Santam Cash Flow Statement

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

Millions ZAR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	4,006	3,679	3,250	1,980	2,745	327
Depreciation & Amortization	274	306	281	237	232	240
Other Amortization	55	55	44	43	51	54
Gain (Loss) on Sale of Assets	-2	-2	-	-	-	8
Gain (Loss) on Sale of Investments	-	-	-705	-	-	15
Stock-Based Compensation	99	99	117	112	86	80
Reinsurance Recoverable	5,593	5,593	3,678	15	-5,848	-2,152
Change in Accounts Payable	-39	-39	221	456	-103	-146
Change in Unearned Revenue	-	-	-	-	-28	11
Change in Insurance Reserves / Liabilities	3,665	3,665	-1,407	5,543	6,830	5,614
Change in Other Net Operating Assets	424	424	105	-1,796	-1,132	-604
Other Operating Activities	-3,614	-4,000	-7,123	-4,528	-747	-4,169
Operating Cash Flow	4,361	3,680	667	3,543	1,884	-15
Operating Cash Flow Growth	150.20%	451.72%	-81.17%	88.06%	-	-
Capital Expenditures	-127	-86	-189	-78	-19	-65
Sale of Property, Plant & Equipment	2	38	2,632	-	-	-
Purchase / Sale of Intangible Assets	-83	-33	-82	-42	-89	-81
Cash Acquisitions	-	-38	-99	31	-	-4
Investment in Securities	-945	-20	-	90	-1	-30
Other Investing Activities	2	-	-122	-	-	-
Investing Cash Flow	-1,151	-139	2,140	1	-109	-180
Long-Term Debt Issued	-	-	1,000	1,000	-	1,000
Total Debt Issued	-	-	1,000	1,000	-	1,000
Total Debt Repaid	-161	-171	-634	-1,123	-656	-141
Net Debt Issued (Repaid)	-161	-171	366	-123	-656	859
Repurchases of Common Stock	-194	-161	-221	-237	-120	-155
Common Dividends Paid	-1,613	-1,576	-1,507	-1,404	-477	-793
Other Financing Activities	-431	-52	-56	-64	-381	-119
Financing Cash Flow	-2,399	-1,960	-3,335	-2,688	-1,634	-208
Foreign Exchange Rate Adjustments	-14	-15	-40	35	-28	144
Net Cash Flow	797	1,566	-568	891	113	-259
Free Cash Flow	4,234	3,594	478	3,465	1,865	-80
Free Cash Flow Growth	172.63%	651.88%	-86.20%	85.79%	-	-
Free Cash Flow Margin	8.46%	7.62%	1.14%	8.10%	6.12%	-0.28%
Free Cash Flow Per Share	38.31	32.45	4.34	31.40	16.84	-0.72
Cash Interest Paid	503	515	425	322	295	326
Cash Income Tax Paid	2,742	2,036	1,220	1,545	626	437
Levered Free Cash Flow	-2,290	6,473	7,523	5,529	4,191	870.25
Unlevered Free Cash Flow	-1,965	6,809	7,797	5,731	4,387	1,069
Change in Working Capital	3,455	3,455	4,897	5,722	-392	2,617

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