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Leveraging quality. Accelerating growth C A P I T A L M A R K E T S D A Y 2 0 2 6
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Disclaimer 2 This presentation (“presentation”) includes information that management of Sanlam Limited (“Sanlam”) believes is material for the purposes of financial reporting and investor communications. The assessments of materiality are based on applicable financial reporting standards considering the group’s strategic priorities, financial performance and sustainability impacts. We may, in this presentation, make certain statements that are not historical facts and relate to analyses and other information based on forecasts of future results not yet determinable, relating, among others, to new business volumes, investment returns (including exchange rate fluctuations) and actuarial assumptions. These statements may also relate to our future prospects, developments and business strategies. These are forward-looking statements as defined in the United States Private Securities Litigation Reform Act of 1995. Words such as “believe”, “anticipate”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “endeavour”, “project” and similar expressions are intended to identify such forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve inherent risks and uncertainties and, if one or more of these risks materialise, or should underlying assumptions prove incorrect, actual results may be very different from those anticipated. Forward-looking statements apply only as of the date on which they are made, and Sanlam does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Any forward-looking information contained in this presentation has not been reviewed and reported on by Sanlam’s external auditors. This presentation, along with any oral statements made by Sanlam or its representatives in relation hereto, are for informational purposes only. Sanlam does not warrant the accuracy of the information in this presentation and shall not be responsible for reliance on such information.
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Agenda 3 Topic Presenter Welcome and introduction Head: Investor Relations (IR) Opening and Group narrative Group CEO Delivering on sustainable value creation Group FD Q&A Group CEO and Group FD Break Winning as ‘one Sanlam’ in South Africa CEO: Sanlam Life & Savings Asset management reimagined CEO: Sanlam Investments Financial services ecosystems in India Group Executive: Strategy, M&A and Asia Accelerating specialist capability via Lloyd’s CEO: Santam Unlocking the Pan-Africa insurance frontier CEO: SanlamAllianz Q&A Head: IR and growth-vector CEOs Wrap-up and investor takeaways Group CEO
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Paul Hanratty Group Chief Executive Officer CAPITAL MARKETS DAY 2026 Leveraging quality. Accelerating growth C A P I T A L M A R K E T S D A Y 2 0 2 6 4
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Confidence in Sanlam’s investment case QUALITY Long-term compounding platform Capital discipline Sustainability of growth Leadership Trust Clear growth vectors Emerging markets 5 GROWTH
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Life General insurance Asset management Credit and Banking South Africa Pan-Africa India No.1 Top 3 in 15/21 markets¹ Rural niche leader No.1 Top 3 in 17/23 markets¹ Rural niche leader Leading Leading New New – credit, banking2 & rewards Small exposure to credit No. 2 retail NBFC3 Long-term compounding platform in core markets 6 Ecosystems 1. Top five countries represent c.70% of the life market and c.60% of general insurance. 2. Distribution of GoTyme transactional banking. 3. Non-Banking Financial Company.
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Disciplined capital allocation creates value Cumulative capital 2020–2025 7 RELEASED R17.9 billion R51.3 billion RETURNED TO SHAREHOLDERS R28.4 billion Total new capital deployed in M&A • Strategic exits • Capital release through proactive balance sheet management • Strengthened retail platform in SA • Strengthened insurance platforms in India and Pan-Africa • R4.2 billion share buybacks • R47.1 billion in dividends NET DEPLOYMENT
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Portfolio restructured for scale, returns and growth 8 Metric 2016–19 (pre-Covid) 2020–25 (post-Covid) 2026–30 CAGR3 Life new business volume growth 7% 8% Net earned premium growth1 7% 6% Assets under management growth 8% 12% Earnings2 7% 12% Adjusted RoE (period avg.) 15% 16% Dividend 8% 10% 1. Net earned premium for 2016–2019 reflects Santam only, 2020 – 2025 represents the group view. 2. Earnings before 2023 are reflected as NRFFS and from 2024, are core earnings. 3. Relative to the 2020 – 25 (post-Covid) period. HIGHER HIGHER HIGHER CONSISTENT HIGHER HIGHER
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Driving long-term quality growth 9 Leverage Growth platforms Grow Incubate & Grow Future revenue streams Cash generative core businesses SA Life & Savings l Santam l Sanlam Investments Credit, Banking & Rewards l SA Lloyd’s l International Capital markets l India Build SA ecosystem Pan-African insurance franchise Indian ecosystem powered by capital infusion
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Strong progress to date, with deliberate near-term investment and earnings impact supporting long-term growth Strategic progress achieved in 2026 ✓ Retail Mass branches operationalized ✓ Retail credit JO with GoTyme completed ✓ Banking distribution approvals received ✓ Proposal to acquire Santam minorities ✓ SIM single active manager swapped for a sizeable holding in Ninety One ✓ Increased insurance holdings in India ✓ Shriram Finance positioned for growth post capital injection ✓ Santam's Lloyd's Syndicate 1918 gaining traction ✓ Pan-Africa integrations nearing completion REPOSITIONING FOR GROWTH — 2026 MILESTONES 01 Winning as ‘one Sanlam’ in South Africa 02 Building a solutions- led, emerging markets asset manager 03 Shriram financial services ecosystem in India 04 Accelerating specialist capability via Lloyd's 05 Unlocking the Pan- African insurance frontier Elevated 2026 project spend, expected to normalise to <R300m from 2027. This is not a change in the group's underlying cash-generative capacity GROWTH INVESTMENTS Corporate transactions Growth platform investments will build momentum and deliver long- term value Technology investment Future-fit platforms driving efficiencies 10
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MUTUALLY BENEFICIAL TRANSACTION • Enhanced client proposition and cross-sell opportunities over time • Strategic alignment and operational efficiency Unlocking the final layer of cost synergies Enhanced capital allocation & strategic flexibility Simplification of the group structure A natural next step in the relationship, simplifying the group and supporting long-term value creation Acquiring the Santam minority interest POTENTIAL POST-TRANSACTION FINANCIAL IMPACT • Supports the trajectory on core earnings growth, adjusted RoE, adjusted RoGEV and dividend growth; group solvency and the sustainability index are maintained. Targets remain unchanged. Attractive liquidity event Long-term shareholder support Reaffirming & accelerating strategy 11
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1 2 3 4 5 Our confidence in the fundamentals, translated into higher through-the-cycle earnings and returns Earnings and returns reflecting quality growth 12 SCALE CREATES COMPETITIVE POSITIONS PREMIUM AND ASSET GROWTH IS ACCELERATING VOLUME GROWTH COMPOUNDS INTO PROFIT CAPITAL-EFFICIENT PLATFORMS EXPAND ROE MACRO SUPPORTS LONG-TERM GROWTH
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The five things that drive the targets we have set for 2030 Our financial objectives 13 Expand RoE > Cost of equity Grow premium and asset base Increase operational leverage Consistent organic investment Grow dividends 1 2 3 4 5
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Delivering on sustainable value creation CAPITAL MARKETS DAY 2026 Abigail Mukhuba Group Finance Director 14
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Bridging the gap from 1H26 to FY2026 Confidence in our 2026 outlook What RSA CPI + 3% requires Dependencies: normalised weather losses, stable markets and currency, and effective execution 1. On a comparable basis, excluding currency fluctuation and corporate activity. 2. Assumed RSA CPI of ~4%. Not reliant on growth vectors at this stage. 3. Operating profit includes investment variances, which are market-driven and volatile; guidance is therefore given on the measure excluding investment variances. Sustain underlying growth and convert strong flows into earnings Recover general insurance margins and underwriting performance Deliver cost efficiencies and contain growth investment spend Improve cash conversion and subsidiary remittances 1H26 delivered 46% FY26 remaining 54% R million 2025 Comparable1 2026 guidance: CPI2 + 3% 1H26 outcome Operating profit 13 431 No guidance3 7 289 Operating profit excl investment variances 13 861 14 873 6 777 Core earnings 14 800 15 880 7 377 1H26 against the full year 2026 guidance 15
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A decade of consistency Adjusted RoGEV (%) 17.9 15.7 2016 2025 Adjusted RoGEV per share Hurdle (RFR+4%) ROE (%)3 14.7 18.1 2016 2025 Dividend (cps) Core earnings (R billion)2 A stronger platform and a sustained record of delivery 8.0 15.1 2016 2025 268 485 2016 2025 Dividend Target range 16 Sanlam Investments AuM (R billion)Premium growth to GDP (R billion) 835 1,673 2016 2025 44 83 21 40 2016 2025 New business volumes: Life business Total GI NEP Nominal GDP index > 20% target 15% average 7% CAGR 12% CAGR 8% CAGR 10% CAGR16% average 16% average 16% average 4% CAGR 8% CAGR7% CAGR 8% CAGR 7% CAGR1 6% CAGR1 1. Net earned premium for 2016–2019 reflects Santam only. Including the SAZ and India acquisitions would result in a CAGR of 19% for the period. 2. Earnings before 2023 is Net Results From Financial Services ( NRFFS). 2024 earnings has been adjusted for the removal of the Capitec reinsurance recapture fee of R1.4 billion. 3. Historical return on equity (RoE) is presented on an actual basis up to and including 2024, while RoE from 2025 onwards is presented on an adjusted basis.
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40% 60% 80% 100% 2016 2018 2020 2022 2024 2026 2028 2030 Cash Conversion` 2025 2030 SLS High High Pan-Africa Low Medium India Low Low/Medium Sanlam Investments High High Santam Medium Medium Indicative cash remittanceCash remittance Average cash remittance 74% 2016–25 average 74% Key: High ≥75% Medium 25–74% Low <25% Cash remittance as % of core earnings A stronger platform and a sustained record of delivery A decade of consistency (cont’d) 1. Remittance reduce to fund investment in Saham in 2018. 2. R3 billion pandemic reserve release supported the dividend. 3. Cash retained in clusters from 2023 to fund Pan-Africa and India requirements. Cash remittance reduced following the SanlamAllianz joint venture.. Covid pandemic reserve2 release phase avg 78% Reversion to through-the-cycle level back to c.75% Redeployment to growth opportunities3 (SanlamAllianz & India) avg 63% Pre-Covid avg 76% Deployment into Saham opportunity1 17
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How we will measure delivery to 2030 Volume-led growth plan supported by strong margins, a low-cost base and capital discipline Delivering Vision 2030 through six drivers 2025 SET THE AMBITION Vision 2030 strategy, targets and portfolio direction 2026 DEMONSTRATE EXECUTION Progress, milestones and leading indicators against the 2030 targets 2027+ ANNUAL SCORECARD Consistent annual accountability against the 2030 ambition SCALE GROWTH STABLE MARGINS COST DISCIPLINE CAPITAL EFFICIENCY LINE OF BUSINESS & GEOGRAPHIC DIVERSIFICA TION 18
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Projections are anchored on operational growth and capital allocation discipline Disciplined assumptions underpin 2030 targets 1. CAGR between 2016 and 2025. 2. Cash remittance as a percentage of core earnings. 3. Investment return on shareholder fund capital and reserves for 2024–2025. RSA CPI: 4% | Nominal GDP – South Africa: 5 - 6% | Pan-Africa: 5% –9% | India: 8%-10% Macro assumptions BUSINESS DRIVER 2016–251 ACTUAL 2026–30 BASE ASSUMPTION Life new business volume growth 7% >SA nominal GDP of 5 - 6% General Insurance new business growth 7% >SA nominal GDP of 5 - 6% Net client cash flow as % of AuM 2% 0% - 2% Credit book growth 10% 10% - 15% Cash remittance2 74% 70% - 75% Investment returns3 7% 6% - 8% FINANCIAL OUTCOME 2016–251 ACTUAL 2026–30 PROJECTED THROUGH-THE- CYCLE Core earnings growth 8% >10% Adjusted ROGEV 14.8% >14% Adjusted ROE 15.3% >20% Dividend growth 7% >RSA CPI + 4% On a three-year rolling basis BASE ASSUMPTIONS RISKS Market levels | Currency volatility | Weather events | Macro volatility | Regulatory changes | Competitive pressure UPSIDE Cost efficiency | AI-enabled productivity | Faster growth in Africa and India | Underlying product margin stability leads to competitive position in each market 19
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✓ Improved new business mix and margin ✓ Progress towards transactional banking capability ✓ SanlamGoTyme retail joint operation ✓ Rewards supporting engagement and cross-sell ✓ +200 branches and synergy realisation ✓ Future-fit efficiency improvements South Africa EARNINGS GROWTH TARGET > RSA CPI + 6% 2030 10.0% Life 5% to 6% Nominal GDP growth1 130 million mobile & broadband subscriptions 3.3% Non-life Insurance penetration Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets Strategic platforms supporting sustainable growth momentum ASSET MANAGEMENT REIMAGINED Sanlam Investments SHRIRAM ECOSYSTEM India Sources: BMI, S&P, EIU, GlobalComms. 1. Average GDP growth from 2026 to 2030. WINNING AS ‘ONE SANLAM’ SA ecosystem 20
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✓ Higher AUM and asset flows ✓ Building alternatives and multi-manager ✓ Flows and platform scale on a low capital base ✓ High cash conversion ✓ Capital-light growth supports capital efficiency EARNINGS GROWTH TARGET > RSA CPI + 6% 2030 Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets Strategic platforms supporting sustainable growth momentum ASSET MANAGEMENT REIMAGINED Sanlam Investments SHRIRAM ECOSYSTEM India 32% 13%24% 12% 19% AUM composition Multimanager Private wealth Satrix Alternatives Other/international WINNING AS ‘ONE SANLAM’ SA ecosystem Sources: BMI, S&P, EIU, GlobalComms. 1. Average GDP growth from 2026 to 2030. 21
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✓ Increased insurance holdings ✓ Simplification of the SFL structure ✓ Loan book growth supports the Credit opportunity ✓ Profit emergence across Life and GI ✓ Growing lives covered and agency force ✓ Capital markets scaling up EARNINGS GROWTH TARGET > RSA CPI + 10% 2030 India 8%-10% nominal GDP growth1 1,291 million mobile & broadband subscriptions 2.5% Life 0.9% Non-life Insurance penetration Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets Strategic platforms supporting sustainable growth momentum ASSET MANAGEMENT REIMAGINED Sanlam Investments WINNING AS ‘ONE SANLAM’ SA ecosystem SHRIRAM ECOSYSTEM India Sources: BMI, S&P, EIU, GlobalComms. 1. Average GDP growth from 2026 to 2030. 22
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✓ South Africa's #1 general insurer, now taking specialist capability global ✓ Syndicate 1918 operational and gaining traction ✓ Underwriting margin improvement as syndicate matures ✓ Access to specialist international risk diversifying general insurance 2030 TARGETS > 24%2 Return on capital > 10% Underwriting margin > 30% GWP contribution ✓ Integration synergies (pre-tax R934 million) to be realised ✓ Double-digit life new business volumes and VNB growth ✓ Life distribution broadened through bancassurance ✓ Focus on underwriting and topline growth in GI Pan-Africa EARNINGS GROWTH TARGET >2x 2024 earnings >RSA CPI + 10% 5% to 9% Nominal GDP growth1 1,070 million mobile & broadband subscriptions 0.7% Life 0.8% Non-life Insurance penetration Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets Strategic platforms supporting sustainable growth momentum UNLOCKING THE PAN-AFRICAN FRONTIER Pan-Africa SPECIALIST CAPABILITY VIA LLOYD’S Santam Sources: BMI, S&P, EIU, GlobalComms. 1. Average GDP growth from 2026 to 2030. 2. ZAR return on capital of 24% by 2030 reflects the current Santam hurdle rate; an SA support base and existing head-office structure underpin cost efficiency versus UK-based peers. 23
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Capital allocation – focus is on value-accretive growth W HERE W E INVEST FOR GROW TH Life & Savings Customer value proposition attracting new business which earns returns above cost of capital Santam Bringing Santam fully in-house1, investing in book growth, including Lloyd’s Syndicate 1918 India Growing insurance and wealth management SanlamAllianz Book growth as the recovery comes through Asset management Capital-light business that scales with flows Growth requires upfront capital Maturing books release profit and capital India cash generation rises from 2028 Pan-Africa dividends to Group rise from 2027 2026 Dividend growth of RSA CPI + 4% 2027 Dividend growth of > RSA CPI + 4% Cover remains within our target range of 1x to 1.2x CONTINUOUS VALUE-CREATION Ongoing allocation discipline Solvency, liquidity and risk appetite govern every stage 1. Subject to approvals. 1 EARNINGS AND CASH GENERATION STEP UP2 SHAREHOLDER RETURNS3 Excess capital returned through dividends and value accretive share buy-backs 24
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Near-term adjusted RoE 2027 accounting rebase effect, not economic CORPORATE ACTIVITY MUFG & Ninety One No cash or capital deployed in 2026 INCREASE IN IFRS OPENING EQUITY R6 billion Value crystallised by executing transactions at valuations higher than historical carrying values THE 2027 EFFECT ~1% Drop in reported adjusted RoE from 2026 to 2027 2026 guidance reaffirmed >18% 25
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Adjusted RoE > 20% by 2030 As corporate activity settles, adjusted RoE accretes naturally each year C A P I T A L I N T E N S I T Y1 C A P I T A L G R O W T H2 R o E E X P A N S I O N Credit & General insurance High In line with book growth Modest Life insurance Moderate • Modest – broadly in line with investment return • SAM capital requirements grow slower than life book due to diversification Strong Asset management Low Low Rapid ~1% p.a. • Sanlam’s mix of business implies ~1% of adjusted RoE accretion each year from 2028 • Earnings growth outpaces capital growth, driving natural adjusted RoE expansion 1. The level of additional capital required to support business growth. 2. The rate at which the equity base expands relative to earnings. 26
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W H Y T H E G A P I S E X P E C T E D T O W I D E N Adjusted RoE uplift at 1% p.a. from 2028 Cost of equity assumed constant despite inflation outlook A D J U S T E D R O E V S C O S T O F E Q U I T Y Sustained returns above the cost of equity are what justify a higher rating 18% 12%1 June 2026 > 20% 12% 2030 >8% Adjusted RoE Cost of equity ~6% Spread = adjusted RoE less cost of equity Spread over cost of capital widens from ~6% to >8% by 2030 Returns above our cost of equity Cost of equity of 12% calculated at 31 December 2025 (risk-free 8.5%, equity risk premium 3.5%, beta 0.93). 27
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A uniquely diversified portfolio with multiple, complementary growth engines Positioned to deliver long-term value Leading market positions and strategic platforms #1 or leading positions across key insurance, investment and wealth markets scaled franchises and growth engines Uniquely diversified and complimentary growth engines South Africa, Pan-Africa, India, Investments and new growth platforms Strong capital & cash generation Supports growth investment while maintaining dividend capacity Growth funding with capital safeguards Proven execution capability Returns, dividend and cash remittance Track record of integrating acquisitions and realising synergies Future profit pools GoTyme banking, credit, rewards and Lloyd's create additional upside Supportive macro and industry backdrop Structural demand across core markets
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Group economic solvency 150% – 190% Disciplined capital allocation Our 2030 through the cycle targets remain Firm commitment to our targets Operating profit & core earnings growth1 > RSA CPI + 6% Above inflation, through the cycle Adjusted return on equity2 > 20% Improving returns over time Adjusted return on group equity value2 > RFR + 4% Sustained above hurdle rate Dividend growth3 > RSA CPI + 4% Consistent, growing distributions Sustainability index 4 out of 5 Scalable, sustainable growth 1. On a comparable basis, excluding currency fluctuation and corporate activity. Investment variances are market-driven and volatile, target is therefore given on the measure excluding investment variances. 2. Excluding the effects of currency translation, investment variances, economic assumption changes and listed market movements of strategic assets. 3. Based on rolling three-year RSA inflation growth rate. 29
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Q&A 30
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Winning as ‘one Sanlam’ in South Africa Ecosystem execution: from build to launch Anton Gildenhuys CEO: Sanlam Life and Savings 31
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We start from strength… #1 general insurer 23% market share in South Africa #1 life insurer By new business volumes; a third of listed-sector value of new business (VNB) #1 retail platform & indexation Largest retail investment platform; Satrix c.38% market share Leading wealth & multi-management Top-tier private wealth; #2 multi-manager c.28% market share We lead today, but the market has evolved, and we are adapting We are at an inflection point + …and are adapting to Broaden our franchise strength & reach Improve our relevance to reach new customer segments 32
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MVP3 focuses on: Fast secure onboarding Integration across the customer's full financial life Instant rewards for financial behaviour Immediate everyday utility 1. Banking distribution relationship for GoTyme banking products. 2. Through the 50/50 SanlamGoTyme joint operation. 3. Minimum viable product. GoTyme banking, credit, rewards and the full Sanlam portfolio all in one app. The ecosystem keeps a strong franchise relevant General insurance Santam Life & savings Sanlam Life and Savings Investments & wealth Sanlam Investments Group-wide rewards One rewards programme Retail credit2 SanlamGoTyme JO Transactional banking1 GoTyme Connected by best-of-breed technology and AI-driven insights whilst anchored in relationship-driven advice One Sanlam in South Africa 33
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A competitive & differentiated proposition with GoTyme Why we are confident 1. Kantar BrandZ Top 30 Most Valuable South African Brands 2026. World-class technology partner in GoTyme Proven platform + Global scale & scope Unsurpassed transactional banking proposition Value for money + Frictionless customer journeys Established distribution network >9,400 tied advisers + 163 branches Trusted Sanlam brand Ranks # in SA’s most valuable brands1 ‘Sanlam native’ payment flows & volumes R134 billion worth of claims paid from SA entities in 2025 34
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Leverage Tech company DNA Refresh and enhance Brand relevance Data-driven Continuous evolution & experimentation Relentless focus on User experience Underpinned by human relationships and advice Modernising how the South African business operates Relationship will also drive shifts in our culture and capabilities 35
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Assupol integration Integration is complete, adding scale and reach in the retail market. Early cost efficiencies emerging 50/50 retail-credit joint operation with GoTyme now live SanlamGoTyme credit JO live Distribution of transactional approval received. Commercial launch targeted 2027 Banking approved Sanlam App soft-launches November 2026 with banking from GoTyme, credit, savings and group- wide rewards App & rewards What has changed since CMD 2025 Moving from build to launch 36
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2026: Build & Test 2027: Launch 2028+ : Iterate & Scale “Pilot before scale” across banking & credit KEY MILESTONES MANAGEMENT’S DASHBOARD AS THE ECOSYSTEM SCALES Credit JO live Distribution of banking regulatory approval received Expand solution set SOFT LAUNCH November 2026 COMMERCIAL LAUNCH 2027 · MVP • Delivery in line with plan • Delivery in line with budget • Accounts opened • App activity rate • Transaction volumes • Customer volumes, incl. new to group • Deposits • Core earnings • Credit book growth An expectation timeline 37
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What investors should watch Building the integrated ecosystem: banking breakeven expected in 2030 Where we are Investing: 2 - 4 million Banking customers by 2030 Targeting Retail credit loan book growth1 Unsecured lending Almost doubling the loan book by 2030 6 2025 2030 R billion 10 1. Unsecured lending only and excludes other types of lending that may follow. 38
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Transactional banking Breakeven from banking services in 2030 R180m to date R150 - 200m p.a. to come Where we are investing Moving to GoTyme platform; business already profitable Credit R100m IT migration Funded by participating rewards partners Rewards R364m to date R100 – R200m to come What investors should watch 2 - 4 million Banking customers by 2030 Targeting Retail credit loan book growth1 Unsecured lending Almost doubling the loan book by 2030 6 2025 2030 R billion 10 Building the integrated ecosystem: banking breakeven expected in 2030 39
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Near-term investment, medium-term payoff A deliberate investment phase today to lay the foundation for growth Near-term investment • Platform build and technology investment • Integration costs across the ecosystem • Expect to invest through to 2030 • Funded from a cash-generative SLS core Where growth comes from • Data-driven cross-sell and multi-product penetration • Ecosystem “supercharged” through relationship- driven advice • Digital engagement lowering cost-to-serve • Rewards and loyalty enhancing retention • New-to-Group customer acquisition 40
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Sanlam Investments A solutions-led, emerging markets asset manager. Built to move your capital further. Carl Roothman CEO: Sanlam Investments 41
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What changed since CMD 2025 Completed Ninety-One transactions Transferred R402 billion in AuM to Ninety One¹, appointed as Sanlam’s primary active asset manager for traditional single- managed products. 1. Sanlam effectively owns 9% in Ninety One on a dual listed basis. A scaled platform: multi- management, indexation, alternatives and private wealth Strong earnings base and positive net client cash flow R1.3 trillion in AuM – operating from a position of strategic clarity R37 billion – positive net client cash flow H1 2026 – taking significant share of industry flows Simplified operating model Stranded cost reduction initiatives completed and a fit for purpose operating model developed Business focused on core strengths 42
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A business that has been reshaped for the future Sanlam Investments From mass production to mass customisation with a solutions-led approach Solutions Best-in-class capabilities We build relevant investment solutions for high net worth, retail and institutional clients… … utilising our specialist expertise and strategic partner networks across active, passive and alternative asset classes Structured Solutions Sub-advised active Multi-management Private Wealth Active asset management Indexation Alternatives Sanlam Asset Management Ireland United Kingdom South Africa Sanlam Collective Investments: 43
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Private markets Visible fundraising, deployment and third-party momentum across alternative investment private-market platforms Third-party credit R13 billion Mid-market private equity R6 billion Meridian Capital Partners Fund (Secondaries Fund) ~R3.3 billion (~US$200 million) AlphaCode Venture Capital Fund R782 million Climate Fund Managers R46 billion (US$2.8 billion) • Climate Investor One • Climate Investor Two • Climate Investor Three • GAIA Climate Loan Fund 44
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India partnership with Shriram Unlocking growth in Shriram Capital Markets S T R AT E G I C PAR T N E R S H I P Shriram ecosystem One of Sanlam's most successful long-term investments Access to a unique financial services ecosystem Stockbroking Private Wealth Asset Management 45
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Scaled franchises in structurally attractive markets What Sanlam has retained AuM R1,3 trillion | Cost to Income Ratio 61% Quality businesses AuM (30 JUNE 2026) Revenue CAGR (2020 – 2026) Cumulative NCCF (2020 – 2026) Sanlam Investments SANLAM ALTERNATIVE INVESTMENTS Leading Africa and select emerging market alternatives manager >R200 billion (excluding Catalyst Fund Managers) 17% R16 billion SANLAM MULTI-MANAGEMENT 2nd largest multi manager in SA >R540 billion 18% R85 billion SATRIX Largest indexation business in SA, with 38% CIS market share >R330 billion 19% R108 billion SANLAM PRIVATE WEALTH (annuity client book) Top-tier private client wealth and asset manager >R260 billion 12% R17 billion 46
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Source: ASISA, June 2026 Sanlam Investments Net client cash flow (R billion) 5.3 50.5 0.7% 3.6% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 0 10 20 30 40 50 60 2016 2025 FC26 NCCF NCCF/Opening AuM SI holds three spots in top YTD 2026 retail flows Net inflows by manager, YTD 2026 2nd Amplify R9 billion No other asset manager holds both top spots in the SA market 6th Sanlam Multi-manager R5 billion 1st Satrix R13 billion ETFs R7 billion and unit trusts R6 billion • 25% of all SA CIS industry retail flows captured by Satrix for H1 2026 (excluding fund of funds and money market and reinvestments) • 52% of industry retail flows when added together with Amplify and Sanlam Multi-Manager Net client cash flow Strong flow momentum in the two years since we announced and executed the Ninety One transaction 47
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Stranded costs identified Stranded costs are temporary A defined, time-bound programme: already largely delivered in 2026 R770 million before tax and minorities (c.R360 million after tax and minorities) Programme identified R770 million (before tax and minorities) cost-reduction programme Largely delivered Reduction in fixed cost base of c.R560 million completed in 2026 with the remainder to be completed by H1 2027 Transitional service agreement Remaining costs relate mainly to the Ninety One transitional services agreement 48
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Shriram financial services ecosystem in India From foundation to ownership, control and value realisation David Marshall Group Executive: Strategy, M&A and Asia 49
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India remains a scarce, structural growth opportunity Currency ~17% currency movement is impacting reported results in Rand terms Regulation Labour codes, goods and services tax, expected commission regulations Macro Inflation, oil-price risk and geopolitical volatility Near-term headwinds are being navigated... 50
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Long growth runway Low insurance penetration, rising savings and investments Financial inclusion and digitisation Supportive regulation, deepening digital adoption Population and demographics Young, growing population, large rural market, expanding middle class India remains a scarce, structural growth opportunity ...but growth conditions remain intact 51
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THE ECOSYSTEM TODAY We have a scaled ecosystem Scale, distribution reach and growth ahead of the market ~29 million Customer relationships1 across the ecosystem 4 245 Branches deep physical reach >219 000 Agents community based distribution ~R550 billion Credit loan book the credit platform SFL figures as on 30 June 2026; Shriram General and Shriram Life figures as on 31 March 2026 1. Customer relationships across the ecosystem (includes some degree of business overlap). 52
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10 million Customers 3 225 Branches >59 000 Agents 7 million Live policies 291 Branches >1 000 Agents 12 million Customers 729 Branches >50 000 Agents Shriram Finance Shriram General Shriram Life Source: SFL figures as on 30 June 2026; Shriram General and Shriram Life figures as on 31 March 2026. We have a scaled ecosystem leading in chosen segments Scale, distribution reach and growth ahead of the market #2 NBFC in India By market capitalisation;~R420 billion Leading pre-owned vehicle financier Leader in organised financing of pre-owned commercial vehicles and two-wheelers Established brand trust Reach and trust built over 50 years Largest agency force In the Indian general insurance market 3rd largest branch network Amongst private players Consistently outgrowing market 3-year GWP CAGR 27% vs 9% for private industry Rural leadership 3rd largest private insurer by rural policies Low ticket sizes Policy premiums ¼ of industry average Consistently outgrowing market 5-year APE CAGR 29% vs 20% for private industry 53
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What changed since CMD 2025 Material progress has been made, with strengthened participation Insurance transactions completed Transactions to increase economic interest in Life insurance (41.83% to 68.72%) and General insurance (40.25% to 50.99%) complete $4.2 billion MUFG1 investment strengthens SFL’s capital base, lowers funding costs and supports growth. Sanlam’s stake reduced to 7.62% Diluted stake in stronger SFL2 Ecosystem expanded to asset, wealth and stockbroking, deepening customer relationships and creating new growth opportunities Broader ecosystem Strategic progress across each of our businesses, supported by increased board representation and stronger management influence Driving disciplined growth 1. Mitsubishi UFJ Financial Group invested US$4.2 billion for 20.02% stake in Shriram Finance Limited. 2. Shriram Finance Limited. 54
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What the ecosystem now looks like Higher ownership of higher-return businesses supports Group core earnings, RoE and cash generation Increasing RoE and cash generation; decreasing capital intensity Core earnings Growth increasingly driven by insurance and fee earnings Return on equity A rising share of higher-return businesses lifts the blended return Cash generation Higher ownership of insurance improves the path to dividends and remittance The scale lending platform at the heart of the ecosystem Credit (SFL) High-quality, fast-growing short- term insurance franchise General insurance (SGIC) Protection and savings, now moving into a subsidiary position Life insurance (SLIC) Capital-light earnings and long-term optionality alongside insurance core Capital Markets (SCM) 55
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Significant value created, accelerating in recent years India is a materially larger share of Group value, at returns above hurdle R9 bn R33 bn 2016 H1 2026 Share of Group Equity Value 2016 8% R9 bn of R112 bn H1 2026 19% R33 bn of R178 bn India has more than doubled its share of Group Equity Value Adjusted Return on GEV Growth delivered above the Group hurdle rate 12.5% 17.9% 19.4% H1 2026 (six monthly returns) 10-year average (annualised) Group hurdle Group Equity Value 3.9x Increase in years 56
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Where growth is coming from Growth remains strong, but not uniform • Improved growth outlook with MUFG transaction • Capital supports credit book growth of 15% - 18% • Access to lower-cost funding • Expansion into new commercial vehicle segment • Operating profit expansion • Strong volume growth • H1 2026 volume growth of 25%, well above market • Market-leading motor underwriting capability • Strong cost control • Healthy cash generation • Strong retail growth • H1 2026 retail growth of 24% • Focus on diversification of Group Business • Near-term margin pressure from regulatory changes • Continued investment in distribution capacity • Building stockbroking, asset and wealth management offering • Scaling operations and capturing new market segments • Retaining clients through their life cycle Life (SLIC) General insurance GROW Credit (SFL) LEVERAGE Capital Markets GROW INCUBATE & GROW 57
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What investors should watch The markers that will evidence rising ownership, mix and returns Life business volumes growth1,2 20% – 25% 2030 Target: 14% H1 2026: On track for 2030 Continued growth • Growth in SLIC and SGIC business volumes • Profitability as the insurance core scales • Sustainable credit growth following the MUFG injection • Increased Sanlam influence and support • Timing and impact of SLIC consolidation Control • Driving increased scale in the capital markets franchise Building scale • Stronger support to Sanlam cash and ROE targets over the medium term and evidence of improving business mix and rising returns RoE & cash 58
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What investors should watch Progress against 2030 targets 1. On a comparable basis (In constant currency and adjusted for corporate activity). 2. On an IFRS 17 basis. General insurance1 15% – 20% 25% 2030 volume target H1 2026 Achieved 16% – 21%2 2030 net insurance ratio target 16%2 H1 2026 Life insurance1 20% – 25% 14% 2030 volume target H1 2026 Below On track for 2030 Core earnings growth >RSA CPI + 10% 2% 2030 target H1 2026 Below Impacted by regulatory headwinds in SLIC On track for 2030 On track for 2030 Achieved On track for 2030 59
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Majority positions in higher-RoE insurance businesses Earnings quality and cash generation increasingly insurance-driven Near-term dilution today; higher ownership and cash tomorrow Capital position accelerates credit growth and expands ecosystem Own more of the higher-RoE businesses Positioned for higher returns and cash generation Clear path to value Insurance-led value Increased ownership in capital-light positions Stronger credit platform 60
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Accelerating specialist capability via Lloyd’s From ambition to execution Tavaziva Madzinga CEO: Santam
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South Africa’s leading and diversified general insurance group, delivering disciplined progress against our targets OUR DIVERSIFIED FRANCHISE A diverse business with a consistent track record maintained over 10 years >22% SA market share OUR STRENGTH LIES IN OUR DIVERSIFIED MODEL TRACK RECORD of client service history 108 years Insures over 80 of the top 100 JSE-listed companies 3.6 million+ policyholders 14 October 2026 · 61.9% effective interest held by Sanlam R55.8bn market cap A proven track record against our financial targets underpins confidence in the strategy. Target: CPI+GDP+1–2% GWP growth: +10% Target: 5% - 10% Net underwriting margin: 8.1% Target: grows with NEP Dividend growth: +10.2% Target: >24% Return on Capital: 27% At H1 2026 Source: Santam H1 2026 Results Intermediated 78% Direct 22% By product Property (38%) Motor (50%) Engineering (4%) Liability (3%) Accident (2%) Distribution Channel Transport (3%) 77% 6% 17% South Africa Rest of Africa Other International 62
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Strengthening our SA leadership and driving international diversification, underpinned by data and analytics Strategy anchored in three growth vectors, with clear targets to 2030 Strengthen leadership position in South Africa • Shift to a multi-channel model • Maintain dominance in Broker • Scale Direct and tied agency Drive international expansion & diversification • Leverage SanlamAllianz • Accelerating our Specialist capability (via Lloyd’s) • Scale Reinsurance Scale ecosystems & explore new markets • Partnerships: MTN, MultiChoice • Ecosystem/platform play • Cross-sell across the Sanlam Group Care · Collaboration · Integrity · Innovation OUR PURPOSE OUR VALUES To safeguard what is important to our clients in a manner that enables wealth creation and protection for our stakeholders. 63
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Long-term targets to 2030 Net underwriting margin 5% – 10% Return on capital >24% Capital coverage ratio 145% – 165% GWP growth rate CPI+GDP +1% – 2% International GWP >30% Direct GWP >30% 64
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Why Lloyd’s? Lloyd’s is a large, diversified and highly rated platform; the base Santam Syndicate 1918 builds on Large, global marketplace Large, global marketplace Licences in 80 insurance and 200 reinsurance territories worldwide Other 9% Property 34% Marine, Aviation & Energy 18% Specialty 39% 1 Direct lines Balanced mix Underwriting innovation and flexibility Cross-cycle resilience Source: Lloyd’s Annual Report 2025; Lloyd’s 2026 Strategy: London Matters 2026. Note: premiums as at FY2025. $76 billion GWP — over 7x the size of South Africa’s P&C market, ~2–3x Africa P&C Insurance and reinsurance licence Diversified risk portfolio¹ Reinsurance only Cross- border reinsurance Local partners Sizable with superior ratings Size of the global (re)insurance market, $bn London Market share % 7.8% 7.4% 7.6% 7.6% 7.6% 8.2% 8.7% 789 912 901 1,004 1,036 1,306 1,495 2010 2013 2015 2018 2020 2022 2024 Superior ratings with S&P, Fitch and A.M. Best Positive outlook AM Best A+ Excellent S&P AA- Very Strong Fitch AA- Very Strong Global Market size $bn 65
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What changed since CMD 2025 Clear pipeline visibility1 Underwriting commenced • Syndicate 1918 went live and began underwriting on 1 January 2026 • Open market writing from 1 April 2026 • £375m approved underwriting capacity for 2026, with more than £150m earmarked for new incremental business Premium momentum building with discipline • New incremental business concluded • Initial expected loss due to the revenue recognition profile Scale from day one An existing specialist book transferred in to achieve scale and a ‘right to win’ Team in place New CEO appointed, supported by the appointment of senior underwriters 1At 30 June 2026 66
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Path to profitability A planned, timing-driven investment R1.3bn new incremental business (EPI) concluded by 30 June 2026 R461 million GWP recognised in H1 2026; balance recognised over H2 2026-2027 R450 – R550m planned operating loss in 2026 Timing-driven on incremental new business Mid 2027 monthly breakeven expected A clear transition from dilution to accretion • Loss size is linked to premium ramp-up speed, not underwriting quality or a cost J-curve • IFRS delayed revenue recognition - positive on an underwriting-year basis 2028+ Positive contribution Meaningful earnings contribution Three-year distribution requirement | profit delayed in cash, not in value 67
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Capital, cash & dividends International growth funded without compromising strength or returns 145% – 165% Santam expected to remain within its target capital coverage range Capital deployment remains staged and within Santam’s coverage targets of 145%–165% Subordinated debt supports international growth from a regulatory capital requirement perspective Funded by Santam and letters of credit Coverage Maintained 68
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Soft market today, hardening will be tailwind Disciplined underwriting into a softening cycle • Global corporate property rates continue to soften from 2024 highs, with further softening expected into January 2027 renewals • The market has maintained underwriting discipline with a focus on profitable growth • Selective and disciplined underwriting • Facilities/ Consortia-led approach at Lloyd’s to protect quality over volume • Withdrew Avatar capacity from US corporate property midmarket • £67m additional capacity approved • £59m EPI concluded to 30 June 2026, with a strong 2H 2026 pipeline earning through 2027–2028 Softening rate environment Our response Syndicate 1918 Outlook London market enters the next phase from a position of strength Lloyd’s market 1H 2026 combined ratio of 90.8% (1H2025: 92.5%) 69
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A lean, well-governed model with top-tier underwriting talent in place Scalable from day one, with a clear path to value accretion by 2030 Accelerating the international ambition in specialist lines we understand Primed for growth Operationally efficient Strategically sound A transformational step in Santam's journey With clear markers of success by 2030 70
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Remains intact in ZAR terms Rising contribution of international business to Group GWP Tracking toward Lloyd's mid-cycle expectations of above 5 - 10% International GWP contribution >30% by 2030 Return on capital 24%¹ by 2030 >10% Underwriting margin by 2030 1. ZAR return on capital of 24% by 2030 reflects the current Santam hurdle rate; a SA support base and existing head-office structure underpin cost efficiency versus UK-based peers. A transformational step in Santam's journey Markers of success · 2027 – 2030 71
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Unlocking the Pan-African insurance frontier Hennie Nel CAPITAL MARKETS DAY 2026
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Pan-Africa – solid foundation for growth Largest non-bank financial services group on the continent (ex-SA) Life • Top 3 in 15/21 markets • Top markets - Egypt, Namibia, Botswana, Tanzania, Cote d’Ivoire General insurance • Top 3 in 17/23 markets • Top markets - Morocco, Cote d’Ivoire, Egypt, Kenya, Angola • Stable 16% cumulative market share • JV pairs Allianz's global scale and technical support with Sanlam's deep local expertise • Full support from both shareholders • Presence in 25 countries across Africa • c.4% GDP growth across African markets (ex-SA) • <1% penetration — vast headroom Leading market positions Highly committed shareholders High-growth market 73
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What changed since CMD 2025 Good progress Strong momentum in life operations • 1H26 performance delivered against all key targets Inaugural dividend declared • SanlamAllianz declared its inaugural dividend three years after inception, moving into cash generation phase Integration complete • All 11 integrations in overlapping countries completed • Morocco rebranding to complete in Oct 2026 and operational integration 1Q 2027 SAZ Re reset • New experienced management team • Controls strengthened and new system implemented 74
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Integrations complete 11/11 regulatory integrations complete • Achieved in three years • Synergies now being realised Synergies exceed costs Focus shifting to growth Focus on growing the business and driving performance Continuing product development, distribution expansion and focusing on efficiencies Integration complete and value accretive Platform moving from integration to cash generation and profitable growth R934m annual run-rate synergies R961m total one-off cost target Pre-tax Integrations are behind us, with focus shifting to accelerated growth and performance 75
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Strong life results subdued by below target general insurance performance The current reality: our scorecard Overall core earnings (R million)1 2024 2 041 2025 1 971 1H26 9012 2030 ambition 4 100 Earnings declined in 2025 as general insurance losses offset strong life growth Life ON TRACK • Solid volume and VNB momentum across key markets • Bancassurance and agency distribution scaling well • Profitable business mix supporting margins General Insurance BELOW TARGET • Profitability impacted by NatCat and other large claim events • Net earned premium growth not supporting expense base • SAZ Re clean up 2024: 1 219 | 2025: 1 664 | 1H26: 986 Core earnings (R million) 2024: 1 478 | 2025: 915 | 1H26: 187 Core earnings (R million) 1. At constant currency using Dec 25 average exchange rates. 2. Includes life, general insurance and central costs. 76
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The plan to 2030: phased execution Deliberate focus on GI growth and profitability, with continued Life momentum Immediate actions 0–6 months 01 Strengthen underwriting and financial controls 02 Review current operating model and markets to optimise capital deployment 03 Reprice unprofitable business including health products 04 Enhance cooperation with SanlamAllianz shareholders on corporate/specialist insurance 05 Embed strong teams and culture 77
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The plan to 2030: phased execution Deliberate focus on GI growth and profitability, with continued Life momentum (continued) Short to medium term 6–12 months Longer term >12 months Activate new partnership arrangements with banks and other distribution platforms Cross-sell between life and general insurance businesses Optimise reinsurance programme Simplify operating model addressing the overhead cost base Grow retail general insurance through products and distribution platforms focused on the uninsured market Enhance use of data through system standardisation and process simplification 78
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Separating the outcome, the drivers and the health indicators T H E D R I V E R S What investors should track (2027–2030) H E AL T H I N D I C AT O R S 12–15% Life volumes 15–20% VNB growth Life 12–15% GI NEP growth 10%–15% Net insurance ratio¹ General insurance >RSA CPI +10% Core earnings Overall T H E O U T C O M E >2x More than double 2024 earnings by 2030 from R2 041m (2024) normalised base 1. Normalised for investment market volatility. 2. From subsidiaries to the SanlamAllianz group. Adjusted RoGEV Above the group hurdle rate Cost-to-income Trending to best-in- industry ratios Cash remittances Stronger returns and cash generation Dividend pay-out ratio2 65% – 75% 79
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Q&A 80
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Paul Hanratty Group Chief Executive Officer CAPITAL MARKETS DAY 2026 Wrap up and Takeaways C A P I T A L M A R K E T S D A Y 2 0 2 6 81
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Thank you 82