INVESTMENT CASEIncorporating 2019 Interim Results

Page | 2

Why invest in Sanlam

Overview

The Sanlam strategy and progress in 1H 2019

Financial performance – 2019 interim results

Cluster results – 2019 interim results

Operating environment in 1H 2019

Capital management and Solvency

Page | 3

WHY INVEST IN SANLAM

Leading BBBEE credentials in South Africa

OUR DIVERSIFIED NATURE CREATES RESILIENCE

while offering growth opportunities grounded in our culture of client-centricity

OUR OMNI-CHANNEL DISTRIBUTION APPROACH CREATES SEAMLESS INTERACTION AND COMPREHENSIVE SUPPORT

to enhance the personal intermediary model with a strong direct sales capability

Partnerships across networks, industries and countries

OUR LARGE, STABLE SOUTH AFRICN BASE AND MATURE BOOK ALLOW US TO INVEST

in other high-growth, but more volatile, territories through a partnership model

WE HAVE A SKILLED AND EXPERIENCED MANAGEMENT TEAM

with appropriate incentives to drive high performance.

Our strategic objectives remain relevant and

CONTINUE TO CREATE VALUE OVER THE SHORT, MEDIUM AND LONG TERM.

WE INCREASE OUR DIVIDEND

in real terms through a stable dividend policy.

WE OUTPERFORMED OUR ROGEV TARGET

Which measures the value created for shareholders – on a cumulative basis since listing in 1998.

A COMPELLINGOFFERING

through our African footprint

Page | 4

OUR COMPETITIVE POSITIONING INTO THE FUTUREOur execution capability has set us apart from our peers and will continue to do so

Employ some of the best and most experienced skills in the

industry

Competitive and diversified financial solutions

Track record of responsible and efficient capital allocation

Presence in all forms of distribution channels

Strong and trusted brand

A compelling offering through our African footprint

Our diversification creates resilience while offering growth opportunities grounded in our culture of client-centricity

A set of capabilities

that enable us to execute effectively

Leader in BBBEE ownership in South Africa

Page | 5

THE GROWTH OPPORTUNITY

46%

17%14%

18%22%

42%

18%

24%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2006 2018

% o

f pop

ulat

ion

LSM 1-4 LSM 5 LSM 6-7 LSM 8-10

SA LSM

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

Insurance penetration as % of GDP

Life Non-Life

OUR PAN-AFRICAN OPPORTUNITYA medium to long term growth engine

Page | 7

PAN-AFRICAN GDP GROWTHDriving accelerated organic growth over the medium to long term

Source: World Bank

-1

0

1

2

3

4

5

6

7

8

9

Glo

bal

EM

Sout

h Af

rica

Ethi

opia

Côt

e d’

Ivoi

re

Rw

anda

Sene

gal

Burk

ina

Faso

Tanz

ania

Gha

na

Beni

n

Gui

nea

Keny

a

Gam

bia

Uga

nda

Nig

er

Mad

agas

car

Mal

i

Togo

Bots

wan

a

Mau

ritiu

s

Zam

bia

Cam

eroo

n

Mal

awi

Moz

ambi

que

Zim

babw

e

Mor

occo

Tuni

sia

Alge

ria

Con

go

Gab

on

Nig

eria

Leso

tho

Nam

ibia

eSw

atin

i

Ango

la

% y

r

2018 2019 2020

Page | 8

PAN-AFRICAN INSURANCE PENETRATIONLeveraged organic growth over the medium to long term

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

14.0%

World Africa SA Namibia Botswana India Morocco Ivory Coast Kenya Ghana Nigeria

Insurance penetration as % of GDP

Life Non-Life

Page | 9

KEY DRIVERS OF INSURANCE PENETRATION

Africa’s demographic dividend – population growth and urbanisation

Underlying economic growth (GDP)

Low insurance penetration presents opportunity for growth – nascent markets

Rising consumer demand (emerging middle class and increasing disposable income)

New technology

Mobile/online usage growth enables distribution, fulfilment and claims

Opportunities for cross industry collaboration

General insurance penetration increases first, followed by life insurance, employee benefits, asset management and healthcare

Regulatory change, e.g. compulsory retirement savings and general insurance coverage

Page | 10

AN UNMATCHED PAN-AFRICAN FOOTPRINT IN PLACEFocus is now on delivering the business case over the medium term

India

Malaysia

PhilippinesGhana Kenya

UgandaRwandaBurundiTanzania

MalawiZambia

BotswanaNamibia

SwazilandSouth Africa

Switzerland

United Kingdom

USA

Australia

Ireland

Mozambique

MoroccoAlgeria

Tunisia

Mali

Senegal

GuineaBurkina Faso

Cote D’IvoireTogo

BeninNigeria

CameroonGabon

Republic of the CongoAngola

ZimbabweMadagascar

Mauritius

Lesotho

Saudi Arabia

Lebanon

Niger

Luxembourg

France

Developed Markets

Emerging Markets - Direct presence

Emerging Markets - Indirect presence

Future Expansion

EthiopiaEgypt

Page | 11

OUR AFRICAN FOOTPRINTMarket share target: Top 3 in Africa, Top 10 in India & Malaysia

-0.5%

0.7% / 172.0% / 124.3% / 65.0% / 7

7.0% / 410.6% / 4

12.0% / 315.0% / 4

16.0% / 324.0% / 1

25.0% / 227.0% / 1

29.0% / 142.0% / 2

59.0% / 166.0% / 1

69.0% / 1 64%60%100%57%70%100%

59% -100%56%100%99%38%35%57%40%58%51%42%

Various18.7% / 2

-1.4% / 182.0% / 19

17.6% / 112.9% / 3

2.0% / 181.0% / 19

5.0% / 715.3% / 1

25.0% / 1-

37.0% / 122.0% / 1

10.3% / 436.0% / 1

20.0% / 123.0% / 1

3.2% / 12

Life insurance Market share / Position General insurance Market share / Position

TanzaniaBotswana RwandaMalawiZambia

South AfricaNamibia

MozambiqueC'ote D'ivoire

UgandaLebanonNigeriaKenya

ZimbabweMoroccoMalaysia

IndiaDeveloped

Angola

Country & effective interest50%60%

100%57%57%62%37%

100%82%38%35%39%40%58%49%43%

60%

OVERVIEWof the Sanlam Group

Page | 13

OVERVIEW

Leading financial services group in Africa, with presence in India and Malaysia

Established in 1918, listed in 1998 on the JSE & Namibian Stock Exchange

2 343 million issued shares, 450 000 shareholders

JSE/ALSI40 index stock; top-20 based on market capitalisation

Liquidity: >60% of shares traded in 2018

Institutional shareholding of 83%, 40% offshore shareholding, 17% direct BEE shareholding

Page | 14

OPERATIONAL STRUCTURE

Sanlam Group

Group Office

SA & Developed markets: investment

management, wealth

management, credit & structuring

Sanlam Investments

100%

General insurance, reinsurance & co-investor in SEM

general insurance businesses

Santam

62%

Emerging markets ex-SA: life

insurance, general insurance,

investments, credit & banking

Sanlam Emerging Markets

100%

SA Retail: life insurance,

investment & other financial services

Sanlam Personal Finance

100%

SA & EM corporate: employee benefits,

health

Sanlam Corporate

100%

THE SANLAM STRATEGYGeared for enhanced growth

Page | 16

A STRATEGY THAT STOOD THE TEST OF TIMEGood progress on all pillars in 1H19

Our strategic intentOur strategic intent is to create sustainable value for all stakeholders.

Our vision in Africa, India and Malaysia

To be a leading Pan-African financial services group with a meaningful presence in India &

Malaysia

Our vision indeveloped markets

To play a niche role in wealth-and investment management in

specific developed markets

Our vision inSouth Africa

To lead in client-centric wealth creation, management and

protection

TransformationContinuous transformation is central to Sanlam’s ability to adapt to a

changing world and underpins all of the strategic pillars.

Enhancing resilience and earnings growth through diversification

Profitable top-line growth through a culture of client-centricity

Extracting value through innovation and improved efficiencies

Responsible capital allocation and management

Our strategic pillars

Page | 17

SUSTAINABLE SHAREHOLDER VALUE CREATIONDifficult operating environment impacted on valuations and returns in 1H19

Dual focus on future grow

th and dividend flows

0200400600800

10001200140016001800

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

1H19

Consistent outperformance of RoGEV target

Target Actual

0

50

100

150

200

250

300

350

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

Stable dividend growth

Dividend Cash earnings

Target: SA 9yr risk free + 4% Target: 2% - 4% real growth

10yr CAGR 12.3%10yr CAGR 15.1%

Quality of earnings and strong cash flow generation sets us apart

Page | 18

OUR STRATEGIC SCORECARD – 1H19Unique diversification and demonstrated ability to execute despite major headwinds

Delivering shareholder value under challenging conditions

Capitec Bank funeral product reached

1 million sales since launch

Capital position and

BEE credentials

strengthened through share

issuance

Continued positive

experience variances

Strong growth across most key metrics

SA investor confidence

under severe pressure

Higher corporate

credit provisioning

in SA

Weak SA economic

environment - hampered

by uncertainty

Page | 19

KEY PRIORITIES FOR THE GROUPSA and beyond

New solutions

needed for entry-level

life & savings

3rd party asset

management

Employee benefits needs to

deliver in 2/3 years

Health

Deliver on the Pan-African opportunity via SEM &

Santam

Extracting synergies from Saham acquisition

Continue to implement our strategy in SA

Strengthen wealth offering in the UK & expand into

Africa

Page | 20

GEOGRAPHIC DIVERSIFICATION

Net VNB Net Operating Profit Group Equity Value

81%70%

62%

15%

14%23%

4%11% 9%4% 5%

Other internationalIndia/MalaysiaOther African operationsSouth Africa

R5bn1H19

R942m1H19 R141.7bn

1H19

Page | 21

LINE OF BUSINESS DIVERSIFICATION

Group Equity Value Net Operating Profit

42% 54%

31% 20%

12% 8%

9% 12%

6% 7%

Admin, health & otherCredit & structuringInvestment managementGeneral insuranceLife business

R141.7m1H19

R5bn1H19

Page | 22

STRATEGIC RISKSThe Group’s key top-down strategic risks and trends as at 30 June 2019

Strategic risks for 2019

Key Descriptors Trend Internal / external

Poor economic growth External

Disruptive threats / Fourth Industrial Revolution External

Cyber-risk External

Human resource scarcity and stretched resources Internal

Simultaneous regulatory implementation & uncertainty External

Diversified growth initiatives Internal

Implementation of the Group’s Pan-African strategy Internal

Transformation and diversity Internal

Political and social instability External

Extreme weather / climate change External

Operating environment in 1H19Challenging economic conditions in South Africa and Namibia

Page | 24

OUR BUSINESS ENVIRONMENT IN 1H19

Globaltrade wars

Investmentmarket

volatility

Exchange ratevolatility

Competition

Other African regionsApart from Namibia, economic conditions in other emerging markets more conducive to growthRisk-based capital introduced in a number of markets – provides consolidation opportunitiesExposure to commodities and agriculture causes volatility

GlobalEscalating trade war between US and ChinaRisks to Chinese economic growth and impact on commodity pricesUncertainties around BrexitVolatility persisting

South AfricaPedestrian economic growth and high unemployment; requires structural reformsRisk of sovereign credit rating downgrade increasingNeed to restore confidencePublic/private partnerships key to deliver favourable environment

India & MalaysiaLiquidity constraints in India in latter part of 2018Share prices of credit businesses under pressure despite good operational performanceFavourable economic growth prospects

FINANCIAL PERFORMANCE – 1H19Resilience through diversification

Page | 26

OUR ECONOMIC AND UNDERWRITING ENVIRONMENT IN 1H19

Exchange RatesOverall OP: +3%

ROGEV: -1%

Interest RatesRoGEV: +1%

VNB: +5%

Investment returnEV investment

variances: R572mPressure on fee

income

GI underwritingSantam under-writing margin:

5,3%Saham under-writing margin:

3,2%

8.4%

15.3%

6.0%

11.8%

8.2%10.3%

1.0%

UnitedKingdom

USA Botswana Morocco India Malaysia Rest ofAfrica

Average Rand exchange rates

10.5

11.0

11.5

12.0

12.5

13.0

13.5

14.0

44

46

48

50

52

54

56

58

60

Dec-17 Jun-18 Dec-18 Jun-19

Thou

sand

s

Thou

sand

s

JSE Indices

All Share Swix Avg Swix

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

Dec-17 Jun-18 Dec-18 Jun-19

SA bond yields & short-term interest rates

9 year 5 year Avg ST

- 200

-

200

400

600

800

1 000

Motor Property Engineering Liability Accident &health

Other Total

Santam underwriting result (Rm)

2018 2019

Page | 27

KEY PERFORMANCE INDICATORS

EarningsNet result from financial services increased by 13%Net operational earnings up 15%

Business volumesNet value of new covered business up 19% to R942 million (+15% on consistent economic basis)Net new covered business margin of 2.79% (2.46% in 2018)New business volumes increased by 4% to R111 billionNet fund inflows of R23 billion compared to R19 billion in 2018

Group Equity ValueGroup Equity Value of R63.70 per shareAnnualised RoGEV per share of 10.5%; adjusted 8.9% compared to hurdle of 13,5%

Page | 28

BUSINESS FLOWS

Gross NetR million 2019 2018 2019 2018

by businessPersonal Finance 28 153 31 022 -9% 3 622 6 777 -47%Emerging Markets 15 474 11 407 36% 5 491 3 201 72%Investment Group 52 583 51 128 3% 10 027 5 385 86%Santam 11 773 11 122 6% 4 155 4 203 -1%Sanlam Corporate 3 357 2 542 32% (389) (353) -10%by licenceLife insurance 23 633 23 192 2% 5 888 6 167 -5%General insurance 18 531 14 852 25% 6 704 5 697 18%Investment 69 176 69 177 - 10 314 7 349 40%Total 111 340 107 221 4% 22 906 19 213 19%

Page | 29

NET VALUE OF NEW COVERED BUSINESS

Net value of New Business MarginR million 2019 2018 CEB* 2019 2018 CEB*

Personal Finance 723 622 16% 11% 3,14% 2,70% 3.01%

Emerging Markets 176 150 17% 15% 3,43% 4,28% 3,40%

Sanlam Corporate 43 19 126% 132% 1,11% 0,51% 1,14%

Total 942 791 19% 15% 2,79% 2,46% 2,70%

* Consistent economic basis

Page | 30

NET VALUE OF NEW COVERED BUSINESSValue of new business (Rm) vs new business margins (%)

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

0

100

200

300

400

500

600

700

800

900

1000

1H07 1H08 1H09 1H10 1H11 1H12 1H13 1H14 1H15 1H16 1H17 1H18 1H19

South Africa Rest of Africa Other International Margins - rhs

Page | 31

NET RESULT FROM FINANCIAL SERVICES

R million 2019 2018

Personal Finance 2 290 2 096 9%

Emerging Markets 1 363 911 50%

Investment Group 559 523 7%

Santam 501 573 -13%

Sanlam Corporate 254 308 -18%

Corporate & other 1 (18) >100%

Total 4 968 4 393 13%

Page | 32

INCOME STATEMENT

R million 2019 2018

Net result from financial services 4 968 4 393 13% Per share (cents) 226,9 211,0 8%

Net investment return 875 678 29% Net project expenses (42) (47) 11%Net operational earnings 5 801 5 024 15% Amortisation of intangible assets (383) (119)IFRS 2 charge (one-off) (1 686) -Other (293) 145IFRS attributable earnings 3 439 5 050 -32%

Page | 33

GROUP EQUITY VALUE

Equity Value* RoGEVR million 2019 2018 Rm %

Group operations 135 861 132 658 6 996 5,3% Personal Finance 45 610 43 185 4 971 11,5% Emerging Markets 44 309 44 659 (185) -0,4% Investment Group 19 636 18 703 1 044 5,5% Santam 20 343 20 102 692 3,4%Sanlam Corporate 5 963 6 009 474 8,2%Discretionary & Other 5 833 1 394 (11) -1,0%TOTAL 141 694 134 052 6 985 5,2% cps - annualised 6 370 6 341 10,5% Adjusted RoGEV cps - annualised 8,9%Return target 13,5% * Comparative information as at 31 December 2018

Page | 34

GROUP EQUITY VALUE EARNINGS

1 Investment variances, currency movements, goodwill write-off & other2 Investment variances, economic assumption changes, currency movements & other

4 705

6 0066 985

942

2 582

663

42 476

1 312

11 414290

275

,0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

VNB Expectedreturn on VIF

Experiencevariances

Assumptionchanges

Expectedinv return,currency& other

AdjustedLife earnings

Otheroperations

Other capital AdjustedRoGEV

Economicassump

changes -Life

Other -Life(1)

Other - Non-life(2)

RoGEV

Page | 35

EXPERIENCE VARIANCESRisk, working capital, credit spreads major contributors

636468

681555

1021

991

1081

1 558

1078

663

1036

0

500

1000

1500

2000

2500

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 1H190.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

R m

illio

n

% o

f VIF

983

247 207

-56 -56

197 254

192 102

498

156

1H18 1H19-200

0

200

400

600

800

1000

1200

R m

illio

n

Risk experience Persistency Working capitalCredit spreads Other

% of VIF

Page | 36

RETURN ON GROUP EQUITY VALUEGrowth target of long-bond rate +400bp

12.114.1 13.2 13.0 13.5 13.2

0.7

- 2.3

1.6

- 1.4 - 3.0

- 0.9

- 4

- 2

0

2

4

6

8

10

12

14

16

2015 2016 2017 2018 1H19 Avg

Target Out/(under) performance

12.114.1 13.2 13.0 13.5 13.2

2.7

3.72.6

6.4

-4.6

2.2

- 6

- 4

- 2

0

2

4

6

8

10

12

14

16

18

20

2015 2016 2017 2018 1H19 Avg

Target Out/(under) performance

Actual RoGEV Adjusted RoGEV

CAPITAL MANAGEMENT AND SOLVENCY

Page | 38

DISCRETIONARY CAPITAL

Page | 39

SOLVENCY POSITIONSolvency cover exceeding upper end of target range

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

Sanlam Life31/12/2018

Sanlam Life30/06/2019

Sanlam Life covered31/12/2018

Sanlam Life covered30/06/2019

Sanlam Group31/12/2018

Sanlam Group30/06/2019

SAM solvency cover

Own funds SCR

264%

Target: 170% – 210%

244%

221% 214%

215%205%

Page | 40

CAPITAL MANAGEMENT PHILOSOPHYDual focus on stable dividend growth and investment for future growth

We follow a prudent approach: we only use free cash flow to fund dividends We do not manage our capital and solvency through our dividend policy

Cash earnings generated by operations available to fund Sanlam dividend

Not allowed for in dividend cash flows

We maintain a cash dividend cover ratio of between 1,0 and 1,2 times to manage smooth real dividend growth of 2% - 4% per annum

Any excess dividend cover is added to the discretionary capital portfolio

Any excess investment return is added to the discretionary capital portfolio

Discretionary capital redeployed for structural growth or returned to shareholders

Sources ofcash earnings

Net result from financial services

Investment return on capital

Strong cash generation in mature markets support real dividend growth, allowing SEM to reinvest for growth

Funding for increased capital requirements and maintaining solvency

Allocated capital for SA life operations assumes that investment return will be free cash flow under normal conditions

Page | 41

DIVIDENDCash dividend generation

0%10%20%30%40%50%60%70%80%90%

100%

2017 2018

Dividend as % of net result from financial services

Sanlam Personal Finance Sanlam Emerging Markets Sanlam Investments SantamSanlam Corporate Group office Sanlam Group

CLUSTER RESULTSInterim 2019

FINANCIAL REVIEWSanlam Personal Finance

Page | 44

R million 2019 2018

New business volumes 28 153 31 022 -9% Sanlam Sky 1 228 1 194 3%

Individual life recurring 575 507 13%Capitec Bank funeral 467 19Capitec Bank credit life - 566Other channels 186 102 82%

Recurring premium & SBD 1 722 1 666 3% Glacier 25 203 28 162 -11%

Life 12 468 14 175 -12%Non-life 12 735 13 987 -9%

Net flows 3 622 6 777Sanlam Sky 2 014 1 886Recurring premium & SBD (560) (1 261)Glacier 2 168 6 152

SANLAM PERSONAL FINANCE

Page | 45

SANLAM PERSONAL FINANCE

R million 2019 2018 CEB*

Net value of new life business 723 622 16% 11%Sanlam Sky 329 244 35% 25%Recurring premium & SBD 216 160 35% 28%Glacier 178 218 -18% -18%

Net new business margin 3,14% 2,70% 0,44%Sanlam Sky 8,29% 8,00% 0,29%Recurring premium & SBD 3,27% 2,72% 0,55%Glacier 1,43% 1,54% -0,11%

* Consistent economic basis

Page | 46

SANLAM PERSONAL FINANCE

R million 2019 2018

Net operating profit 2 290 2 096 9% Sanlam Sky 545 487 12% Recurring premium sub cluster 964 1 060 -9% Glacier 586 442 33% SBD & Other 195 107 82%

Excl SPL one-off adjustment 125 107 17%

Group Equity Value* 45 610 43 185 RoGEV (6 months) 11,5% 5,5%* Comparative information as at 31 December 2018

FINANCIAL REVIEWSanlam Emerging Markets

Page | 48

SANLAM EMERGING MARKETS

R million 2019 2018

New business volumes 15 474 11 407 36%Sanlam Pan Africa 13 706 9 968 38%Namibia 2 885 3 286 -12% Botswana 3 585 2 682 34% Other African operations 7 236 4 000 81% Saham Finances 5 924 2 421 145%Other 1 312 1 579 -17%

Other emerging markets 1 768 1 439 23%Net fund flows 5 491 3 201Sanlam Pan Africa 4 474 2 594Namibia 159 (602)Botswana 743 807Other African operations 3 572 2 389

Other emerging markets 1 017 607

Page | 49

SANLAM EMERGING MARKETS

R million 2019 2018

Net value of new life business 176 150 17%Sanlam Pan Africa 135 100 35%Namibia 46 33 39% Botswana 50 48 4% Other African Operations 39 19 105% Saham Finances 22 15 47%Other 17 4 325%

Other emerging markets 41 50 -18%

Net new business margin 3,43% 4,28%Sanlam Pan Africa 3,59% 3,94%Namibia 4,24% 4,82%Botswana 5,48% 6,13%Other African operations 2,21% 1,78%

Other emerging markets 2,99% 5,18%

Page | 50

SANLAM EMERGING MARKETS

R million 2019 2018

Net operating profit 1 363 911 50% Sanlam Pan Africa 778 569 37%Namibia 149 148 -Botswana 162 149 9%Other African operations 467 272 72%Saham Finances 382 234 63%Other 85 38 124%

Other emerging markets 568 336 69%India 570 328 74%Malaysia (2) 8 -125%

Corporate 17 6 183%

Group equity value* 44 309 44 659RoGEV (6 months) -0,4% 8,8%* Comparative information as at 31 December 2018

FINANCIAL REVIEWSanlam Investment Group

Page | 52

SANLAM INVESTMENT GROUP

R million 2019 2018

Net investment business flows 10 425 5 422 92%

Investment management SA 9 543 3 882

Wealth management (171) 1 673

International 1 053 (133)

New life business 1 668 1 722 -3%

Net life business (398) (37)

Page | 53

SANLAM INVESTMENT GROUP

R million 2019 2018

Net operating profit 559 523 7% Investment management SA 197 122 61%Wealth management 68 64 6% International 117 138 -15%Specialised finance (Sanfin) 177 199 -11%

Group Equity Value* 19 636 18 703 Covered business 2 989 2 797 Other 16 647 15 906RoGEV (6 months) 5,5% 5,3%* Comparative information as at 31 December 2018

FINANCIAL REVIEWSantam

Page | 55

SANTAM

R million 2019 2018

Net earned premiums 11 773 11 122 6% Gross operating profit 1 248 1 381 -10% Underwriting surplus 620 941 -34%

Working capital income 285 263 8%

SEM participations & other 343 177 94%

Net operating profit 501 573 -13%Underwriting margin - conventional 5,3% 8,4%

Group Equity Value* 20 343 20 102RoGEV (6 months) 3,4% 9,2%* Comparative information as at 31 December 2018

FINANCIAL REVIEWSanlam Corporate

Page | 57

SANLAM CORPORATE

R million 2019 2018

New business volumes 3 357 2 542 32%Recurring risk premiums 109 175 -38%

Investment & retirement – life 2 161 1 680 29%

Investment – non-life 1 087 687 58%

Net fund flows (389) (353)Value of new life business 43 19 126%New business margin 1,11% 0,51%

Page | 58

SANLAM CORPORATE

R million 2019 2018

Net operating profit 254 308 -18% Employee Benefits (incl ACA) 201 236 -15%

Healthcare 63 78 -19%

Integrated solutions and corporate (10) (6) -67%

Group Equity Value* 5 963 6 009 RoGEV (6 months) 8,2% 6,9%* Comparative information as at 31 December 2018

Page | 59

Sponsored level 1 ADR

SANLAM ADR PROGRAMME

Ticker symbol: SLLDY

CUSIP: 80104Q208

Ratio: 1 ADR : 2 Ordinary Shares

Depositary bank: Deutsche Bank Trust Company Americas

Depositary bank contact: Begonia Roberts

ADR broker helpline: +1 212 250 9100 (New York)+44 207 547 6500 (London)

e-mail: adr@db.com

ADR website: www.adr.db.com

Depositary bank’s local custodian: Standard Bank of South Africa