Page 177 - Profile's Stock Exchange Handbook - 2026 Issue 2

Group Annual Results for the year

ended 31 December 2025

Total net fund inflows Return on Group Equity Value per share

Earnings R126,8 billion (R54 billion in 2024) 13,4%

Net result from financial services Net value of new convered business Adjusted Return on Group Equity Value per share
 3%  21% to R2,3 billion 15,7%
Net operational earnings Net new convered business margin Capital management
 7% 2,01% (2,81% in 2024) Discretionary capital at 31 December 2025
New business Group Equity Value R8,1 billion
Life insurance new business volumes (PVNBP) Group Equity Value per share Sanlam Group economic solvency cover ratio
 10% to R114 billion R87,73 183% (December 2024: 188%)

SALIENT RESULTS NEW BUSINESS VOLUMES
for the year ended 31 December 2025 2025 2024 % for the year ended 31 December 2025 2025 2024
R’m R’m %
SANLAM GROUP
Total new business volumes
Earnings Life business 83 117 73 886 12%

Net result from financial services R million 15 939 15 443 3% Investment business 357 691 297 211 20%
Net operational earnings R million 17 154 18 544 (7%) General insurance 55 182 49 139 12%
Headline earnings R million 16 550 20 083 (18%) Total 495 990 420 236 18%
Weighted average number of shares million 2 114 2 111
Adjusted weighted number of shares million 2 114 2 115 Net client cash fl ows
Net result from fin. services per share cents 754 730 3% Life insurance 35 694 16 737 >100%

66 637
Investment business
17 438 >100%
Net operational earnings per share cents 811 877 (8%)
General insurance 24 421 19 966 22%
Headline earnings per share cents 792 964 18% Total 126 752 54 141 >100%
Diluted headline earnings per share cents 783 952 18%
IFRS information SANLAM GROUP EARNINGS
Basic profit attributable to

shareholders per share cents 763 1 068 (29%) 22 240

Diluted profit attributable to
shareholders per share cents 754 1 054 (28%)
15 939 15 443 15 941
Business volumes
Total new business volumes 495 990 420 236 18%
Value of new covered business 2 294 2 902 21%
Life insurance business volumes
(PVNBP) 113 854 103 231 10% Net result from financial services Attributable earnings

New covered business margin 2,01% 2,81% 2025 2024
Total net client cash flows 126 752 54 141 >100%

NET RESULT FROM FINANCIAL SERVICES
Group Equity Value for the year ended 31 December 2025 2025 2024 %
Group equity value R million 185 559 171 810 R’m R’m
Group equity value per share cents 8 773 8 123 Life insurance and health 9 257 9 333 (1%)
Return on group equity value per share % 13,4 20,3 General insurance 3 577 3 047 17%
Adj. return on group equity value per share % 15,7 18,0 Investment management 1 508 1 403 7%
Return on equity % 17,1 23,0 Credit and structuring 2 266 2 142 6%
ECONOMIC SOLVENCY COVER Corporate expenses and other (669) (482) (39%)
Sanlam Group % 183 188 Net result from financial services 15 939 15 443 3%

21/04/2026 15:50:07
JSE R&E book AR2025 v20260421.indd 1 21/04/2026 15:50:07
JSE R&E book AR2025 v20260421.indd 1