Trading statement – for the year ended 31 December 2022

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
(JSE Share Code: SNT & ISIN: ZAE000093779)
NSX share code: SNM
Debt company code: BISAN
("Santam") or (“the Company”)


TRADING STATEMENT – FOR THE YEAR ENDED 31 DECEMBER 2022


Shareholders and noteholders are advised that Santam is currently compiling its annual
financial results for the year ended 31 December 2022. This trading statement provides
guidance for headline earnings per ordinary share (HEPS) and earnings per ordinary share
(EPS) attributable to equity holders of Santam in terms of paragraph 3.4(b) of the JSE Limited
Listings Requirements.

Shareholders and noteholders are advised that Santam expects its HEPS and EPS for the
year ended 31 December 2022 to fall within the following ranges:

                                  Year to                  Year to                 Year to
                         31 December 2022         31 December 2022         31 December 2021
                        Expected decrease           Expected range               Prior year
                       on comparative year
                                       %            Cents per share         Cents per share
 HEPS                          17% to 37%            1 572 to 2 071                   2 495
 EPS                           17% to 37%            1 569 to 2 068                   2 491


The decrease in HEPS is driven by lower underwriting results and investment income. The net
underwriting margin is expected to be at the lower end of the long-term target range of 5% to
10% of net earned premiums, reflecting an improved performance in the second half of the
2022 financial year. The underwriting results were significantly impacted by adverse weather
conditions and the devastating floods in the Kwazulu-Natal province during the first half of
2022, in addition to increased claims frequency and inflation. This was offset to some extent
by a release in the COVID-19 related contingent business interruption claims provisions. Local
and foreign bond market volatility coupled with subdued equity market returns were the key
contributors to the weaker investment performance, partly offset by increased dividend income
from the Sanlam Emerging Markets investments.

Strong gross written premium growth is expected. The Group’s economic capital position is
expected to be well within the target range of 145% to 165%.

The financial information on which this Trading Statement is based has not been reviewed or
reported on by Santam’s external auditors. Santam will release its audited results for the year
ended 31 December 2022 on or about 2 March 2023.


CAPE TOWN
14 February 2023

Sponsor: Investec Bank Limited
Debt Sponsor: Rand Merchant Bank (A division of FirstRand Bank Limited)

Date: 14-02-2023 03:05:00
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