Sanlam Limited (JSE: SLM)

Sanlam Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	93,681	87,840	80,441	76,618	76,851	71,383
Total Interest & Dividend Income	-2,695	20,041	25,641	28,701	42,880	76,067
Gain (Loss) on Sale of Investments	-33	-33	-31	621	-2,273	-675
Non-Insurance Activities Revenue	-	-	-	-	8,429	7,589
Other Revenue	88,110	84,223	-2,310	88,323	2,929	2,676
Total Revenue	179,063	192,071	103,741	194,263	129,443	157,695
Revenue Growth (YoY)	0.23%	85.14%	-46.60%	50.08%	-17.92%	100.03%
Policy Benefits	81,910	78,080	70,958	128,883	75,896	91,526
Policy Acquisition & Underwriting Costs	1,153	1,063	1,373	10,790	14,319	13,246
Amortization of Goodwill & Intangibles	460	257	152	470	1,323	1,405
Selling, General & Administrative	20,957	17,232	12,605	23,322	27,376	27,311
Provision for Bad Debts	-	-	-	-	397	-
Other Operating Expenses	1,451	1,191	1,485	245	506	494
Total Operating Expenses	105,931	97,823	86,573	163,710	119,817	133,982
Operating Income	73,132	94,248	17,168	30,553	9,626	23,713
Interest Expense	-1,680	-1,518	-1,126	-963	-1,051	-1,742
Earnings From Equity Investments	4,953	2,958	2,468	1,727	2,568	2,989
Other Non Operating Income (Expenses)	-48,743	-74,940	-3,041	-15,588	1,116	-10,332
EBT Excluding Unusual Items	27,662	20,748	15,469	15,729	12,259	14,628
Merger & Restructuring Charges	-	-	-	22	-	-
Impairment of Goodwill	-	-	-6	-390	-5,033	-26
Asset Writedown	-529	-66	-39	-23	-1,322	-41
Other Unusual Items	-	-	-	-	-697	-
Pretax Income	27,133	20,682	15,424	15,338	5,207	14,561
Income Tax Expense	7,703	7,079	3,464	5,352	3,805	5,756
Earnings From Continuing Ops.	19,430	13,603	11,960	9,986	1,402	8,805
Earnings From Discontinued Ops.	-141	2,883	1,030	447	-	-
Net Income to Company	19,289	16,486	12,990	10,433	1,402	8,805
Minority Interest in Earnings	-2,795	-2,008	-733	-960	-684	-1,655
Net Income	16,494	14,478	12,257	9,473	718	7,150
Net Income to Common	16,494	14,478	12,257	9,473	718	7,150
Net Income Growth	9.55%	18.12%	29.39%	1219.36%	-89.96%	-38.51%
Shares Outstanding (Basic)	2,081	2,061	2,049	2,062	2,062	2,068
Shares Outstanding (Diluted)	2,109	2,089	2,078	2,088	2,088	2,090
Shares Change (YoY)	1.69%	0.55%	-0.47%	-	-0.11%	0.61%
EPS (Basic)	7.92	7.03	5.98	4.59	0.35	3.46
EPS (Diluted)	7.82	6.93	5.90	4.54	0.34	3.42
EPS Growth	7.73%	17.48%	30.01%	1218.92%	-89.94%	-38.88%
Free Cash Flow	-5,584	-8,852	16,143	4,929	1,635	14,753
Free Cash Flow Per Share	-2.65	-4.24	7.77	2.36	0.78	7.06
Dividend Per Share	4.000	4.000	3.600	3.340	3.000	3.340
Dividend Growth	11.11%	11.11%	7.78%	11.33%	-10.18%	7.05%
Operating Margin	40.84%	49.07%	16.55%	15.73%	7.44%	15.04%
Profit Margin	9.21%	7.54%	11.82%	4.88%	0.55%	4.53%
Free Cash Flow Margin	-3.12%	-4.61%	15.56%	2.54%	1.26%	9.36%
EBITDA	73,996	95,038	17,842	31,560	10,472	24,486
EBITDA Margin	41.32%	49.48%	17.20%	16.25%	8.09%	15.53%
D&A For EBITDA	864	790	674	1,007	846	773
EBIT	73,132	94,248	17,168	30,553	9,626	23,713
EBIT Margin	40.84%	49.07%	16.55%	15.73%	7.44%	15.04%
Effective Tax Rate	28.39%	34.23%	22.46%	34.89%	73.07%	39.53%

Source: S&P Capital IQ. Insurance template. Financial Sources.