Sanlam 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	102,903	93,475	87,840	80,441	76,618
Total Interest & Dividend Income	35,743	33,783	26,449	25,641	28,701
Gain (Loss) on Sale of Investments	-1	-	-	-31	621
Other Revenue	106,152	80,404	77,815	-2,310	88,323
Total Revenue	244,797	207,662	192,104	103,741	194,263
Revenue Growth (YoY)	17.88%	8.10%	85.18%	-46.60%	50.08%
Policy Benefits	89,004	80,540	78,080	70,958	128,883
Policy Acquisition & Underwriting Costs	1,194	1,201	1,063	1,373	10,790
Amortization of Goodwill & Intangibles	559	532	257	152	470
Selling, General & Administrative	23,908	23,249	17,232	12,605	23,322
Provision for Bad Debts	-11	7	-	-	-
Other Operating Expenses	1,764	1,604	1,191	1,485	245
Total Operating Expenses	116,418	107,133	97,823	86,573	163,710
Operating Income	128,379	100,529	94,281	17,168	30,553
Interest Expense	-2,046	-1,609	-1,518	-1,126	-963
Earnings From Equity Investments	5,353	5,617	2,925	2,468	1,727
Other Non Operating Income (Expenses)	-103,888	-73,675	-74,940	-3,041	-15,588
EBT Excluding Unusual Items	27,798	30,862	20,748	15,469	15,729
Merger & Restructuring Charges	-	-	-	-	22
Impairment of Goodwill	-10	-1,149	-	-6	-390
Asset Writedown	-1,424	-200	-66	-39	-23
Pretax Income	26,364	29,513	20,682	15,424	15,338
Income Tax Expense	7,652	7,909	7,079	3,464	5,352
Earnings From Continuing Ops.	18,712	21,604	13,603	11,960	9,986
Earnings From Discontinued Ops.	-	3,107	3,394	1,030	447
Net Income to Company	18,712	24,711	16,997	12,990	10,433
Minority Interest in Earnings	-2,771	-2,471	-2,519	-733	-960
Net Income	15,941	22,240	14,478	12,257	9,473
Net Income to Common	15,941	22,240	14,478	12,257	9,473
Net Income Growth	-28.32%	53.61%	18.12%	29.39%	1219.36%
Shares Outstanding (Basic)	2,089	2,083	2,061	2,049	2,062
Shares Outstanding (Diluted)	2,114	2,111	2,089	2,078	2,088
Shares Change (YoY)	0.17%	1.02%	0.55%	-0.47%	-
EPS (Basic)	7.63	10.68	7.03	5.98	4.59
EPS (Diluted)	7.54	10.54	6.88	5.90	4.54
EPS Growth	-28.48%	53.17%	16.68%	30.01%	1218.92%
Free Cash Flow	13,115	14,282	-5,708	16,143	4,929
Free Cash Flow Per Share	6.20	6.77	-2.73	7.77	2.36
Dividend Per Share	4.850	4.450	4.000	3.600	3.340
Dividend Growth	8.99%	11.25%	11.11%	7.78%	11.33%
Operating Margin	52.44%	48.41%	49.08%	16.55%	15.73%
Profit Margin	6.51%	10.71%	7.54%	11.82%	4.88%
Free Cash Flow Margin	5.36%	6.88%	-2.97%	15.56%	2.54%
EBITDA	129,390	101,498	95,071	17,842	31,560
EBITDA Margin	52.86%	48.88%	49.49%	17.20%	16.25%
D&A For EBITDA	1,011	969	790	674	1,007
EBIT	128,379	100,529	94,281	17,168	30,553
EBIT Margin	52.44%	48.41%	49.08%	16.55%	15.73%
Effective Tax Rate	29.02%	26.80%	34.23%	22.46%	34.89%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.