Santam Limited
("Santam" or "the company" or "the group")
Incorporated in the Republic of South Africa
Registration number 1918/001680/06
ISIN: ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35

REVIEWED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2023 AND DECLARATION OF ORDINARY
DIVIDEND (NUMBER 137)

KEY FINANCIAL RESULTS
                                                                                          Period ended   Period ended   Change
                                                                                           30 Jun 2023    30 Jun 2022        %
Group insurance revenue (R million)                                                             22,492         20,416      10%
Ordinary dividend per share (R cents per share)                                              495.00000      462.00000       7%
Basic earnings per share (R cents per share)                                                     1,170            490     139%
Headline earnings per share (HEPS) (R cents per share)                                           1,170            475     146%

SALIENT FEATURES
‐ Conventional insurance GWP growth of 7% to R17.7 billion
‐ Conventional insurance net underwriting margin of 3.8% (3.0% in June 2022)
‐ Gross claims paid of R14.6 billion
‐ Annualised return on shareholders' funds of 24.0%
‐ Economic capital coverage ratio of 159% (156% in December 2022)
‐ Interim dividend of 495.00000 cents per share

KEY PERFORMANCE HIGHLIGHTS
The group’s diversification across market segments, insurance classes and geographical reach stood us well in the six months
to 30 June 2023. Together with our industry‐leading human capital base and the strength of our balance sheet, it provided a
solid platform to achieve an overall satisfactory financial performance for the period, despite a difficult operating
environment. Earnings and headline earnings per share increased by 139% and 146% respectively. The group declared an interim
dividend of 495 cents per share.

Conventional insurance underwriting results
The conventional insurance business achieved strong gross written premium growth of 7%.

A net underwriting margin of 3.8% was reported, below the group’s target range of 5% to 10%, but improving from 3.0% in the
comparable period in 2022 (restated for the adoption of the new IFRS 17 accounting standard).

This is a solid performance during a period where we faced major weather‐related claims and losses from the earthquakes in
Türkiye.

Alternative Risk Transfer (ART) insurance
The ART business reported another set of excellent operating results, supported by strong growth in fee income and positive
investment and underwriting results.

Investment return
Investment return earned on our insurance funds and shareholder capital portfolios increased by 445%, benefiting from the
higher interest rate environment, foreign currency translation gains as well as a positive revaluation of our investment in
Shriram General Insurance in India.

DECLARATION OF ORDINARY DIVIDEND (NUMBER 137)
Notice is hereby given that the board has declared a gross interim dividend of 495.00000 cents (Jun 2022: 462.00000 cents) per
ordinary share for the six months ended 30 June 2023 to those members registered on the record date, being Friday, 22
September 2023. The dividend has been declared from income reserves. A dividend withholding taxation of 20% will be applicable
to all shareholders who are not exempt, with a net dividend of 396.00000 cents per ordinary share payable to such
shareholders.

Share code: SNT
ISIN: ZAE000093779
NSX share code: SNM
A2X share code: SNT
Bond company code: BISAN
Company registration number: 1918/001680/06
Company tax reference number: 9475/144/71/4
LEI: 37890092DC55C7D94B35
Gross ordinary cash dividend amount per share: 495.00000 cents
Net ordinary cash dividend amount per share: 396.00000 cents
Issued shares at 31 August 2023: 115 131 417
Declaration date: Thursday, 31 August 2023
Last day to trade cum dividend: Tuesday, 19 September 2023
Shares trade ex‐dividend: Wednesday, 20 September 2023
Record date: Friday, 22 September 2023
Payment date: Tuesday, 26 September 2023

To allow for the dividend calculation, Santam’s share register will be closed for all transfers, off‐market transactions and
dematerialisations or rematerialisations between Wednesday, 20 September 2023 and Friday, 22 September 2023, both days
inclusive.

In terms of the dividends tax legislation, the dividends tax amount due will be withheld and paid over to the South African
Revenue Service (SARS) by a nominee company, stockbroker or Central Securities Depository Participant (CSDP) (collectively
Regulated Intermediary) on behalf of shareholders. Shareholders should seek their own advice on the tax consequences
associated with the dividend and are encouraged to ensure their records are up to date so that the correct withholding tax is
applied to their dividend.

SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the directors and is only a summary of the information in the full
reviewed condensed consolidated interim financial statements announcement ("full announcement"). Any investment decision by
investors and/or shareholders and/or bondholders should be based on consideration of the full announcement that was released
on 31 August 2023 and which can be found on the company's website at
https://www.santam.co.za/media/2688257/2023‐interim‐financial‐statements.pdf. Copies of the full announcement may also be
requested at the company's registered office, at no charge, during office hours at the investor relations department (see
contact details below).

PricewaterhouseCoopers expressed an unmodified review opinion on the reviewed condensed consolidated interim financial
statements in their report dated 30 August 2023. The full report is available on
https://www.santam.co.za/media/2688257/2023‐interim‐financial‐statements.pdf.

The full announcement and review opinion is available on the JSE's SENS cloudlink at
https://senspdf.jse.co.za/documents/2023/JSE/ISSE/SNT/HY23.pdf

The presentation to analysts can be found on the company's website at
https://www.santam.co.za/media/2688258/2023-june-ias-booklet.pdf.

ADMINISTRATION

INVESTOR RELATIONS
T Rulashe
T: +27 21 915 7346
E: Thabiso.Rulashe@santam.co.za

NON‐EXECUTIVE DIRECTORS
M Chauke, CD Da Silva, MP Fandeso, PB Hanratty, DEH Loxton, MM Mahlangeni, MLD Marole, NT Moholi (chair), AM Mukhuba, JJ
Ngulube, PE Speckmann, L Swartz

EXECUTIVE DIRECTORS
TC Madzinga (group chief executive officer), ML Olivier (group chief financial officer)

COMPANY SECRETARY
R Eksteen

TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
15 Biermann Avenue, Rosebank 2196
Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000
Fax: 011 688 5216
www.computershare.com

SANTAM HEAD OFFICE AND REGISTERED ADDRESS
1 Sportica Crescent
Tyger Valley, Bellville 7530
PO Box 3881, Tyger Valley 7536
Tel: 021 915 7000
Fax: 021 914 0700
www.santam.co.za

Registration number 1918/001680/06
ISIN ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN

31 August 2023

SPONSOR
Equity sponsor: Investec Bank Limited
Debt sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

Santam is an authorised financial services provider (licence number 3416).