South Africa · Delayed Price · Currency is ZAR · Price in ZAc Sanlam Earnings Call Transcripts
Fiscal Year 2026
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Strong strategic progress and capital position offset weather-related claims and lower investment returns in Q1. Guidance for 2026 remains at CPI plus 3%, with second-half earnings expected to improve, though inflation and weather risks persist.
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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Revised summary: The group’s five-year strategy targets growth via India, Lloyd’s, Pan-African expansion, South African ecosystem, and asset management. New goals: higher dividends, earnings growth, minimum 20% ROE, and better transparency. Success depends on digital integration, disciplined capital use, and strong regional partnerships.
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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 lines, and continued momentum from 2024. Strategic integrations and capital deployments in Africa and India progressed, while management remains cautious due to global uncertainties.
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 strong net client cash flows and a robust solvency position. The Capitec JV ended and Assupol was acquired, impacting VNB and capital allocation. Persistency and economic recovery remain key focus areas.
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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.