Sanlam Balance Sheet

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
Investments in Debt Securities	428,981	347,804	249,372	244,635	271,840
Investments in Equity & Preferred Securities	49,466	48,755	44,473	21,198	22,755
Other Investments	426,396	376,631	366,166	298,007	310,527
Total Investments	1,166,578	1,009,418	854,812	774,086	815,060
Cash & Equivalents	57,487	54,051	27,237	54,925	42,081
Reinsurance Recoverable	10,650	11,233	14,530	18,680	27,175
Other Receivables	35,394	27,760	30,446	24,664	35,577
Deferred Policy Acquisition Cost	2,772	2,768	2,822	3,150	3,225
Property, Plant & Equipment	3,925	3,997	3,739	2,812	5,793
Goodwill	6,610	6,703	6,906	5,001	16,431
Other Intangible Assets	2,466	4,366	3,331	945	746
Restricted Cash	-	-	-	626	4,847
Other Current Assets	2,873	6,837	47,213	111,635	97,371
Long-Term Deferred Tax Assets	695	1,409	1,619	1,630	3,154
Other Long-Term Assets	6,248	5,002	4,065	-	4,718
Total Assets	1,295,698	1,133,544	996,720	998,154	1,056,178
Accounts Payable	67,901	59,638	56,096	45,375	29,893
Accrued Expenses	169	92	402	690	996
Insurance & Annuity Liabilities	924,473	787,559	681,875	647,049	650,425
Unpaid Claims	16	16	16	16	41,532
Unearned Premiums	-	-	-	-	18,324
Reinsurance Payable	4,903	5,185	5,686	4,171	5,079
Current Portion of Long-Term Debt	6,059	8,636	5,941	5,627	3,605
Current Portion of Leases	438	516	378	341	506
Short-Term Debt	1	4	137	16	1,153
Current Income Taxes Payable	1,777	3,180	1,938	1,963	2,556
Long-Term Debt	12,519	11,133	8,995	9,027	11,511
Long-Term Leases	1,082	1,169	1,141	1,030	1,318
Long-Term Deferred Tax Liabilities	9,174	8,925	8,768	6,601	7,311
Other Current Liabilities	14,310	5,756	43,381	79,285	102,894
Other Long-Term Liabilities	141,353	131,579	85,061	98,004	95,576
Total Liabilities	1,184,176	1,023,389	899,815	899,196	973,282
Common Stock	21	21	22	22	22
Additional Paid-In Capital	12,505	12,505	13,011	12,762	12,762
Retained Earnings	82,587	77,779	71,148	69,708	53,756
Treasury Stock	-1,860	-1,872	-6,658	-2,888	-1,671
Comprehensive Income & Other	8,408	12,528	11,007	4,973	4,510
Total Common Equity	101,661	100,961	88,530	84,577	69,379
Minority Interest	9,861	9,194	8,375	14,381	13,517
Shareholders' Equity	111,522	110,155	96,905	98,958	82,896
Total Liabilities & Equity	1,295,698	1,133,544	996,720	998,154	1,056,178
Filing Date Shares Outstanding	2,090	2,088	2,061	2,043	2,050
Total Common Shares Outstanding	2,090	2,088	2,061	2,043	2,050
Total Debt	20,099	21,458	16,592	16,041	18,093
Net Cash (Debt)	37,388	32,593	10,645	38,884	23,988
Net Cash Growth	14.71%	206.18%	-72.62%	62.10%	-33.15%
Net Cash Per Share	17.69	15.44	5.10	18.71	11.49
Book Value Per Share	48.65	48.36	42.96	41.40	33.85
Tangible Book Value	92,585	89,892	78,293	78,631	52,202
Tangible Book Value Per Share	44.31	43.06	38.00	38.49	25.47
Machinery	4,502	4,719	4,601	3,707	4,878

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