Santam Income 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
Premiums & Annuity Revenue	56,127	52,317	46,882	43,082	26,584
Total Interest & Dividend Income	3,021	795	736	1,565	727
Gain (Loss) on Sale of Investments	1,949	1,536	746	-550	732
Other Revenue	-7,179	-7,461	-6,371	-1,341	2,419
Total Revenue	53,918	47,187	41,993	42,756	30,462
Revenue Growth (YoY)	14.27%	12.37%	-1.79%	40.36%	7.79%
Policy Benefits	41,691	39,980	37,230	38,694	16,405
Policy Acquisition & Underwriting Costs	-	-	-	-	5,539
Amortization of Goodwill & Intangibles	69	217	77	105	68
Selling, General & Administrative	-	-	-	-	4,794
Other Operating Expenses	1,139	843	722	521	-
Total Operating Expenses	42,899	41,040	38,029	39,320	26,806
Operating Income	11,019	6,147	3,964	3,436	3,656
Interest Expense	-3,623	-538	-438	-323	-313
Earnings From Equity Investments	147	88	81	68	70
Currency Exchange Gain (Loss)	-	-53	540	176	302
EBT Excluding Unusual Items	7,543	5,644	4,147	3,357	3,715
Pretax Income	7,543	5,644	4,147	3,357	3,715
Income Tax Expense	2,473	1,288	1,469	1,266	879
Earnings From Continuing Ops.	5,070	4,356	2,678	2,091	2,836
Earnings From Discontinued Ops.	-	-	705	-14	8
Net Income to Company	5,070	4,356	3,383	2,077	2,844
Minority Interest in Earnings	-1,011	-677	-133	-97	-99
Net Income	4,059	3,679	3,250	1,980	2,745
Net Income to Common	4,059	3,679	3,250	1,980	2,745
Net Income Growth	10.33%	13.20%	64.14%	-27.87%	739.45%
Shares Outstanding (Basic)	109	110	109	110	110
Shares Outstanding (Diluted)	110	111	110	110	111
Shares Change (YoY)	-0.34%	0.60%	-0.24%	-0.39%	-0.12%
EPS (Basic)	37.17	33.56	29.73	18.06	24.91
EPS (Diluted)	36.78	33.22	29.52	17.94	24.78
EPS Growth	10.72%	12.52%	64.54%	-27.60%	740.08%
Free Cash Flow	2,366	3,594	478	3,465	1,865
Free Cash Flow Per Share	21.44	32.45	4.34	31.40	16.84
Dividend Per Share	-	15.200	14.000	13.070	12.220
Dividend Growth	-	8.57%	7.12%	6.96%	-
Operating Margin	20.44%	13.03%	9.44%	8.04%	12.00%
Profit Margin	7.53%	7.80%	7.74%	4.63%	9.01%
Free Cash Flow Margin	4.39%	7.62%	1.14%	8.10%	6.12%
EBITDA	11,327	6,283	4,079	3,524	3,723
EBITDA Margin	21.01%	13.31%	9.71%	8.24%	12.22%
D&A For EBITDA	308	136	115	88	67
EBIT	11,019	6,147	3,964	3,436	3,656
EBIT Margin	20.44%	13.03%	9.44%	8.04%	12.00%
Effective Tax Rate	32.78%	22.82%	35.42%	37.71%	23.66%
Revenue as Reported	-	-	-	-	31,839

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