranges for the year ended 31 December 2022:


                                                                    12 months to 31 December
                                                             2022                   2022                  2021
                                                       Expected increase/     Expected range             Actual
                                                          decrease on        (cents per share)         (cents per
                                                     comparative period (%)                              share)
 Net result from financial services                         0 to 10              426 to 469                426
 Net operational earnings                                   -5 to +5                440 to 486            463
 Headline earnings per share (“HEPS”)                       -5 to +5                416 to 460            438
 Diluted HEPS                                               -5 to +5                411 to 455            433
 Earnings per Share (“EPS”)                                 20 to 30                551 to 597            459
 Diluted EPS                                                20 to 30                545 to 590            454
The group recorded satisfactory performance from the life insurance, investment management and credit and
structuring operations while general insurance detracted from overall growth.
The main items impacting net result from financial services are:
    •    Lower mortality claims relative to 2021 contributed to a solid performance in life insurance earnings due
         to a rebound in risk experience profits. 2021 mortality claims were negatively impacted by Covid-19.
    •    Credit and structuring earnings benefited from stronger performance from the Indian operations.
    •    General insurance was negatively impacted by weaker underwriting experience in our South African
         operations and significant declines in Moroccan equity markets which impacted investment return on
         insurance funds in our Pan-African operations, relative to 2021.
Net operational earnings were impacted by weaker investment returns on the shareholder capital portfolio due to
lower equity markets during 2022 and higher project expenses related to implementing the Group’s strategic
initiatives.
The 2022 increase in EPS and diluted EPS is mainly due to the profit realised on disposal of the UK businesses
in the current period.

The financial information in this trading statement is the responsibility of the Sanlam Board of Directors and has
not been reviewed or reported on by the Group’s external auditors.

For all investor relations queries please contact:

Sanlam Investor Relations
Tel: +27 21 947 8455
E-mail: ir@sanlam.co.za




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Cape Town, 2 March 2023

Equity Sponsor to Sanlam
The Standard Bank of South Africa Limited

Debt Sponsor to Sanlam Life Insurance Limited
Absa Bank Limited, acting through its Corporate and Investment Banking division




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