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	2,807	2,497	736	1,565	727
Gain (Loss) on Sale of Investments	1,949	1,536	746	-550	732
Other Revenue	353	364	-6,371	-1,341	2,419
Total Revenue	61,236	56,714	41,993	42,756	30,462
Revenue Growth (YoY)	7.97%	35.06%	-1.79%	40.36%	7.79%
Policy Benefits	49,079	47,805	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	50,287	48,865	38,029	39,320	26,806
Operating Income	10,949	7,849	3,964	3,436	3,656
Interest Expense	-2,858	-2,424	-438	-323	-313
Earnings From Equity Investments	147	88	81	68	70
Currency Exchange Gain (Loss)	-695	131	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)	-0.33%	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	16.800	15.200	14.000	13.070	12.220
Dividend Growth	10.53%	8.57%	7.12%	6.96%	-
Operating Margin	17.88%	13.84%	9.44%	8.04%	12.00%
Profit Margin	6.63%	6.49%	7.74%	4.63%	9.01%
Free Cash Flow Margin	3.86%	6.34%	1.14%	8.10%	6.12%
EBITDA	11,082	8,155	4,079	3,524	3,723
EBITDA Margin	18.10%	14.38%	9.71%	8.24%	12.22%
D&A For EBITDA	133	306	115	88	67
EBIT	10,949	7,849	3,964	3,436	3,656
EBIT Margin	17.88%	13.84%	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 Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.