South Africa · Delayed Price · Currency is ZAR · Price in ZAc Sanlam Earnings Call Transcripts
Fiscal Year 2025
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Strong operational results in 2025 with 20% normalized earnings growth, robust new business volumes, and disciplined capital allocation, despite currency volatility and portfolio changes. 2026 will be a structural base year with continued investment and margin pressure, but long-term growth prospects remain solid.
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Strong operational momentum continued with double-digit growth in key earnings and new business, though reported operating profit fell 3% due to market volatility. Net client cash flow surged 87%, and solvency remains robust. Strategic integrations and capital allocation progressed well.
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The group unveiled a five-vector growth strategy focused on India, Africa, Lloyd's, South Africa, and asset management, with ambitious new financial targets: real earnings growth above 6%, real dividend growth above 4%, and ROE above 20%. Enhanced reporting, disciplined capital allocation, and digital transformation underpin the plan, while partnerships and ecosystem plays drive regional growth.
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Strong H1 2025 results with 20% normalized earnings growth, robust capital position, and successful integration of acquisitions. Despite currency and geopolitical headwinds, all segments showed resilience, and full-year guidance remains confident.
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Strong Q1 2025 results with 15% growth in net results from financial services, robust investment and credit business performance, and successful strategic integrations. Guidance remains cautious due to global uncertainties, with a significant capital buffer maintained.
Fiscal Year 2024
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Strong organic growth drove a 14% rise in core earnings and an 11% dividend increase, with robust performance across all business clusters. Integration of acquisitions and partnerships, such as Assupol and Ubuntu-Botho, supported value creation, while 2025 guidance anticipates continued earnings growth.
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Sanlam will transfer its single-manager active asset management business to Ninety One, receiving a 12% stake in Ninety One and focusing on other investment areas. The deal aims to enhance client offerings, with initial slight dilution to earnings and dividends, but long-term strategic benefits and improved solvency are expected.
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Double-digit growth in key earnings and new business metrics was achieved, with net result from financial services up 15% year-over-year. Major portfolio changes included the Capitec JV exit and Assupol acquisition, while strong cash flows and robust solvency were maintained.
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Solid H1 2024 results with 14% growth in net result from financial services, strong life and general insurance performance, and robust capital allocation. Integration of SanlamAllianz JV and strategic acquisitions support future growth, despite currency and market risks.