Santam 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	4,059	3,679	3,250	1,980	2,745
Depreciation & Amortization	308	306	281	237	232
Other Amortization	-	55	44	43	51
Gain (Loss) on Sale of Assets	-8	-2	-	-	-
Gain (Loss) on Sale of Investments	-	-	-705	-	-
Stock-Based Compensation	98	99	117	112	86
Reinsurance Recoverable	471	5,593	3,678	15	-5,848
Change in Accounts Payable	-	-39	221	456	-103
Change in Unearned Revenue	-	-	-	-	-28
Change in Insurance Reserves / Liabilities	5,341	3,665	-1,407	5,543	6,830
Change in Other Net Operating Assets	777	424	105	-1,796	-1,132
Other Operating Activities	-9,064	-4,000	-7,123	-4,528	-747
Operating Cash Flow	2,448	3,680	667	3,543	1,884
Operating Cash Flow Growth	-33.48%	451.72%	-81.17%	88.06%	-
Capital Expenditures	-82	-86	-189	-78	-19
Sale of Property, Plant & Equipment	-	38	2,632	-	-
Purchase / Sale of Intangible Assets	-13	-33	-82	-42	-89
Cash Acquisitions	-71	-38	-99	31	-
Investment in Securities	-747	-20	-	90	-1
Other Investing Activities	-	-	-122	-	-
Investing Cash Flow	-913	-139	2,140	1	-109
Long-Term Debt Issued	2,000	-	1,000	1,000	-
Total Debt Issued	2,000	-	1,000	1,000	-
Total Debt Repaid	-1,152	-171	-634	-1,123	-656
Net Debt Issued (Repaid)	848	-171	366	-123	-656
Repurchases of Common Stock	-145	-161	-221	-237	-120
Common Dividends Paid	-1,679	-1,576	-1,507	-1,404	-477
Other Financing Activities	-818	-52	-56	-64	-381
Financing Cash Flow	-1,794	-1,960	-3,335	-2,688	-1,634
Foreign Exchange Rate Adjustments	-43	-15	-40	35	-28
Net Cash Flow	-302	1,566	-568	891	113
Free Cash Flow	2,366	3,594	478	3,465	1,865
Free Cash Flow Growth	-34.17%	651.88%	-86.20%	85.79%	-
Free Cash Flow Margin	4.39%	7.62%	1.14%	8.10%	6.12%
Free Cash Flow Per Share	21.44	32.45	4.34	31.40	16.84
Cash Interest Paid	-	515	425	322	295
Cash Income Tax Paid	-	2,036	1,220	1,545	626
Levered Free Cash Flow	-21,290	6,473	7,523	5,529	4,191
Unlevered Free Cash Flow	-19,025	6,809	7,797	5,731	4,387
Change in Working Capital	7,184	3,455	4,897	5,722	-392

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