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Trading Statement – for the six months ended 30 June 2022

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Published: 2022-08-16 16:35:44 ET
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SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
(JSE Share Code: SNT & ISIN ZAE000093779)
NSX share code: SNM
(‘Santam’) or (“the Company”)

TRADING STATEMENT – FOR THE SIX MONTHS ENDED 30 JUNE 2022

Shareholders and noteholders are advised that Santam is currently compiling its interim
financial results for the six months ended 30 June 2022. This trading statement provides
guidance for headline earnings per ordinary share (HEPS) and earnings attributable to equity
holders of Santam per ordinary share (EPS) in terms of paragraph 3.4(b) of the JSE Limited
Listings Requirements.

Shareholders and noteholders are advised that Santam expects its HEPS and EPS for the six
months ended 30 June 2022 to fall within the following ranges:

                      Six months to            Six months to            Six months to
                      30 June 2022             30 June 2022             30 June 2021
                      Expected decrease        Expected range           Prior period
                      on     comparative
                      period
                      %                        Cents per share          Cents per share
 HEPS                 43% to 62%               327 to 491               863
 EPS                  41% to 61%               340 to 510               863

The decrease in HEPS is driven by lower underwriting results and investment income. The net
underwriting margin is expected to be positive but below the long-term target range of 5% to
10% of net earned premiums, significantly impacted by adverse weather conditions and the
devastating floods in the Kwazulu-Natal province during the period. This was offset to some
extent by a reduction in the COVID-19 related contingent business interruption claims
provisions. Local and foreign bond market volatility and lower equity markets were the key
contributors to the weaker investment performance, partly offset by foreign currency gains
following a weaker rand exchange rate and increased dividend income.

Satisfactory gross written premium growth is expected. The Group’s economic capital position
is expected to be well within the target range of 145% to 165%.

The financial information on which this Trading Statement is based has not been reviewed or
reported on by Santam’s external auditors. Santam will release its reviewed results for the six
months ended 30 June 2022 on or about 1 September 2022.

CAPE TOWN
16 August 2022

Sponsor: Investec Bank Limited