Earnings

• Net result from financial services (NRFFS) increased by 14% to over R14 billion (up by 25% including the one‑off reinsurance recapture fee), with good performance across all lines of business.
• Net operational earnings increased by 24% (up by 34% including the reinsurance recapture fee), benefiting from higher investment returns on the shareholder capital portfolio, coupled with reduced corporate project expenses.

New business

• Group new business volumes increased by 6% to R420 billion benefiting from strong inflows in the South African asset management business. Life and general insurance recorded robust underlying performance.
• Life insurance new business volumes increased by 3% on a present value of new business premiums basis (PVNBP). Strong growth in risk and investment business sales were partially offset by a slight decline in life annuity sales in the second half of the year off a high base and in line with the reduction in bond yields, as well as a non‑repeat large corporate single premium inflow in the fourth quarter of 2023.
• Net value of new covered business (VNB) increased by 2% to R2,9 billion, following structural corporate activity involving the sale of Sanlam Namibia and the termination of the Capitec joint venture, as well as currency depreciations in the Pan‑Africa portfolio. The group recorded a new business margin of 2,81%.

Group Equity value

• Group Equity Value per share of R81,23.
• Return on Group Equity Value (RoGEV) per share of 20,3%.
• Adjusted RoGEV per share of 18,0% was above the group’s hurdle rate of 15,6%.

Dividend and capital

• The group declared a normal dividend of 445 cents per share, up 11% on 2023.
• Group solvency cover ratio remains strong at 168%, well within the target range.
• Discretionary capital R4,1 billion at 31 December 2024