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” or “the group”)


 Sanlam Life Insurance Limited
 (Incorporated in the Republic of South Africa)
 (Registration No. 1998/021121/06)
 Bond Issuer Code: BISLI
 LEI: 378900E10332DF012A23
 (“Sanlam Life”)

Trading statement for the six months ended 30 June 2023 (interim financial results)

Shareholders are advised that Sanlam is in the process of finalising its financial results for the six months ended
30 June 2023. 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 2023 interim financial results will be released on the Stock
Exchange News Service (“SENS”) of the JSE on Thursday, 7 September 2023.

The group applied the IFRS 17 Insurance Contracts standard from 1 January 2023 and has restated 2022 numbers
for comparative purposes in accordance with the applicable standard as indicated below:

The group expects the following earnings ranges for the six months ended 30 June 2023.


                                                                     Six months to 30 June
 Metric                                              Post-implementation of International            Pre-
                                                   Financial Reporting Standards (IFRS) 17     implementation
                                                                                                 of IFRS 17
                                                        2023             2023          2022         2022
                                                  Expected increase   Expected        Actual       Actual
                                                   on comparative       range       (cents per   (cents per
                                                     period (%)       (cents per      share)       share)
                                                                        share)
 Net result from financial services per                20 to 30       266 to 288       222             206
 share
 Cash net result from financial services               25 to 35       273 to 295       219             206
 per share
 Net operational earnings per share                   60 to 70        330 to 350       206             197
 Headline earnings per share (“HEPS”)                113 to 123       331 to 347       155             180
 Diluted HEPS                                        113 to 123       326 to 341       153             177
 Earnings per Share (“EPS”)                           50 to 60        374 to 399       250             274
 Diluted EPS                                          50 to 60        370 to 395       246             270


The group recorded strong performance for the six months ended 30 June 2023, with all clusters and lines of
business performing well.
The main items contributing to the growth in net result from financial services (NRFFS) are:
    •   Life insurance benefited from positive risk experience, increased asset-based fee income and improved
        performance from the credit portfolio backing life insurance liabilities,
    •   General insurance benefited from improved underwriting performance and higher investment return on
        insurance funds, and
    •   Credit and structuring benefited from stronger performance from the Indian operations.




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Cash NRFFS represents NRFFS as adjusted for the reversal of specific non-cash items: amortisation of intangible
assets and the reversal of changes in insurance contract assets (i.e. negative liabilities).
The higher expected percentage increase in net operational earnings relative to net result from financial services
is due to higher investment returns on the shareholder capital portfolio, included in net operational earnings.
The main contributors to the higher level of growth in HEPS and diluted HEPS relative to net operational earnings
were non-economic accounting mismatch profits and losses recognised in terms of IFRS, lower amortisation of
value of business acquired as well as adjustments emanating from the implementation of IFRS 17.

Lower increase in EPS and diluted EPS relative to HEPS and diluted HEPS is due to lower profit on disposal of
operations in 2023 relative to 2022, reflected in EPS and diluted EPS.

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

Cape Town, 31 August 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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