Sanlam Limited
Incorporated in the Republic of South Africa
(Registration number 1959/001562/06)
"Sanlam", "Sanlam Group", or "the Company"
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)
Bond Issuer Code: SMT1
(“Sanlam Life”)

Audited Annual Results for the year ended 31 December 2022
 Key performance indicators
 For the 12 months ended 31 December                        Unit                2022             2021          Δ
 Earnings
 Net result f rom f inancial services                     R million           10,191            9,469          8%
 Net operational earnings                                 R million           10,532           10,288          2%
 Headline earnings                                        R million            9,294            9,041          3%
 Weighted average number of shares                          million            2 078            2 088
 Adjusted weighted average number of shares                 million            2 210            2 224
 Net result f rom f inancial services per share              cents               461              426          8%
 Net operational earnings per share                          cents               477              463          3%
 Headline earnings per share                                 cents               454              438          3%
 Diluted headline earnings per share                         cents               447              433          3%
 Dividend per share                                          cents               360              334          8%

 Business volumes
 Lif e insurance new business volumes                     R million           64,812           71,747         (10%)
 Lif e insurance net client cash f lows                   R million           21,615           12,696          70%
 Value of new covered business                            R million            2,388            2,764         (14%)
 Covered business PVNBP                                   R million           87,814           96,182          (9%)
 New covered business margin                                     %              2,72             2,87
 Group net client cash f lows                             R million           59,975           78,322         (23%)

 Group Equity Value
 Group Equity Value                                       R million          140,776          142,390
 Group Equity Value per share                                cents             6,380            6,444
 Return on Group Equity Value per share                          %               4,2             13.9
 Adjusted Return on Group Equity Value per share                 %              14,9             14.6

 Solvency cover
 Sanlam Group                                                      %             169               173
 Sanlam Lif e Insurance Limited                                    %             230               214
 Sanlam Lif e Insurance Limited covered business                   %             176               178

The Group perf ormed exceptionally well in 2022, against a dif ficult backdrop of significant volatility in
global equity, credit and interest rate markets, surging inf lation and catastrophic flooding in KwaZulu-
Natal, South Af rica. Net result f rom f inancial services increased 8%, with lif e insurance increasing by
25%, our credit and structuring operations increasing by 19% and our investment management
operations marginally decreasing by 1% (18% higher excluding the disposed UK businesses). Our
general insurance net result f rom f inancial services however declined by 32%, impacted by a number of
f actors including significant claims inflation, adverse weather conditions as well as investment market
volatility.

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Net operational earnings increased by 2% as the weaker investment markets resulted in lower positive
returns on shareholder capital, combined with increased project expenditure on initiatives supporting
execution of the Group’s strategy.

New business volumes in our lif e insurance operations were 5% lower than 2021 excluding the
disposed UK businesses but remain well above pre-pandemic levels. Volume growth declined due to
lower single premium sales in the South Af rican retail af f luent business and lower recurring premium
sales in the corporate business. Net value of new covered business (VNB) decreased by 14% but was
only 1% lower on a constant economic basis, with a strong contribution f rom the emerging markets
portf olio.

Our general insurance operations recorded improved performance in the second half of 2022,
benef iting f rom management actions implemented. Both the South Af rican and Pan-Af rican operations
recorded underwriting margins within their respective target ranges f or 2022.

Group net client cashf lows of R60 billion were 23% lower due to weaker net f lows in the investment
business of f an elevated base f rom the strong inf lows in 2021.

Group Equity Value per share was R63.80 on 31 December 2022 and Return on Group Equity Value
(RoGEV) per share was 4,2% f or 2022. RoGEV was signif icantly impacted by volatile equity and bond
markets over the period. Adjusted RoGEV per share, which excludes these market impacts was 14,9%,
above the hurdle of 14,3%.

Shareholders are advised that a f inal gross cash dividend of 360 cents per share was declared f or the
year ended 31 December 2022, an increase of 8% on the prior year dividend. The dividend is payable
on Tuesday, 11 April 2023 by way of electronic bank transf ers to ordinary shareholders recorded in the
register of Sanlam at close of business on Thursday, 6 April 2023. The last date to trade to qualif y f or
this dividend will be Monday, 3 April 2023, and Sanlam shares will trade ex-dividend f rom Tuesday, 4
April 2023. Share certif icates may not be dematerialised or rematerialised between Tuesday, 4 April
2023 and Thursday, 6 April 2023, both days included. Shareholders who have not yet provided their
banking details f or dividend payments are requested to do so by contacting Sanlam’s transf er
secretary, Computershare, at 0861 100 913 or +27 (0)11 370 5000.

The South Af rican dividend withholding tax regime applies in respect of this dividend. The dividend in
f ull will be subject to the 20% withholding tax, where applicable, which result in a net dividend, to the
shareholders who are not exempt f rom paying dividend tax, of 288 cents per share. The number of
ordinary shares in issue in the company’s share capital as at the date of the declaration is
2,042,914,874 excluding treasury shares of 184,059,534. The company’s tax ref erence number is
9536/346/84/5.

This short-f orm results announcement is the responsibility of the Sanlam Board of directors and is a
summary of the inf ormation contained in the f ull announcement which can be f ound at:
https://senspdf.jse.co.za/documents/2023/jse/isse/slm/FY22.pdf and available on the Sanlam website
at www.sanlam.com.

While this announcement, in itself , is not audited, the audited consolidated annual f inancial statements
f rom which the summarised consolidated financial statements were derived have been audited by the
joint Group’s auditors, Ernst & Young Inc and KPMG Inc. Their unmodif ied audit report (including key
audit matters), along with the audited consolidated annual f inancial statements are available f or
inspection at the Company’s registered of fice and also available on Sanlam’s website at
http://sanl.am/2022ar

Copies of the f ull audited consolidated annual f inancial statements are available f or inspection at, or
may be requested f rom the Company Secretary: Sanlam’s registered of f ice and the of fices of its
sponsor during office hours, at no charge. Any investment decision should be based on a consideration
of the f ull audited consolidated annual f inancial statements.


SANLAM LIMITED
Registered office: 2 Strand Road, Bellville, 7530, South Africa
Sanlam Investor Relations
Tel: +27 21 947 8455
E-mail: ir@sanlam.co.za

JSE SPONSOR

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

9 March 2023