Building a fortress position in South Africa

To preserve our leading market positions and to grow, we are refining, innovating and extending our holistic, highly competitive solutions, increasing orchestration in the group and driving digital renewal and innovation.

Diverse product

  • Insurance
  • Asset and wealth management
  • Corporate benefits
  • Retail credit
  • Healthcare
  • Wills and estates
  • Financial planning and advice
  • Loyalty and rewards

Partnerships

  • Banks
  • Telcos
  • Financial Services
  • Non-financial Services
  • Retailers
  • Strategic co-investors in Africa

Technology

  • Modernising core business
  • Future-fit client ecosystems
  • Disruptive product innovation and digitalisation
  • Digital native businesses

Sustainability

  • Financial strength, resilience and consistent performance
  • Trust and reputation
  • Financial inclusion
  • Investing for good in people and planet
  • Partnerships for impact
  • Thought leadership

DECEMBER 2024 FIGURES

Sanlam Group today

Diversified emerging markets

Footprint across 31 countries in Africa and Asia

Largest insurer in Africa

Present in eight of the top 10 largest economies in Africa

R172 billion

Group Equity value

Group equity

Return on group equity value per share: 20,3%

19,8%

Return on equity 19,8% (21,3% including the reinsurance recapture fee)

R1,4 trillion

Over R1,4 trillion in assets under management


Empowering generations with confidence in their financial futures.

Where we are

Our diversified geographic scope and market-leading positions across South Africa, Pan-Africa and Asia, alongside our strategic partners in each region, provide compelling near- to long-term opportunities to capture growth and service the unmet financial services needs of large, marginalised client populations.

South Africa

  • #1 General insurer(1), with market share >22%
  • #1 Life insurer by new business volumes(2)
  • #1 Largest retail investment platform
  • One of the largest healthcare administrators
  • #2 Largest asset manager and wealth manager(3)
  • #3 Largest umbrella fund(4)
  • World-class asset management capabilities
  • Number of lives touched: >27 million

Pan-Africa(5)

  • Presence in 27 countries
  • Top three market positions in 16 countries in
  • life insurance and 19 in general insurance
  • 16% market share across Africa(1)
  • Reinsurance capabilities amplified with recently acquired A-rating
  • Number of lives touched: >30 million

Asia

  • One of India’s largest non-banking financial services groups
  • Strong rural and lower middle market presence and penetration
  • Robust ecosystem and cross-selling capacity
  • Digital platforms
  • Number of clients: >35 million
  • Our operations in Malaysia offer a wide range of life and general insurance services

(1) Market position and market share data based on management estimates (based on publicly available information).
(2) Based on present value of new business premiums for 1H24.
(3) By assets under management.
(4) By assets under administration.
(5) Excluding South Africa

Sanlam’s unique ecosystem of solutions positions us to grow in countries with low insurance penetration and robust long-term economic growth prospects.

Our core focus in the world’s two fastest growing regions of Africa and Asia, gives us access to a combined working-age population of some 2 billion people. Built on trust, client focus, governance and prudent capital management, we have over a century of history prioritising clients and contributing to social upliftment and economic development.

Growth drivers South Africa Pan-Africa(1) Asia
Working age population(2) (million)
41
832
995
Young demographics (% under 34)
60%
74%
59%
Low insurance penetration(3)
Life: 10.0%
Non-life: 2.7%
Life: 1.8%
Non-life: 1.0%
Life: 2.7%
Non-life: 0.9%
GDP growth (avg 2025 – 2030F)
2.2%
4.0%
6.1%
Mobile and broadband subscriptions (million)
127
1,250
1,197
Opportunity for Sanlam
As the country’s structural reform agenda lifts its GDP growth over the medium term, we are targeting organic and acquisitive growth to strengthen and secure our leading position in our largest market.
Strong medium- to long-term GDP growth potential, with Africa set to be among the top 20 global economies in the next 30 years, with its vast reachable populations and unmet needs for financial services.
Strong near-term growth potential in one of the world’s fastest-growing economies, with virtually unrestricted potential in our market segment, to grow our share among lower-income earners in underserved areas.

Source: IHS Markit, BMI Fitch Solutions, Economist Intelligence Unit, TeleGeography.
(1) Africa excluding South Africa.
(2) Age 15 to 64.
(3) Gross written premium as a percentage of GDP.
(4) Including private pension funds.

PICK A WINNING TEAM

With unrivalled long-term growth potential, we offer a differentiated emerging market
investment case to deliver sustainable growth and superior returns.

Diversification by product line and emerging market geographies creates stability in earnings and value creation.

At the core of our value creation philosophy is our client focus enabling us to deliver tailored, comprehensive financial services solutions.

Synergistic business clusters that offer cross-selling potential, deeper relationships and greater value add.

Diversification by product line and emerging market geographies creates stability in earnings and value creation.

At the core of our value creation philosophy is our client focus enabling us to deliver tailored, comprehensive financial services solutions.

Synergistic business clusters that offer cross-selling potential, deeper relationships and greater value add.

Structured to deliver sustainable long-term growth
Capital efficient business model
High margins and return on capital from scale, superior client value propositions and efficiency

New business growth rates to exceed nominal GDP growth

  • Our established and growing emerging market portfolio drives earnings growth.

Self-financing business growth translates to value

  • Our fortress position in South Africa provides cash, capital stability and high returns – high free cash flow conversion, RoE >20%.
  • Capital strength with a healthy buffer above-target solvency ratios with continuous review of optimal capital levels to maximise RoGEV and ensure appropriate solvency levels.
  • Structural growth initiatives are prioritised, with discretionary capital not efficiently redeployed, returned to shareholders.

Long-term real RoGEV at an attractive level

  • RoGEV per share: 20,3% (2023: 16,7%).
  • Adjusted RoGEV per share: 18,0% (2023: 19,5%).
  • Target SA risk-free rate +4%.

OUR FUTURE ASPIRATION

Structured to deliver sustainable long-term growth

New business growth rates to exceed nominal GDP growth

Capital efficient business model

Self-financing business growth translates to value

Improving margins and ROC from scale, quality and efficiency

Long-term real RoGEV at attractive level

HOW WE ARE DIFFERENT

Our track record of consistent financial delivery

Sanlam maintains a track record of consistent growth in earnings, cash generation, dividend growth and shareholder value creation. The group operations are at different stages of growth, with South Africa relatively more mature and converting more than 90% of its earnings to cash available for dividends. Pan-Africa and Asia are faster growth businesses and retain more cash to fund growth, with a lower percentage of earnings converted to cash available for dividend distribution.

Sanlam maintains a discretionary capital balance, which is available to support strategic corporate activity, share repurchases and dividend payments. The group targets a discretionary capital balance of between R1 billion and R3 billion.

NRFFS and cash generated

Dividend paid

Adjusted RoGEV

Discretionary capital

(1) Excludes reinsurance recapture fee. Including the fee, NRFFS would be R15,4 billion at a CAGR of 17% and cash generated CAGR 16%.

Enabling financial inclusion through technology and people

HOW WE SERVE OUR CLIENTS

Our business clusters deliver tailored, holistic, client-centric financial solutions to individuals, businesses and institutions.

Group office supports the Group Chief Executive Officer and clusters, mainly providing strategic direction and co-ordination, encouraging collaboration and identifying synergies, performance monitoring, reporting and assurance, allocating capital, and rendering centralised support services to businesses across the group.

Sanlam Life and Savings
Sanlam Investment Group
Santam
Pan-Africa
Asia

The journey to
digital business transformation

Our digital ambitions are focused on digitising the business and creating digital businesses. We are moving from Sanlam 1.0 to Sanlam 2.0, while simultaneously developing Sanlam Fintech.

Sanlam
1.0
Optimise
Sanlam
2.0
Digital version of
current business
Advice innovatively built into overall engagement model and
value proposition, delivered through scalable technology

New clients
New ecosystems
New channels
Net new revenue
New digital models

Sustainability lies at the heart of Sanlam's strategy. To us, sustainability is a business priority and a moral responsibility.

View more on our sustainability