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 Group Interim Results for the six months ended 30 June 2022 Key performance metrics For the six months ended 30 June Unit 2022 2021 Δ Earnings Net result from financial services R million 4,557 4,529 1% Net operational earnings R million 4,353 4,679 (7%) Headline earnings R million 3,681 4,003 (8%) Net result from financial services per share cents 206 203 2% Net operational earnings per share cents 197 210 (6%) Basic headline earnings per share cents 180 194 (7%) Diluted headline earnings per share cents 177 191 (7%) Basic profit attributable to the shareholders' fund cents 274 180 52% Diluted profit attributable to the shareholders' fund cents 270 178 52% Business volumes Life insurance new business volumes R million 33,231 35,686 (7%) Net client cash flows R million 37,074 37,814 (2%) Value of new covered business R million 1,076 1,289 (17%) Covered business PVNBP R million 43,032 45,672 (6%) New covered business margin % 2,50 2,82 Group Equity Value Group Equity Value(1) R million 130,697 142,390 Group Equity Value per share(1) cents 5,928 6,444 Return on Group Equity Value per share % (2,8) 3,9 Adjusted Return on Group Equity Value per share % 6,8 6,1 Solvency cover Sanlam Group(1) % 174 173 Notes (1) Comparative figures on 31 December 2021. The Group had a robust performance for the first six months of 2022 in the face of a challenging environment. The net result from financial services from life insurance was up 23%, investment management was up 25% and our credit operations were up 22%. Our general insurance net result from financial services declined by 57%. The overall net result from financial services increased by 1% on the first six months of 2021 and is unchanged on a constant currency basis. Net operational earnings decreased 7% due to weaker investment returns on shareholder capital from a volatile market environment, combined with increased project expenditure due to the increased spend on initiatives supporting execution of the Group’s strategy. New business volumes in our life insurance operations were only marginally lower than the first six months of 2021 on a comparative basis, but still remain at strong levels. Volume growth declined largely due to lower single premium sales in the South African Retail Affluent business. Net value of new covered business (VNB) decreased by 17% on 2021 but was only 2% lower on a comparative economic basis. Net client cashflows of R37,1 billion were 2% lower than 2021 due to lower net flows in the investment businesses. Group Equity Value per share was R59.28 on 30 June 2022 and Return on Group Equity Value was negative 2,8% for the first six months of 2022. RoGEV was significantly impacted by volatile equity and bond markets over the period. Adjusted RoGEV, which excludes these market impacts was 6,8% (14,1% annualised) over the period. The Competition Commission issued a media release 25 August 2022 in which it has indicated that it is investigating certain pricing practices in the life insurance industry. Sanlam is committed to treating all customers fairly and with the greatest of respect in order to deliver the best possible service and value to customers. This commitment underpins the trust which the public places in us. Sanlam adheres to the highest ethical standards and to all relevant legislation. Sanlam is proud to be a leader in an extremely competitive industry which has supported customers during the recent COVID-19 pandemic, absorbing extremely high losses in the process over the last few years. We believe that all pricing practices within Sanlam Life are in the best interests of customers and have robust processes in place to ensure this. This short-form results announcement is the responsibility of the Sanlam Board of directors and is a summary of the information contained in the full announcement which can be found at: https://senspdf.jse.co.za/documents/2022/jse/isse/slm/HY22.pdf and available on the Sanlam website at www.sanlam.com. The interim results for the six months ended 30 June 2022, including comparatives for the six months ended 30 June 2021 where applicable, have been independently reviewed by Sanlam Group’s joint auditors, Ernst & Young and KPMG. Their review opinion is set out in the full reviewed interim results. Copies of the full reviewed interim results are available for inspection at, or may be requested from the Company Secretary: Sanlam’s registered office and the offices of its sponsor during office hours, at no charge. Any investment decision should be based on a consideration of the full reviewed interim results. 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 The Standard Bank of South Africa Limited Registered office: 30 Baker Street, Rosebank, Johannesburg, 2196, South Africa. 8 September 2022