Sanlam Cash Flow Statement

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

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	15,941	22,240	14,478	12,257	15,338
Depreciation & Amortization	1,484	1,358	1,194	1,079	1,502
Gain (Loss) on Sale of Assets	-612	-4,036	-494	-2,216	-234
Gain (Loss) on Sale of Investments	83	-	15	-29,893	-604
Stock-Based Compensation	622	489	468	531	506
Change in Accounts Receivable	-5,576	6,714	-1,396	-	-
Reinsurance Recoverable	-7,144	-1,818	-	-7,666	-
Change in Accounts Payable	6,068	-899	-	-	-
Change in Insurance Reserves / Liabilities	-	-	-	11,951	-
Change in Other Net Operating Assets	-13,981	-17,225	59,715	32,619	2,252
Other Operating Activities	25,307	8,179	-23,397	-25,017	53,937
Operating Cash Flow	13,599	15,114	-4,956	16,717	5,515
Operating Cash Flow Growth	-10.02%	-	-	203.12%	132.50%
Capital Expenditures	-484	-832	-752	-574	-586
Sale of Property, Plant & Equipment	33	267	48	71	48
Purchase / Sale of Intangible Assets	-296	-203	-245	-498	-
Cash Acquisitions	-1,972	-10,971	-2,437	-303	-93
Investing Cash Flow	1,976	-6,315	-2,435	-1,153	695
Long-Term Debt Issued	2,045	8,659	3,386	1,378	3,136
Total Debt Repaid	-3,678	-4,242	-3,393	-1,608	-2,267
Net Debt Issued (Repaid)	-1,633	4,417	-7	-230	869
Issuance of Common Stock	12	1,516	470	577	261
Repurchases of Common Stock	-665	-593	-1,281	-1,699	-632
Common Dividends Paid	-11,171	-9,624	-9,604	-8,449	-6,965
Other Financing Activities	-27	301	-720	50	-326
Financing Cash Flow	-13,484	-3,983	-11,142	-9,751	-6,793
Foreign Exchange Rate Adjustments	-284	120	700	95	2,251
Net Cash Flow	1,807	4,936	-17,833	5,908	1,668
Free Cash Flow	13,115	14,282	-5,708	16,143	4,929
Free Cash Flow Growth	-8.17%	-	-	227.51%	201.47%
Free Cash Flow Margin	5.36%	6.88%	-2.97%	15.56%	2.54%
Free Cash Flow Per Share	6.20	6.77	-2.73	7.77	2.36
Cash Interest Paid	1,969	1,919	1,855	1,018	858
Cash Income Tax Paid	8,085	6,922	4,873	5,000	4,529
Levered Free Cash Flow	524,085	-34,907	168,978	-82,855	7,058
Unlevered Free Cash Flow	525,364	-33,901	169,927	-82,151	7,660
Change in Working Capital	-20,633	-13,228	58,319	36,904	2,252

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.