Sanlam Investor Presentation Shared Documents... · Successful learnership experience Notes | 12...

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Sanlam Investor Presentation

sanlam group | 2005 interim results | 1

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Sanlam Group Results Presentation

Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Issues addressed & delivered• Sanlam Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4• Sanlam Personal Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8• Sanlam Employee Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12• Sanlam Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13• Santam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15• Sanlam Independent Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Economic Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Financial & Actuarial Review• Salient Features . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22• New Funds Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24• Net Funds Flow . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25• Operating Result . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26• Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27• Impact of IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28• Investment Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29• Embedded Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30• Analysis of Return on Embedded Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33

Strategic Focus• Industry Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35• Sanlam Personal Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36• Sanlam Employee Benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37• Sanlam Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39• Santam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40• Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41

Appendices

Sanlam Group• Accounting Policies & Actuarial Basis . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46• Group Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49• Recinciliation of Earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50• Summarised Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51• Segmental Income Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52• Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54• Reconciliation of Equity & Earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55• Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59• Abridged Shareholders Fund Balance Sheet at Fair Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61• Abridged Shareholders Fund Balance Sheet at Net Asset Value. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63• Analysis of Gross Funds Received from Clients . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64• Analysis of Gross Funds Paid to Clients. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66• Analysis of Net Inflow of Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67• Embedded Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68

Sanlam Group Businesses• Life Cluster . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74• Sanlam Investment Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76• Sanlam Capital Markets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77• Independent Financial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78• Santam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79

Economic Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82

Contact Details & Sanlam Limited Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

HighlightsHighlightsHighlights

� Significant progress with capital efficiency programme� Investment in Absa sold for R10,3bn� Share buy-back in progress, 3 elements� Growth acquisitions progressing

� Sound results� Headline earnings per share growth of 85%� Core earnings growth of 24%� ROEV 23,2%

� Operations� Net operating result � 19%� Progress but challenges remain

Notes |

2 | sanlam group | 2005 interim results

Notes |

Issues Addressed & DeliveredIssues Addressed & DeliveredIssues Addressed & Delivered


Issues addressed & delivered Capital efficiency

Issues addressed & delivered Issues addressed & delivered Capital efficiencyCapital efficiency

Disposal of ABSA Shares

� Sold 100% of holding : 124,3m shares : R10,3bn

� Key to increase capital efficiency � Improves capital flexibility � Reduce concentration risk

� Enhances Sanlam’s ability to reduce capital

Notes |


Notes |

Issues addressed & delivered Capital efficiency

Issues addressed & delivered Issues addressed & delivered Capital efficiencyCapital efficiency

Capital Management after ABSA Disposal

� R7 billion excess identified� R4 billion reduction in capital announced� R3 billion earmarked for structural growth

� Reduction of capital� 10% share buy-back through Scheme of arrangement: R3bn� Voluntary offer to shareholders with 300 or less shares� Share repurchase in open market (not yet commenced)� Shareholders meeting to approve : 21 September


Issues addressed & delivered Structural Growth

Issues addressed & delivered Issues addressed & delivered Structural GrowthStructural Growth

� African Life � Sanlam buys at R22,05 per share

• Additional 45cps depends on Momentum health purchase• Aflife EV earnings from 1 April accounted for in offer price• Subject to regulatory approval • African Life scheme meeting on 26 September 2005

� Enhances access to entry-level market & Africa� Earnings and ROEV accretive� Potential capital synergies of >R300m

� Relatively large value of new business compared to value of in-force

Notes |


Notes |

Issues addressed & delivered Structural Growth

Issues addressed & delivered Issues addressed & delivered Structural GrowthStructural Growth

(… / continued)

� Channel Life� Rapidly growing player in entry-level market � Focused on direct sales and credit life� Majority interest acquired for R116m including incentives� Subject to regulatory approval

� India� Low cost entry with leverage into large market� JV with Shriram Group, 26% stake� Significant distribution capability : 60 000 agents� Build insurance business, Sanlam to provide industry skills


Issues addressed & deliveredSanlam Personal Finance

Issues addressed & deliveredIssues addressed & deliveredSanlam Personal FinanceSanlam Personal Finance

� Sound profit growth, favourable underwriting continued

� Non-life linked products growth of 20%

� Matrix risk product growth of 17%

� Life sales disappointing - specifically Q1� Industry issues regarding PFA� Single premiums : guaranteed products & continuations

� Value of new business and margins under pressure

� Stratus SP launched : improved paid-up and surrender values on existing commission structure

� Growth initiatives on track but slower than anticipated

Notes |


Notes |

Issues addressed & deliveredSanlam Personal Finance - Middle Market

Issues addressed & deliveredIssues addressed & deliveredSanlam Personal Finance Sanlam Personal Finance -- Middle MarketMiddle Market

� Absa broker sales continued good growth� Life APE � 72%� Sanlam market share increased to 20%� Comprises 10% of total life APE sales

� Build our Gauteng presence� Wealth agency productivity increasing from low base� Increased broker support� 38% of advisor appointments were in Gauteng� Outsourcing of broker services expanded : 10% (up from 6%)


Issues addressed & deliveredSanlam Personal Finance

Issues addressed & deliveredIssues addressed & deliveredSanlam Personal FinanceSanlam Personal Finance

Entry-level Market� Sanlam Group Solutions� Sales � 66%, R33m APE� Contributed 9% of RSA new recurring premiums � Focus on increased productivity and improved lapse

management� Leverage from Ubuntu-Botho slower than anticipated but

focus on initiatives continues

Affluent Market� Innofin is main vehicle to penetrate market� Set up of investment channel completed

Notes |


Notes |

Issues addressed & deliveredSanlam Personal Finance – Alternative revenue sources

Issues addressed & deliveredIssues addressed & deliveredSanlam Personal Finance Sanlam Personal Finance –– Alternative revenue sourcesAlternative revenue sources

� Sanlam Home Loans JV granted loans of R1,3bn in first half

� Personal loans business continues to grow significantly with loan book of R900 million; profitability increasing

� MIA continues with strategy to grow new business - 15% growth


Issues addressed & deliveredSanlam Employee Benefits

Issues addressed & deliveredIssues addressed & deliveredSanlam Employee BenefitsSanlam Employee Benefits

� Market share� Risk market share maintained at 22%� Investment market share improved from 7% to 11%� Administration success in adding 58 000 members

� Operating result� Up 21% to R92m� Annualised cost savings of R15m targeted

� People� Full accreditation as Investor In People� Successful learnership experience

Notes |


Notes |

Issues addressed & deliveredSanlam Investment ManagementIssues addressed & deliveredIssues addressed & deliveredSanlam Investment ManagementSanlam Investment Management

� Operating result growth of 29%� Solid performance by all businesses, particularly international� MIA synergies crystalised

� Investment performance� Investment platform stabilised� Short-term performance of unit trusts encouraging

� Significant wins in institutional market

� SIM Global successfully launched

� Multi-manager leadership change successfully resolved

� Sanlam Properties capitalising on development opportunities


Sanlam Collective Investments Performance highlights : 30 June 2005

Sanlam Collective Investments Sanlam Collective Investments Performance highlights : 30 June 2005Performance highlights : 30 June 2005

1st in category (7 funds)1-yr return of 58,65%Value Fund

3rd in category (7 funds)1-yr return of 49,80%Financial Fund

3-yr return of 16,39% *

2-yr return of 57,28% *3-yr return of 40,61% *

3-yr return of 20,95% *

1-yr return of 52,47%

2nd in category (7 funds)Inflation Linked Fund(category not ranked officially)

1st in category (8 funds)

2nd in category (8 funds)Small Cap Fund

2nd in category (22 funds)Balanced Fund

1st in category (7 funds)Industrial Fund

* Performance annualised –all other terms represent total growth rate for that specific periodSource : S&P Fund Services; Lump sum investment, NAV to NAV basis excluding initial fees, Income reinvested on ex-dividend date

Notes |


Notes |

Issues addressed & deliveredSantam

Issues addressed & deliveredIssues addressed & deliveredSantamSantam

� Focus on:� Capital management� Business growth� Underwriting, re-insurance, business efficiency

� Delivered:� Capital reduction of R1,15bn in April 2005� Return on capital of 27%� Gross written premium increased by 14%� Underwriting margin of 10%� 16% increase in headline earnings per share� R1,4 billion in cash generated by operations


Issues addressed & delivered Independent Financial Services

Issues addressed & delivered Issues addressed & delivered Independent Financial ServicesIndependent Financial Services

� Transactions� 30% acquired in Thebe Community Financial Services� Sanlam Consultants and Actuaries merged with Simeka EB

(35% effective shareholding by IFS)

� Performance of portfolio� Premium income for businesses of R1,2bn � Contribution of new AUM of R2,6bn

� Rationalise existing portfolio where it’s not delivering

Notes |


Notes |

Economic ReviewEconomic ReviewEconomic Review


Business EnvironmentBusiness EnvironmentBusiness Environment

� The SA economy is experiencing a “sweet spot” resulting from favourable international conditions� strong flow of capital to emerging markets� buoyant commodity prices

� It will probably last for an extended period

� Industry issues have impacted negatively on insurers

Notes |


Notes |

Business EnvironmentBusiness EnvironmentBusiness Environment

� Inflation, interest rates, and bond yields are settling at structurally lower levels

� Rand weakened on recovery in dollar

� JSE repeatedly achieved all time highs

� Economic growth momentum is slowing

� Household spending spree negative for savings, but abating


Economic Outlook2005 Second Half

Economic OutlookEconomic Outlook2005 Second Half2005 Second Half

� Short-term interest rates to move sideways

� Bonds fully priced

� Equity prices to rise more in line with earnings

� Rand to remain steady

� Household disposable income to increase at a slower rate

� Too early to call breakthrough to higher growth

Notes |


Notes |

Financial & Actuarial ReviewFinancial & Actuarial ReviewFinancial & Actuarial Review


Salient FeaturesSalient FeaturesSalient Features

Rand Million 6 months 6 months 12 monthsJune 2005 June 2004 Dec 2004

New business volumes 30 134 27 143 59 852Net inflow of funds 495 8 263 16 591Operating result after tax 1 006 848 1 812Core earnings 1 556 1 251 2 659Headline earnings IFRS 2 681 1 384 2 963

IFRS cps 102,5 55,5 115,3LTRR cps 86,0 75,5 158,3

Group operating profit margin % 20,1 20,8 21,0Group admin cost ratio % 28,3 31,6 31,4

Notes |


Notes |

Salient FeaturesSalient FeaturesSalient Features

6 months 6 months 12 monthsJune 2005 June 2004 Dec 2004

Life new business APE Rm 919 917 1 958Value of New Business Rm 114 133 321New business EV margin % 12,4 14,5 16,4� Individual life 14,5 15,6 18,1� Employee Benefits 4,1 10,6 11,5Embedded value cps 1 441 1 114 1 344Growth from Life business % 16,6 16,1 26,5EV earnings cps 147,6 62,4 296,6ROEV (EV in cps) % 23,2* 8,0* 22,6

* Annualised


New funds receivedNew funds receivedNew funds received


Life business� Individual life 4 143 4 291 8 707� Group life 1 064 1 076 2 493

Investments 20 788 18 192 40 933

Short-term insurance 4 139 3 584 7 719

TOTAL 30 134 27 143 59 852

Notes |


Notes |

Net Funds FlowNet Funds FlowNet Funds Flow


Life insurance� Individual life (401) 211 279� Group life (1 637) (1 958) (3 717)

Investments 1 058 8 488 16 707

Short-term insurance 1 475 1 522 3 322

TOTAL 495 8 263 16 591


Operating ResultSegmental analysis

Operating ResultOperating ResultSegmental analysisSegmental analysis


Sanlam Personal Finance 685 628 1 309Employee benefits 92 76 184Santam 532 663 1 361Investment cluster 269 208 419Sanlam Capital Markets 51 49 86Independent Financial Services 26 30 44Discontinued operations - (94) (94)Corporate & other (82) (81) (194)

1 573 1 479 3 115

Notes |


6 months 6 months 12 monthsJune 2005 June 2004 Dec 2004

R million R million R million

Gross Operating Result 1 573 1 479 3 115Taxation (364) (381) (789)Minorities (203) (250) (514)Net Operating Result 1 006 848 1 812

Notes |

Income StatementIncome StatementIncome Statement


Net operating result 1 006 848 1 812Net investment income 550 403 847CORE EARNINGS 1 556 1 251 2 659Secondary Tax on Companies (87) - 100Net investment surpluses 700 (118) 700Fund transfers 91 (90) (1 214)Equity-accounted earnings 421 341 718HEADLINE EARNINGS 2 681 1 384 2 963

LTRR HEADLINE EARNINGS 2 250 1 882 4 070


Core Earnings: 6 months 12 monthsJune 2004 Dec 2004

R million R million

Reported 2004 1 599 3 340 Share option cost & investment contracts (27) (64) Transfers to Equity-accounted earnings (321) (694) Transfers to investment surpluses - 77 Restated core earnings 1 251 2 659

Headline Earnings: 6 months 12 monthsJune 2004 Dec 2004

R million R million

Reported 2004 1 669 3 185 Share option cost & investment contracts (27) (64) Equity-accounted earnings restatements 18 24 Investment surpluses included in Headline earnings (186) 1 032 Fund transfers (90) (1 214) Restated Headline earnings 1 384 2 963

Impact of IFRSImpact of IFRSImpact of IFRS

Rand Million 6 months 12 monthsJune 2004 Dec 2004

Attributable earnings� Reported under SA GAAP 1 463 3 283� Profit attributable to shareholders

fund under IFRS 1 343 2 758

Shareholders fund� Reported under SA GAAP 22 930 27 642� Reported under IFRS 18 467 19 685

Notes |


Reconciliation of attributable earnings:12 months 6 monthsDec 2004 June 2004R million R million

Reported under SA GAAP 3 283 1 463 Shareholders fund investments not fair valued (3 121) ( 462)Value shortfall of the policyholder funds’ investments (1 214) ( 90)Share options and investment contracts ( 64) ( 27)Goodwill 286 143Reclassification of available for sale investments 3 588 316 Reported under IFRS 2 758 1 343

Reconciliation of shareholders fund: 31 December 2004 30 June 2004 1 January 2004R million R million R million

Reported under SA GAAP 27 642 22 930 21 687 Shareholders fund investments not fair valued (5 194) (2 568) (2 031)Value shortfall of the policyholder funds’ investments (2 820) (1 815) (1 818)Valuation of investment contracts ( 194) ( 188) ( 181)Trading assets and associates ( 35) ( 35) ( 35)Goodwill 286 143 -Reported under IFRS 19 685 18 467 17 622

Notes |

Investment ProfileInvestment ProfileInvestment Profile

Rand Million June 2005 Dec 2004

Strategic Investments: 7 910 7 743� Santam 3 851 4 028� Investment Management 2 572 2 384� Sanlam Capital Markets 444 441� Independent Financial Services 453 394� Life Cluster businesses 590 496

Absa 10 250 9 429

Balanced Portfolio & other 13 941 12 610

32 101 29 782


Embedded ValueEmbedded ValueEmbedded Value

Rand Million June 2005 June 2004 Dec 2004

Shareholders fund at fair value 32 101 23 747 29 782

Adjustments to fair value (1 720) (1 277) (2 000)

Shareholders adjusted assets 30 381 22 470 27 782

Net value of in-force business 8 882 8 011 8 851

Sanlam group embedded value 39 263 30 481 36 633

Embedded value per share cps 1 441 1 114 1 344

Notes |


Notes |

Embedded value earningsEmbedded value earningsEmbedded value earnings


Value of New Business 114 133 321Earnings from existing business 798 741 1 363� Expected return 591 587 1 148� Operating experience variations 137 113 144� Operating assumption changes 70 41 71

EV earnings from life operations 912 874 1 684


Embedded value earnings(…../continued)

Embedded value earningsEmbedded value earnings((……../continued)../continued)


EV earnings from life operations 912 874 1 684Economic assumption & tax changes (370) (69) 160Investment variances 184 (183) 253Change in minority interest in VIF (18) - (34)Growth from life business 708 622 2 063Investment return on net assets 3 185 1 031 6 389Change in share incentive scheme 131 56 (368)Total EV earnings 4 024 1 709 8 084

Growth from life business % 16,6* 16,1* 26,5ROEV (EV in cps) % 23,2* 8,0* 22,6

* Annualised

Notes |


Notes |

Analysis of Return on Embedded ValueAnalysis of Return on Embedded ValueAnalysis of Return on Embedded Value

EV (100%) R4 024m

23,2%

NAV (77%)R3 316m

25,3%

Strategic R1 063m

Other R2 253m

VIF (23%)R708m16,6%

Value of new business R114m

Expected Profit R591m

Operating Experience Var. R137m

Other R185m

Economic Assumptions (R319m)=

+


Strategic FocusStrategic FocusStrategic Focus

Notes |


Notes |

Industry issuesIndustry issuesIndustry issues

� PFA rulings� Resolution through legal process� Industry / government interaction� No specific provision

� Improve value for money to clients� Greater flexibility for existing and new business� Lower yield reduction� Intermediary remuneration

� Position Sanlam as preferred provider

� Support to intermediaries during transition


Strategic FocusSanlam Personal Finance

Strategic FocusStrategic FocusSanlam Personal FinanceSanlam Personal Finance

� Refining and implementing market segmentation strategy

� Grow new business and new business embedded value

� Product competitiveness

� Optimise our processes and agility

� Finding new revenue sources

Notes |


Notes |

Strategic FocusSanlam Employee Benefits

Strategic FocusStrategic FocusSanlam Employee BenefitsSanlam Employee Benefits

Changing business environment

� Trustees/consultants increasingly prefer the non-life MM route� Allowing them to avoid single manager concentration risk� Increases flexibility of movement for funds

� Investment business via EB under pressure (Margins & Volumes)

55%65%Non-life business (SMM)

45%35%Life business (SEB)

Proportion ‘04Proportion ‘05New inflows


Strategic FocusSanlam Employee Benefits

Strategic FocusStrategic FocusSanlam Employee BenefitsSanlam Employee Benefits

� Profit drivers to be emphasised over volumes� Risk business as the core of offering� Establish critical mass in administration� Focus on investment business requiring a life wrapper

� Improve new business margins through better mix� Emphasis on profitable risk business� Reduced focus on vanilla investment business � Use admin mainly as conduit for risk and investment

business

� Stemming net cash outflows

� Strengthen distribution capacity

Notes |


Notes |

Strategic focusSanlam Investment Management

Strategic focusStrategic focusSanlam Investment ManagementSanlam Investment Management

� Improve long-term investment performance

� Complete Multi-Manager integration and repositioning

� Sanlam Capital Markets� Ensure smooth integration into cluster� Extract synergies from integration

� Build sufficient capacity at Private Equity

� Support retail distribution

� Leverage solutions capability to institutions


Strategic FocusSantam

Strategic FocusStrategic FocusSantamSantam

� Capital management and investment efficiency

� Exploit growth opportunities� Nova, Santam Risk Finance, Kagiso merger provides strong

base to grow Risk Finance business � Increase Santam International volumes� Further optimise reinsurance program

� Project 2010� Key strategic focus areas and initiatives identified� Established Strategic Change Support Unit

� Closer co-operation with Sanlam

Notes |


Notes |

Strategic FocusSanlam Group

Strategic FocusStrategic FocusSanlam GroupSanlam Group

Strategic focus remains on :

� Growing the business

� Improving operational efficiency and lowering costs

� Improving capital efficiency

� Increasing the relevance of the business : Client orientation, brand, empowerment, culture


Strategic FocusSanlam Group

Strategic FocusStrategic FocusSanlam GroupSanlam Group

Growing the Business

� Retail business� Absa co-operation & bancassurance� Gauteng presence & market share� Entry-level market, including bedding down transactions� Product innovation

� Achieve full co-operation on institutional business from EB, SIM and SCM

� Work with Ubuntu-Botho structures to access & secure business growth

� Execute international strategy

Notes |


Notes |

Focus remainsDriving increased ROEV

Focus remainsFocus remainsDriving increased ROEVDriving increased ROEV

ROE/ ROE/ ROEVROEV

Santam

SIM/SCM

Gearing

Structural Growth

Return to Shareholders

Acquisition

Maintenance / Admin

Absa Co-operation

Ubuntu-Botho

Focused Market Initiatives

Investment PerformanceEarningsEarnings

Capital Capital EfficiencyEfficiency

Top-Line Growth

Costs

Investment Returns

Application of Excess Capital

Balanced Portfolio

Strategic Investments


Notes |


SSaannllaamm GGrroouuppAppendices

sanlam group || 2005 interim results || 4455


ACCOUNTING POLICIES AND ACTUARIAL BASIS

Statement of compliance

The accounting policies adopted for the purposes of the financial statements comply with International FinancialReporting Standards (IFRS), specifically IAS34 on interim financial reporting, and with applicable legislation. The policyliabilities and profit entitlement rules are determined in accordance with prevailing legislation, generally acceptedactuarial practice and the stipulations contained in the demutualisation proposal. There have been no material changesin the financial soundness valuation basis or embedded value calculation methodology since 31 December 2004.

Adoption of IFRS

Being a first-time adopter of IFRS for the 2005 financial year, the Group’s date of transition to IFRS is 1 January 2004.The Group’s opening balance sheet on 1 January 2004 and comparative information for 2004 have been restated tocomply with all IFRS expected to be effective as at 31 December 2005.

The migration to IFRS for insurers will, in its full extent, last a number of years. The interim results have been preparedin accordance with current interpretations of IFRS. Future results may be impacted, as the development of guidancefor the long-term insurance industry, both from an accounting and actuarial perspective, is an ongoing process.

The South African standard applicable to long-term insurers, AC121 has been withdrawn concurrently with theintroduction of IFRS. Therefore, long-term insurers will no longer have any form of exemption from applying normalconsolidation principles in instances where investments are held in policyholder portfolios to fund policyholder benefits.

In terms of South African Generally Accepted Accounting Practice (SA GAAP) investments in associated companies werecarried at their original cost plus the shareholders fund’s share of its retained earnings after acquisition (effectivelycarried at net asset value (NAV) including goodwill, if any). In respect of the investment in Absa, the equity-accountedcarrying value was further adjusted to reflect the investment at fair value. Similarly, the investment in Safair LeaseFinance and Peermont were also recognised at fair value. These adjustments to fair value are not allowed in theabsence of AC121 and Sanlam is required to reflect the shareholders fund’s investment these companies at the equity-accounted carrying value.

The policyholder funds’ investment in Absa must also be carried at original cost plus its share of retained earnings afteracquisition. Portfolio investments in subsidiary companies (eg Santam) can no longer be accounted for at market valuebut be carried at consolidated net asset value. Portfolio investments in Sanlam shares have to be treated as treasuryshares and deducted from equity on consolidation. The result is a mismatch between the valuation of long-term policyliabilities, which continue to include the affected investments on a marked to market basis, and the policyholder assetsunderlying these liabilities, which may not be at fair value or may be eliminated on consolidation.

The movement in mismatch in any particular period, referred to above, is accounted for through an income statementtransfer to or from the shareholders fund, impacting on headline and attributable earnings as well as net asset value.An appropriate adjustment is made to the value of the shareholders fund for Embedded Value and Capital AdequacyRequirement purposes to reverse this impact.

Transitional provisions

IFRS 1 First-time Adoption of International Financial Reporting Standards requires retrospective compliance with all IFRSexpected to be effective at the end of the first IFRS reporting period. It however contains a number of exemptions tothis full retrospective application of IFRS. The Group has applied the following exemptions:

Business combinationsThe Group has elected not to apply IFRS 3 Business Combinations retrospectively to business combinations thatoccurred prior to 1 January 2004. No adjustments have accordingly been made to the accounting treatment of thesebusiness combinations.

Property and equipmentThe Group has elected to use the previous SA GAAP revaluation of selected property and equipment as deemed cost onthe date of transition to IFRS.

Cumulative translation differencesThe cumulative translation differences in respect of the Group’s foreign operations have been deemed to be zero on thedate of transition to IFRS.

Designation of financial instrumentsThe majority of the Group’s financial instruments were designated as ‘available for sale’ in terms of SA GAAP. TheGroup has elected to redesignate these financial instruments to the ‘at fair value through profit or loss’ category in IAS39 Financial Instruments: Recognition and Measurement.

Share-based paymentsThe Group has elected not to apply IFRS 2 Share-based Payment to equity instruments granted on or before 7 November 2002 or granted after 7 November 2002 but which had vested prior to 1 January 2005.


ComparativesIn terms of IFRS 1 an entity need not disclose comparative information that complies with IAS 32 FinancialInstruments: Disclosure and Presentation, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 4Insurance Contracts in its first set of IFRS annual financial statements. In the interest of comparable disclosure, theGroup has not applied this exemption.

Compound financial instrumentsThe Group has elected not to separate compound financial instruments into equity and liability components where theliability component is no longer outstanding on the date of transition.

CHANGES IN REPORTING STRUCTURES AND ACCOUNTING POLICIES

The implementation of IFRS concurrently with the withdrawal of the specific South African accounting standardapplicable to insurers (AC121), required the following changes to the Group’s basis of presentation and accountingpolicies:

• Investments in associated companies and joint ventures

The Group’s investments in Absa Limited, Peermont Limited and the Safair Lease Finance joint venture wererecognised at fair value in the consolidated balance sheet in terms of SA GAAP. The measurement basis has beenchanged from fair value to an equity-accounted valuation as the exemptions in IFRS for continued use of a fair valuebasis do not apply to these investments.

• Treasury shares

Sanlam Limited shares held in policyholder portfolios are treated as treasury shares under IFRS and recognised as adeduction from equity on consolidation (carried at fair value in terms of SA GAAP).

• Consolidation of policyholders’ interest in Santam

The policyholders funds’ interest in Santam Limited is consolidated in the balance sheet under IFRS (carried at fairvalue in terms of SA GAAP).

• Goodwill

Goodwill in respect of business combinations with an agreement date before 31 March 2004 was previouslyrecognised at cost and written off on a straight-line basis over the lesser of its estimated useful life or twenty years.Goodwill was also reviewed bi-annually for impairment and written down where necessary. Amortisation of goodwillis no longer permitted under IFRS 3 Business Combinations but is subject to at least an annual impairment review.The full amortisation charge for 2004 has been reversed and all goodwill has been tested for impairment as at 1January 2004, 30 June 2004 and 31 December 2004. An additional impairment was required on 30 June 2004 and31 December 2004, mainly in respect of the Group’s international operations.

• Classification of policy contracts

The Group has reclassified policy contracts between the insurance and investment categories based on the IFRS 4 Insurance Contracts criteria.

• Investment policy contracts

The valuation basis for investment contracts has been changed from the Financial Soundness Valuation (FSV) methodto fair value. Negative Rand Reserves that were included in the valuation of investment contracts under FSV havebeen eliminated.

Costs directly attributable to the acquisition of investment contracts are capitalised to a deferred acquisition cost(DAC) asset and amortised to the income statement over the term of the contracts. The DAC asset is tested forimpairment bi-annually and written down when it is not expected to be fully recovered from future fee income.

• Long-term reinsurance contracts

Contracts entered into with reinsurers under which the Group is compensated for losses on one or more contractsissued by the Group and that meet the classification requirements for insurance contracts are classified as long-termreinsurance contracts. The expected claims and benefits to which the Group is entitled under these contracts arerecognised as assets. The Group assesses its long-term reinsurance assets for impairment. If there is objectiveevidence that the reinsurance asset is impaired, the carrying amount is reduced to recoverable amount, and theimpairment loss is recognised in the income statement. The asset was previously included in long-term insuranceliabilities; under IFRS the asset is reclassified and disclosed separately.

• Reclassification of policy loans

Loans granted to policyholders were disclosed as seperate assets under AC121. Loans with a legal right of set-off andwhere the intention is to settle the policy loan and policy liability on a net basis, must be offset in terms of IFRS. Theaffected loans have been reclassified from investment assets to long-term policy liabilities.

• Reclassification of financial instruments

The Group has reclassified its financial instruments formerly designated as ‘available for sale’ to the ‘at fair valuethrough profit or loss’ category. All fair value gains and losses (investment surpluses) on these instruments arerecognised in the income statement under IFRS.

• Reclassification of cell owners’ interest

Santam’s interest in cell insurance companies are consolidated under IFRS resulting in a reclassification of the cellowners’s interest from minority shareholders’ interest to a cell owners’ liability.

• Consolidation of investment vehicles

IFRS requires the consolidation of certain investment vehicles controlled by the Group, e.g. collective investmentschemes, which were previously recognised at fair value in the Group balance sheet. A financial liability is recognisedfor the fair value of external investors’ interest where the issued units of the fund are classified as financial liabilitiesin terms of IFRS. In all other instances, the interest of external investors are recognised as minority shareholders’interest.

• Share-based payments

Sanlam operates a staff share incentive scheme in terms of which shares are offered to staff on a combined optionand deferred delivery basis. With the exception of administration costs incurred in respect of the scheme, no costwas recognised in the income statement under SA GAAP. In terms of IFRS 2 Share-based Payment the scheme istreated as equity-settled transactions and the fair value of share-based payment instruments granted are recognisedas an expense in the income statement on a straight-line basis over the vesting period (adjusted to reflect actuallevels of vesting), with a corresponding credit to equity.

The equity-instruments granted to Ubuntu-Botho as part of the Group’s black economic empowerment transactionhave vested before 1 January 2005 and are excluded from the scope of IFRS 2.

• Elimination of inter-company transactions

Inter-company transactions at arm’s length, which do not influence the Group’s net earnings, were previously noteliminated from the results to fairly present the activities of the various businesses. In the absence of AC121 inter-company transactions are eliminated in the Group income statement and balance sheet.

• Operating leases

The South African Institute of Chartered Accountants (SAICA) recently issued Circular 7/2005, which requires thatrental income from operating leases that contain fixed escalation clauses be recognised on a straight-line basis overthe lease term. It also requires that the cumulative difference between rental income on a straight-line and accrualbasis be recognised on the balance sheet, but does not provide any further guidance on the required accountingtreatment in a fair value environment. The income statement adjustment does not represent a valid claim for rentalincome due from the counter-party to the operating lease. The resultant balance sheet adjustment is accordinglyrecognised as part of the carrying amount of investment properties, which are subsequently remeasured to fair valuein terms of Sanlam’s accounting policies. The adjustment to rental income pursuant to the application of Circular7/2005 is therefore netted off against investment surpluses.

Further analysis and interpretations on the application of Circular 7/2005 is expected in the near term. These will beevaluated to determine any required adjustment to Sanlam’s application of Circular 7/2005, as outlined above, infinalising the full year results.

The financial impact of the changes in accounting policies is disclosed in the Reconciliation of Equity and Earnings onpage 55.

SPECIAL PURPOSE AUDIT REPORT

The 30 June 2005 and 30 June 2004 comparative information has not been subject to an audit or review by theexternal auditors. The 31 December 2004 preliminary IFRS financial information has been audited.

A copy of the unqualified Special Purpose Audit Report of the joint auditors, Ernst & Young andPricewaterhouseCoopers Inc, on the Group’s preliminary IFRS financial information for the year ended 31 December2004 is available for inspection at the registered office of the company. The report includes an emphasis of mattersthat notes that only a complete set of financial statements can provide a fair presentation of the Group’s financialposition, results of operations and cash flows in accordance with IFRS and that they have not audited or reviewed the30 June 2005 and 30 June 2004 financial information and express no opinion thereon. They further note that thedevelopment of additional guidance and interpretations may require amendment of the preliminary IFRS financialinformation before inclusion as comparative information in the financial statements for the year ended 31 December2005.



Sanlam Group Income Statement |

June 2005 June 2004 December 2004Rand Million Rand Million Rand Million

Net income 21 783 9 789 41 975Financial services income 9 161 8 360 17 836

Reinsurance premiums paid (979) (985) (2 303)

Reinsurance commission received 193 252 504

Investment income 4 878 4 639 9 658

Investment surpluses 8 759 (2 467) 16 659

Change in fair value of external investors liability (229) (10) (379)

Net insurance and investment contract benefits and claims (15 037) (4 214) (30 081)Long-term insurance and investment contract benefits (12 439) (2 282) (25 814)

Short-term insurance claims (2 980) (2 251) (5 014)

Reinsurance claims received 382 319 747

Expenses (3 464) (3 343) (7 026)Sales remuneration (1 199) (1 082) (2 302)

Administration costs (2 265) (2 261) (4 724)

Impairment of investments and goodwill 6 (36) (263)

Net operating result 3 288 2 196 4 605Equity-accounted earnings 781 513 1 085Finance cost (62) - (49)Loss from discontinued operations - (87) (92)

Profit before tax 4 007 2 622 5 549Tax expense (836) (952) (1 771)

Shareholders fund (393) (394) (1 013)Policyholder funds (443) (558) (758)

Profit for the year 3 171 1 670 3 778

Attributable to:Shareholders fund 2 675 1 343 2 758

Minority shareholders’ interest 496 327 1 0203 171 1 670 3 778

Earnings attributable to shareholders of the company (cents):Continuing operations:

Basic earnings per share 104,3 57,9 112,3Diluted earnings per share 102,3 57,4 110,9


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Summarised income statement for the six months ended 30 June 2005

June 2005 June 2004 �

Rand Million Rand Million

Net result from financial services 1 006 848 19%

Net investment income 550 403 36%

CORE EARNINGS 1 556 1 251 24%Secondary Tax on Companies (87) -

Net investment surpluses 791 (208)

Return on shareholders fund 700 (118)

Fund Transfers 91 (90)

Equity-accounted headline earnings 421 341 23%

HEADLINE EARNINGS 2 681 1 384 94%Other equity-accounted earnings (8) (12)

Net discontinuance costs - (13)

Loss on disposal of subsidiary (4) -

Impairment of investments and goodwill 6 (16)

Attributable earnings 2 675 1 343 99%

Net results from financial services 1 006 848 19%

Net investment return 1 669 495

Attributable earnings 2 675 1 343 99%

Net result from financial services and STC 919 848 8%

LTRR investment return 1 331 1 034 29%

LTRR HEADLINE EARNINGS 2 250 1 882 20%


Sanlam Life Santam Sanlam Investments

Rand Million 2005 2004 2005 2004 2005 2004

Financial services income 3 597 3 354 4 258 3 689 581 459

Sales remuneration ( 450) ( 412) ( 559) ( 435) - -

Income after sales remuneration 3 147 2 942 3 699 3 254 581 459

Underwriting policy benefits (1 382) (1 294) (2 664) (1 997) - -

Administration costs ( 988) ( 944) ( 503) ( 594) ( 312) ( 251)

Loss from discontinued operations - - - - - -

Result from operations before tax 777 704 532 663 269 208

Tax on financial services income ( 125) ( 93) ( 185) ( 217) ( 60) ( 57)

Result from operations after tax 652 611 347 446 209 151

Minority shareholders' interest ( 2) - ( 191) ( 243) ( 1) ( 1)

NET RESULT FROM OPERATIONS 650 611 156 203 208 150

Net investment income 654 434 57 50 1 - Investment income 702 466 123 118 1 - Tax on investment income ( 48) ( 32) ( 8) ( 11) - - Minority shareholders' interest - - ( 58) ( 57) - -

CORE EARNINGS 1 304 1 045 213 253 209 150

Secondary Tax on Companies - - - - - -

Net equity-accounted earnings 25 17 22 2 - - Gross equity-accounted earnings 25 17 44 2 - - Tax on equity-accounted earnings - - - - - - Minorities equity-accounted earnings - - ( 22) - - -

Return on shareholders fund 1 916 703 112 18 ( 8) - Gross investment surpluses 1 819 807 243 41 ( 8) - Tax on investment surpluses 97 ( 104) ( 20) ( 2) - - Minorities investment surpluses - - ( 111) ( 21) - -

Fund Transfers - - - - - -

HEADLINE EARNINGS 3 245 1 765 347 273 201 150

Other equity-accounted earnings - - - - - -

Net discontinuance costs - - - - - -

Loss on disposal of subsidiary - - - - ( 4) -

Impairment of investments and goodwill - - - - 6 ( 5)

ATTRIBUTABLE EARNINGS 3 245 1 765 347 273 203 145

RatiosAdmin ratio (1) 31,4% 32,1% 13,6% 18,3% 53,7% 54,7%Operating margin (2) 24,7% 23,9% 14,4% 20,4% 46,3% 45,3%

Net result from financial services epsAdjusted weighted average number of shares (million)Net result from financial services (cents) 24,8 24,5 6,0 8,1 8,0 6,0

(1) Administration costs (excluding Sanlam Life restructuring cost) as a percentage of income earned by the shareholders fund less sales remuneration.(2) Result from financial services before tax as a percentage of income earned by the shareholders fund less sales remuneration.


Sanlam Group Shareholders Fund |Segmental Income Statement for the six months ended 30 June 2005

Sanlam Capital Independent Financial Corporate & other Consolidation TOTALMarkets Services entries

2005 2004 2005 2004 2005 2004 2005 2004 2005 2004

121 115 291 336 - - - - 8 848 7 953

- - - - - - - - ( 1 009) ( 847)

121 115 291 336 - - - - 7 839 7 106

- - - - - - - - ( 4 046) ( 3 291)

( 70) ( 66) ( 265) ( 306) ( 82) ( 81) - - ( 2 220) ( 2 242)

- - - - - ( 94) - - - ( 94)

51 49 26 30 ( 82) ( 175) - - 1 573 1 479

( 8) ( 10) ( 2) ( 9) 16 5 - - ( 364) ( 381)

43 39 24 21 ( 66) ( 170) - - 1 209 1 098

- - ( 9) ( 6) - - - - ( 203) ( 250)

43 39 15 15 ( 66) ( 170) - - 1 006 848

- - - - 74 73 ( 236) ( 154) 550 403 - - - - 80 77 ( 236) ( 154) 670 507 - - - - ( 6) ( 4) - - ( 62) ( 47) - - - - - - - - ( 58) ( 57)

43 39 15 15 8 ( 97) ( 236) ( 154) 1 556 1 251

- - - - ( 87) - - - ( 87) -

- - - - 652 457 ( 278) ( 135) 421 341 - - - - 1 064 620 ( 278) ( 135) 855 504 - - - - ( 412) ( 163) - - ( 412) ( 163) - - - - - - - - ( 22) -

- 23 - - ( 3) 11 (1 317) ( 873) 700 ( 118) - 23 - - ( 6) 5 (1 357) ( 1 013) 691 ( 137) - - - - 3 - 40 140 120 34 - - - - - 6 - - ( 111) ( 15)

- - - - - - 91 ( 90) 91 ( 90)

43 62 15 15 570 371 (1 740) (1 252) 2 681 1 384

- - - - ( 8) ( 12) - - ( 8) ( 12)

- - - - - 7 - - - 7

- - - - - - - - ( 4) -

- - - ( 31) - - - - 6 ( 36)

43 62 15 ( 16) 562 366 (1 740) (1 252) 2 675 1 343

57,9% 57,4% 91,1% 91,1% - - - - 28,3% 31,6%42,1% 42,6% 8,9% 8,9% - - - - 20,1% 20,8%

2 615,8 2 492,6 1,6 1,6 0,6 0,6 (2,5) (6,8) - - 38,5 34,0


Group Statement of Changes in Equityfor the six months ended 30 June 2005

June 2005 June 2004 December 2004Rand Million Rand Million Rand Million

Shareholders fund:Balance at beginning of period 19 685 17 622 17 622

Total recognised income 2 865 1 199 2 559

Profit for the year 2 675 1 343 2 758

Equity-accounted earnings 23 (74) (42)

Movement in foreign currency translation reserve 167 (70) (157)

Cost of treasury shares donated to the Ubuntu-Botho Community Development Trust - (314) (314)

Net realised investment surpluses on other treasury shares (57) (56) (126)

Share option costs 38 21 51

Dividends paid (1 295) (1 022) (1 022)

New shares issued - 865 865

Costs relating to share issuance - (19) (19)

Cost of treasury shares acquired (31) 171 69

Balance at end of period 21 205 18 467 19 685

Minority shareholders’ interest:

Balance at beginning of period 3 515 1 944 1 944

Total recognised income 526 296 1 005

Profit for the year 496 327 1 020

Equity-accounted earnings - (1) -

Movement in foreign currency translation reserve 30 (30) (15)

Share option costs 2 2 4

Dividends paid (702) (89) (168)

Acquisitions, disposals and other movements in minority interests (36) 130 730

Balance at end of period 3 305 2 283 3 515

Shareholders fund 19 685 17 622 17 622

Minority shareholders’ interest 3 515 1 944 1 944

Total equity at beginning of period 23 200 19 566 19 566

Shareholders fund 21 205 18 467 19 685


Total equity at end of period 24 510 20 750 23 200

Reconciliation of Equity and EarningsNotes refer to the notes on pages 58 to 59

June 2004 Dec 2004R million R million

Reconciliation of reported earnings:

Attributable earnings reported under SA GAAP 1 463 3 283Withdrawal of AC121:

Difference between fair value-based earnings and equity-accounted earnings for the shareholders fund’s investment in:

Absa (1) (549) (2 942)Peermont (1) 17 (246)Safair Lease Finance (1) 70 67

Change in value shortfall of the policyholders funds’ investment in: Absa (1) (133) (384)Santam (2) 93 46Vukile (2) - (71)Satrix (2) (8) (113)Sanlam (3) 18 (632)

Elimination of dividend paid to policyholders (3) (60) (60)

Adoption of IFRS:

New business strain from investment contracts (4) (6) (13)

Share option costs (5) (21) (51)

Goodwill amortisation (6) 179 328

Goodwill impairment (6) (36) (42)

Reclassification of available for sale investments (7) 316 3 588

Profit attributable to shareholders fund under IFRS 1 343 2 758


Reconciliation of Equity and Earnings (.../continued)

31 December 2004Assets Liabilities Minority Shareholders

shareholders’ fundinterest

R million R million R million R million

Reconciliation of equity :

Reported under SA GAAP 228 024 197 586 2 796 27 642Withdrawal of AC121:

Reduction in carrying value of shareholders fund’s investment in:

Absa (1) (5 456) (783) (23) (4 650)Peermont (1) (386) (67) - (319)Safair Lease Finance (1) (225) - - (225)

Reduction in carrying value of policyholder funds’ investment in:

Absa (1) (613) (34) - (579)Santam (2) (90) - - (90)Vukile (2) 2 140 1 483 728 (71)Satrix (2) 483 739 - (256)Sanlam (3) (1 824) - - (1 824)

Consolidation of investment vehicles (8) 2 539 2 507 32 -

Elimination of inter-company transactions (9) (897) (897) - -

Reclassification of policy loans (10) (258) (258) - -

Adoption of IFRS:

Change in carrying value of investment contracts (4) - 1 270 (2) (1 268)

Recognition of deferred acquisition costs asset (4) 994 - - 994

Tax effect of change in investment contract valuation basis (4) 80 - - 80

Goodwill amortisation (6) 358 - 30 328

Goodwill impairment (6) (48) - (6) (42)

Reclassification of long-term reinsurance assets (11) 318 318 - -

Revaluation of trading account assets and liabilities (12) (42) - - (42)

Change in carrying value of other associated companies (13) 14 - 7 7

Reclassification of cell owners’ interest (14) - 47 (47) -

Reported under IFRS 225 111 201 911 3 515 19 685


Reconciliation of Equity and Earnings (.../continued)

30 June 2004Assets Liabilities Minority Shareholders

shareholders’ fundinterest

R million R million R million R million

Reconciliation of equity :

Reported under SA GAAP 202 270 177 092 2 248 22 930

Withdrawal of AC121:

Reduction in carrying value of shareholders fund’s investment in:

Absa (1) (2 616) (310) (16) (2 290)Peermont (1) (74) (18) - (56)Safair Lease Finance (1) (222) - - (222)

Reduction in carrying value of policyholder funds’ investment in:

Absa (1) (352) (24) - (328)Santam (2) (43) - - (43)Vukile (2) - - - -Satrix (2) 566 717 - (151)Sanlam (3) (1 293) - - (1 293)

Consolidation of investment vehicles (8) 1 529 1 510 19 -

Elimination of inter-company transactions (9) (1 561) (1 561) - -

Reclassification of policy loans (10) (238) (238) - -

Adoption of IFRS:

Change in carrying value of investment contracts (4) - 1 160 - (1 160)

Recognition of deferred acquisition costs asset (4) 895 - - 895

Tax effect of change in investment contract valuation basis (4) 77 - - 77

Goodwill amortisation (6) 204 - 25 179

Goodwill impairment (6) (36) - - (36)

Reclassification of long-term reinsurance assets (11) 295 295 - -

Revaluation of trading account assets and liabilities (12) (42) - - (42)

Change in carrying value of other associated companies (13) 14 - 7 7

Reclassification of cell owners’ interest (14) - - - -

Reported under IFRS 199 373 178 623 2 283 18 467


Notes on IFRS implementation adjustments:

1. Investments in associated companies and joint ventureThe Group’s investments in Absa Limited, Peermont Limited and the Safair Lease Finance joint venture wererecognised at fair value in terms of SA GAAP. IFRS does not allow the continued use of a fair value basis forthese investments, resulting in a reduction in the carrying value from fair value to an equity-accountedvaluation.

Reported earnings are adjusted with the difference between the fair value-based investment return andequity-accounted earnings.

2. Policyholder funds’ investment in subsidiariesIn terms of SA GAAP the policyholder funds’ investments in Santam and Vukile, subsidiaries of the Sanlamgroup, and Satrix, now a consolidated fund, were accounted for as equity investments at fair value. In termsof IFRS the policyholders’ interest must be consolidated and measured at net asset value.

Reported earnings are adjusted with the difference between the fair value-based investment return and theconsolidated earnings.

3. Policyholder funds’ investment in Sanlam sharesIn terms of SA GAAP the policyholder funds’ investment in Sanlam Limited shares was accounted for as anequity investment at fair value. In terms of IFRS the policyholders’ interest must be treated as treasury sharesand recognised as a deduction from equity on consolidation.

Reported earnings are adjusted with the investment return earned on the Sanlam shares held by policyholderportfolios.

4. Measurement of investment policy contractsInvestment contracts issued by Sanlam Life Insurance Limited were measured under SA GAAP using basessimilar to the Financial Soundness Valuation (FSV) method. These contracts are valued at fair value in termsof IFRS, requiring an adjustment to their carrying value. The FSV valuation includes specific allowance forcommission and other issuing costs. In a fair value environment, the FSV cost allowance is replaced by adeferred acquisition costs (DAC) asset in terms of IAS 18 Revenue. The new business strain, as well as theincrease in the total net liability recognised in respect of investment contracts, result primarily from thedifference between the incremental cost that can be capitalised to DAC in terms of IFRS and the level of costallowance inherent to the FSV method.

5. Share option costsIFRS 2 Share-based Payment requires the recognition of an income statement expense in respect of equityinstruments granted to participants of the Group’s share incentive schemes. No income statement effect wasrecognised in terms of SA GAAP, except for administration costs incurred in respect of the schemes.

6. Goodwill amortisation and impairmentGoodwill in respect of business combinations with an agreement date prior to 31 March 2004 were amortisedunder SA GAAP and subject to an impairment review. Goodwill is not amortised under IFRS but subject to atleast an annual impairment review. Goodwill amortised under SA GAAP during the 2004 financial year hasbeen reversed in terms of IFRS 1. All goodwill has been tested for impairment as at 1 January 2004, 30 June2004 and 31 December 2004. An additional impairment was required on 30 June 2004 and 31 December2004, mainly in respect of the Group’s international operations.

7. Reclassification of available for sale investmentsIn terms of SA GAAP (AC133) the Group classified the majority of its investments as ‘available for sale’ andelected to transfer unrealised investment surpluses directly to equity. In terms of IFRS 1 the Group hasreclassified these financial instruments as ‘at fair value through profit or loss’ (refer ‘Transitional provisions’section). Unrealised investment surpluses formerly reported directly in equity have been transferred to theincome statement.

8. Consolidation of investment vehiclesIFRS requires the consolidation of certain investment vehicles controlled by the Group, e.g. collectiveinvestment schemes, which were previously recognised at fair value in the Group balance sheet.


9. Elimination of inter-company transactionsInter-company transactions at arm’s length, which do not influence the Group’s net earnings, were previouslynot eliminated from the results to fairly present the activities of the various businesses. In the absence ofAC121 inter-company transactions are eliminated with no net impact on the shareholders fund.

10. Reclassification of policy loansLoans granted to policyholders were disclosed as separate assets under AC121. Loans with a legal right ofset-off and where the intention is to settle the policy loan and policy liability on a net basis, must be offset interms of IFRS. The affected loans have been reclassified from investment assets to long-term policy liabilities.

11. Reclassification of long-term reinsurance assetsContracts entered into with reinsurers under which the Group is compensated for losses on one or morecontracts issued by the Group and that meet the classification requirements for insurance contracts werepreviously offset against long-term insurance contract liabilities. These reinsurance assets have beenreclassified from long-term policy liabilities to a separate asset class in terms of the disclosure requirementsof IFRS 4.

12. Revaluation of trading account assets and liabilitiesThe valuation of certain unquoted trading assets and liabilities were adjusted to comply with the requirementsof the revised IAS 39, among others in respect of the treatment of day one profits.

13. Change in carrying value of other associated companiesThe post acquisition equity-accounted earnings of certain associated companies have been changed as aresult of the transition to IFRS.

14. Reclassification of cell owners’ interestSantam’s interests in cell insurance companies are consolidated under IFRS, resulting in a reclassification ofthe cell owners’ interest from minority shareholders’ interest to a cell owners’ liability.

EARNINGS PER SHAREJune 2005 June 2004 Dec 2004

Cents Cents Cents

Basic earnings per share:Net result from financial services 39,2 34,3 71,4

Core earnings 60,7 50,7 104,8

Headline earnings 104,5 56,0 116,8

Adjusted headline earnings based on the long-term rate of return 87,7 76,2 160,4

Profit from continuing operations attributable to shareholders fund 104,3 57,9 112,3

Loss from discontinued operations attributable to shareholders fund - (3,5) (3,6)

Diluted earnings per share:Net result from financial services 38,5 34,0 70,5

Core earnings 59,4 50,2 103,4

Headline earnings 102,5 55,5 115,3

Adjusted headline earnings based on the long-term rate of return 86,0 75,5 158,3

Profit from continuing operations attributable to shareholders fund 102,3 57,4 110,9

Loss from discontinued operations attributable to shareholders fund - (3,5) (3,6)


Earnings per share (.../continued)

June 2005 June 2004 Dec 2004Rand Million Rand Million Rand Million

Earnings:Net result from financial services 1 006 848 1 812

Net investment income 550 403 847Investment income 670 507 1 053Tax on investment income (62) (47) (92)Minority shareholders’ interest (58) (57) (114)

Core earnings 1 556 1 251 2 659

Net equity-accounted headline earnings 421 341 718Equity-accounted headline earnings (excluding dividends received) 443 341 747Minority shareholders’ interest (22) - (29)

Net investment surpluses 791 (208) (514)Investment surpluses 782 (227) 32Tax on investment surpluses 120 34 (232)Minority shareholders’ interest (111) (15) (314)

Secondary tax on companies (87) - 100

Headline earnings 2 681 1 384 2 963

Non-headline earnings (6) (41) (205)

Profit for the period 2 675 1 343 2 758

Adjusted headline earnings based on the long-term rate of return 2 250 1 882 4 070

Profit from continuing operations attributable to shareholders fund 2 675 1 430 2 850

Loss from discontinued operations attributable to shareholders fund - (87) (92)

Million Million Million

Number of shares:

Number of ordinary shares in issue at beginning of period 2 767,6 2 654,6 2 654,6

Add: Weighted number of shares issued - 28,3 84,8

Less: Weighted Sanlam shares held by subsidiaries (including policyholders) (202,9) (213,5) (201,6)

Adjusted weighted average number of shares for basic earnings per share 2 564,7 2 469,4 2 537,8

Add: Conversion of deferred shares 6,9 3,0 3,0

Add: Total number of shares under option 119,9 128,9 132,1

Less: Number of shares (under option) that would have been issued at fair value (75,7) (108,7) (102,1)

Adjusted weighted average number of shares for diluted earnings per share 2 615,8 2 492,6 2 570,8

Number of ordinary shares in issue 2 767,6 2 767,6 2 767,6

Shares held by subsidiaries in shareholders fund (49,9) (30,4) (47,5)

Convertible deferred shares held by Ubuntu-Botho 7,7 - 5,8

Adjusted number of shares for value per share 2 725,4 2 737,2 2 725,9


Abridged Shareholders Fund Balance Sheet – Fair Value(Group businesses, associates & joint venture below reflected as investments at fair value)


AssetsProperty and equipment 144 103 106

Owner-occupied properties 369 369 370

Goodwill (1) 389 372 387

Deferred acquisition costs 122 - -

Investments 37 404 28 106 34 794

Sanlam businesses 7 910 5 622 7 743Investment Management (2) 2 572 2 079 2 384Sanlam Financial Services 379 356 349Sanlam Capital Markets 444 399 441Innofin 232 145 187Santam 3 851 2 613 4 028Other (3) 432 30 354

Associated companies 11 405 6 529 10 033Absa 10 250 6 254 9 429African Life Assurance 521 - -Peermont 634 275 604

Joint venture – Safair Lease Finance 278 298 270

Other investments 17 811 15 657 16 748Other equities 7 840 6 262 6 739Public sector stocks and loans 1 494 2 388 1 550Investment properties 571 505 619Other interest-bearing and preference share investments 7 906 6 502 7 840

Deferred tax 310 227 313

Working capital assets 5 669 6 148 6 657

Total assets 44 407 35 325 42 627

Equity and liabilitiesShareholders fund 32 101 23 747 29 782

Minority shareholders’ interest 53 - 61

Term finance 3 791 4 819 5 064

External investors in consolidated funds 98 74 51

Deferred tax 1 105 391 1 143

Working capital liabilities 7 259 6 294 6 526

Total equity and liabilities 44 407 35 325 42 627

Net asset value per share (cents) 1 178 868 1 093

(1) The goodwill relates mainly to the consolidation of Merchant Investors Assurance and is excluded in the build-up of the Group embedded value, as the currentvalue of in-force business for this life insurance company is included in the embedded value.

(2) Included in Investment Management are Sanlam Investment Management, Sanlam Collective Investments and the Investment Cluster’s international businesses.

(3) Other businesses comprise the non-life businesses in the Life cluster, which are excluded from the Value of in-force and all the businesses in the IndependentFinancial Services Cluster apart from Sanlam Financial Services.


Reconciliation of Equity at Fair Value

31/12/2004 30/6/2004 1/1/2004Rand Million Rand Million Rand Million

Reported under SA GAAP 29 982 23 958 22 819

Change in carrying value of investment contracts (194) (188) (181)

Revaluation of trading account assets and liabilities (42) (42) (42)

Goodwill amortisation reversed – Merchant Investors Assurance 36 19 -

Reported under IFRS 29 782 23 747 22 596

Sanlam Businesses and investments : Excess of fair value over Net Asset Value

The shareholders fund balance sheet at fair value includes the value of the companies below based ondirectors’ valuation, apart from Santam, Absa, African Life Assurance and Peermont, which are valuedaccording to ruling share prices.

Net asset value of businesses and investments 9 223 7 273 8 426Investment Management (1) 486 369 514Sanlam Financial Services UK 355 391 335Sanlam Capital Markets 444 399 441Innofin 157 141 155Santam 2 398 2 052 2 655Absa 4 498 3 674 4 030African Life Assurance 521 – –Peermont 229 201 218Safair Lease Finance 71 46 45Other (2) 64 - 33

Goodwill recognised in respect of above companies 1 198 1 198 1 198

Deferred capital gains tax on investments at fair value 936 437 1 146

Revaluation adjustment of interest to fair value 8 236 3 541 7 276

Fair value of businesses and investments 19 593 12 449 18 046

Analysis of fair valueSanlam businesses 7 910 5 622 7 743

Associated companies 11 405 6 529 10 033

Joint venture - Safair Lease Finance 278 298 270

Fair value of businesses and investments 19 593 12 449 18 046

(1) Included in Investment Management are Sanlam Investment Management, Sanlam Collective Investments and the Investment Cluster’s internationalbusinesses

(2) Other businesses comprise the non-life businesses in the Life cluster, which are excluded from the Value of in-force and all the businesses in the IndependentFinancial Services Cluster apart from Sanlam Financial Services.



Abridged Shareholders Fund Balance Sheet – Net Asset Value(All businesses consolidated at Net Asset Value)


AssetsGoodwill 2 175 2 238 2 170

Investments 28 440 23 747 26 582

Working capital and other assets 30 763 25 088 26 748

Total assets 61 378 51 073 55 500

Equity and liabilitiesShareholders fund 21 205 18 467 19 685

Before fund transfers 23 865 20 282 22 505

Consolidation reserve (1) (2 660) (1 815) (2 820)


Term finance, working capital and other liabilities 37 590 30 183 32 883

Total equity and liabilities 61 378 51 073 55 500

(1) A separate reserve is created for the difference in the valuation bases of long-term policy liabilities and the assets supporting these liabilities, where theassets comprise subsidiaries, associates or investment vehicles controlled by the Group (Refer to the discussion on the adoption of IFRS on page 46).

Analysis of Gross Funds Received from Clients |

Total Life Insurance* Life Licence* Other30 June 30 June 31 Dec 30 June 30 June 31 Dec 30 June 30 June 31 Dec 30 June 30 June 31 Dec

Rand Million 2005 2004 2004 2005 2004 2004 2005 2004 2004 2005 2004 2004

PER CLUSTER

NEW BUSINESS

Sanlam Life 9 352 8 777 18 463 5 167 5 355 11 117 – – – 4 185 3 422 7 346Sanlam Personal Finance 2 875 3 102 6 432 2 875 3 102 6 432 – – – – – –

Recurring 687 671 1 407 687 671 1 407 – – – – – –Single 1 551 1 568 3 466 1 551 1 568 3 466 – – – – – –Continuations 637 863 1 559 637 863 1 559 – – – – – –

Sanlam Employee Benefits 1 019 1 059 2 394 1 019 1 059 2 394 – – – – – –Recurring 49 38 129 49 38 129 – – – – – –Single 970 1 021 2 265 970 1 021 2 265 – – – – – –

Sanlam Namibia 1 245 359 1 463 118 85 185 – – – 1 127 274 1 278Life 118 85 185 118 85 185 – – – – – –Unit Trusts 1 127 274 1 278 – – – – – – 1 127 274 1 278

Merchant Investors Assurance 351 305 606 351 305 606 – – – – – –

Safrican 14 – – 14 – – – – – – – –Innofin 3 848 3 952 7 568 790 804 1 500 – – – 3 058 3 148 6 068

Sanlam InvestmentManagement 14 104 12 052 27 720 – – – 40 12 83 14 064 12 040 27 637Life 40 12 83 – – – 40 12 83 – – –

Recurring – – – – – – – – – – – –Single 40 117 159 – – – 40 117 159 – – –Less: Inter group switches – (105) (76) – – – – (105) (76) – – –

Sanlam Collective Investments 6 140 4 717 10 977 – – – – – – 6 140 4 717 10 977Interest bearing 2 579 2 053 4 305 – – – – – – 2 579 2 053 4 305Equity, balanced & offshore 445 219 1 196 – – – – – – 445 219 1 196Wholesale business 1 160 891 2 145 – – – – – – 1 160 891 2 145White Label 1 956 1 554 3 331 – – – – – – 1 956 1 554 3 331

Segregated funds 7 598 7 311 15 041 – – – – – – 7 598 7 311 15 041International 326 12 1 619 – – – – – – 326 12 1 619

Sanlam Financial Services UK 2 539 2 730 5 950 – – – – – – 2 539 2 730 5 950

Santam 4 139 3 584 7 719 – – – – – – 4 139 3 584 7 719

Total new business 30 134 27 143 59 852 5 167 5 355 11 117 40 12 83 24 927 21 776 48 652

Recurring premiums on existing funds:

Sanlam Life 5 275 5 109 10 677 5 275 5 109 10 677 – – – – – –Sanlam Personal Finance 3 516 3 444 7 290 3 516 3 444 7 290 – – – – – –Sanlam Employee Benefits 1 349 1 306 2 555 1 349 1 306 2 555 – – – – – –Namibia 172 163 326 172 163 326 – – – – – –

Individual 109 97 214 109 97 214 – – – – – –Group 63 66 112 63 66 112 – – – – – –

MIA 113 196 506 113 196 506 – – – – – –Safrican 125 – – 125 – – – – – – – –

SIM 79 160 202 – – – 79 160 202 – – –Group 79 160 303 – – – 79 160 303 – – –Less: Inter group switches – – -101 – – – – – -101 – – –

Total Funds Received 35 488 32 412 70 731 10 442 10 464 21 794 119 172 285 24 927 21 776 48 652

* Life licence business relates to investment products provided by Sanlam Investment Management and Innofin by means of a life insurance policy where there is very little or no insurance risk.


Analysed per type of business or license30 June 30 June 31 Dec

Rand Million 2005 2004 2004

Life insurance 5 207 5 367 11 200

Investment 20 788 18 192 40 933

Short-term 4 139 3 584 7 719

Total new business 30 134 27 143 59 852

Recurring premiums onexisting business 5 354 5 269 10 879

Total Funds Received 35 488 32 412 70 731

New business premiums used in the calculation of APE:30 June 30 June 31 Dec


Recurring premiums 480 454 1 005Individual Life 687 671 1 407Less: Index growth (300) (289) (619)Add: Optional reductions 11 18 36Employee benefits 49 38 129Merchant Investors Assurance 4 3 6Safrican 8 – –Sanlam Namibia 21 13 46

Single premiums 4 398 4 630 9 529Individual Life 2 188 2 431 5 025Employee benefits 970 1 021 2 265Merchant Investors Assurance 347 302 600Safrican 6 – –Sanlam Namibia 97 72 139Innofin 790 804 1 500

Total premiums usedto calculate APE 4 878 5 084 10 534

APE 919 917 1 958



Analysis of Gross Funds Paid to Clients |


Rand Million 2005 2004 2004 2005 2004 2004 2005 2004 2004 2005 2004 2004

PER CLUSTER

Sanlam Life 14 974 13 434 27 954 12 400 11 421 23 423 – – – 2 574 2 013 4 531Sanlam Personal Finance 7 241 6 818 14 424 7 241 6 818 14 424 – – – – – –

Surrenders 1 535 1 367 3 190 1 535 1 367 3 190 – – – – – –Other 5 706 5 451 11 234 5 706 5 451 11 234 – – – – – –

Sanlam Employee Benefits 3 856 3 511 6 722 3 856 3 511 6 722 – – – – – –Terminations & taxon retirem. funds 1 440 1 288 1 736 1 440 1 288 1 736 – – – – – –Other benefits 2 416 2 223 5 004 2 416 2 223 5 004 – – – – – –Less: Inter group switches – – (18) – – (18) – – – – – –

Sanlam Namibia 1 076 362 1 343 322 223 560 – – – 754 139 783Life 322 223 560 322 223 560 – – – – – –Unit Trusts 754 139 783 – – – – – – 754 139 783

Merchant Investors Assurance 529 506 938 529 506 938 – – – – – –

Safrican 94 – – 94 – – – – – – – –

Innofin 2 178 2 237 4 527 358 363 779 – – – 1 820 1 874 3 748

Sanlam Investment Management 16 891 8 645 21 560 – – – 199 962 2 123 16 692 7 683 19 437

Life 199 962 2 123 – – – 199 962 2 123 – – –Terminations & tax on retirem. funds 106 665 1 819 – – – 106 665 1 819 – – –

Other benefits 93 330 583 – – – 93 330 583 – – –Less: Inter group switches – (33) (279) – – – – (33) (279) – – –

Sanlam Collective Investments 5 475 4 333 9 571 – – – – – – 5 475 4 333 9 571Interest bearing 2 563 1 907 3 808 – – – – – – 2 563 1 907 3 808Equity, balanced & offshore 542 420 1 582 – – – – – – 542 420 1 582Wholesale business 938 804 1 859 – – – – – – 938 804 1 859White label 1 432 1 202 2 322 – – – – – – 1 432 1 202 2 322

Segregated funds 11 179 3 286 9 069 – – – – – – 11 179 3 286 9 069

International 38 64 797 – – – – – – 38 64 797

Sanlam Financial Services UK 464 8 267 – – – – – – 464 8 267

Santam 2 664 2 062 4 397 – – – – – – 2 664 2 062 4 397

Consolidation – – (38) – – (38) 7 – 9 (7) – (9)

34 993 24 149 54 140 12 400 11 421 23 385 206 962 2 132 22 387 11 766 28 623

* Life licence business relates to investment products provided by Sanlam Investment Management by means of a life insurance policy where there is very little or no insurance risk.



Life insurance 12 599 12 383 25 517

Investment 19 730 9 704 24 226

Short-term 2 664 2 062 4 397

Total payments to clients 34 993 24 149 54 140

Analysis of Net Inflow of Funds |


Rand Million 2005 2004 2004 2005 2004 2004 2005 2004 2004 2005 2004 2004

PER CLUSTER

Sanlam Life (347) 452 1 186 (1 958) (957) (1 629) – – – 1 611 1 409 2 815Sanlam Personal Finance (850) (272) (702) (850) (272) (702) – – – – – –Sanlam Employee Benefits (1 488) (1 146) (1 773) (1 488) (1 146) (1 773) – – – – – –Sanlam Namibia 341 160 446 (32) 25 (49) – – – 373 135 495Merchant Investors Assurance (65) (5) 174 (65) (5) 174 – – – – – –Safrican 45 – – 45 – – – – – – – –Innofin 1 670 1 715 3 041 432 441 721 – – – 1 238 1 274 2 320

Sanlam Investment Management (2 708) 3 567 6 362 – – – (80) (790) (1 838) (2 628) 4 357 8 200

Life (80) (790) (1 838) – – – (80) (790) (1 838) – – –Total (80) (718) (1 940) – – – (80) (718) (1 940) – – –Less: Inter group switches – (72) 102 – – – – (72) 102 – – –

Sanlam Collective Investments 665 384 1 406 – – – – – – 665 384 1 406Interest bearing 16 146 497 – – – – – – 16 146 497Equity, balanced & offshore (97) (201) (386) – – – – – – (97) (201) (386)Wholesale business 222 87 286 – – – – – – 222 87 286White label 524 352 1 009 – – – – – – 524 352 1 009

Segregated funds (3 581) 4 025 5 972 – – – – – – (3 581) 4 025 5 972

International 288 (52) 822 – – – – – – 288 (52) 822

Sanlam Financial Services UK 2 075 2 722 5 683 – – – – – – 2 075 2 722 5 683

Santam 1 475 1 522 3 322 – – – – – – 1 475 1 522 3 322

Consolidation – – 38 – – 38 (7) – (9) 7 – 9

495 8 263 16 591 (1 958) (957) (1 591) (87) (790) (1 847) 2 540 10 010 20 029

* Life licence business relates to investment products provided by Sanlam Investment Management and Innofin by means of a life insurance policy where there is very little or no insurance risk.



Life insurance (2 038) (1 747) (3 438)

Investment 1 058 8 488 16 707

Short-term 1 475 1 522 3 322

Total payments to clients 495 8 263 16 591


Embedded Valuefor the six months ended 30 June 2005


1. EMBEDDED VALUE Sanlam group shareholders fund at fair value 32 101 23 747 29 782Adjustment for discounting capital gains tax (1) 176 111 138Adjustment to include business under value of in-force (2) (356) (372) (356)Present value of strategic corporate expenses (3) (772) (641) (883)Fair value of share incentive scheme (4) (668) (375) (799)STC deferred tax asset written down (5) (100) – (100)Sanlam group shareholders adjusted net assets 30 381 22 470 27 782Net value of life insurance business in-force 8 882 8 011 8 851

Value of life insurance business in-force 10 497 9 418 10 285• Individual business 9 447 8 090 9 147• Employee benefits 1 050 1 328 1 138

Cost of capital at risk (1 563) (1 407) (1 400)• Individual business (1 237) (986) (1 128)• Employee benefits (326) (421) (272)

Minority shareholders’ interest in value of in-force (52) – (34)Sanlam group embedded value 39 263 30 481 36 633

Embedded value per share (cents) (6) 1 441 1 114 1 344Number of shares (million) (6) 2 725 2 737 2 726

2. EMBEDDED VALUE EARNINGSEmbedded value from new life insurance business (7) 114 133 321

Earnings from existing life insurance business 798 741 1 363Expected return 591 587 1 148Operating experience variations (8) 137 113 144Operating assumption changes 70 41 71

Embedded value earnings from life operations 912 874 1 684Economic assumption changes (9) (319) (48) 197Tax changes (10) (87) – –Investment variances 184 (183) 253Exchange rate movements 36 (21) (37)Change in minority shareholders’ interest in value of in-force (18) – (34)Growth from life insurance business 708 622 2 063Investment return on shareholders adjusted net assets 3 185 1 031 6 389Change in fair value of share incentive scheme 131 56 (368)Total embedded value earnings before dividends are paid,

capital raised and cost of treasury shares acquired 4 024 1 709 8 084Dividends paid (1 363) (1 082) (1 082)Capital raised – 848 846Cost of treasury shares acquired (31) (176) (397)Change in Sanlam group embedded value 2 630 1 299 7 451


Embedded Value (.../continued)


2. EMBEDDED VALUE EARNINGS (continued)

Growth from life insurance business as a % of beginning value of in-force* 16,6% 16,1% 26,5%

Return on embedded value* (6) 23,2% 11,5% 27,7%

Return on embedded value per share* (6) 23,2% 8,0% 22,6%* annualised returns for 6-month periods

3. NEW BUSINESS

Value of new business

Gross value of new business 127 144 339Individual business – RSA 109 119 279Employee benefits – RSA 10 19 46International (11) 8 6 14

Cost of capital at risk (13) (11) (18)Individual business – RSA (7) (5) (10)Employee benefits – RSA (4) (4) (5)International (11) (2) (2) (3)

Net value of new business (7) 114 133 321

New business profitability ratios (12)

Annual Premium Equivalent (APE) (12) 919 917 1 958Individual business – RSA 704 729 1 489Employee benefits – RSA 145 141 356International (11) 70 47 113

Present value of new business premiums (13) 7 175 6 930 15 357Individual business – RSA 5 200 5 230 11 096Employee benefits – RSA 1 392 1 345 3 352International (11) 583 355 909

Net value of new business 114 133 321Individual business – RSA 102 114 269Employee benefits – RSA 6 15 41International (11) 6 4 11

APE margin (12) 12,4% 14,5% 16,4%Individual business – RSA 14,5% 15,6% 18,1%Employee benefits – RSA 4,1% 10,6% 11,5%International (11) 8,6% 8,5% 9,7%

Present value of premium margin (12) 1,6% 1,9% 2,1%Individual business – RSA 2,0% 2,2% 2,4%Employee benefits – RSA 0,4% 1,1% 1,2%International (11) 1,0% 1,1% 1,2%



Gross value of Cost of capital Net value of Change in-force business at risk in-force business from base

Rand Million Rand Million Rand Million %

4. SENSITIVITY

Value of in-force business less cost of capital

Base value 10 497 (1 563) 8 934• Increase risk discount rate by 1,0% to 11,6% 9 844 (1 864) 7 980 (11%)

• Decrease risk discount rate by 1,0% to 9,6% 11 250 (1 207) 10 043 12%

Value of new business

Base value 127 (13) 114• Increase risk discount rate by 1,0% to 11,6% 107 (16) 91 (20%)

• Decrease risk discount rate by 1,0% to 9,6% 153 (12) 141 24%

5. METHODOLOGYThe embedded value methodology applied is consistent with the methodology used in the 31 December 2004Embedded Value report. There are no material changes in the methodology used. The embedded value resultshave been adjusted, where applicable, for the adoption of IFRS for the 2005 interim results.

6. PRINCIPAL ASSUMPTIONSJune 2005 June 2004 December 2004

% p.a. % p.a. % p.a.

Gross investment return and inflation (14)

Fixed-interest securities 8,1 10,4 8,3

Equities and offshore investments 10,1 12,4 10,3

Hedged equities (15) 8,1 9,4 8,3

Property 9,1 11,4 9,3

Cash 6,1 8,4 6,3

Risk discount rate 10,6 12,9 10,8

Return on capital at risk (16) 8,4 11,0 9,1

Unit cost and salary inflation 4,1 6,4 4,3

Consumer price index inflation 3,1 4,9 3,3

Decrements, expenses and bonuses

Future mortality, morbidity and discontinuance rates and future expense levels are based on recent experiencewhere appropriate.

Future rates of bonuses for traditional participating business, stable bonus business and participatingannuities are set at levels that are supportable by the assets backing the respective product asset funds at therespective valuation dates.

Sanlam Life’s current surrender and paid-up bases are assumed to be maintained in the future.

HIV/Aids

Allowance is made, where appropriate, for the impact of expected HIV/Aids-related claims, consistent with therecommendations of the Actuarial Society of South Africa as set out in its proposed Professional Guidance Note 105.



Premiums in respect of individual business are assumed to be rerated, where applicable, in line withdeterioration in mortality, with a three-year delay from the point where mortality losses would beexperienced.

Taxation

Projected corporate tax is allowed for at a rate of 29% (previously 30%). Allowance is made for capital gainstax. The assumed rollover period for realisation of investments is five years for property and equity assetssupporting policy reserves. For property and equity assets supporting capital at risk the assumed rolloverperiod is also five years, except for Santam (ten years) and ABSA (not discounted).

Allowance for secondary tax on companies is made by placing a present value on the tax liability generated bythe net cash dividends paid that is attributable to the life company. Previously it is assumed that over thelong-term the proportion of cash dividends paid would reduce to a level of 50% from the current 100% level.We now assume that all future dividends will be paid in cash.

June 2005 June 2004 December 2004% % %

Long-term asset mix for assets supporting the capital at riskEquities 25 42 42

Hedged equities 35 26 26

Property 5 8 8

Fixed-interest securities 20 20 20

Cash 15 4 4

100 100 100

7. NEW BUSINESS PREMIUMSJune 2005 June 2004 Dec 2004

Rand Million Rand Million Rand Million

Financial statementsNew business premiums 5 207 5 367 11 200

Less: Premium increases (index growth) (300) (289) (619)

Plus: Optional reduction in premiums 11 18 36

Less: Other life business (17) (40) (12) (83)

Premiums used in the calculation of annual premium equivalent 4 878 5 084 10 534

New business embedded value premiumsRecurring premiums 480 454 1 005

Single premiums 4 398 4 630 9 529

Premiums used in the calculation of annual premium equivalent 4 878 5 084 10 534



The embedded value results were adjusted, where applicable, in accordance with IFRS adopted for the 2005 interim results. Both the interim and full year 2004embedded value results have been restated.(1) Adjustment to allow for the delay before incurring the capital gains tax liability included in the fair value of the shareholders fund.(2) Reverse goodwill relating to Merchant Investors Assurance (MIA), as its value of in-force business is included in the total value of life insurance business in

force.(3) The June 2005 value is calculated by multiplying half of the projected full year recurring corporate expenses not related to life business (after tax) of R56,5

million by the share price of 1174 cents and dividing by the headline earnings per share based on the long-term rate of return of 86,0 cents.(4) The fair value of the Sanlam employee share incentive scheme has been determined using a statistical model. Actual options outstanding have been valued

based on the actual share price and dividend yield at the valuation date. (5) The deferred tax asset in respect of unused STC credits, included in the net asset value, is reversed as the value of in-force business already includes an

allowance for STC. (6) Total embedded value earnings before dividends paid, capital raised and cost of treasury shares acquired, as a percentage of embedded value at the beginning

of the period. Per share values are net of the dilution resulting from the Ubunto-Botho transaction and deferred shares earned for the period.(7) The minority shareholders’ interest in the net value of new business for the first half of 2005 amounted to R1 million.(8) The main contributor to the operating experience variation is positive risk experience of R106 million.(9) Economic assumption changes at 30 June 2005 include adjustments to the long-term asset mix assumptions for :

a. policyholder funds leading to a R118 million decrease in the embedded value; andb. assets supporting capital at risk leading to a R200 million decrease in the embedded value.

(10) The contributors to this change are:a. The change in the corporate tax rate from 30% to 29% added R162m to the embedded value; andb. The allowance for secondary tax on companies is made by placing a present value on the tax liability generated by net cash dividends paid out by the life

company. Previously it was assumed that over the long-term the proportion of cash dividends paid would reduce to a level of 50% from the current 100%level. We now assume that all future dividends will be paid in cash, increasing the allowance for STC by R249 million.

(11) International includes Sanlam Namibia and MIA.(12) APE (annual premium equivalent) is equal to new recurring premiums plus 10% of single premiums. The profitability of new business is measured by both the

ratio of value of new business (VNB) to APE, as well as to the present value of new business premiums.(13) Defined as the present value of new recurring premiums plus single premiums for the period.(14) The economic assumptions used for all life business except MIA.(15) The assumed future return for these assets is lower than that of equities, which are not hedged, reflecting the cost of derivative instruments.(16) The investment return on assets supporting the capital at risk is based on the long-term asset mix for these funds.(17) The majority of profits in respect of these premiums accrue to Sanlam Investment Management.


Sanlam GroupBusinesses


Life Cluster |Admin Costs including share option costs from 2004

Life Cluster : Sanlam Personal Finance|Profitability : Analysis per category


Admin income 94 139 254

Risk income 256 210 435

Market related income 335 279 620

Operating profit before tax & minorities 685 628 1 309

Minorities (2) - (3)

Operating profit before tax 683 628 1 306

Admin Ratio (excluding restructuring) 37,4% 38,6% 39,4%

Life Cluster : Sanlam Personal Finance|Surrenders including Namibia

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Life Cluster : Employee Benefits |Profitability : Analysis per product


Underwriting 59 45 103

Investment 84 72 156

Administration (17) (10) (31)

Contribution 126 107 228

Overhead expenses (27) (23) (29)

Project expenses (7) (8) (15)

Operating profit 92 76 184


Income Statement per division |

Total Total TotalInvestment Cluster SA operation International operation

Rand million Jun '05 Jun '04 Dec ' 04 Jun '05 Jun '04 Dec '04 Jun '05 Jun '04 Dec ' 04

Income 581 459 992 452 402 840 129 57 152

Administration costs (312) (251) (573) (256) (225) (497) (56) (25) (76)

Profit before tax 269 208 419 196 177 343 73 32 76

Tax and minorities (61) (58) (118) (55) (56) (112) (6) (3) (6)

Operating result after tax 208 150 301 141 121 231 67 29 70

Total Sanlam SA operation Asset Management * Collective Investments Sanlam Properties

Jun '05 Jun '04 Dec ' 04 Jun '05 Jun '04 Dec '04 Jun '05 Jun '04 Dec ' 04 Jun '05 Jun '04 Dec ' 04

Income 452 402 840 271 229 502 128 98 212 53 75 126

Administration costs (256) (225) (497) (153) (141) (312) (88) (73) (154) (15) (11) (31)

Profit before tax &currency movements 196 177 343 118 88 190 40 25 58 38 64 95

Tax and minorities (55) (56) (112) (34) (28) (63) (10) (7) (18) (11) (21) (31)

Operating result after tax 141 121 231 84 60 127 30 18 40 27 43 64

* Consist of SIM Wholesale, Sanlam Private Investments, Sanlam Private Equity, SIM Namibia, TASC and Sanlam Multi-Manager.

Split in Assets under Management |

Rand Billion June 2005 June 2004 December 2004

Wholesale 249,1 194,9 243,0 • Sanlam (SA assets) 139,1 118,6 138,2 • Sanlam (International assets) 33,4 19,2 30,8 • Segregated 61,2 45,5 60,8 • Sanlam Properties 3,2 1,7 1,8 • Sanlam Collective Investments 12,2 9,9 11,4

Retail 46,9 34,7 42,9 • Sanlam Private Investments 20,8 14,2 19,1 • Sanlam Collective Investments 21,3 16,6 19,5 • Sanlam Multi Manager (SP²) * 4,8 3,9 4,3

Total AUM (Consolidated) 296,0 229,6 285,9

* The rest of Sanlam Multi Manager assets are included in Sanlam and Segregated assets.


Sanlam Capital Markets |Operating Result

Rand Million June 2005 June 2004 December 2004

Debt & Equity Structuring 59,8 72,6 113,8

Market Activity 61,1 43,1 111,1

Total Revenue 120,9 115,7 224,9Expenses 70,3 66,5 138,6

Profit before tax 50,6 49,2 86,3Tax (8,1) (10,3) (6,7)

Profit after tax 42,5 38,9 79,6

Return on Equity 21,4% 19,6% 19,9%

Cost to income ratio 58% 57% 62%

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Sanlam Independent Financial Services |Operating Result


Sanlam Financial Services 23 28 47

Gensec Property Services 3 9 10

Simeka Consulting Actuaries 4 - 6

Other (2) (2) (1)

Cluster overhead (2) (2) (6)

Profit before Tax 26 33 56

Included in Sanlam Employee Benefits - - (6)

Profit before Tax 26 33 50

Tax (2) (9) (10)

Profit after Tax 24 24 40

Minority Shareholders’ interest (9) (8) (15)

Net operating result 15 16 25


Consolidated Income Statements |Prepared in accordance with IFRS


Gross written premium 5 034 4 414 9 735Less: reinsurance premium 703 724 1 892Net premium 4 331 3 690 7 843Less: change in unearned premium

Gross amount 7 (90) (102)Reinsurers' share (185) (184) (226)

Net insurance premium revenue 4 139 3 596 7 719 Investment income 256 220 477 Income from reinsurance contracts ceded 190 245 487 Net realised gains on financial assets 151 77 202 Net fair value gains on assets at fair value through income 92 (35) 596 Other operating income 17 7 5 Net income 4 845 4 110 9 486

Insurance claims & loss adjustment expenses 2 980 2 251 5 015 Insurance claims & loss adjustment expenses recovered from reinsurers (316) (254) (618)Net insurance benefits and claims 2 664 1 997 4 397 Expenses for the acquisition of insurance contracts 749 680 1 429 Expenses for marketing and administration 504 590 1 222 Expenses for asset management services rendered 16 21 41 Goodwill impairment - 1 2 Expenses 3 933 3 289 7 091

Results of operating activities 912 821 2 395 Finance costs (14) - (14)Share of profit/(loss) of associates 44 (17) 37 Cell owners' interest (23) - (25)Profit before tax 919 804 2 393 Income tax expense (213) (230) (615)Profit for the year 706 574 1 778

Attributable to:- equity holders of the Company 694 569 1 754 - minority interest 12 5 24

706 574 1 778


Earnings attributable to equity shareholdersJune 2005 June 2004 Dec 2004

cents cents cents

Earnings per shareBasic earnings per share 599 497 1,531 Diluted earnings per share 586 490 1,509 Headline earnings per share 599 514 1,549 Diluted headline earnings per share 586 507 1,528

Weighted average number of shares - millions 115,8 114,6 114,6

RatiosJune 2005 June 2004 Dec 2004

% % %

Net claims ratio 64,4 55,5 56,9

Net acquisition cost ratio 25,7 28,5 28,1

Net underwriting margin 10,0 16,1 15,0

Net insurance result margin on net earned premium 12,8 18,5 17,6



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Economic Review : First half of 2005 |

The economic environment during the fist half of 2005 was characterised inter alia by a significant accelerationin the rate From a purely financial perspective, the business environment for financial services in the first sixmonths of 2005 was extremely favourable. Unfortunately, the ability of the industry, in particular the lifeassurance industry, to capitalise on these buoyant conditions was hampered by a series of negative developmentson the regulatory front which undermined public confidence in the industry.

Good progress was however made with the finalisation of the Financial Sector Charter that will steer theinvolvement of financial services companies in the development of the South African economy.

Financial markets put in a strong performance, especially the equity market. The JSE All Share Index repeatedlyachieved new all time highs, recording an increase of 12% for the six months to 30 June 2005, and 25% fromthe start of the year to its peak on 15 August 2005. This increase is fully accounted for by higher companyearnings, with valuations, as reflected in the price-earnings ratios for the major JSE indices, showing no evidenceof a further upward re-rating of local equities.

Favourable international financial conditions also contributed to rising prices on the JSE. Foreign interest inemerging markets as an asset class spilled over into South Africa, with net foreign purchases of local equitiesamounting to R23,9 billion in the first half of 2005, compared with R32,9 billion for the whole of 2004. In fact,the South African Reserve Bank (the SARB) has indicated that portfolio investment flows accounted for 66% ofthe total net inflow of capital into South Africa in the first half of 2005, compared with 40% in calendar year2004.

Financial markets were caught off guard once again by the SARB, when it cut its repo rate by 50 basis points inApril 2005. Investors are therefore increasingly confronted by very low risk-free returns, encouraging them toaccept more equity risk in order to try improving their returns.

The bond market traded in a narrow range, with the 10-year generic yield for example fluctuating between 8 and8,5% for most of the time. It appears as if the structural decline in long-term interest rates because ofstructurally lower inflation has largely run its course.

The weakening in the exchange rate of the rand (from R5,65/$ at the beginning of the year to R6,65/$ on 30June 2005) resulted in foreign assets outperforming local assets for the first time in a long while.

The economy achieved a real growth rate of approximately 4% p.a. in the first half of 2005, although theincrease in final demand exceeded 6% p.a.. The financial position of households remained healthy, buoyed byrising asset prices in addition to wage increases exceeding inflation, lower taxes, increased social grant payments,and some pick-up in employment.

Households chose to apply their improved financial well being to increase spending. Household debt increasedsharply relative to disposable income on the back of historically low debt servicing costs, but it also reflects thenew-found access to credit of the burgeoning black middle class. The result was that household savings as apercentage of disposable income declined to merely 0,3% in Q1 2005. South Africa’s gross national savings ratelikeways declined to its lowest level since 1949.


The lack of healthy growth in the pool of assets that can potentially be managed by the financial servicesindustry implies fierce competition for the available business, especially at the more lucrative upper end of themarket. There is also scant evidence of a desire to protect rising living standards through increasing risk cover.

South Africa’s reliance on foreign savings to finance booming capital spending will increasingly be put to the testas government’s infrastructure drive gains momentum. It is therefore in SA’s national interest to engineer arecovery in domestic savings to a more satisfactory level. The current unhappiness with the contractual savingsindustry because of the way in which it conducted business in the past should therefore be dealt with with greatcircumspection to avoid further damage to the national savings effort.

The outlook remains largely promising. In spite of the recent strength in equity prices, valuations remain realistic,although some moderation in returns should be expected. International financial conditions should also continueto be supportive of emerging markets for some time to come.

The expected rise in local inflation in the next six months should not upset financial markets too much, with theSARB having indicated that it is forecasting CPIX-inflation to peak at close to 5,5% in the first quarter of 2006.As long as inflation remains within the SARB’s forecast, it is unlikely that there will be any policy response.Although persistently high international oil prices pose some risk to this outlook, the ability of local businesses topass on increased transport costs to customers will be capped by international inflation remaining low.

Economic activity should remain robust although it is unlikely that South Africa will soon achieve the magical6% growth rate for which it is striving.


Contact Details

Registered OfficeSanlam2 Strand RoadBellville7530South Africa

Tel: +27 21 947-9111Fax: +27 21 947-3670

Investor Relations Website:www.sanlamltd.co.za

Corporate Office Businesses

Group Chief Executive CEO : Individual LifeJohan van Zyl Lizé LambrechtsTel. : +27 21 947-4448 Tel : +27 21 947-3439Fax : +27 21 947-5551 Fax : +27 21 957-1840E-mail : [email protected] E-mail : [email protected]

Financial Director CEO : Employee BenefitsFlip Rademeyer Themba GamedzeTel. : +27 21 947-6801 Tel. : +27 11 778-6511Mobile : +27 82 554-5573 Fax : +27 11 339-1352Fax : +27 21 947-3670 E-mail : [email protected] : [email protected]

Chief Executive : Finance CEO : Investment ClusterKobus Möller Johan van der MerweTel. : +27 21 947-9201 Tel. : +27 21 950-2945Fax : +27 21 947-3670 Fax : +27 21 950-2850E-mail : [email protected] E-mail : [email protected]

Chief Actuary CEO : SantamAndré Zeeman Steffen GilbertTel. : +27 21 947-3490 Tel. : +27 21 915-7193Fax : +27 21 947-3670 Fax : +27 21 915-7570E-mail : [email protected] E-mail : [email protected]

Investor Relations CEO : Independent Financial ServicesHelet Malherbe Nick ChristodoulouTel. : +27 21 947-4092 Tel : +27 21 947 6779Fax : +27 21 957-1331 Fax : +27 21 947 3670E-mail : [email protected] E-mail : [email protected]

CEO : Sanlam Capital MarketsMark MurningTel : +27 11 778-6155Fax : +27 11 778-6912E-mail :[email protected]

Independent Non-Executive DirectorsRC (Roy) Andersen (Board Chairman); MMM (Manana) Bakane-Tuoane; DC (Dave) Brink; FA (Fran) du Plessis; W (Wilmot) James; VP (Vusi) Khanyile; CE (Carmen) Maynard; V (Vali) Moosa; P (Patrice) Motsepe (Board Deputy Chairman); M (Maria) Ramos; GE (George) Rudman; ZB (Bernard) Swanepoel; RV (Rejoice) Simelane; E (Eugene) van As; JJM (Boetie) van Zyl

Non-Executive DirectorsAS (Attie) du Plessis

Executive DirectorsJ (Johan) van Zyl (Group Chief Executive) and PdeV (Flip) Rademeyer (Financial Director)


Sanlam Investor Presentation Shared Documents... · Successful learnership experience Notes | 12...

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