Santam Limited (JSE:SNT) News - Trading Statement – for the year ended 31 December 2021

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 YEAR ENDED 31 DECEMBER 2021

Shareholders and noteholders are advised that Santam is currently compiling its financial
results for the year ended 31 December 2021. This trading statement provides an indication
of a range 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
year ended 31 December 2021 to fall within the following ranges:

                                   Year to                    Year to                 Year to
                          31 December 2021           31 December 2021        31 December 2020
                         Expected increase             Expected range              Prior year
                       on comparative year
                                        %             Cents per share         Cents per share
 HEPS                                >100%             2 246 to 2 744                     905
 EPS                                 >100%             2 246 to 2 744                     296

The increase in HEPS was driven by improved underwriting results, in addition to increased
investment income attributable to shareholders. The comparative year’s results were
negatively impacted by the provision for COVID-19 related contingent business interruption
claims. The net underwriting margin is expected to be at the top-end of the long-term target
range of 4% to 8% of net earned premiums. Conventional insurance premium growth, however,
continues to be strained in the current economic climate. The weaker Rand exchange rate
against most currencies and fair value gains on equities were the key contributors to the
stronger investment income.

No significant differences between EPS and HEPS are expected for the 31 December 2021
reporting year. In the comparative year, EPS was negatively impacted by an impairment of the
investment in SAN JV of R690 million.

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 audited results for the year
ended 31 December 2021 on or about 3 March 2022.




CAPE TOWN
18 February 2022
Sponsor: Investec Bank Limited

Date: 18-02-2022 04:40:00
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