Sanlam Income Statement

Financials in millions ZAR. Fiscal year is January - December.

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Premiums & Annuity Revenue	96,980	93,475	87,840	80,441	76,618	76,851
Total Interest & Dividend Income	55,847	33,783	26,449	25,641	28,701	42,880
Gain (Loss) on Sale of Investments	-	-	-	-31	621	-2,273
Non-Insurance Activities Revenue	-	-	-	-	-	8,429
Other Revenue	78,062	76,914	76,604	-2,310	88,323	2,929
Total Revenue	230,889	204,172	190,893	103,741	194,263	129,443
Revenue Growth (YoY)	29.04%	6.96%	84.01%	-46.60%	50.08%	-17.92%
Policy Benefits	83,110	80,540	78,080	70,958	128,883	75,896
Policy Acquisition & Underwriting Costs	1,209	1,201	1,063	1,373	10,790	14,319
Amortization of Goodwill & Intangibles	505	532	257	152	470	1,323
Selling, General & Administrative	22,307	21,307	17,232	12,605	23,322	27,376
Provision for Bad Debts	7	7	-	-	-	397
Other Operating Expenses	-87	56	-20	1,485	245	506
Total Operating Expenses	107,051	103,643	96,612	86,573	163,710	119,817
Operating Income	123,838	100,529	94,281	17,168	30,553	9,626
Interest Expense	-1,848	-1,609	-1,518	-1,126	-963	-1,051
Earnings From Equity Investments	6,512	5,617	2,925	2,468	1,727	2,568
Other Non Operating Income (Expenses)	-97,009	-73,675	-74,940	-3,041	-15,588	1,116
EBT Excluding Unusual Items	31,493	30,862	20,748	15,469	15,729	12,259
Merger & Restructuring Charges	-	-	-	-	22	-
Impairment of Goodwill	-1,149	-1,149	-	-6	-390	-5,033
Asset Writedown	168	-200	-66	-39	-23	-1,322
Other Unusual Items	-	-	-	-	-	-697
Pretax Income	30,512	29,513	20,682	15,424	15,338	5,207
Income Tax Expense	8,159	7,909	7,079	3,464	5,352	3,805
Earnings From Continuing Ops.	22,353	21,604	13,603	11,960	9,986	1,402
Earnings From Discontinued Ops.	2,944	3,240	3,394	1,030	447	-
Net Income to Company	25,297	24,844	16,997	12,990	10,433	1,402
Minority Interest in Earnings	-2,762	-2,604	-2,519	-733	-960	-684
Net Income	22,535	22,240	14,478	12,257	9,473	718
Net Income to Common	22,535	22,240	14,478	12,257	9,473	718
Net Income Growth	36.63%	53.61%	18.12%	29.39%	1219.36%	-89.96%
Shares Outstanding (Basic)	2,088	2,083	2,061	2,049	2,062	2,062
Shares Outstanding (Diluted)	2,114	2,111	2,089	2,078	2,088	2,088
Shares Change (YoY)	0.24%	1.02%	0.55%	-0.47%	-	-0.10%
EPS (Basic)	10.79	10.68	7.03	5.98	4.59	0.35
EPS (Diluted)	10.73	10.61	6.88	5.90	4.54	0.34
EPS Growth	37.98%	54.09%	16.68%	30.01%	1218.92%	-89.94%
Free Cash Flow	16,027	14,282	-5,708	16,143	4,929	1,635
Free Cash Flow Per Share	7.58	6.77	-2.73	7.77	2.36	0.78
Dividend Per Share	4.450	4.450	4.000	3.600	3.340	3.000
Dividend Growth	11.25%	11.25%	11.11%	7.78%	11.33%	-10.18%
Operating Margin	53.63%	49.24%	49.39%	16.55%	15.73%	7.44%
Profit Margin	9.76%	10.89%	7.58%	11.82%	4.88%	0.56%
Free Cash Flow Margin	6.94%	7.00%	-2.99%	15.56%	2.54%	1.26%
EBITDA	124,843	101,498	95,071	17,842	31,560	10,472
EBITDA Margin	54.07%	49.71%	49.80%	17.20%	16.25%	8.09%
D&A For EBITDA	1,005	969	790	674	1,007	846
EBIT	123,838	100,529	94,281	17,168	30,553	9,626
EBIT Margin	53.63%	49.24%	49.39%	16.55%	15.73%	7.44%
Effective Tax Rate	26.74%	26.80%	34.23%	22.46%	34.89%	73.08%

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.