Santam Limited (JSE:SNT) News - Audited summary consolidated Financial Statements for the year ended 31 December 2021 and Declaration of dividend

Santam Limited and its subsidiaries
("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

AUDITED SUMMARY CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 AND DECLARATION OF ORDINARY AND SPECIAL
DIVIDEND (NUMBER 134)

KEY FINANCIAL RESULTS
                                                                                            Year ended    Year ended    Change
                                                                                           31 Dec 2021   31 Dec 2020         %
Gross written premium (GWP) (R million)                                                         42,129        38,273       10%
Ordinary dividend per share (R cents)                                                              790             -     >100%
Special dividend per share (R cents)                                                               800             -
Basic earnings per share (R cents)                                                               2,491           296     >100%
Headline earnings per share (HEPS) (R cents)                                                     2,495           905     >100%

SALIENT FEATURES
- Conventional insurance GWP growth of 5% to R32.7 billion
- Conventional insurance net underwriting margin of 8.0% (2.5% in December 2020)
- Gross claims paid of R24.5 billion
- Return on capital of 28.5%
- Economic capital coverage ratio of 169% (161% in December 2020)
- Final dividend of 790 cents per share
- Special dividend of 800 cents per share

KEY PERFORMANCE HIGHLIGHTS
The Santam group reported strong operating results.

Conventional insurance
- Satisfactory conventional insurance gross written premium growth of 5% was achieved. The year was characterised by the
  continued negative impact of COVID-19 on the economy, several large fire claims, the civil unrest in July and excessive
  rains across large parts of South Africa during the fourth quarter.
- The Group achieved a net underwriting margin of 8.0%.
- Santam has made good progress in finalising contingent business interruption (CBI) claims. Up to 31 December 2021, gross CBI
  claim payments of R2.2 billion were made, in addition to the relief payments of R1 billion made in August 2020.
- The lower interest rate environment in South Africa and internationally resulted in lower investment return on insurance
  funds.

Alternative Risk Transfer (ART) insurance
- The ART business reported excellent operating results, following strong growth in fee income, positive investment results
  and improved underwriting results.

Sanlam Emerging Markets (SEM) general insurance businesses
- The Sanlam Pan-Africa general insurance business achieved good gross written premium growth of 13% in constant currency
  terms.

DECLARATION OF ORDINARY AND SPECIAL DIVIDEND (NUMBER 134)
Notice is hereby given that the board has declared a gross final dividend of 790.00 cents per share (2020: no dividend) and a
gross special dividend of 800.00 cents per share, 632.00 cents and 640.00 cents net of dividend withholding taxation
respectively, where applicable, per ordinary share for the year ended 31 December 2021 to those members registered on the
record date, being Friday, 25 March 2022. The dividend has been declared from income reserves.

A dividend withholding taxation of 20% will be applicable to all shareholders who are not exempt.

Share code: SNT
ISIN: ZAE000093779
Company registration number: 1918/001680/06
Company tax reference number: 9475/144/71/4
Gross ordinary cash dividend amount per share: 790.00 cents
Net ordinary dividend amount per share: 632.00 cents
Gross special cash dividend amount per share: 800.00 cents
Net special dividend amount per share: 640.00 cents
Issued shares at 3 March 2022: 115 131 417
Declaration date: Thursday, 3 March 2022
Last day to trade cum dividend: Tuesday, 22 March 2022
Shares trade ex dividend: Wednesday, 23 March 2022
Record date: Friday, 25 March 2022
Payment date: Monday, 28 March 2022

Share certificates may not be dematerialised or rematerialised between Wednesday, 23 March 2022, and Friday, 25 March 2022,
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 particularly 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
audited summary consolidated 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
3 March 2022 and which can be found on the company's website at https://www.santam.co.za/media/2686522/2021-summary-afs.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 audit opinion on the audited consolidated financial statements in their
report dated 2 March 2022. The report also includes communication of key audit matters. Key audit matters are those matters
that, in their professional judgement, were of most significance in their audit of the consolidated financial statements of
the current period. The full report is available on https://www.santam.co.za/media/2686521/2021-afs.pdf.

The full announcement was released on the JSE's website at https://senspdf.jse.co.za/documents/2022/JSE/ISSE/SNT/YE2022.pdf.

The presentation to analysts can be found on the company's website at
https://www.santam.co.za/media/2686523/2021-ias-booklet.pdf.

ADMINISTRATION

INVESTOR RELATIONS
Gloria Tapon Njamo
T: +27 21 915 8228
E: Gloria.TaponNjamo@santam.co.za

NON-EXECUTIVE DIRECTORS
M Chauke, CD Da Silva, MP Fandeso, PB Hanratty, DEH Loxton, MLD Marole, NT Moholi (chairperson), AM Mukhuba, JJ Ngulube,
MJ Reyneke, PE Speckmann

EXECUTIVE DIRECTORS
L Lambrechts (chief executive officer), HD Nel (chief financial officer)

COMPANY SECRETARY
T Moshakga

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

3 March 2022
SPONSOR
Equity sponsor: Investec Bank Ltd
Debt sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

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

Date: 03-03-2022 07:30:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.