Sanlam Cash Flow 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
Net Income	22,535	22,240	14,478	12,257	15,338	718
Depreciation & Amortization	1,394	1,358	1,194	1,079	1,502	1,388
Other Amortization	-	-	-	-	-	1,074
Gain (Loss) on Sale of Assets	-3,366	-4,036	-494	-2,216	-234	-285
Gain (Loss) on Sale of Investments	6,253	65	15	-29,893	-604	4,242
Stock-Based Compensation	514	489	468	531	506	506
Reinsurance Recoverable	-1,818	-1,818	-7,283	-7,666	-	-
Change in Insurance Reserves / Liabilities	9,105	9,105	10,309	11,951	-	-
Change in Other Net Operating Assets	3,750	-4,353	-19,046	32,619	2,252	547
Other Operating Activities	62,031	59,259	50,942	-25,017	53,937	2,262
Operating Cash Flow	16,811	15,114	-4,956	16,717	5,515	2,372
Operating Cash Flow Growth	-	-	-	203.12%	132.50%	-83.92%
Capital Expenditures	-784	-832	-752	-574	-586	-737
Sale of Property, Plant & Equipment	289	267	48	71	48	61
Purchase / Sale of Intangible Assets	-268	-203	-245	-498	-	-
Cash Acquisitions	-10,086	-10,971	-2,437	-303	-93	-1,144
Investing Cash Flow	-4,144	-6,315	-2,435	-1,153	695	-1,733
Long-Term Debt Issued	-	8,659	3,386	1,378	3,136	3,530
Total Debt Repaid	-5,242	-4,242	-3,393	-1,608	-2,267	-1,315
Net Debt Issued (Repaid)	3,652	4,417	-7	-230	869	2,215
Issuance of Common Stock	-	1,516	470	577	261	-
Repurchases of Common Stock	-700	-593	-1,281	-1,699	-632	-1,241
Common Dividends Paid	-11,059	-9,624	-9,604	-8,449	-6,965	-8,454
Other Financing Activities	344	301	-720	50	-326	818
Financing Cash Flow	-7,763	-3,983	-11,142	-9,751	-6,793	-6,662
Foreign Exchange Rate Adjustments	81	120	700	95	2,251	1,695
Net Cash Flow	4,985	4,936	-17,833	5,908	1,668	-4,328
Free Cash Flow	16,027	14,282	-5,708	16,143	4,929	1,635
Free Cash Flow Growth	-	-	-	227.51%	201.47%	-88.92%
Free Cash Flow Margin	6.94%	7.00%	-2.99%	15.56%	2.54%	1.26%
Free Cash Flow Per Share	7.58	6.77	-2.73	7.77	2.36	0.78
Cash Interest Paid	1,782	1,919	1,855	1,018	858	1,004
Cash Income Tax Paid	8,583	6,922	4,873	5,000	4,529	4,656
Levered Free Cash Flow	91,638	15,878	117,460	-82,855	7,058	26,094
Unlevered Free Cash Flow	92,793	16,884	118,409	-82,151	7,660	26,751
Change in Working Capital	-862	2,934	-16,020	36,904	2,252	547

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.