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Basis of preparation The Sanlam group’s condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 (IAS 34) – Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa, for the six months ended 30 June 2026. The condensed consolidated interim financial statements have not been reviewed or audited by the group’s external auditors. This represents a change from prior interim reporting periods, where the condensed consolidated interim financial statements were subject to an external review. The basis of presentation and accounting policies for the condensed consolidated interim financial statements are, in all material respects, consistent with those applied in the 2025 integrated report and annual financial statements, apart from the adoption of new IFRS Accounting Standards with effect from 1 January 2026. With effect from 1 January 2026, the group also refined its management-defined earnings framework, and the basis of accounting for the interim supplementary information has been amended accordingly. The financial and strategic review is prepared on an interim management information basis. The basis of accounting for the supplementary information, including the shareholders’ fund, can be found on pages 62 to 71. All references to 2026 and 2025 relate to the six-month period, unless otherwise stated. Comparative information in respect of the statement of financial position, group equity value, the contractual service margin and risk adjustment, solvency and discretionary capital is presented as at 31 December 2025. The group’s Indian operations are reported on a three-month lag. Forward-looking statements In this report, we 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 the financial results, new business volumes and investment returns (including exchange-rate fluctuations). These statements may also relate to our 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”, “expect” and “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 because of new information, future events or otherwise. Any forward-looking information contained in this document has not been reviewed and reported on by Sanlam’s external auditors. Constant currency information The constant currency information included in this report has been presented to illustrate the impact of changes in the South African rand exchange rates. It is presented for illustrative purposes only and, because of its nature, may not fairly present the group’s financial position, changes in equity, result of operations or cash flows. All references to constant currency information are based on the translation of foreign currency results for the six months to 30 June 2026 at the weighted average exchange rate for the six months to 30 June 2025, which is also applied to the translation of comparative information. Growth rates presented on a comparable basis are further normalised for changes in group structure, as set out in the basis of normalisation for comparability in the financial and strategic review. The comparable information constitutes pro forma financial information in terms of the JSE Listings Requirements, is the responsibility of the board of directors and is presented for illustrative purposes only. The major currencies contributing to the exchange-rate movements are the British pound, United States dollar, Botswana pula, Indian rupee, Moroccan dirham, Angolan kwanza, Nigerian naira, Egyptian pound and the Malaysian ringgit. Foreign currency/South African rand (ZAR) United Kingdom USA Botswana India Morocco Angola Nigeria Egypt Malaysia 31/12/2025 spot rate 22,29 16,57 1,26 0,18 1,82 0,02 0,01 0,35 4,09 30/06/2026 spot rate 21,75 16,39 1,21 0,17 1,75 0,02 0,01 0,33 4,02 (Strengthening)/weakening (2%) (1%) (4%) (6%) (4%) (1%) (4%) (4%) (2%) Average for the six months ended 2025 23,82 18,38 1,34 0,21 1,91 0,02 0,01 0,36 4,20 Average for the six months ended 2026 22,07 16,40 1,22 0,18 1,78 0,02 0,01 0,33 4,12 (Strengthening)/weakening (7%) (11%) (9%) (17%) (7%) (11%) 1% (11%) (2%)
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Notes Interim Results 2026
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Notes 2 Disclaimer 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 thegroup’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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Notes 3 CONTENTS Reporting framework Abigail Mukhuba 2 Overview and strategy Paul Hanratty 1 Financial results Abigail Mukhuba 3 5 Priorities and outlook Abigail Mukhuba 6 Additional information Business performance Abigail Mukhuba 4 Click to edit Master title style
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Notes 01 Overview and strategy
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 5 Key messages Excellent strategic progress Strong growth in most businesses Severe weather impacts Earnings as expected (ex-weather) Outstanding value creation Improved cash efficiency
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 6 Financial results +1% Core earnings(1,2) growth +7% before period-specific impacts(4) 18,4% Adjusted RoE(3) On track for medium-term target 15,5% Adjusted RoGEV(3) Above hurdle rates of 12,5% 177% Group solvency Within target range (1) Further detail on the group’s earnings framework, including definitions and rationale, is available online in the Sanlam’s earnings framework document released. (2) On a comparable basis, excluding currency fluctuation and corporate activity. Operating profit excl. investment variances was down 1%. (3) The annualised number is the half-year number compounded, excluding one-off items not expected to repeat. (4) Excluding one-off adverse weather, investment in growth initiatives, ALM reassessment, currency impacts and corporate activity.
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 7 Strong growth from market-leading positions Life insurance South Africa +11% South Africa +6% R1,0 billion -7% Value of new business (VNB) R78 billion +42% Net client cash flowEarnings1New business volumes R224 billion +22% R42 billion R26 billion R156 billion General insurance(1) Investment management South Africa +27% Pan-Africa +23% Pan-Africa +3% Pan-Africa +7% India +14% India +25% International(2) +100% (1) On a net earned premium basis. (2) Includes offshore funds listed on the SAMI platform, managed in South Africa.
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 8 India | strengthened platform Materially strengthened capital base and balance sheet Strong capital position accelerates growth Value uplift already visible in our GEV (+R561 million) MUFG(1) – a step-change for Shriram Finance Shriram and Sanlam – capturing India’s fast growing insurance market 40,25% to 50,99% Shriram general insurance company 41,83% to 68,72% Shriram life insurance company Sanlam’s effective ownership Well capitalised to enter new vehicle finance segment Moving to higher RoE and cash-generative businesses (1) Mitsubishi UFJ Financial Group.
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 9 Simplified and refocused Value unlocked Quality growth retained Asset management | simpler, solutions-led business Exited single-manager active management Refocused on solutions and distribution Retain the client and distribution R3,2 billion IFRS disposal gain on sale of SA active asset manager + R0,3 billion GEV uplift ~9% stake in Ninety One keeps long-term upside Stranded costs well managed Strong earnings despite R402 billion AUM transfer Three of top six net client cash flow winners (1) from Sanlam Leaner, mass-customisation ready (1) Based on ASISA Industry Statistics.
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 10 Inaugural dividend of R500 million(1) declared - 3 years after inception Platform moving from integration to cash generation and repatriation to shareholders Pan-Africa | entering new phase of growth 11/11 Regulatory integrations complete Morocco merger complete Focus on growing the business and driving performance Continuing underwriting discipline in the general insurance portfolio Organic growth focus Portfolio spanning across 25 countries Well positioned across Africa Dividend flows are expected to strengthen Improving dividend flows (1) Dividend declared by SanlamAllianz. Sanlam share (R255 million).
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 11 Resourced and operational Building traction Disciplined growth Santam Syndicate 1918 | scaling ahead of profitability Live at Lloyd's, systems in place 25 staff, including 12 underwriters Leadership capacity strengthened Consortia and facility lines live R461 million GWP recognised, tracking to ~R1,3 billion by year end Capacity of >£300 million approved for 2026 Deliberate, risk-selective book Targeting 24% return on capital Profitable by year-of-account
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 12 SA ecosystem | gearing up Retail credit JV established Banking services approved 156 branches operationalised On track to reach 200 by year-end Banking services to be launched to the open market in 1Q27 BUILD & PILOT APPROVED Joint venture established SanlamGoTyme retail credit JV is up and running, combining Sanlam's lending strength with GoTyme's digital reach New tech first Deliberately maturing new technology platform before we scale Piloting in a few branches Initial piloting underway in a small number of branches before wider roll-out Regulatory approval secured Approval clears the path to bring transactional banking services into the Sanlam ecosystem Apple Pay functionality Waiting for a few key deliverables, notably Apple Pay functionality, before soft launch Soft launch from 1 November Phased targeted rollout to staff, intermediaries and clients before open market
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Notes 02 Reporting framework
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 14 Define the purpose of each earnings measure and how they reconcile Distinguish sustainable underlying earnings from investment-related volatility Provide greater transparency over returns on shareholder capital Make the framework more usable and modellable as it matures NEW FRAMEWORK → → → Operating profit continues to anchor the framework; disclosure evolves as investor experience develops Introduced core earnings – a measure of sustainable underlying performance and dividend capacity Sharpened the purpose of each earnings lens Retained operating profit as our reported operating measure and basis for peer comparability Expanded supplementary information disclosure Framework evolution INVESTOR EXPERIENCE FEEDBACK 1H26 ENHANCEMENTS What investors told us How we responded
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 15 Three earnings measures, three distinct purposes Operating profit Core earnings Adjusted headline earnings Business performance Use this when… Comparing with peers IFRS-aligned measure of operating performance Sustainable performance Use this when… Assessing earnings sustainability Underlying business earnings used as input to dividend Shareholder outcome Use this when… Assessing total shareholder earnings Operating profit + shareholder investment return Unchanged targets, with a clearer performance reference point Core earnings provides the clearest lens through which to assess delivery against target Analytical view: operating profit excl. investment variances For period-on-period trend analysis
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 16 Core earnings includes project expenses and AMR releases for South Africa life businesses Historical outcomes remain closely aligned with the previous methodology, reinforcing continuity in the underlying earnings Core earnings closely aligned to historic earnings base i 1H22 1H23 1H24 1H25 Core earnings NRFFS Operating profit R million 1H22 1H23 1H24 1H25 Net result from financial services 4 895 6 177 7 056 8 076 Project expenses (218) (229) (181) (229) Revision of AMR release pattern(1) - (79) (61) (183) Core earnings 4 677 5 869 6 814 7 664 R billion 4,7 4,9 5,86,2 6,8 7,8 7,7 7,9 (0,9) 3,7 5,9 (0,1) 7,1 1,0 8,1 0,2 Excess earnings volatility (1) Excludes Pan-Africa and India non-cash AMR release.
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Notes 03 Financial results
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 18 Value creation Earnings Returns Capital strength Delivering performance and retaining strength amid short-term earnings pressure Adjusted RoGEV(1) Above the 12,5% hurdle rate Comparable core earnings(2) +7% before period-specific impacts(3) Adjusted RoE On track for the medium-term target Group solvency Within the target range Other key metrics -22% Adjusted headline earnings(2) +22% New business volumes(2) +42% Net client cash flows(2) R2,3 billion Discretionary capital Strong value creation and cash generation; earnings pressure is largely temporary and full year dividend expectations are intact 15,5% +1% 18,4% 177% (1) The annualised number is the half-year number compounded, excluding one-off items not expected to repeat. (2) On a comparable basis, excluding currency fluctuation and corporate activity. (3) Excluding one-off adverse weather, investment in growth initiatives, ALM reassessment, currency impacts and corporate activity.
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 19 R million 1H26 1H25 %∆ Core earnings before period- specific impacts 8 291 7 735 7 General insurance extreme weather and large losses(1) (728) (110) (8) Growth initiatives(2) (329) (93) (3) ALM reassessment 391 - 5 Comparable core earnings 7 625 7 532 1 Currency and corporate structure (248) 132 (5) Core earnings 7 377 7 664 (4) 7% (8%) (3%) 5% (5%) (4%) Sustainable earnings General insurance weather and large losses Growth initiatives ALM reassessment and reserving Currency and corporate structure Core earnings Increase Decrease Total Interim results reflect weather claims and market weakness, not underlying performance Sustainable earnings (1) (2) (1) Net of general reserving release. (2) This includes deliberate investment in growth initiatives, including Credit, Banking and Rewards, the Santam Syndicate 1918 and India’s distribution channel diversification.
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 20 Navigating weather headwinds Core earnings R million 1H26 1H25 Reported %∆ Comparable %∆ Life and health 4 750 4 399 8 9 General insurance 1 240 1 844 (33) (31) Investment management 710 577 23 48 Credit and structuring 1 051 1 178 (11) 6 Corporate expenses and other (374) (334) (12) (9) Core earnings 7 377 7 664 (4) 1 64 17 10 14 (5) 81 5 12 2 Line of business (%) Life and health General insurance Investment management Credit and structuring Corporate expenses & other South Africa (SA) Pan-Africa (ex-SA) Asia International Geography (%) Life and health Favourable mortality experience, stronger asset- based fee income and the benefit from the ALM reassessment Operational pressures in the South Africa health portfolio General insurance Large weather-related and large loss claims in Africa Weaker Pan-Africa underwriting Lower India investment returns Investment management Robust asset gathering leading to increased fee income performance Credit and structuring Continued strong growth in India partly offset by weaker contribution from South Africa Corporate expenses Includes investment in modernising client experience systems
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 21 Market volatility impacts on shareholder returns (R million) Increase Decrease Total Net investment return 1 933 452 Investment return on shareholder capital 2 005 487 Investment return on shareholder reserves 489 460 Finance costs (561) (495) Pan-Africa impacted by weaker equity markets particularly in Morocco – deliberate local exposure taken to protect competitiveness Ninety One listed share price declined from transaction-date values India reflects bond and equity markets weakness on a three-month lag basis Partly offset by increased interest income and dividends across the portfolio, improved INR hedge position relative to prior year and lower rates on funding costs 1 933 (1 047) 67 66 410 452 1H25 Pan-Africa stock market decline Ninety One share price post transaction India markets (equity and bond) decline Indian Rupee hedge Finance costs Net inv. income and other gains 1H26 i (663) (314)
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 22 Adjusted RoGEV above hurdle (%) 8,0 15,5 3,7 1,2 1,4 1,8 (2,6) (4,5) Expected return VNB Operating experience variances and Santam operational earnings Assumption changes (mainly SFL) NAV expected return and other earnings Adjusted RoGEV Currency translation impacts Investment variance and economic assumption changes Santam listed market return Ninety One listed return and other earnings Actual RoGEV 3,1 (2,3) (2,4) 3,7% per share 15,5% per share Group hurdle of 12,5% Increase Decrease Total
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 23 183 (15,1) Dec-25 Dividend distribution Organic capital generation Other Jun-26 9,7 177 (1,1) Group economic solvency cover ratio (%) Strong solvency and funding capacity 8,1 (1,9) (2,8) Dec-25 India life insurance India general insurance Other Jun-26 2,3 (1,1) Target range: R1 billion – R3 billion Discretionary capital (R billion) Lower own funds from payment of 2025 dividend and corporate activity Partly offset by strong organic capital generation and R2,4 billion subordinated debt raised Discretionary capital decline primarily driven by the acquisition of additional interests in the India insurance operations Target range: 150% – 190% Increase Decrease Total (2) (1) Includes assumption changes, experience variances and strategic capital actions. (2) Mainly includes India capitalisations and capital transferred from discretionary capital for April 2026 dividend payment. i (1)
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Notes 04 Business performance
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 25 Life and health | strong growth, VNB held back by mix Comparable earnings growth (R million) Comparable VNB growth (R million) Strong topline growth reflecting increased client activity and solid retentions Core earnings up +9% from favourable mortality experience, higher asset-based fee income and positive effects from ALM reassessment VNB growth impacted by mix change to market-linked annuities in South Africa affluent market and weaker performance in Asia, partly offset by strong volume growth uplift in South Africa Retail Mass, Corporate and Pan-Africa New business (PVNBP) R58,1 billion* +14% comparable Net client cash flow R19,3 billion* +24% comparable Value of new business R1,0 billion* -7% comparable VNB margin 1,80%* -41bps vs 1H25 Core earnings R4,8 billion* +9% comparable Increase Decrease Total 4 352 581 58 1H25 core earnings South Africa Pan- Africa India Malaysia 1H26 core earnings 1 154 126 (233) 30 1H25 VNB Retail Mass Retail Affluent Other 1H26 VNB * Reported on an actual basis. i (86) (146) 4 759 1 077
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 26 Revised hedging reduces interest-rate sensitivity IFRS Liabilities RANFR BEL CSM 30 Jun 2026 RANFR BEL CSM Fixed rate exposure BEL matching on an IFRS 17 basis Floating rate exposure BEL matching on an IFRS 17 basis Floating rate exposure Previous ALM approach IFRS Liabilities Revised ALM approach 31 Dec 2025 Volatile Operating profit Stable GEV Stable operating profit Slightly more volatile GEV RANFR liability methodology was reviewed, resulting in a reduction of the RANFR liability and increase in the CSM liability ALM strategy for assets backing (reduced) RANFR changed to fixed rate exposure, currently in transition RANFR interest rate exposure reduced by c.61% at 30 June 2026 ALM strategy for assets backing (increased) CSM and BEL remain unchanged i
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 27 Comparable earnings drivers (R million) General insurance | elevated weather claims impact New business volumes R26,4 billion* +7% comparable Net client cash flow R10,7 billion* +3% comparable Core earnings R1,2 billion* -31% comparable Santam underwriting margin 8,1%* Target: 5 -10% Pan-Africa net insurance margin 9,1%* 1H25: 11,9% Underlying performance remains strong, despite external pressures South Africa: weather and large losses weighed; lower attritional claims and better investment returns cushioned Syndicate 1918: start-up losses as expected; R461 million GWP written, on track for R1,3 billion Pan-Africa: weather, large losses and weaker investment returns in a softer market Increase Decrease Total 1 870 1 286 1H25 core earnings Santam Pan-Africa (SanlamAllianz) Asia 1H26 core earnings 1 870 147 144 1 286 1H25 core earnings Weather and large losses RSA general reserve release Underwriting and other 1H26 core earnings South Africa Comparable earnings growth (R million) (1) Includes Santam’s operations outside of South Africa (R202 million South Africa and Santam Syndicate 1918 and other R120 million). * Reported on an actual basis. i (1) (322) (218) (44) (875)
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 28 Investment management | sharper focus, strong flows Sanlam Investments AUM mix (%) 24 3212 13 19 Satrix (indexation) Multi-manager Alternatives Private wealth Other R1,3 trillion Strong South Africa earnings despite transfer of active asset manager (R402 billion AUM) to Ninety One Effective management of stranded costs (on track to be addressed by year end) in South Africa International supported by improved asset management fees and cost efficiencies Pan-Africa supported by strong prior year retail net flows in Kenya and Namibia Increase Decrease Total 477 147 82 1H25 core earnings South Africa Pan-Africa and other 1H26 core earnings Comparable earnings growth (R million) 1 673 37 (402) (38) 1 270 Dec-25 Net client cashflows Disposal to Ninety One Market movement and other Jun-26 Sanlam Investments AUM and NCCF (R billion) Core earnings R0,7 billion* +48% comparable Net client cash flow R48 billion* +42% comparable New business volumes R156 billion* +29% comparable Asset manager AUM R1,3 trillion* Sanlam Investments * Reported on an actual basis. i 706
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Notes Overview and strategy Financial results Business performance Priorities and outlook Reporting framework Additional information 29 Comparable earnings by region (R million) 216 146 71 56 873 1 028 1H25 1H26 India Pan-Africa South Africa Credit & structuring | India drives growth; SA invests to scale India book growth of 15% and a better net interest margin outweighed weaker South Africa and Pan-Africa credit South Africa retail credit JV completed; bedding down technology before we scale South Africa retail credit earnings held back by slower loan book growth, digital investment costs and lower structuring income Pan-Africa weighed down by credit impairments 1 160 1 230 1H25 core earnings South Africa Pan-Africa India 1H26 core earnings Comparable earnings growth by region (R million) Increase Decrease Total Core earnings R1,1 billion* +6% comparable Shriram Finance loan book +15% Improved net interest margin SA retail credit JV completed 50 | 50 SanlamGoTyme * Reported on an actual basis. i (70) (15) 155
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Notes 05 Priorities and outlook
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 31 Well positioned for growth Stronger working capital and cash management support improved cash conversion Entering second half with strong client activity and cash generation South Africa - milestone achievement for retail credit business and banking, well positioned for value unlock across the ecosystem Pan-Africa positioned for growth India delivering earnings and positive VNB Earnings growth moderated, but value creation remains strong
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 32 Full-year guidance maintained Full-year outlook intact despite a more challenging first half, with disciplined cash generation and improved remittances underpinning confidence in the dividend target Returns on track RoGEV in line with medium-term target RoE above 18% Cash generation and capital Broad-based cash generation Improved remittances Strong capital position and solvency within target Dividend: >RSA CPI + 4% Growth in line with our medium-term target SanlamAllianz expected to build on inaugural dividend payout Dividend track record (cps) 360 400 445 485 2022 2023 2024 2025 Priorities for delivery: • cost control and margin recovery • improved cash conversion and remittances • disciplined execution as investments matur e Strong capital + sustainable earnings + improved cash remittances = confidence in shareholder returns The group remains mindful of external uncertainties, including macro -economic conditions, market risk and adverse weather
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Notes Thank you
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Notes Additional information
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 35 Basis for normalisation of financial results for comparability Corporate activity Sanlam Investments • Disposal of UK (in 1H25) and SA asset management operations (1H26) in exchange for shares in Ninety One SanlamAllianz • Allianz acquired 8,59% in SanlamAllianz 1H25 India • Reduction in Shriram Finance Limited shareholding • Increase of life and general insurance interests 1H26 exchange rate movements relative to the rand (% change) Corporate activity and one-off items (+1,5% on core earnings) Constant currency impact (+3,5% on core earnings) All transactions normalised to be effective from 1 January 2025 for like-for-like comparison 1H26 results translated at the average exchange rate for 1H25 (9,1) (16,4) 3,0 (11,2) (7,6) (6,8)(9,2) (17,4) 0,6 (7,0) (11,0) (10,6) Botswana Pula Indian Rupee Nigerian Naira Moroccan Dirham Angolan Kwanza Egyptian Pound Closing Average Strengthening Weakening i
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 36 Earnings reconciliation R million 1H26 1H25 Reported %∆ Comparable %∆ Operating profit 7 289 7 864 (7) (2) Investment variances (512) (662) Operating profit ex investment variances 6 777 7 202 (6) (1) Net movement in Future-Fit project expenses reserves 379 199 Release from asset mismatch reserve (AMR) 221 263 Core earnings 7 377 7 664 (4) 1 Reversal of Future Fit project expenses, investment variances and AMR releases (88) 200 Investment return 452 1 933 Adjusted headline earnings 7 741 9 797 (21) (22) Core earnings principles Clearly defined and consistently applied Does not remove normal underlying business volatility (e.g. weather events) Reflects Sanlam’s underlying performance, providing a clearer view of earnings from the group’s core activities to support dividend distribution Complementary lenses - not alternative versions of performance
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 37 CSM and RA – positive core growth 2,0 Opening balance (1 Jan 2026) New business Interest accretion Expected release Experience variance and assumption changes Currency translation impacts Closing balance (30 Jun 2026) (3,2) 39,6 (2,9) (0,1) 1,6 42,2 Increase Decrease Total(R billion) Core growth: +R400 million Core growth was positive: c.R400m from satisfactory new business and interest earned exceeding release into profit 6% decline in CSM & RA balance driven by negative experience variances and assumption changes Negative experience variance mainly from the impact of the ALM refinement on risk adjustment liabilities in South Africa, negative basis changes in Malaysia, and some weakness in experience and modelling changes in South Africa and Pan-Africa i
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 38 Unpacking our store of value 28,1 IFRS 17 CSM and RA balance VIF adjustments IFRS 17 GMM and VFA VIF IFRS 9 PAA India/other VIF Gross VIF (reported) 48,8 3,5 18,7 2,0 (3,5) 24,6 Increase Decrease Total Contractual service margin (CSM) and risk adjustment for non-financial risk (RA) is only the starting point, not the full value of in-force (VIF) story 50% of gross VIF sits in long-duration life contracts (GMM and VFA) Remaining value sits outside IFRS 17 in investment contracts (IFRS 9) and short-duration life contracts (PAA), which carry no CSM India not transitioned to IFRS 17, store of value recorded in VIF separately At 30 June 2026 (R billion) (2)(1) (1) IFRS 17 CSM and RA balance net of tax and non-controlling interest. (2) Adjustment for differences between IFRS 17 and EV basis including risk margins, tax, expenses and investment spread assumptions. i
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 39 Investment variances for life business | ALM strategy summary BEL is closely matched – only anomalies such as R2053/R2048 bond pricing arises and this residual risk is held in assets backing CSM CSM is backed with floating rate exposure except for the non-hedgeable yield curve tail risk from BEL RANFR previously backed with floating rate instruments, with IFRS volatility smoothed through AMR for dividends. Currently transitioning to hedging with fixed rate exposure, resulting in reduced investment variance Assets Exposure Investment variance Dividends Core earnings Operating profit Capital Notes BEL Fixed rate Interest rate sensitive ~ 0 Closely matched CSM Floating rate Not interest rate sensitive ~ 0 Non-hedgeable yield curve tail residual risk RANFR Fixed rate Interest rate sensitive ~ 0 Value at Risk metric, therefore only approximate interest rate hedging Stable Stable except for non-hedgeable risks (1) (2) (1) Anomalies from R2053 / R2048 moving to AMR. (2) Present value hedging (no explicit cash flow profile), therefore hedging is approximate. (3) Small increase in capital required due to fixed rate assets backing RANFR. i (3)
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 40 GEV uplift relative to listed prices Shriram Finance Limited (SFL) DCF capped at 12-month 110% VWAP +16% DCF based growth vs 5% listed price growth relative to Dec 25 R3,7 billion potential GEV uplift if carried at current listed –market price at 30 June 2026 30 Jun 26 DCF 110% VWAP 30 June 2026 listed price Potential GEV uplift SFL R21 709m R23 114m R25 453m R3 744m Implied price (INR883) (INR946) (INR1 042) Ninety One – South Africa South Africa active asset manager sold to Ninety One for 9% effective equity stake R1,1 billion uplift crystalised at transaction close on 2 February 2026 Reduced by R818 million post-deal market movement Total uplift of R0,3 billion R3,5 billion GEV value held at listed market price
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 41 India structure post transactions SHRIRAM OWNERSHIP TRUST Sanlam SHRIRAM Capital SHRIRAM Wealth SHRIRAM Asset Management SHRIRAM Finance SHRIRAM Life Insurance SHRIRAM General Insurance SEMM Effective stake 7.29% Sanlam Life 0.33% SEMM Effective stake 68.72% SEMM Effective stake 50.99% 59,30% 40,70% 32% 23% 14,27% 40,95% 42,57% 33,66% 52,05% Notes (1) Shriram Finance Limited, Shriram Capital holds 5.69% via its wholly owned subsidiary Shriram Value Services and Sanlam Life holds 0.33% stake direct. (2) SLIC, Sanlam holds 52.05%, SOT holds 3.72% and other hold 3.28%. (3) SGIC, SEMM holds 33.66%, PEL holds 13.33%, Tangent Asia holds 9.99% and others holds 0.45%. (4) Shriram Asset Management, SEMM holds 23% direct and effective 35.5%. (5) Shriram Wealth, SEMM holds 32% direct and 49.7% effective.
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 42 Technical terms and definitions “Adjusted headline earnings” Adjusted headline earnings represents operating profit plus shareholder net investment returns. Adjusted headline earnings is used in the return on equity ratio, which is calculated as adjusted headline earnings divided by opening shareholders’ equity. “Adjusted RoGEV” Excludes from RoGEV the impact of actual investment return relative to long-term assumptions, interest rate changes, exchange rate movements and other impacts not under management control. “ALM” Assets-liability matching “BEL” Best estimate liability “bps” Basis points “CSM” Contractual service margin “Covered business” Life insurance business written by Sanlam Life and Savings and SanlamAllianz, India and Malaysia. “Embedded value of covered business ” or “EV” The present value of the expected future profits from all in-force policies, based on actuarial assumptions. Includes the value of the capital required to back the policies, over and above the reserves held, less the opportunity cost of this capital. Excludes future new business but does include the new business sold to the valuation date. “GMM” General measurement model “Group economic solvency” Based on Santam’s Economic Internal Model and includes foreseeable dividends in capital. The regulatory solvency ratio applies Santam’s Regulatory Internal Model and deducts such foreseeable dividends for compliance. Glossary of terms
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 43 Technical terms and definitions “Group equity value” or “GEV” The aggregate of the following components: • The embedded value of covered business; • The fair value of other group operations based on longer-term assumptions, which includes the investment management, capital markets, general insurance, retail credit and the non-covered wealth management operations of the group; and • The fair value of discretionary and other capital. Discretionary capital represents management’s assessment of capital in excess of that required for current operations of the group. Such capital may be used to fund future operations and acquisitions or be returned to shareholders. “GWP” Gross written premium “Net client cash flows” or “NCCF” New business volumes net of surrenders and other payments to clients. “Net results from financial services “ or “NRFFS” Profit earned by the group from operating activities and excludes investment return earned on the capital portfolio. “New business volumes” The annualised value of all new policies (insurance and investment contracts) that have been issued during the financial year according to the group’s embedded value assumptions and have not subsequently been refunded. “Operating profit” Sanlam’s primary reported IFRS-aligned earnings measure. It reflects the financial performance of the group’s businesses, including investment variances and project expenses recognised during the period. “PAA” Premium allocation approach “Persistency” The rate at which policies remain in force (i.e. do not lapse). Glossary of terms
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Notes Financial results Business performance Priorities and outlook Reporting framework Additional information Overview and strategy 44 Technical terms and definitions “PVNBP” Present value of new business premiums from covered business. Expected new business premiums’ cash flows are present valued based on lapse, premium collection and mortality assumptions over the expected life of the policy. “RANFR” or “RA” Risk adjustment for non-financial risk “Return on Group Equity Value” or “RoGEV” The return generated on the GEV from the start to the end of the period, excluding dividends and changes in issued share capital. Normalised RoGEV excludes effects of factors beyond management control (e.g. investment market movements). Key contributors to the RoGEV are: the unwinding of the discount rate, VNB, experience variances (that is by how much actual experience is better/worse than expected), and actuarial assumption changes (called ‘basis changes’). “RFR” Risk free rate. “Sustainability index” Group-wide performance framework that consolidates key ESG metrics to provide a single measure of the group’s performance. “Value of new business” or “VNB” The value of new business is calculated as the discounted value, at point of sale, using a risk-adjusted discount rate of the projected stream of after-tax profits for new covered business issued, net of the cost of capital over the life of this business. “VFA” Variable fee approach. “VIF” Value of in-force. “VNB margin” Profit margin of new life insurance business written, calculated by dividing value of new business by PVNBP. Glossary of terms
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Leveraging quality, accelerating growth Interim Results 2026
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Contents 2 Financial and strategic review 7 Key performance indicators 8 Additional information 01 02 Salient features 18 Earnings performance Condensed consolidated interim financial statements 19 Basis of preparation and accounting policies 22 Condensed group statement of financial position 23 Condensed group statement of comprehensive income 24 Condensed group statement of changes in equity 26 Condensed group statement of cash flows Notes to the condensed consolidated interim financial statements 27 Segment information 32 Insurance and reinsurance contracts 39 Investment contracts 40 Financial assets and financial liabilities 42 External investors in consolidated funds 43 Earnings per share 44 Revenue 46 Notes to the statement of cash flows 48 Critical accounting estimates and judgements 52 Commitments and contingencies 52 Related parties 53 Other corporate transactions 53 Disposal groups and assets classified as held for sale 54 Fair value disclosures 58 Subsequent events 03 62 Basis of accounting – supplementary information 72 Group equity value 74 Analysis of group equity value per line of business 75 Change in group equity value 77 Return in group equity value 78 Analysis of group equity value 78 Covered business per cluster 80 Non-covered business 82 Discretionary and other capital 83 Reconciliation of group equity value 84 Earnings per cluster 86 Earnings per line of business 88 Core earnings per line of business 90 Notes to the supplementary information 90 Life and health earnings analysis 91 Sources and uses of cash 92 Shareholders’ fund investment return analysis 94 Supplementary IFRS 17 information including reconciliation to EV of covered business 94 Reconciliation between IFRS 17 value and embedded value metrics 96 Adjusted CSM and risk adjustment reconciliations 100 Value of new cover business geographical analysis 102 Covered business sensitivity analysis 103 Economic assumptions – covered business 105 Value of non-covered business sensitivity analysis 108 Business volumes 108 Analysis of new business and total funds received 110 Analysis of net inflow (outflow) of funds 110 Cluster information 133 Value per share Interim Results 2026 1 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 2 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Organic growth Earnings Value creation Capital strength New business volumes +22% Net client cash flows +42% to R78 billion Value of new covered business (VNB) -7% to R1 billion VNB margin of 1,8% Operating profit excl. investment variance -1% Core earnings (1) +1% Return on equity (2) 18,4% Return on group equity value 15,5% per share(2) (12,5% hurdle) Discretionary capital balance of R2,3 billion Group economic solvency cover of 177%Note: Unless otherwise stated, all commentary in the review below relates to the six months ended 30 June 2026 compared to the six months ended 30 June 2025. Growth rates are normalised and provided on a comparable (constant currency and consistent group structure) basis. Absolute amounts are presented on an actual basis. Key messages • S trong new business volumes and client cash flow • R esilient earnings despite headwinds arising from weather-related claims • S trategic progress made, with India transactions and active asset management partnership with Ninety One finalised • C apital, solvency and dividend capacity remain robust Overview of first half 2026 The group’s operating performance in the first half of 2026 was characterised by strong underlying organic growth. However, earnings were negatively impacted by elevated weather-related general insurance claims across South Africa and parts of Africa, as well as rand strength, which reduced the translated value of earnings from businesses outside South Africa. On the other hand, long-term value creation was very good during the period and resulted in an adjusted return on group equity value (RoGEV) above the long-term hurdle. The group has focused on cash generation and efficiency across all businesses within the group. As a result of this focus on cash, the short-term earnings volatility is not expected to negatively impact the group’s dividend capacity during 2026 despite the headwinds from weather-related claims and a strong rand. Consumers were under pressure in the first half of 2026 as a result of the US-Iran conflict with its impacts on energy prices and interest rates. The group continued investments in future growth, impacting earnings in line with the group’s plans. The strategic transactions completed in the period have, however, had a strong positive impact on the value of the group and the RoGEV over the period, highlighting the long-term benefit of the strategic progress. Despite the various external impacts and the significant investment into future growth initiatives, Sanlam reported a 1% first-half growth in comparable core earnings. Pleasingly, the underlying growth of the group’s operating businesses was strong: new business volumes increased by 22% to R224 billion and net client cash flows increased by 42% to R78 billion, reflecting the strong customer focus and competitiveness of the group’s operating businesses. Life insurance new business grew by 14% on a present value of new business premium (PVNBP) basis, with strong performances across all regions. General insurance delivered growth of 7% on a comparable basis, supported by positive contributions across South Africa, Pan-Africa and India. Investment management volumes grew by 29%, underpinned by healthy asset management and retail platform flows in South Africa. The value of new business (VNB) written amounted to R1 billion for the period, contributing to the return on GEV. VNB declined by 7% despite strong life sales growth, reflecting an ongoing shift in product mix in South Africa towards market-linked annuities and away from higher-margin life annuities. Market-linked annuities remain strategically attractive because they are capital light and generate attractive returns. The VNB margin was 1,8%, improving slightly from the first quarter of 2026, but remaining below the comparative period. Underlying client activity remained healthy, independent of the VNB movement. It reflects a shift toward market-linked and investment-contract solutions, where value is not fully captured in IFRS 17 VNB at point of sale. These flows are important because they retain client assets within the Sanlam ecosystem, strengthen net client cash flows and support future asset-based fee income. The group is encouraged by the retention and growth of IFRS 9-related volumes, even as the shift in mix reduced reported VNB and VNB margin in the period. On a comparable basis, core earnings increased by 1% to R7,4 billion during the first half of 2026. The result was supported by strong growth in life and health, investment management and credit and structuring, partly offset by significantly weaker general insurance earnings as a result of the severe weather-related claims in South Africa and other parts of Africa, as well as weaker underwriting experience in Pan-Africa. Earnings were also dampened by the investment into future growth, including Credit, Banking and Rewards, the Santam Syndicate 1918 and India’s distribution channel diversification. Excluding investments into future growth, comparable core earnings increased by approximately 4%. Financial and strategic review (1) C ore earnings is derived from IFRS-aligned operating profit by excluding the effect of short-term investment market volatility on insurance contracts (i.e. investment variances) and the impact of future-fit project expenses incurred as well as including the release of the asset mismatch reserve. Further detail on the group’s earnings framework, including definitions and rationale, is available online in the Sanlam’s earnings framework document released. (2) N umbers are annualised and adjusted for investment variances and one-off items.
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Interim Results 2026 3 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Market volatility reduced shareholder investment returns over the period, weighing on adjusted headline earnings, while IFRS attributable earnings benefited from significant accounting gains arising from corporate activity. These gains more than offset the impact of lower investment returns. Annualised adjusted return on equity (RoE) was 18,4% for the six months ended 30 June 2026, above the five-year average performance of 17,2%. The group delivered an adjusted RoGEV per share of 7,7% for the half year (15,5% annualised), well ahead of our 6,1% hurdle rate (12,5% annualised). This was driven by strong contributions from new business, favourable operational results and positive revaluation of the Shriram Finance Limited (SFL) stake. Following the loss of a large contract by Afrocentric, and the resulting financial pressure on it, the group wrote-off the value of its investment in Afrocentric, negatively impacting the RoGEV. The actual RoGEV per share was 1,4% (3,7% annualised), and was lower than the adjusted RoGEV as a result of reductions in the share prices of both Santam over the full period and Ninety One post the closing in February, as well as the strengthening of the rand against the Indian rupee and Moroccan dirham, and an increase in risk-free interest rates. The group maintained a strong capital position, with discretionary capital of R2,3 billion and an economic solvency ratio of 177% remaining within target ranges. The group’s earnings framework The group introduced operating profit as an earnings measure at the 2025 capital markets day, providing investors with an IFRS-aligned measure of earnings performance that enhances comparability with industry peers. Operating profit reflects the performance of the group’s businesses under the accounting framework and includes investment variances and project expenditure incurred in the period. As noted at the time, this can increase short-term volatility, due to mark-to-market gains and losses on insurance contracts from one period to the next. ‘Core earnings’ is Sanlam’s measure of underlying sustainable operational earnings and is used as the primary input to dividend decisions. It is derived from operating profit and adjusted for items that can create short-term earnings volatility. These adjustments to operating profit remove the effect of short-term investment market volatility on insurance contracts and the impact of future-fit project expenses incurred, while including the release of the asset mismatch reserve. Both operating profit and core earnings will continue to be disclosed, providing investors with complementary perspectives on the group’s earnings performance. Further detail on the group’s earnings framework, including definitions and rationale, is available online in the Sanlam’s earnings framework document. The targets for operating profit and core earnings are aligned because target-setting assumes delivery of expected investment returns. In any reporting period, however, actual operating profit may differ from core earnings as market returns vary from these assumptions, giving rise to investment variances that are smoothed out over time in core earnings. The introduction of core earnings is also directionally consistent with IFRS 18, Presentation and Disclosure in Financial Statements, the new accounting standard issued by the International Accounting Standards Board, which redesigns financial statement presentation and introduces formal disclosure requirements for management-defined performance measures. Effective from 1 January 2027, IFRS 18 introduces a defined ‘operating profit’ subtotal in the statement of comprehensive income, while recognising that management-defined performance measures can provide useful additional insight into financial performance. As part of the transition, our existing operating profit measure will be renamed to distinguish it clearly from the new IFRS-defined operating profit subtotal. Against this backdrop, core earnings provides a clear and governed measure of underlying sustainable performance, transparently reconciled to IFRS-reported results. Current-year performance Operating profit declined by 2% on a comparable basis, reflecting lower positive investment variances and higher project expenditure than in the prior period. Excluding investment variances, the operating profit was 1% lower than the prior period. Adjusted headline earnings declined by 22%, mainly due to lower shareholder investment returns relative to the prior period, reflecting weaker market conditions. The impact of weaker equity markets and higher interest rates on bond valuations, particularly in Morocco and India respectively, following strong gains in the previous period, weighed on performance. Investment returns were further impacted by adverse unrealised mark-to-market movements on the group’s investment in Ninety One subsequent to the closing of this transaction in February 2026. IFRS attributable earnings to shareholders increased by 29% on a reported basis. This was mainly due to gains from corporate activity, including the profit on the disposal of the Sanlam Investments single active asset manager business, and the deemed disposal gain from the dilution of Sanlam’s interest in SFL following Mitsubishi UFJ Financial Group’s (MUFG) capital injection. Going forward, the group will focus its earnings analysis on core earnings as it provides the best indication of the group’s underlying earnings performance and cash-generating capacity.
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Interim Results 2026 4 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Financial and strategic review continued The table below reconciles operating profit to core earnings. For the six months ended 30 June (R million) 2026 2025 ∆% (reported) ∆% (comparable) Operating profit 7 289 7 864 (7) (2) Investment variances (512) (662) 23 20 Release of asset mismatch reserves (AMR) 221 263 (16) (16) Net future-fit project expenses 379 199 90 90 Core earnings 7 377 7 664 (4) 1 Refer to the Earnings per cluster analysis on page 84 in the Supplementary Information for the cluster view of this reconciliation. Reported core earnings were adjusted up by 5% for comparability, reflecting the impact of a stronger rand (3,5%) and changes to the group structure over the period. On a comparable basis, core earnings increased by 1% to R7,4 billion. Life and health core earnings grew by 9%, investment management by 48%, and credit and structuring by 6%. This strong result was largely offset by a pronounced decline in general insurance earnings as a result of unusually large weather-related claims during the period and weaker general insurance underwriting outcomes in South Africa and Pan-Africa. Core earnings growth benefited from an estimated 5% uplift arising from the refinement of the asset-liability management (ALM) approach and hedging strategy for the IFRS 17 risk adjustment for non-financial risk (RANFR). This was more than offset by a 3% impact on the explicit investment in organic growth over the period, and a further 8% impact from elevated weather-related claims and weaker underwriting experience in parts of the African general insurance portfolio. This reduced sustainable core earnings growth from around 7% to 1%. On a line of business basis, life and health earnings reflected ongoing growth in underlying books, supported by favourable mortality experience, higher asset-based fee income and cost efficiencies in South Africa and Pan-Africa. Offsetting this growth there were operating declines at both Afrocentric and in the Malaysian life business. The Malaysian life business made losses in the period following elevated health insurance claims and regulatory restrictions on premium increases on health insurance products. Life and health earnings benefited from the group’s review of the ALM approach and hedging strategy for the IFRS 17 RANFR for Sanlam Life and Savings’ life insurance businesses. The review considered updated actuarial analysis, observed experience and the compensation required for bearing non-financial risks. As a result, a portion of margin was reallocated from the more interest-rate-sensitive RANFR to the less interest- rate-sensitive contractual service margin (CSM), reducing the overall interest-rate sensitivity of IFRS 17 margins. The group also refined the ALM strategy for assets backing the RANFR, shifting from floating-rate to fixed-rate exposure. Together, these changes reduced interest-rate exposure by 61% at 30 June 2026, and will make investment variances in operating profit less sensitive to interest-rate movements in future. The transition of the ALM strategy is underway and has resulted in a once-off positive impact to earnings in the first half of 2026. Investment management benefited from elevated assets under management, driving strong asset-based fee income in South Africa and Pan-Africa. This was reinforced by disciplined management of stranded costs after the Ninety One transaction. Credit and structuring delivered a strong performance, driven by continued loan book growth and improved net interest margins in India, partly offset by increased technology development costs to enable the digital ecosystem and muted credit loan book growth in South Africa. General insurance was the largest offset to an otherwise positive performance. Earnings were affected by weather-related catastrophe claims and large loss events in South Africa and Pan-Africa, weaker underwriting results in Pan-Africa, as well as weaker investment market performance in India and Pan-Africa, which weighed on general insurance investment returns. Capital The group's discretionary capital was R2,3 billion at 30 June 2026, within the target range of R1 billion to R3 billion, compared with R8,1 billion at 31 December 2025. As previously communicated, the group ring-fenced some R5 billion to increase our interests in the Shriram life and general insurance businesses. These transactions have now been completed and Sanlam has achieved its targeted economic ownership levels. The remaining work relates to finalising the arrangements required to obtain formal control of Shriram Life Insurance Company for consolidation purposes. Discretionary capital is now within the target range. The group has improved its working capital management and cash usage during the course of 2026 and expects to see improved cash conversion over 2026 to underpin the group’s dividend. Solvency The group's solvency position at 30 June 2026 remained strong and within target range, with a cover ratio of 177% (31 December 2025: 183%). The decline mainly reflected a reduction in own funds from the payment of the group’s 2025 dividend and the impact of corporate transaction activity in India. This was partly offset by strong organic capital generation, the R2,4 billion subordinated debt issuance in April 2026 and reduced capital requirements following the completion of the South Africa retail credit joint venture with GoTyme. Strategic progress in the first half of 2026 India MUFG completed its capital injection of US$4,2 billion into SFL on 8 April 2026, resulting in the dilution of Sanlam’s effective shareholding from 9,53% to 7,62%. The transaction materially enhances SFL ’s capital base and positions the business to access funding at a lower cost, enabling it to accelerate growth across new and core segments. This will support SFL ’s long-term earnings trajectory and growth within the wider Shriram ecosystem.
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Interim Results 2026 5 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information On 10 February 2026, the acquisition of additional interests in Shriram General Insurance Company (SGIC) became effective, increasing Sanlam’s effective economic holding from 40,25% to 50,99%. The Shriram Life Insurance Company (SLIC) transaction became effective on 6 March 2026, increasing Sanlam’s effective holding from 41,83% to 53,69%. Total consideration for both transactions amounted to R3,7 billion. On 30 March 2026, Sanlam completed the acquisition of the 14,72% stake in SLIC from Piramal Finance Limited for a consideration of R1,1 billion. This increased Sanlam’s overall economic interest in SLIC to 68,41%. On 24 June 2026, Sanlam increased its interest in SLIC further through participation in a primary capital infusion alongside the Shriram Group. Following the capital raise, Sanlam's effective economic interest in SLIC increased to 68,72%, comprising a direct shareholding of 52,05% (up from 49,28%) and an indirect interest of 16,67% through Shriram Capital. The capital infusion will support the strengthening of SLIC's balance sheet and fund its growth initiatives, including technology investments, expanded distribution partnerships and the development of tailored insurance solutions. Asset management On 2 February 2026, the group completed the sale of its active asset management business in South Africa to Ninety One, resulting in Sanlam’s effective economic interest in Ninety One increasing to approximately 9% on a dual listed basis, excluding minority interests. The transaction completes the repositioning of Sanlam asset management, allowing management to focus on the group’s fast-growing solutions-based asset management, wealth and platform businesses. It also gives Sanlam exposure to a globally competitive active asset manager, while the retained interest is expected to support future cash generation through dividends over time. Management has made good progress in addressing approximately R250 million in remaining stranded costs associated with the active asset management transaction, with most of the targeted cost actions implemented and the balance underway. The remaining cost actions will be completed following the expiry of the transition services agreement with Ninety One. Pan-Africa Regulatory approval for the integration of the SanlamAllianz Moroccan entities was obtained in June 2026, and the merger of the businesses and regulatory integration was completed in July 2026. The operational integration, including the aligning of systems, processes and offices is in progress, with the launch of the SanlamAllianz brand to follow. South Africa In South Africa, the group’s Retail Mass business operationalised 156 retail branches in the first six months of the year and is on track to reach 200 by year-end. In Credit, Banking and Rewards (3), the group established the retail credit joint venture with GoTyme in June 2026, leveraging its digital infrastructure and expertise to build a scalable lending business and unlock cross-sell opportunities. Preparations for the banking partnership with GoTyme are progressing. The group has recently received regulatory approval to provide transactional banking services through GoTyme. Following a few key deliverables, including Apple Pay functionality and a phased rollout, the group intends to gradually introduce these services during the first quarter of 2027. Santam Syndicate The entry into the Lloyd’s market by Santam Syndicate 1918 is making good progress. The syndicate has been building underwriting depth and operational capability, supported by continued recruitment momentum. The Syndicate’s CEO joined on 1 June 2026, strengthening leadership capacity at a critical stage of development. The Syndicate is expected to deliver robust premium growth over the remainder of the year, having concluded business with an expected gross written premium of R1,3 billion to date. Growth vectors Shriram financial services ecosystem India remains an important long-term growth platform for the group. The introduction of a strong banking partner in MUFG positions newly capitalised SFL to strengthen its growth profile by accessing the new vehicle segment of the market, further supporting cross-sell into the insurance businesses. Sanlam’s focus is increasingly on the higher RoE and more cash-generative life, general insurance and Capital Markets businesses, and the increased exposure to life and general insurance positions the group well in the fast-growing and underpenetrated Indian market. Sanlam’s continued participation in the broader Shriram financial services ecosystem, strengthened further by the increased insurance stakes and the addition of the Capital Markets business, is expected to support future earnings growth, capital efficiency and an increase in overall India RoE over time. Asset management reimagined The group has now focused its own asset management activities exclusively on providing investment and wealth solutions to our clients. The group’s asset management businesses are competitively positioned for strong growth, supported by a compelling market proposition and lower cost base. Unlocking the Pan-African insurance frontier Once the Moroccan businesses are fully operationally integrated, SanlamAllianz will be able to focus on organic growth rather than integration. The portfolio is well positioned across the continent, with dividend flows to the group expected to improve as cash moves through the corporate structure. A further positive development is that SanlamAllianz has declared its inaugural dividend three years after inception, providing early evidence of the platform’s progression from integration and scale-building to cash generation and repatriation to shareholders. (3) C redit, Banking and Rewards (CBR) includes Sanlam’s retail credit, banking and rewards activities, comprising Sanlam Personal Loans, Sanlam Credit Solutions, the GoTyme Bank partnership and the rewards proposition.
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Interim Results 2026 6 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Financial and strategic review continued “Winning-as-One Sanlam” in South Africa South Africa is a core market for Sanlam and the group is investing in several initiatives to drive future growth and unlock new revenue streams. These include physical branch infrastructure, digital platforms and reward programmes to gradually introduce sound credit products and client-orientated transactional banking services. These initiatives are expected to broaden Sanlam’s client proposition in South Africa, deepen client relationships and create future earnings opportunities. The group has partnered with GoTyme and will gradually rollout offerings to staff and intermediaries before launching to the open market. Accelerating specialist capability via Lloyd’s Although there is strong underlying growth expected from the Lloyd’s syndicate, the recognition of expected gross written premiums as net premium is delayed under IFRS over a period of up to 24 months. This results in an expected 2026 full-year operational loss of up to R550 million (gross of tax and non-controlling interests), as the business scales and invests in expanding its portfolio. The short-term earnings impact should be read as a start-up revenue recognition J-curve, rather than trading weakness, as the business concluded to date is expected to be profitable on a year-of-account basis. The strategic objective is to build specialist underwriting capability, diversify earnings and access global specialty insurance markets over time. Regional priorities and execution focus In South Africa , the priorities are to operationalise transactional banking, grow the retail credit business, improve VNB margins through mix optimisation and pricing discipline, continue the rollout of Retail Mass branches, implement the group-wide rewards proposition and progress cloud migration. The focus is on improving earnings conversion from strong client activity while maintaining cost discipline. In health, we are stabilising the retained book, preserving service continuity, and resetting the cost base to restore profitability. In Pan-Africa , SanlamAllianz focus areas include completing the operational integration of the Moroccan business, continue to embed underwriting discipline and controls across the general insurance portfolio and organic growth and efficiency across life and general insurance. While investment variances may arise in the Morocco business from period to period, the strategic asset allocation preserves expected profitability, RoE and dividend capacity in the medium to long term. In India, the focus remains on driving profitable growth within the life insurance business, scaling the capital markets operations and supporting continued growth across the broader Shriram financial services ecosystem. The priority is to convert strong market opportunity into sustainable earnings growth and increasing portfolio RoE over time. In Malaysia , the focus is on extracting efficiencies and examining ways to reduce the exposure to health insurance risk. Outlook Sanlam enters the second half of 2026 supported by sustained client activity, solid cash generation and positive underlying momentum in the underlying businesses. The group’s diversified earnings streams, strong balance sheet and robust solvency and liquidity position provide resilience and a firm foundation for continued execution of the group’s strategy for quality growth. The group continues to see attractive long-term growth opportunities across its core markets. As guided at the 2025 annual results, full-year earnings growth in 2026 is expected to be below the group’s medium-term target, reflecting: • d eliberate investment in future growth platforms; • i nitial start-up losses in Santam Syndicate 1918; • w eaker shareholder investment returns; and • w eather-related claims. Underlying business momentum and growth remains strong and the group expects to meet its full-year 2026 guidance, supported by continued execution, disciplined investment spend and an assumed normalisation of weather-related and large loss claims in the second half. This is expected to be partly offset by earnings headwinds in the South African health operations following the loss of a major client, and elevated health insurance claims in Malaysia. Improved working capital and cash conversion are expected to support dividend capacity and offset the impact of weaker earnings, leaving the group's dividend outlook unchanged and in line with its medium-term target. Despite the positive outlook for the operating environment and the business, management remains mindful of external uncertainties, including macro-economic conditions, market risk, adverse weather and other factors beyond the group’s control.
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Interim Results 2026 7 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Key performance indicators For the six months ended 30 June Unit 2026 2025 ∆% (reported) ∆% (comparable) Earnings Management information Core earnings R million 7 377 7 664 (4) 1 Adjusted headline earnings R million 7 741 9 797 (21) (22) Operating profit R million 7 289 7 864 (7) (2) Operating profit, excluding investment variances R million 6 777 7 202 (6) (1) Headline earnings R million 8 274 9 705 (15) (16) Weighted average number of shares million 2 117 2 116 Adjusted weighted average number of shares million 2 117 2 116 Core earnings per share cents 348 362 (4) 1 Headline earnings per share cents 396 465 (15) (16) Diluted headline earnings per share cents 391 459 (15) (16) IFRS information Basic profit attributable to shareholders R million 13 200 10 227 29 Basic profit attributable to shareholders per share cents 632 490 29 Diluted profit attributable to shareholders per share cents 624 483 29 Contractual service margin (CSM) (4) R million 29 525 27 138 9 Risk adjustment on non-financial risk (RANFR) (4,5) R million 8 010 13 076 (39) Business volumes Total new business volumes R billion 223,6 216,3 3 22 Total net client cash flows R billion 77,6 47,4 64 42 Life insurance and health New business volumes (PVNBP) R billion 58,1 51,2 13 14 Value of new covered business R million 1 049 1 139 (8) (7) New covered business margin % 1,80 2,22 (42bps) (41bps) Life insurance net client cash flows R billion 19,3 15,6 24 24 General insurance New business volumes R billion 26,4 25,6 3 7 Net client cash flows R billion 10,7 10,8 (1) 3 Investment management New business volumes R billion 155,5 153,1 2 29 Net client cash flows R billion 47,5 21,0 >100 71 Value creation Group equity value (4) R million 177 709 185 559 Group equity value per share (4) cents 8 401 8 773 Annualised return on group equity value per share (6,7) % 3,7 18,2 Annualised adjusted return on group equity value per share(6,7) % 15,5 15,4 Annualised return on equity (6) % 15,9 20,5 Annualised adjusted return on equity (6) % 18,4 18,3 Capital strength Sanlam group economic solvency ratio (4) % 177 183 Discretionary capital (4) R million 2 321 8 059 (4) C omparative figure at 31 December 2025. (5) T he movement between RANFR and CSM reflects the IFRS 17 risk adjustment refinement, which shifts a portion of shareholder margin from the more interest-rate-sensitive RANFR to the CSM and supports a more stable reported earnings profile. (6) S ix months annualised. (7) T he annualised number is the half-year number compounded, excluding one-off items not expected to repeat.
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Interim Results 2026 8 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Financial and strategic review continued Additional information Lines of business Life and health General insurance Investment management Credit and structuring Region South Africa • S anlam Life and Savings – R etail Mass – R etail Affluent – C orporate – C redit, Banking and Rewards • S anlam Financial Markets Pan-Africa • S anlamAllianz India • Sh riram Life Insurance Company Malaysia • M CIS Life South Africa • Sa ntam International • Sa ntam Pan-Africa • S anlamAllianz India • Sh riram General Insurance Company Malaysia • P acific and Orient Insurance Company South Africa • S anlam Life and Savings: Retail Affluent and Corporate • S anlam Investments Holdings • W ealth Management International • P latform businesses and other Pan-Africa • S anlamAllianz South Africa • S anlam Life and Savings: Credit, Banking and Rewards • S anlam Financial Markets Pan-Africa • S anlamAllianz India • S hriram Finance Limited Financial performance analysis The analysis below explains earnings performance by line of business and region. South Africa includes Sanlam Life and Savings, Sanlam Investments and Santam. International includes the group’s asset management operations including Sanlam Asset Management Ireland and platform businesses in international markets as well as the Santam Syndicate 1918 and other operations in Santam outside South Africa. Pan-Africa refers to operations in Africa outside South Africa through SanlamAllianz. India represents the group’s strategic holding in Shriram and is reported on a three-month lag basis and Malaysia refers to the group’s non-core operations in that country. Earnings Core earnings For the six months ended 30 June R million 2026 2025 ∆% (reported) ∆% (comparable) Life and health 4 750 4 399 8% 9% South Africa 4 618 4 037 14% 14% Pan-Africa 328 330 (1%) 19% India (96) (12) (>100%) (>100%) Malaysia (100) 44 (>100%) (>100%) General insurance 1 240 1 844 (33%) (31%) South Africa 998 1 208 (17%) (17%) International 3 123 (98%) (98%) Pan-Africa 89 343 (74%) (70%) India 150 184 (18%) (24%) Malaysia – (14) 100% 100% Investment management 710 577 23% 48% South Africa 527 484 9% 41% International 143 56 >100% 89% Pan-Africa 40 37 8% 26% Credit and structuring 1 051 1 178 (11%) 6% South Africa 146 216 (32%) (32%) Pan-Africa 56 77 (27%) (21%) India 849 885 (4%) 18% Corporate expenses and other (374) (334) (12%) (9%) Total 7 377 7 664 (4%) 1% South Africa 5 954 5 694 5% 7% International 146 179 (18%) (23%) Pan-Africa 418 646 (35%) (21%) India 965 1 122 (14%) 2% Malaysia (106) 23 (>100%) (>100%) Refer to the Earnings per line of business analysis on page 86 for the operating profit split in the Supplementary Information for more detail.
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Interim Results 2026 9 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Life and health earnings increased, supported by strong growth across the Africa portfolio, favourable risk experience and higher asset-based fee income. South Africa delivered strong earnings growth due to a solid performance across the life insurance and savings businesses and a one-off uplift from the group’s review of the ALM approach for the IFRS 17 RANFR for Sanlam Life and Savings’ life insurance businesses. Retail Mass benefited from favourable mortality experience, while persistency was negatively impacted by a once-off clean-up of non-paying policies, this masked the underlying improvement in long-duration persistency resulting from management actions. Retail Affluent and Sanlam Corporate earnings were supported by growth in asset-based fee income from a larger book of business, together with favourable mortality experience. Earnings were also supported by the narrowing of credit spreads on assets backing life insurance liabilities. The South Africa Health business continued to face operational challenges, with earnings impacted by professional fees and rightsizing costs incurred following the loss of a major contract. Following a reassessment of the carrying value of the investment, the group fully impaired its investment in Afrocentric, resulting in a R874 million impairment. Pan-Africa delivered strong earnings growth, driven by growth across product lines and continued expense efficiencies across the portfolio. In India, earnings were affected by regulatory changes (including Goods and Services Tax and Labour Codes), the loss of two large group credit life schemes and continued investment in open-market distribution. Actions are underway to address these pressures and support an improvement in performance over time. Malaysia was affected by elevated medical claims and regulatory limitations on repricing. The group is evaluating a range of actions to adapt to the evolving regulatory environment, including a potential recapitalisation of the business. Any recapitalisation would reflect the combined impact of higher regulatory capital requirements and ongoing pressure in certain portfolios, and the group intends to ensure that the business remains appropriately capitalised to support its long-term growth objectives. General insurance earnings were affected by elevated weather-related catastrophe claims and large loss events in South Africa and Pan-Africa, despite continued premium growth and underwriting actions. Santam’s earnings were affected by flooding in the northern parts of South Africa in February and the Western Cape in May 2026, as well as large wildfire-related claims. Together, these claims amounted to R680 million net of reinsurance, compared with relatively benign weather experience in the prior period. The impact was partly offset by a R147 million general reserve release from Santam. Both amounts reflect Sanlam’s share after tax and non-controlling interests. Earnings were also affected by initial operational losses in the Santam Syndicate 1918. Despite these impacts, Santam delivered an underwriting margin of 8,1%, above the midpoint of its 5% to 10% target range. This reflects favourable attritional claims experience that is to a large extent attributable to the underwriting actions implemented over the past few years and diligent expense management, which improved the underlying profitability of the in-force book. Earnings also benefited from a higher investment return on insurance funds of 2,9%, compared with 2,6% in 2025, as a proportion of net earned premiums. Shareholders and noteholders are referred to Santam’s interim results, released on 3 September 2026, for further information (https://www. santam.co.za/about-us/investor-relations/). Pan-Africa earnings were adversely affected by several large loss events during the period, including flooding in Morocco, a cyclone in Madagascar and large loss claims in Mauritius. Together, these events amounted to R195 million, reflecting Sanlam’s share after tax and non-controlling interests. Earnings were further impacted by higher prescribed bodily injury claim values in Morocco, where premium increases in the first half remained subject to regulatory caps, as well as weaker operational performance in Ivory Coast. As a result, the net insurance margin declined to 9,1% (2025: 11,9%), below the portfolio’s target range of 10% to 15%. Investment returns on insurance funds were also dampened by weaker market returns, particularly in Morocco, following a strong investment performance in the prior period. India’s earnings growth was lower than the prior period due to a lower investment return on insurance funds, following a strong investment performance in the previous period. This reflected higher bond yields, driven by volatility arising from the Iran conflict. Shriram General Insurance Company recorded an investment return on insurance funds of 21,0% (2025: 23,7%). This was partly offset by favourable claims experience and improved cost efficiency. Investment management earnings increased, supported by higher asset-based fee income in South Africa and Pan-Africa. In South Africa , the asset management business benefited from higher assets under management and associated fee income, with strong contributions from the multi-manager and indexation businesses. This growth was further bolstered by effective cost management. Following the sale of the single active asset management business to Ninety One, the group has substantially addressed the associated stranded costs, with the remainder expected to be completed by year-end. This strong performance was partly offset by weaker Glacier earnings following pricing adjustments introduced at the end of the first quarter of 2025 and volatile market conditions. The international business was supported by improved asset management fees and cost efficiencies. Pan-Africa earnings growth was underpinned by sustained higher retail flow-driven fee income, particularly in Kenya and Namibia. Credit and structuring increased on a comparable basis, supported by a strong performance in India and partly offset by investment in technology development costs in South Africa. In India, SFL delivered strong comparable earnings growth, supported by a 15% loan book growth and improved net interest margin of 8,8% (31 December 2025: 8,7%) following the normalisation of excess liquidity relative to the prior period. In South Africa , earnings growth was moderated by slower growth in the Sanlam Personal Loans book and increased technology development costs to enable the digital ecosystem. The retail credit joint venture with GoTyme commenced on 1 June 2026, positioning the business for future growth. Earnings growth was also adversely affected by a high base of structuring activity in Sanlam Financial Markets in the prior period.
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Interim Results 2026 10 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Financial and strategic review continued Pan-Africa earnings growth was muted as a result of credit impairment charges on concerns about borrowing quality experienced in Southern Africa. Corporate expenses and other increased on a comparable basis due to higher business enablement costs in setting up the group’s banking proposition, technology and modernisation initiatives in South Africa. Shareholder investable assets Shareholder investable assets remain conservatively positioned, with the portfolio predominantly allocated to interest-bearing instruments, cash and money market assets, and insurance contract assets (mainly in the mass-market operations). This supports stable and predictable yields, although returns remain exposed to market movements and changes in interest rates. Net investable assets decreased by 5% relative to December 2025, following the release of cash previously held to support the Indian rupee hedge associated with the India insurance transactions. The hedge was unwound on completion of these transactions in the first quarter of 2026. This was partly offset by an increase in the group’s stake in Ninety One. For the six months ended 30 June (R million) 2026 2025 ∆% Net investment return on shareholders’ fund capital 487 2 005 (76%) Net investment return on shareholders’ fund reserves 460 489 (6%) Finance costs (495) (561) 12% Total 452 1 933 (77%) Net investable assets as at 30 June 2026 31 December 2025 ∆% Investable assets 77 630 79 355 (2%) Funding (16 639) (14 835) (12%) Total 60 991 64 520 (5%) Asset mix as at (%) 30 June 2026 31 December 2025 Cash and money market securities 24 28 Interest-bearing investments 35 35 Hedged equities 5 6 Equities 22 16 Property 2 2 Insurance contracts assets and other 12 13 Refer to note 3. Shareholders’ fund investment return analysis in the Supplementary Information for more detail on investable assets. Contractual service margin and risk adjustment for non-financial risk The CSM and RANFR represents a significant store of future profit from the group’s in-force life insurance business. Analysis of changes in CSM and RANFR balances The analysis overleaf presents a group view of CSM and RANFR balances, including Sanlam’s share of the SanlamAllianz joint venture and normalisation adjustments aligned to the embedded value analysis. Amounts in the table are shown before tax and non-controlling interests for insurance contracts measured under the general measurement model and variable fee approach.
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Interim Results 2026 11 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information For the six months ended 30 June (R million) 2026 2025 Opening balance 42 228 41 031 Reduction in Sanlam’s shareholding in SanlamAllianz – (757) Adjusted opening balance 42 228 40 274 New business 1 623 1 469 Interest accretion/unwinding of discount rates 1 981 1 980 Expected release (3 233) (3 242) Core growth for the year 371 207 Experience variances and assumption changes (2 918) (280) RANFR reassessment (1 452) – Other experience variances and assumption changes (1 466) (280) Foreign currency translation differences (56) (4) Closing balance 39 625 40 197 Refer to note 4.2. Adjusted CSM and risk adjustment reconciliations in the Supplementary Information for more detail. New business and the interest accretion on the CSM and RANFR exceeded the expected releases, generating positive core growth in CSM and RANFR balances. However, the combined CSM and RANFR balance decreased by 6% to R39,6 billion at 30 June 2026, mainly due to adverse experience and assumption changes including the impact of the ALM refinement on RANFR. New business contribution to CSM and RANFR New business contributed R1,6 billion to CSM and RANFR, 10% higher than 2025. Growth was supported by Retail Mass individual life and group risk sales, continued growth in Sanlam Corporate and strong life sales in Pan-Africa. This was partly offset by lower volumes in Sanlam Risk and Savings and a Glacier sales mix shift towards living annuities outside IFRS 17. Interest accretion Interest accretion and the unwinding of discount rates added 4,7% to the CSM and RANFR balance (2025: 4,9%). Release into profit The group released R3,2 billion of expected profit into earnings, representing a release rate of 7,7% for the six months. The release supports earnings from the in-force book and was slightly lower than 2025. Experience variances, assumption changes Adverse experience and assumption changes reduced the CSM and RANFR balance by R2,9 billion. Included in this amount is the impact of the ALM refinement on RANFR, which contributed a one-off reduction of R1,5 billion recognised in IFRS profit before tax. This translated into an operating profit impact of R0,6 billion (before tax) which excludes accounting mismatches from locked-in interest rates, and core earnings impact of R0,5 billion (before tax) which also excludes investment variances. Other experience variances and assumption changes were R1,2 billion lower than the prior period, mainly driven by the one-off clean-up of non-paying policies within Retail Mass, model updates in the Pan-Africa businesses, and revised assumptions for adverse medical claims and expenses in Malaysia. The result was further impacted by adverse economic impacts. Management actions will focus on improving persistency, expense and claims experience, while sustaining growth in higher quality and profitable new business.
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Interim Results 2026 12 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Financial and strategic review continued New business volumes and value of new covered business For the six months ended 30 June (R million) 2026 2025 ∆% ∆% (comparable) Total new business volumes 223 647 216 306 3% 22% Life business 41 763 37 579 11% 12% General insurance 26 417 25 647 3% 7% Investment management 155 467 153 080 2% 29% Life insurance PVNBP 58 118 51 213 13% 14% VNB 1 049 1 139 (8%) (7%) VNB margin 1,80% 2,22% (42bps) (41bps) Life insurance Life insurance new business volumes grew by 14%, on a PVNBP basis, with strong contributions across all regions. South Africa PVNBP grew by 13%. Growth was supported by solid single and recurring premium growth in Sanlam Corporate and Retail Mass. Sanlam Corporate recorded 98% PVNBP growth, more than doubling single premiums and with a 62% increase in recurring premiums, mainly driven by robust tailored investment, guaranteed portfolio and the group smooth bonus product sales. In Retail Mass, PVNBP grew by 28%, benefitting from strong group business, individual life and Assupol sales. Group business sales more than doubled, benefitting from the biennial renewal of a large client. Individual life sales increased by 27% from strong branch sales, while Assupol sales increased by 5%, supported by good group sales. Retail Affluent PVNBP was 6% lower, underpinned by a decline in guaranteed plan, international and life annuity sales relative to the prior period. However, recurring premium sales increased by 14%, supported by solid savings, retirement annuity and risk sales. Pan-Africa PVNBP was 27% higher on a comparable basis, driven by a strong performance across most regions. North and West Africa PVNBP growth benefited from higher single premium unit-linked business in Morocco as well as group savings and risk sales in Cameroon, while East Africa saw increased credit life, deposit administration and bancassurance sales particularly in Tanzania and Kenya. India PVNBP was 16% higher on a comparable basis, underpinned by strong retail business sales. Shriram Life Insurance Company new business volumes are typically highest in the first half of the year due to seasonality and are expected to moderate in the remainder of the year. Group net VNB growth was mostly impacted by continued annuity mix effects in South Africa. In South Africa , the VNB growth trends improved from the first quarter of 2026, reflecting stronger Retail Mass market and Sanlam Corporate performance. However, VNB remained below the prior period as client demand in Retail Affluent continued to favour capital-light market-linked annuities over higher-margin life annuities. Importantly, the mix of market-linked and life annuities was approximately 72/28 (June 2025: 60/40), resulting in lower VNB margins. Management continues to focus on targeted initiatives to optimise product mix in the affluent segment, supporting an expected improvement in VNB momentum over the remainder of the year. Retail Mass delivered strong VNB growth, up 68% from the prior period, supported by broad-based improvements across the portfolio. Individual Life VNB increased by 98%, benefitting from basis changes and higher sales volumes through the branch network. Group Business VNB rose by 80%, supported by the biennial renewal of a large client, while Assupol VNB improved by 44%, reflecting cost efficiencies and a recovery in direct marketing VNB. Sanlam Corporate VNB increased by 95%, driven by higher new business volumes written. Pan-Africa delivered strong new business momentum, with VNB increasing by 18% on a comparable basis, supported by good growth across all regions. North and West Africa benefited from higher credit life and single premium unit-linked business sales in Morocco and increased group risk sales in Ivory Coast. East Africa VNB grew, mainly driven by solid credit life and individual life sales in Tanzania, while Southern Africa grew from healthy individual life, credit life and annuity sales. India rebounded to positive VNB from increased volumes at a more profitable product mix. The muted growth relative to prior year reflects the continued investment in growing and diversifying the distribution capabilities, regulatory impacts as well as the loss of two large credit life group schemes. The group recorded a VNB margin of 1,80%, with South Africa at 1,50% (1H25: 1,82%), Pan-Africa at 5,59% (1H25: 6,04%) and India at 1,60% (1H25: 2,60%).
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Interim Results 2026 13 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information General insurance New business volumes increased by 7%, with good contribution across all regions. Santam delivered good top line performance, with net earned premiums in the conventional insurance business growing by 6%, with all but Santam reinsurance business contributing to the growth due to timing differences relating to the partnership business. Pan-Africa net earned premiums increased by 3% on a comparable basis due to higher premium growth in Egypt and Morocco. The constrained growth reflects tightened underwriting discipline as the business continues to focus on improving the quality of the book. India net earned premiums grew by 25% on a comparable basis, mainly due to strong motor business sales from both the diversified open-market channels and the Shriram ecosystem. Investment management New business volumes increased by 2%, with the muted growth due to the sale of the Sanlam Investments active asset management business in South Africa and the UK to Ninety One. Excluding this, new business volumes grew by 29%, benefitting from strong retail asset management and multi-manager inflows. New business growth further benefited from increased Glacier discretionary savings and retirement annuities in the Retail Affluent segment. Pan-Africa volumes increased by 7%, supported by solid retail flows in Southern Africa. Net client cash flows Life insurance Life insurance net client cash inflows increased to R19,3 billion. South Africa recorded strong net inflows, increasing by 19% from strong Sanlam Corporate and Retail Mass net client inflows and improved claims experience. This was partly offset by weaker life annuity and endowment inflows and increased maturities of savings products in the affluent segment. Pan-Africa net client cash flows increased by 67% on a comparable basis, supported by strong new business growth and favourable mortality experience. India net flows increased 9% on a comparable basis due to higher retail business net inflows. Investment management Net client cash inflows increased strongly to R48 billion from R21 billion in 2025. South Africa contributed R47 billion, up from R18 billion in the prior period, driven by robust net inflows across the asset management business, particularly in the multi-management and Satrix operations. Continued growth in the retail platform and corporate business further enhanced performance. Pan-Africa recorded lower inflows due to the non-repeat of exceptionally strong retail inflows in Kenya in the prior year. General insurance General insurance net client cash flows increased by 3% on a comparable basis to R11 billion, relative to 2025. Santam’s net client cash flows were in line with the prior year, as net earned premium growth and a favourable attritional claims experience were offset by elevated weather- related and other large claims. Pan-Africa net client cash inflows increased by 4%, reflecting the growth of net inflows as the business continues to focus on writing more quality business. India delivered growth of 25% on a comparable basis from strong net inflows and favourable claims experience.
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Interim Results 2026 14 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Financial and strategic review continued Group equity value Group equity value (GEV) is Sanlam’s estimate of the total value attributable to shareholders, combining the value of its existing insurance business, other operating businesses and excess capital available to support future growth or be returned to shareholders. GEV amounted to R178 billion or 8 401 cents per share at 30 June 2026. Adjusted RoGEV per share was 7,7% (15,5% annualised) and exceeded the hurdle rate of 6,1% (12,5% annualised), while actual RoGEV per share was 1,4% (3,7% annualised). Adjusted RoGEV reflects operating delivery, while actual RoGEV also includes the impact of listed share prices, market mo vements and currency changes. Expected return VNB Experience variance and assumption changes Santam operational return NAV expected return and other earnings Adjusted RoGEV Investment variances and economic assumption changes Foreign currency impact Santam market return Ninety One returns and other earnings Actual RoGEV (%) (4,5) (2,4) (2,6) 1,2 8,0 Group hurdle of 12,5% 15,5% per share 3,7% per share 2,1 2,4 1,8 15,5 (2,3) 3,7 Actual RoGEV was lower than adjusted RoGEV over the period, mainly due to market-r elated factors outside the group’s operational control. These included higher risk-free yields and weaker equity markets, which reduced the value of investments, most notably as a result of lower Santam and Ninety One share prices. In addition, a stronger rand lowered the translated value of foreign earnings, particularly those generated in Indian rupees and Moroccan dirhams. The group's adjusted RoGEV was underpinned by the following key drivers: • V NB contributed 1,2%, reflecting a satisfactory volume of profitable new business, albeit at lower margins than the prior period due to a shift in business mix. • O perating experience and assumption changes together contributed 2,1%, supported by favourable risk experience and positive assumption changes at SFL in India, partly offset by write-downs in our non-covered South African health and credit businesses together with Pan-Africa. • S antam delivered a positive operating contribution of 2,4%, having outperformed its return on capital target for the period. • O ther earnings were positive, driven largely by the GEV uplift on the completion of the Ninety One transaction. Operating experience variances Operating experience on covered business was positive during the period. Risk experience contributed R763 million (June 2025: R561 million), reflecting favourable experience across the South African life businesses, partly offset by adverse medical claims experience in Malaysia. Persistency experience remained negative at R189 million (June 2025: negative R184 million), mainly due to a once-off clean-up of non-paying policies within Retail Mass. This was partly offset by favourable savings and investment product experience in Retail Affluent and positive contributions from Sanlam Corporate and Pan-Africa. Covered business also benefited from healthy working capital and credit spread profits. Non-covered business experience variances were negative R194 million (June 2025: negative R644 million), reflecting adverse lending experience in South Africa's retail credit operations and negative fund flow experience in Sanlam Investments. Santam contributed R2,2 billion through outperformance against its return on capital target (June 2025: R2,4 billion). Operating assumption changes Non-covered business assumption changes contributed R1 738 million (June 2025: R43 million), driven by continued growth momentum in the Indian credit and structuring business and favourable assumption changes at Sanlam Investments. This was partly offset by a revised outlook for a portion of the Pan-Africa general insurance operations, adverse assumption changes in the South African retail credit business and the full GEV write-down of the health operations. Covered business assumption changes were negative R349 million (June 2025: negative R175 million), mainly reflecting adverse risk and expense assumption changes in Malaysia.
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Interim Results 2026 15 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information Basis of normalisation for comparability The 2025 bases of the businesses tabled below were normalised for ease of comparison. The comparable financial information included in the table within the earnings reporting framework constitutes pro forma financial information in terms of the JSE Limited (JSE) Guidance Letter: Presentation of Pro Forma Financial Information dated 16 February 2026. It has been prepared in accordance with the JSE Listings Requirements and the Guide on Pro Forma Financial Information issued by SAICA. The pro forma financial information is the responsibility of the board of directors and is presented for illustrative purposes only. Because of its nature, the pro forma financial information may not fairly present Sanlam’s financial position, changes in equity, results of operations, or cash flows. The underlying information used in the preparation of the pro forma financial information has been prepared on the basis of the Supplementary Information for the six months ended 30 June 2026. Business Transaction Treatment SanlamAllianz On 7 April 2025, Allianz Europe BV (Allianz) acquired 8,59% in SanlamAllianz, resulting in a final shareholding split in SanlamAllianz of 51% Sanlam and 49% Allianz. Transaction occurred effective 1 January 2025, with Sanlam shareholding of SanlamAllianz at 51% from 1 January 2025. India On 10 February 2026, Sanlam increased its effective economic holding in Shriram General Insurance Company (SGIC) from 40,25% to 50,99%. The 2026 shareholding has been applied to the 2025 period, with the number of months adjusted accordingly, to ensure comparability. On 6 March 2026, Sanlam increased its effective economic holding in Shriram Life Insurance Company (SLIC) from 41,83% to 53,69% and then to 68,72% on 24 June 2026. On 8 April 2026, Sanlam’s effective economic holding in SFL reduced from 9,53% to 7,62%. Sanlam Investments On 16 June 2025, the UK component of the Ninety One transaction was completed. Transaction occurred effective 1 January 2025, and therefore 2025 results removed. On 2 February 2026, the SA component of the Ninety One transaction was completed. Transaction occurred effective 1 January 2025, and therefore 2025 and 2026 results removed. Independent review by external auditors The condensed consolidated interim financial results for the six months ended 30 June 2026 have not been reviewed or audited by the group’s external auditors. The directors are responsible for the preparation and fair presentation of these condensed consolidated interim financial results and have concluded that the group has adequate financial reporting procedures in place and that the financial records may be relied on in the preparation of the condensed consolidated interim financial results. Accordingly, no independent assurance has been provided by the external auditors in relation to these results.
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Interim Results 2026 16 Condensed consolidated interim financial statements 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 17 Salient features 18 Earnings performance Condensed consolidated interim financial statements 19 Basis of preparation and accounting policies 22 Condensed group statement of financial position 23 Condensed group statement of comprehensive income 24 Condensed group statement of changes in equity 26 Condensed group statement of cash flows Notes to the condensed consolidated interim financial statements 27 Segment information 32 Insurance and reinsurance contracts 39 Investment contracts 40 Financial assets and financial liabilities 42 External investors in consolidated funds 43 Earnings per share 44 Revenue 46 Notes to the statement of cash flows 48 Critical accounting estimates and judgements 52 Commitments and contingencies 52 Related parties 53 Other corporate transactions 53 Disposal groups and assets classified as held for sale 54 Fair value disclosures 58 Subsequent events In this section 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 18 Salient features Earnings performance The group achieved higher profit for the period, driven by stronger insurance operations and gains on strategic transactions, partly offset by higher impairment and amortisation charges and lower equity-accounted earnings. Result from insurance operations (life and general insurance) Result from insurance operations (life and general insurance) increased by 7%, benefitting from a R1 614 million release following the reassessment of assumptions and calibration inputs used in determining the risk adjustment for non-financial risk. Results from other operations (health, investments and administration) Results from other operations increased from R6 billion in the prior year to R13 billion in the current year. This is mainly as a result of the profit on sale of a stake in Sanlam Investment Management Proprietary Limited (SIM) (R5.6 billion) and the profit on sale as a result of the dilution of Sanlam’s interest in Shriram Finance Limited (SFL) of R2.6 billion. Total asset impairment Total asset impairment increased to R1 569 million (2025: R117 million), mainly due to an impairment of R1 487 million recognised in respect of assets within the Afrocentric Investment Corporation Limited cash-generating unit. As these assets form part of the consolidated Afrocentric business, the impairment is attributable to shareholders in accordance with their respective economic interests in Afrocentric. Accordingly, R874 million of the impairment was attributable to Sanlam, reflecting its 58,81% shareholding, and R613 million was attributable to non- controlling interests. Equity-accounted earnings Equity-accounted earnings decreased by 52% compared to the prior period, primarily reflecting higher claims experience in SanlamAllianz Africa JV Proprietary Limited (SanlamAllianz) arising from adverse weather events. Profit before tax Profit before tax increased, reflecting stronger insurance operations and gains on strategic transactions, partially offset by higher impairment and amortisation charges and lower equity-accounted earnings. Overall profit for the period Attributable earnings are aligned to shareholders’ fund attributable earnings, reflecting the strong growth in businesses over the half year. Other comprehensive income (OCI) Other comprehensive income consists mostly of movements in foreign currency translation reserves, largely attributable to strengthening of the rand relative to the Indian Rupee. Per share metrics Earnings per share (EPS) and diluted EPS increased, mainly due to strong operational earnings and gains recognised on the disposal of the group’s interest in SIM and the dilution of its economic interest in SFL. Refer the earnings per share note 6 for additional information. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 19 Basis of preparation and accounting policies The preparation of the group’s condensed consolidated interim financial statements was supervised by the group finance director, AM Mukhuba CA(SA). The condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard 34 (IAS 34): Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, Financial Pronouncements as issued by the Financial Reporting Standards Council and the requirements of the Companies Act of South Africa. The condensed consolidated interim financial statements for the current reporting period have not been reviewed by the group’s external auditors. This represents a change from prior interim reporting periods, where the group’s condensed consolidated interim financial statements were subject to an external review. Following consideration by management, it was determined that the group’s existing financial reporting, governance and assurance processes provide an appropriate level of oversight for interim reporting. Accordingly, no independent auditor’s review conclusion is expressed on the current period condensed consolidated interim financial statements. The directors of Sanlam Limited remain responsible for the preparation, integrity and fair presentation of the condensed consolidated interim financial statements. The accounting policies and basis of preparation for the condensed consolidated interim financial statements are in all material respects consistent with those applied in the 2025 annual report apart from the adoption of new IFRSs at the beginning of the 2026 financial year. With effect from 1 January 2026, the group refined its management-defined earnings framework to enhance alignment with IFRS ® Accounting Standards (IFRS Accounting Standards). This does not impact the recognition, measurement or presentation of items in the condensed consolidated interim financial statements. The following new or revised IFRS Accounting Standards and interpretations have been applied in the 2026 financial period, and do not have a material impact on the results: Effective 1 January 2026: • A mendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 7 and IFRS 9) • A nnual Improvements to IFRS Accounting Standards (Amendments to IFRS 1, IFRS 7, IFRS 9, IFRS 10 and IAS 7) IFRS 18: Presentation and disclosure in financial statements is effective 1 January 2027, has not been early adopted and may have an impact on future financial results. The group is preparing for the adoption of IFRS 18: Presentation and Disclosure in Financial Statements, which is effective for annual reporting periods beginning on or after 1 January 2027. The standard introduces significant changes to the presentation of the statement of profit or loss and other comprehensive income, as well as enhanced disclosure requirements in the notes to the financial statements. Comparative information will require restatement on transition; however, the standard does not impact the recognition or measurement of items and is therefore not expected to affect the group’s reported profit for the year. Key changes include the introduction of defined subtotals in the statement of profit or loss, enhanced principles for the aggregation and disaggregation of line items, and the requirement to disclose management performance measures (MPMs) within the financial statements, together with specific reconciliations to IFRS-defined measures. The group is executing structured dual runs to assess the impact of IFRS 18 ahead of its effective date. Comprehensive impact assessments have already been performed across the group, forming the basis for implementation, planning and design decisions. A formal steering committee (SteerCo) has been established to oversee the programme, supported by cross functional governance structures with representation from business units and clusters, meeting on a bi-weekly basis to monitor progress, resolve key judgements and ensure alignment. The assessment and implementation process places particular focus on financial statement presentation, the identification and validation of MPMs, and the data, systems and process enhancements required to support the expanded disclosure requirements. In parallel, capability building has been prioritised through targeted training initiatives delivered via the SteerCo, as well as structured engagements with management and the audit committee, to ensure readiness and consistent application of the new requirements across the group. The group does not expect other amendments to standards issued by the International Accounting Standards Board (IASB), but not yet effective, to have a material impact. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 20 Reference rate reform and transition from Johannesburg Interbank Average Rate (JIBAR) to South African Rand Overnight Index Average (ZARONIA) Following the South African Reserve Bank’s (SARB) December 2025 announcement, the market is now in the final year of the JIBAR transition, with all tenors scheduled to cease after 31 December 2026. ZARONIA has been established as the successor benchmark and is increasingly being adopted as the primary reference rate, offering a more transparent, transaction-based and resilient foundation for financial contracts in the South African market. The SARB, through the Market Practitioners Group (MPG), continues to play a central coordinating role in the market transition following the confirmed cessation of JIBAR. In line with 2026 developments, this includes finalising credit adjustment spreads, providing updated industry guidance on robust fallback mechanisms, and supporting consistent implementation of alternative reference rates across financial markets. The ZARONIA First initiative, launched by the MPG earlier in 2025, has successfully advanced its phased roadmap to replace JIBAR. While the initial focus targeted linear derivatives such as overnight indexed swaps, MPG expanded the mandate to non-linear and cross-currency derivatives, aligning with international benchmark reform practices. MPG also published the following documents during 2026 for consideration: Transition planning and coordination: • ‘ No new JIBAR’ recommendations – Proposed framework for a market-wide milestone from 1 May 2026 to prevent the creation of new JIBAR exposures ahead of cessation. • T ransition approach recommendations – Guidance on active, passive and legislative pathways for transitioning legacy JIBAR exposures across key product markets. Cash Market Workstream: • R ecommendations for a ZARONIA Transition in the Retail Market – Analysis of the impact of JIBAR cessation on retail mortgage markets with recommendations to support an orderly transition. • I mportant Changes to Your JIBAR-Linked Loan – A consumer-focused guide explaining the cessation of JIBAR and how affected retail loan agreements may transition to alternative reference rates. Tax workstream: • K ey tax considerations arising from the transition of legacy financial contracts from JIBAR to ZARONIA. During 2026, Sanlam continued to advance its comprehensive, group-wide transition programme in response to the cessation of JIBAR. The focus has been on actively executing the transition plans developed in 2025, including remediating remaining exposures, finalising amendments to legal agreements, embedding updated operational processes, and completing system enhancements to support ZARONIA. A multi-layered control framework has also been established to prevent, detect, and govern any new primary-issued JIBAR-linked reference rate trades subsequent to the ‘No new JIBAR’ recommendations announcement. Cluster Chief Finance Officers and the group’s Internal Audit function have maintained close oversight to ensure that all transition activities are effectively implemented and that residual risks are appropriately managed. In parallel, Sanlam has remained an active participant in the MPG working groups, ensuring ongoing alignment with evolving regulatory guidance and industry best practice as the transition progresses toward full adoption of ZARONIA. Basis of preparation and accounting policies continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 21 The table below provides an overview of JIBAR related exposures with post 31 December 2026 maturities: Unaudited Audited 30 June 31 December R million 2026 2025 Carrying values: Net investments 160 258 154 309 Government interest-bearing investments (1) 11 944 9 803 Corporate interest-bearing investments (2) 108 994 120 192 Other interest-bearing investment (3) 22 295 17 938 Structured transactions (net of structured transaction liabilities) (4) 17 025 6 376 Trading account assets 1 388 1 397 Trading account liabilities (173) (70) Short-term investments 1 928 2 014 Term finance(2) (11 165) (8 642) Total exposure 152 236 149 008 (1) Transition is subject to JSE instructions. (2) Approximately 35% (2025: 32%) is subject to JSE instructions. The remaining balance is client and/or Strate (South Africa’s principal central securities depository and central collateral platform) engagement. (3) Certain contracts to be renegotiated. (4) International Swaps and Derivatives Association (ISDA) published a protocol on April 25, 2025, to amend existing derivative contracts, enabling a seamless transition from JIBAR to ZARONIA. The protocol allows parties to include fallback provisions, ensuring that if JIBAR ceases, contracts automatically reference Bloomberg-published ZARONIA-based rates. Use of estimates, assumptions and judgements The preparation of the condensed consolidated interim financial statements necessitates the use of estimates, assumptions and judgements. These estimates and assumptions affect items reported in the group statement of financial position and statement of comprehensive income, as well as contingent liabilities. Although estimates are based on management’s best knowledge and judgement of current facts as at the statement of financial position date, the actual outcome may differ from these estimates. Refer to note 9 of the condensed consolidated interim financial statements for further information on significant changes since the previous reporting period in terms of critical estimates and judgements and note 10 of the condensed consolidated interim financial statements for information on contingencies. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 22 Condensed group statement of financial position at Unaudited Audited 30 June 31 December R million Note 2026 2025 ASSETS Goodwill 6 566 6 610 Equipment 1 160 1 479 Right-of-use assets 1 116 1 210 Owner-occupied properties 897 1 236 Intangible assets 1 755 2 466 Contract costs for investment management services 2 765 2 772 Investment contract assets 3 and 4 1 811 1 531 Insurance contract assets 2 17 153 16 654 Reinsurance contract assets 2 11 281 10 650 Deferred tax 665 695 Investments 1 106 882 1 149 061 Investment properties 8 156 8 117 Investment in associates and joint ventures 4 60 901 49 466 Equities and similar securities 4 193 686 214 793 Interest-bearing investments 4 368 212 428 981 Structured transactions 4 39 253 42 227 Investment funds 4 419 899 379 658 Deposits and similar securities 4 16 775 25 819 Trading account assets 4 27 372 29 644 Advances to customers 4 2 246 4 717 Non-current assets reclassified as held for sale 13 1 952 2 873 Working capital assets 77 414 64 100 Trade and other receivables 4 26 421 18 629 Taxation 251 111 Short-term investments 4 9 275 9 181 Cash and cash equivalents 4 and 8.4 41 467 36 179 Total assets 1 261 035 1 295 698 EQUITY AND LIABILITIES Capital and reserves Share capital and premium 12 526 12 526 Treasury shares (2 192) (1 860) Other reserves 7 641 8 408 Retained earnings 85 096 82 587 Shareholders’ equity 103 071 101 661 Non-controlling interest 10 518 9 861 Total equity 113 589 111 522 Insurance contract liabilities 2 283 928 275 455 Reinsurance contract liabilities 2 4 730 4 903 Investment contract liabilities 3 and 4 668 208 649 012 Term finance 4 19 984 18 578 Margin business 767 1 535 Other interest-bearing liabilities 19 217 17 043 Lease liabilities 1 564 1 520 Structured transactions liabilities 4 16 803 20 796 External investors in consolidated funds 4 and 5 66 568 134 312 Deferred tax 10 189 9 174 Trading account liabilities 4 32 969 31 187 Non-current liabilities reclassified as held for sale 13 88 239 Collateral guarantee contracts 129 130 Working capital liabilities 42 286 38 870 Trade and other payables 4 39 987 36 891 Provisions 226 202 Taxation 2 073 1 777 Total equity and liabilities 1 261 035 1 295 698 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 23 Condensed group statement of comprehensive income for the six months ended Unaudited Reviewed R million Note 30 June 2026 30 June 2025 Result from insurance operations 8 121 7 591 Result from insurance contracts 8 974 8 211 Insurance service result 6 249 7 302 Insurance revenue 51 743 51 246 Insurance service expenses (42 297) (40 383) Expense from reinsurance contracts (3 197) (3 561) Insurance investment result 2 725 909 Insurance finance expense (11 002) (9 934) Reinsurance finance income/(expense) 278 (159) Investment income on assets held in respect of insurance contracts 5 553 7 462 Investment surpluses on assets held in respect of insurance contracts 7 896 3 540 Other expenses relating to insurance operations (853) (620) Result from other operations 13 167 6 052 Revenue 7 12 935 13 227 Investment income 13 119 16 988 Investment surpluses 20 611 31 307 Finance cost – margin business (108) (91) Change in fair value of external investors’ liabilities (4 631) (8 531) Change in fair value of investment contract liabilities (16 656) (34 301) Sales remuneration (548) (586) Administration and other costs (11 555) (11 961) Impairments (1 569) (117) Amortisation of intangibles (213) (295) Net operating result 19 506 13 231 Equity-accounted earnings 1 836 3 830 Finance cost – other (880) (966) Profit before tax 20 462 16 095 Taxation (5 312) (4 460) Shareholders’ equity (3 781) (2 817) Policyholders’ fund (1 531) (1 643) Profit for the period 15 150 11 635 Other comprehensive loss: to be recycled through profit or loss in subsequent periods Movement in foreign currency translation reserve (874) (1 573) Other comprehensive loss of equity-accounted investments (106) (124) Other comprehensive income: not to be recycled through profit or loss in subsequent periods Employee benefits remeasurement (loss)/gain (92) 33 Comprehensive income for the period 14 078 9 971 Allocation of comprehensive income: Profit for the period 15 150 11 635 Shareholders’ equity 13 200 10 227 Non-controlling interest 1 950 1 408 Comprehensive income for the period 14 078 9 971 Shareholders’ equity 12 180 8 584 Non-controlling interest 1 898 1 387 Earnings attributable to shareholders of the company (cents): Profit for the period: Basic earnings per share 6 631,6 489,8 Diluted earnings per share 6 623,5 483,4 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 24 Condensed group statement of changes in equity for the six months ended 30 June R million Share capital Share premium Treasury shares Non- distributable reserve Foreign currency translation reserve Retained earnings Subtotal: equity holders Consolidation reserve Total: equity holders Non- controlling interest Total equity Reviewed Balance at 1 January 2025 21 12 505 (1 872) 9 414 2 546 77 779 100 393 568 100 961 9 194 110 155 Comprehensive income – – – – (1 552) 10 136 8 584 – 8 584 1 387 9 971 Profit for the period – – – – – 10 227 10 227 – 10 227 1 408 11 635 Other comprehensive income/(loss) – – – – (1 552) (91) (1 643) – (1 643) (21) (1 664) Other comprehensive loss: to be recycled through profit or loss in subsequent periods Movement in foreign currency translation reserve (3) – – – – (1 552) – (1 552) – (1 552) (21) (1 573) Other comprehensive loss of equity-accounted investments – – – – – (124) (124) – (124) – (124) Other comprehensive income: not to be recycled through profit or loss in subsequent periods Employee benefits remeasurement gain – – – – – 33 33 – 33 – 33 Net (acquisition)/disposal of treasury shares (1) – – (134) – – (422) (556) – (556) (54) (610) Share-based payments – – – – – 255 255 – 255 19 274 Transfer (from)/to consolidation reserve – – – – – 46 46 (46) – – – Dividends paid (2) – – – – – (9 223) (9 223) – (9 223) (1 122) (10 345) Acquisitions, disposals and other movements in interests – – – (9) – (1) (10) – (10) (3) (13) Balance at 30 June 2025 21 12 505 (2 006) 9 405 994 78 570 99 489 522 100 011 9 421 109 432 Unaudited Balance at 1 January 2026 21 12 505 (1 860) 9 414 (1 681) 82 587 100 986 675 101 661 9 861 111 522 Comprehensive income – – – – (822) 13 002 12 180 – 12 180 1 898 14 078 Profit for the period – – – – – 13 200 13 200 – 13 200 1 950 15 150 Other comprehensive income/(loss) – – – – (822) (198) (1 020) – (1 020) (52) (1 072) Other comprehensive loss: to be recycled through profit or loss in subsequent periods Movement in foreign currency translation reserve (3) – – – – (822) – (822) – (822) (52) (874) Other comprehensive loss of equity-accounted investments – – – – – (106) (106) – (106) – (106) Other comprehensive income: not to be recycled through profit or loss in subsequent periods Employee benefits re-measurement loss – – – – – (92) (92) – (92) – (92) Net (acquisition)/disposal of treasury shares (1) – – (332) – – (518) (850) – (850) (56) (906) Share-based payments – – – – – 284 284 – 284 11 295 Transfer (from)/to consolidation reserve – – – – – (55) (55) 55 – – – Dividends paid (2) – – – – – (10 187) (10 187) – (10 187) (1 147) (11 334) Acquisitions, disposals and other movements in interests – – – – – (17) (17) – (17) (49) (66) Balance at 30 June 2026 21 12 505 (2 192) 9 414 (2 503) 85 096 102 341 730 103 071 10 518 113 589 (1) Comprises movement in initial cost of shares held by subsidiaries (excluding policyholder funds) and the share incentive trust. Net acquisition of treasury shares comprises of an acquisition of R811 million (2025: R555 million) and a disposal of R479 million in 2026 (2025: R420 million). (2) A dividend of 485 cents per share was declared in 2026 in respect of the 2025 earnings (2025: 445 cents per share). The total dividend, based on the number of shares in issue at the declaration date and excluding treasury shares, amounted to R10.268 billion. Dividends paid included in the statement of changes in equity excludes treasury share dividends. (3) The 2026 movement in foreign currency translation reserve mainly relates to the strengthening of the rand against the Indian Rupee. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 25 R million Share capital Share premium Treasury shares Non- distributable reserve Foreign currency translation reserve Retained earnings Subtotal: equity holders Consolidation reserve Total: equity holders Non- controlling interest Total equity Reviewed Balance at 1 January 2025 21 12 505 (1 872) 9 414 2 546 77 779 100 393 568 100 961 9 194 110 155 Comprehensive income – – – – (1 552) 10 136 8 584 – 8 584 1 387 9 971 Profit for the period – – – – – 10 227 10 227 – 10 227 1 408 11 635 Other comprehensive income/(loss) – – – – (1 552) (91) (1 643) – (1 643) (21) (1 664) Other comprehensive loss: to be recycled through profit or loss in subsequent periods Movement in foreign currency translation reserve (3) – – – – (1 552) – (1 552) – (1 552) (21) (1 573) Other comprehensive loss of equity-accounted investments – – – – – (124) (124) – (124) – (124) Other comprehensive income: not to be recycled through profit or loss in subsequent periods Employee benefits remeasurement gain – – – – – 33 33 – 33 – 33 Net (acquisition)/disposal of treasury shares (1) – – (134) – – (422) (556) – (556) (54) (610) Share-based payments – – – – – 255 255 – 255 19 274 Transfer (from)/to consolidation reserve – – – – – 46 46 (46) – – – Dividends paid (2) – – – – – (9 223) (9 223) – (9 223) (1 122) (10 345) Acquisitions, disposals and other movements in interests – – – (9) – (1) (10) – (10) (3) (13) Balance at 30 June 2025 21 12 505 (2 006) 9 405 994 78 570 99 489 522 100 011 9 421 109 432 Unaudited Balance at 1 January 2026 21 12 505 (1 860) 9 414 (1 681) 82 587 100 986 675 101 661 9 861 111 522 Comprehensive income – – – – (822) 13 002 12 180 – 12 180 1 898 14 078 Profit for the period – – – – – 13 200 13 200 – 13 200 1 950 15 150 Other comprehensive income/(loss) – – – – (822) (198) (1 020) – (1 020) (52) (1 072) Other comprehensive loss: to be recycled through profit or loss in subsequent periods Movement in foreign currency translation reserve (3) – – – – (822) – (822) – (822) (52) (874) Other comprehensive loss of equity-accounted investments – – – – – (106) (106) – (106) – (106) Other comprehensive income: not to be recycled through profit or loss in subsequent periods Employee benefits re-measurement loss – – – – – (92) (92) – (92) – (92) Net (acquisition)/disposal of treasury shares (1) – – (332) – – (518) (850) – (850) (56) (906) Share-based payments – – – – – 284 284 – 284 11 295 Transfer (from)/to consolidation reserve – – – – – (55) (55) 55 – – – Dividends paid (2) – – – – – (10 187) (10 187) – (10 187) (1 147) (11 334) Acquisitions, disposals and other movements in interests – – – – – (17) (17) – (17) (49) (66) Balance at 30 June 2026 21 12 505 (2 192) 9 414 (2 503) 85 096 102 341 730 103 071 10 518 113 589 (1) Comprises movement in initial cost of shares held by subsidiaries (excluding policyholder funds) and the share incentive trust. Net acquisition of treasury shares comprises of an acquisition of R811 million (2025: R555 million) and a disposal of R479 million in 2026 (2025: R420 million). (2) A dividend of 485 cents per share was declared in 2026 in respect of the 2025 earnings (2025: 445 cents per share). The total dividend, based on the number of shares in issue at the declaration date and excluding treasury shares, amounted to R10.268 billion. Dividends paid included in the statement of changes in equity excludes treasury share dividends. (3) The 2026 movement in foreign currency translation reserve mainly relates to the strengthening of the rand against the Indian Rupee. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 26 Condensed group statement of cash flows for the six months ended Unaudited Reviewed R million Note 30 June 2026 30 June 2025 Cash flow from operating activities 13 532 2 168 Cash generated from/(utilised in) operations 8.1 15 642 (2 765) Interest and preference share dividends received 12 969 17 445 Interest paid (1 029) (1 028) Dividends received 1 526 3 543 Dividends paid (11 279) (10 319) Taxation paid (4 297) (4 708) Cash flow from investment activities (8 664) 3 570 Acquisition of subsidiaries and associated companies 8.2 (8 471) (633) Disposal of subsidiaries and associated companies 8.3 31 4 555 Payments made for the acquisition of equipment (231) (226) Proceeds in respect of the sale of equipment 31 99 Payments made for the acquisition of owner-occupied properties (2) (76) Proceeds in respect of the disposal of owner-occupied properties – 31 Payments made for the acquisition of intangible assets (22) (180) Cash flow from financing activities 456 (2 815) Acquisition of treasury shares (906) (610) Acquisition of non-controlling interest – (2) Proceeds in respect of non-controlling interest 9 – Term finance raised (1) 2 460 235 Term finance repaid (2) (906) (2 202) Lease liabilities repaid (201) (236) Net increase in cash and cash equivalents 5 324 2 923 Net foreign exchange difference (57) (84) Cash and cash equivalents at beginning of the period 36 405 34 598 Cash and cash equivalents at end of the period 8.4 41 672 37 437 (1) R efer to note 10 for additional information in respect of Sanlam’s subordinated note programme. (2) L argely relates to the settlement of margin business preference issued. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 27 Notes to the condensed consolidated interim financial statements 1 S egment information 1.1 Bas is of segment reporting and performance measures The group’s reportable segments are identified based on the similarity of the solution offerings and market segments served by the various businesses, consistent with the information reported to executive management and the board for purposes of allocating resources and assessing operating segment performance. The operating segments reported for IFRS 8 Operating Segments purposes include the following: • Sa nlam Life and Savings; – S anlam Retail Affluent (a combination of Sanlam Risk and Savings and Glacier, providing life insurance and investment solutions to the middle- and upper-income market); – R etail Mass (providing life insurance and investment solutions to the entry-level market); – S anlam Corporate (providing employee benefits services, group risk and investment services to retirement funds and corporates); – C redit, Banking and Rewards (providing retail credit, credit solutions, digital banking and rewards programme); • S anlamAllianz (incorporating mainly life and general insurance, as well as investment management in various African territories); • I ndia and Malaysia (incorporating mainly life insurance, general insurance and investment management businesses in India and Malaysia); • S anlam Investments (incorporating investment and wealth management businesses); and • Santam (being Sanlam’ s general insurance provider subsidiary). With effect from 1 January 2026, the group refined its management-defined earnings framework to align more closely with the group’s IFRS 17-aligned financial reporting framework. The segment information has been presented on this basis, consistent with the information reviewed by the group’s board and executive management team for purposes of resource allocation and assessing segment performance. The refinement does not impact the group’s reported earnings, diluted earnings or headline earnings per share. Intergroup fees are charged on a market-related basis. Corporate costs are allocated to operating segments based on usage or time spent. Intergroup charges and other inter-segment transactions are eliminated in the “Reconciling items” column. No individual customer generates more than 10% of revenue for the group. Sanlam’s board assesses the performance of the operating segments based on attributable earnings and operating profit results. Reconciliation of management information to IFRS Accounting Standards The segment information is reconciled to the IFRS Accounting Standards statement of comprehensive income. Group Office is responsible for areas of financial risk management and is not an operating segment. The “Reconciling items” column represents IFRS consolidation adjustments and inter-segmental transactions included in profit for the year that are required to reconcile management information to the IFRS Accounting Standards financial statements, previously referred to as “Policyholder activities, consolidation entries and IFRS adjustments”. IFRS consolidation adjustments include the following adjustments: • D eferred tax recognised in respect of assessed losses in policyholder funds under IFRS Accounting Standards. • Discontinued operations ar e re-presented under IFRS Accounting Standards. Adjusted headline earnings The headline earnings measure is calculated in accordance with the SAICA headline earnings circular, as required by the JSE Listings Requirements. Adjusted headline earnings is a management-defined measure derived from headline earnings and adjusted for items that are not considered reflective of the group’s underlying operating performance. The adjustments include the following: • T ransfers between shareholders and policyholders: Deferred tax is recognised on assessed tax losses relating to policyholder funds, while the related policyholder liabilities do not reflect a corresponding increase. This adjustment eliminates the resulting impact of the deferred tax on earnings. • I mpact of adjusting the CSM at locked-in rates under IFRS 17: changes in estimates of the fulfilment cash flows related to future service reflected in the CSM are measured at the locked-in interest rates that applied at the initial recognition date of each group of insurance contracts under the General Measurement Model. This results in a mismatch between the movements in the fulfilment cash flows (at current interest rates) and the adjustments to the CSM (at locked-in interest rates). These accounting mismatches are removed from operating profit. • E quity-accounted earnings from non-operational associates and joint ventures: Net equity-accounted earnings from non-operational associates and joint ventures are excluded where the related results do not form part of operating profit or investment returns. • Amortisation of other intangible assets: Amortisation r elating to key business relationships and brands is excluded where it is not directly attributable to operating activities. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 28 Notes to the condensed consolidated interim financial statements continued 1 S egment information continued 1.2 R econciliation of segment information Extract of statement of financial position Sanlam Life and Savings SanlamAllianz India and Malaysia Sanlam Investments Santam Segment total Group Office and other Reconciling items (2) Total Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December R million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Investment in associates and joint ventures 6 437 5 938 33 250 28 109 15 941 13 007 783 722 1 639 1 891 58 050 49 667 2 851 (201) – – 60 901 49 466 Total assets 978 985 960 777 34 015 29 184 33 788 31 299 45 731 42 434 84 929 80 414 1 177 448 1 144 108 111 739 177 140 (28 152) (25 550) 1 261 035 1 295 698 Total liabilities 935 118 910 962 5 416 559 16 707 16 945 35 530 35 665 68 517 65 691 1 061 288 1 029 822 114 310 179 902 (28 152) (25 548) 1 147 446 1 184 176 Statement of comprehensive income – Unaudited Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Life Insurance Insurance revenue 22 235 22 265 – – 1 168 998 – – 3 700 4 000 27 103 27 263 – – – – 27 103 27 263 Insurance service expense (17 454) (18 475) – – (1 177) (1 125) (987) 9 (2 075) (2 689) (21 693) (22 280) – – – – (21 693) (22 280) Income/(expense) from reinsurance contracts (577) (104) – – (21) 17 – – (1 212) (960) (1 810) (1 047) – – – – (1 810) (1 047) Life Insurance service result 4 204 3 686 – – (30) (110) (987) 9 413 351 3 600 3 936 – – – – 3 600 3 936 General insurance Insurance revenue 74 264 – – – – – – 24 566 23 748 24 640 24 012 – – – (29) 24 640 23 983 Insurance service expense (70) (185) – – – – – – (20 534) (17 935) (20 604) (18 120) – – – 17 (20 604) (18 103) Income/(expense) from reinsurance contracts – (28) – – – – – – (1 387) (2 498) (1 387) (2 526) – – – 12 (1 387) (2 514) General Insurance service result 4 51 – – – – – – 2 645 3 315 2 649 3 366 – – – – 2 649 3 366 Insurance finance expense (8 945) (8 393) – – (714) (155) – – (1 343) (1 386) (11 002) (9 934) – – – – (11 002) (9 934) Reinsurance finance income/(expense) 195 331 – – – 1 (61) (154) 144 (337) 278 (159) – – – – 278 (159) Investment income on assets held in respect of insurance contracts 3 796 6 004 – – 307 339 609 384 841 735 5 553 7 462 – – – – 5 553 7 462 Investment surpluses on assets held in respect of insurance contracts 6 767 3 523 – – 258 17 871 – – – 7 896 3 540 – – – – 7 896 3 540 Net insurance investment result 6 021 5 202 – – (179) 92 432 239 2 700 2 678 8 974 8 211 – – – – 8 974 8 211 Other expenses relating to insurance operations (676) (364) – – – – – – (193) (256) (869) (620) 16 – – – (853) (620) Results from insurance operations 5 345 4 838 – – (179) 92 432 239 2 507 2 422 8 105 7 591 16 – – – 8 121 7 591 Revenue(3) 9 141 9 241 – – 4 3 3 886 3 823 283 383 13 314 13 450 378 344 (757) (567) 12 935 13 227 Net other income 3 737 2 453 – 97 2 598 131 4 534 572 1 426 1 422 12 295 4 675 34 659 6 38 12 335 5 372 Investment income 9 865 9 908 – – 28 33 95 65 1 660 1 648 11 648 11 654 1 465 5 296 6 38 13 119 16 988 Investment surpluses 10 354 26 598 – 97 2 570 162 4 465 521 161 540 17 550 27 918 3 061 3 389 – – 20 611 31 307 Finance cost – margin business – – – – – (64) (26) (14) – – (26) (78) (82) (13) – – (108) (91) Change in fair value of external investors’ liabilities – 5 – – – – – – (167) (418) (167) (413) (4 464) (8 118) – – (4 631) (8 531) Change in fair value of net investment contracts (16 482) (34 058) – – – – – – (228) (348) (16 710) (34 406) 54 105 – – (16 656) (34 301) Sales remuneration (548) (539) – – – – (1) (46) – – (549) (585) 1 (1) – – (548) (586) Administration and other costs (8 420) (8 460) – – (65) (43) (2 794) (2 814) (219) (245) (11 498) (11 562) (660) (928) 603 529 (11 555) (11 961) Impairments (1 543) (76) – – – – (36) (41) 10 – (1 569) (117) – – – – (1 569) (117) Amortisation of intangibles (141) (229) – – (1) (1) (20) (34) (50) (31) (212) (295) – – (1) – (213) (295) Net operating result 7 571 7 228 – 97 2 357 182 6 001 1 699 3 957 3 951 19 886 13 157 (231) 74 (149) – 19 506 13 231 Equity-accounted earnings 164 103 564 2 090 832 1 488 76 78 61 60 1 697 3 819 139 11 – – 1 836 3 830 Finance costs – other (499) (357) – – (22) (24) (15) (13) (305) (251) (841) (645) (188) (321) 149 – (880) (966) Profit/(loss) before tax 7 236 6 974 564 2 187 3 167 1 646 6 062 1 764 3 713 3 760 20 742 16 331 (280) (236) – – 20 462 16 095 Taxation (3 032) (2 792) – – 23 3 (1 081) (426) (1 292) (1 352) (5 382) (4 567) 70 107 – – (5 312) (4 460) Profit/(loss) for the period 4 204 4 182 564 2 187 3 190 1 649 4 981 1 338 2 421 2 408 15 360 11 764 (210) (129) – – 15 150 11 635 Non-controlling interests 579 (92) – – 62 (152) (1 326) (153) (1 262) (1 101) (1 947) (1 498) (3) 90 – – (1 950) (1 408) Attributable earnings 4 783 4 090 564 2 187 3 252 1 497 3 655 1 185 1 159 1 307 13 413 10 266 (213) (39) – – 13 200 10 227 Non-core adjustments: 862 68 30 54 (2 586) (303) (3 195) (341) (37) – (4 926) (522) – – – – (4 926) (522) Less: Net profit/(loss) on disposal of subsidiaries and associated companies (24) (5) – – – – (3 218) (382) – – (3 242) (387) – – – – (3 242) (387) Less: Net profit on disposal of associated companies – – – (97) (2 586) – – – – – (2 586) (97) – – – – (2 586) (97) Less: Equity-accounted non-headline earnings – – 30 151 – (303) – – – – 30 (152) – – – – 30 (152) Plus: Net impairments 886 73 – – – – 23 41 (37) – 872 114 – – – – 872 114 Headline earnings 5 645 4 158 594 2 241 666 1 194 460 844 1 122 1 307 8 487 9 744 (213) (39) – – 8 274 9 705 Non-operating adjustments (545) 189 98 (15) 1 (3) 13 18 (4) (12) (437) 177 (96) (85) – – (533) 92 Fund transfers (1) 39 48 73 58 – – – (6) – – 112 100 (96) (85) – – 16 15 Accounting mismatches (locked-in rate) (1) (595) 104 – – – – – – – – (595) 104 – – – – (595) 104 Net equity-accounted earnings (1) – – 25 (73) – (4) – – (38) (38) (13) (115) – – – – (13) (115) Net amortisation of other intangibles (1) 11 37 – – 1 1 13 24 34 26 59 88 – – – – 59 88 Adjusted headline earnings (1) 5 100 4 347 692 2 226 667 1 191 473 862 1 118 1 295 8 050 9 921 (309) (124) – – 7 741 9 797 Investment returns on shareholders equity (1) 1 023 649 280 1 233 (192) 46 (587) 78 117 (36) 641 1 970 (189) (37) – – 452 1 933 Operating profit 4 077 3 698 412 993 859 1 145 1 060 784 1 001 1 331 7 409 7 951 (120) (87) – – 7 289 7 864 (1) The group has aligned its segment results with the changes to internal reporting and key earnings performance measures. The insurance service result for life and general insurance has been presented separately with “Policyholder activities, consolidation entries and IFRS consolidated adjustments” now referred to as “Reconciling items”. Adjusted headline earnings and net equity-accounted earnings, for non-operational joint ventures and associates, is now presented as in segment information due to the “changes to internal reporting and key earnings performance measures”. (2) Reconciling items relate to consolidation entries for inter-segmental transactions included in profit for the year Sanlam Life and Savings -R172 million (2025: R92 million), SanlamAllianz, India and Malaysia -R95 million (2025: R67 million), Sanlam Investments R1 326 million (2025: R153 million), Santam R1 218 million (2025: R1 106 million) and Group 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 29 1 Segment information continued 1.2 Reconciliation of segment information Extract of statement of financial position Sanlam Life and Savings SanlamAllianz India and Malaysia Sanlam Investments Santam Segment total Group Office and other Reconciling items (2) Total Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December R million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Investment in associates and joint ventures 6 437 5 938 33 250 28 109 15 941 13 007 783 722 1 639 1 891 58 050 49 667 2 851 (201) – – 60 901 49 466 Total assets 978 985 960 777 34 015 29 184 33 788 31 299 45 731 42 434 84 929 80 414 1 177 448 1 144 108 111 739 177 140 (28 152) (25 550) 1 261 035 1 295 698 Total liabilities 935 118 910 962 5 416 559 16 707 16 945 35 530 35 665 68 517 65 691 1 061 288 1 029 822 114 310 179 902 (28 152) (25 548) 1 147 446 1 184 176 Statement of comprehensive income – Unaudited Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) Restated(1) 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 Life Insurance Insurance revenue 22 235 22 265 – – 1 168 998 – – 3 700 4 000 27 103 27 263 – – – – 27 103 27 263 Insurance service expense (17 454) (18 475) – – (1 177) (1 125) (987) 9 (2 075) (2 689) (21 693) (22 280) – – – – (21 693) (22 280) Income/(expense) from reinsurance contracts (577) (104) – – (21) 17 – – (1 212) (960) (1 810) (1 047) – – – – (1 810) (1 047) Life Insurance service result 4 204 3 686 – – (30) (110) (987) 9 413 351 3 600 3 936 – – – – 3 600 3 936 General insurance Insurance revenue 74 264 – – – – – – 24 566 23 748 24 640 24 012 – – – (29) 24 640 23 983 Insurance service expense (70) (185) – – – – – – (20 534) (17 935) (20 604) (18 120) – – – 17 (20 604) (18 103) Income/(expense) from reinsurance contracts – (28) – – – – – – (1 387) (2 498) (1 387) (2 526) – – – 12 (1 387) (2 514) General Insurance service result 4 51 – – – – – – 2 645 3 315 2 649 3 366 – – – – 2 649 3 366 Insurance finance expense (8 945) (8 393) – – (714) (155) – – (1 343) (1 386) (11 002) (9 934) – – – – (11 002) (9 934) Reinsurance finance income/(expense) 195 331 – – – 1 (61) (154) 144 (337) 278 (159) – – – – 278 (159) Investment income on assets held in respect of insurance contracts 3 796 6 004 – – 307 339 609 384 841 735 5 553 7 462 – – – – 5 553 7 462 Investment surpluses on assets held in respect of insurance contracts 6 767 3 523 – – 258 17 871 – – – 7 896 3 540 – – – – 7 896 3 540 Net insurance investment result 6 021 5 202 – – (179) 92 432 239 2 700 2 678 8 974 8 211 – – – – 8 974 8 211 Other expenses relating to insurance operations (676) (364) – – – – – – (193) (256) (869) (620) 16 – – – (853) (620) Results from insurance operations 5 345 4 838 – – (179) 92 432 239 2 507 2 422 8 105 7 591 16 – – – 8 121 7 591 Revenue(3) 9 141 9 241 – – 4 3 3 886 3 823 283 383 13 314 13 450 378 344 (757) (567) 12 935 13 227 Net other income 3 737 2 453 – 97 2 598 131 4 534 572 1 426 1 422 12 295 4 675 34 659 6 38 12 335 5 372 Investment income 9 865 9 908 – – 28 33 95 65 1 660 1 648 11 648 11 654 1 465 5 296 6 38 13 119 16 988 Investment surpluses 10 354 26 598 – 97 2 570 162 4 465 521 161 540 17 550 27 918 3 061 3 389 – – 20 611 31 307 Finance cost – margin business – – – – – (64) (26) (14) – – (26) (78) (82) (13) – – (108) (91) Change in fair value of external investors’ liabilities – 5 – – – – – – (167) (418) (167) (413) (4 464) (8 118) – – (4 631) (8 531) Change in fair value of net investment contracts (16 482) (34 058) – – – – – – (228) (348) (16 710) (34 406) 54 105 – – (16 656) (34 301) Sales remuneration (548) (539) – – – – (1) (46) – – (549) (585) 1 (1) – – (548) (586) Administration and other costs (8 420) (8 460) – – (65) (43) (2 794) (2 814) (219) (245) (11 498) (11 562) (660) (928) 603 529 (11 555) (11 961) Impairments (1 543) (76) – – – – (36) (41) 10 – (1 569) (117) – – – – (1 569) (117) Amortisation of intangibles (141) (229) – – (1) (1) (20) (34) (50) (31) (212) (295) – – (1) – (213) (295) Net operating result 7 571 7 228 – 97 2 357 182 6 001 1 699 3 957 3 951 19 886 13 157 (231) 74 (149) – 19 506 13 231 Equity-accounted earnings 164 103 564 2 090 832 1 488 76 78 61 60 1 697 3 819 139 11 – – 1 836 3 830 Finance costs – other (499) (357) – – (22) (24) (15) (13) (305) (251) (841) (645) (188) (321) 149 – (880) (966) Profit/(loss) before tax 7 236 6 974 564 2 187 3 167 1 646 6 062 1 764 3 713 3 760 20 742 16 331 (280) (236) – – 20 462 16 095 Taxation (3 032) (2 792) – – 23 3 (1 081) (426) (1 292) (1 352) (5 382) (4 567) 70 107 – – (5 312) (4 460) Profit/(loss) for the period 4 204 4 182 564 2 187 3 190 1 649 4 981 1 338 2 421 2 408 15 360 11 764 (210) (129) – – 15 150 11 635 Non-controlling interests 579 (92) – – 62 (152) (1 326) (153) (1 262) (1 101) (1 947) (1 498) (3) 90 – – (1 950) (1 408) Attributable earnings 4 783 4 090 564 2 187 3 252 1 497 3 655 1 185 1 159 1 307 13 413 10 266 (213) (39) – – 13 200 10 227 Non-core adjustments: 862 68 30 54 (2 586) (303) (3 195) (341) (37) – (4 926) (522) – – – – (4 926) (522) Less: Net profit/(loss) on disposal of subsidiaries and associated companies (24) (5) – – – – (3 218) (382) – – (3 242) (387) – – – – (3 242) (387) Less: Net profit on disposal of associated companies – – – (97) (2 586) – – – – – (2 586) (97) – – – – (2 586) (97) Less: Equity-accounted non-headline earnings – – 30 151 – (303) – – – – 30 (152) – – – – 30 (152) Plus: Net impairments 886 73 – – – – 23 41 (37) – 872 114 – – – – 872 114 Headline earnings 5 645 4 158 594 2 241 666 1 194 460 844 1 122 1 307 8 487 9 744 (213) (39) – – 8 274 9 705 Non-operating adjustments (545) 189 98 (15) 1 (3) 13 18 (4) (12) (437) 177 (96) (85) – – (533) 92 Fund transfers (1) 39 48 73 58 – – – (6) – – 112 100 (96) (85) – – 16 15 Accounting mismatches (locked-in rate) (1) (595) 104 – – – – – – – – (595) 104 – – – – (595) 104 Net equity-accounted earnings (1) – – 25 (73) – (4) – – (38) (38) (13) (115) – – – – (13) (115) Net amortisation of other intangibles (1) 11 37 – – 1 1 13 24 34 26 59 88 – – – – 59 88 Adjusted headline earnings (1) 5 100 4 347 692 2 226 667 1 191 473 862 1 118 1 295 8 050 9 921 (309) (124) – – 7 741 9 797 Investment returns on shareholders equity (1) 1 023 649 280 1 233 (192) 46 (587) 78 117 (36) 641 1 970 (189) (37) – – 452 1 933 Operating profit 4 077 3 698 412 993 859 1 145 1 060 784 1 001 1 331 7 409 7 951 (120) (87) – – 7 289 7 864 (1) The group has aligned its segment results with the changes to internal reporting and key earnings performance measures. The insurance service result for life and general insurance has been presented separately with “Policyholder activities, consolidation entries and IFRS consolidated adjustments” now referred to as “Reconciling items”. Adjusted headline earnings and net equity-accounted earnings, for non-operational joint ventures and associates, is now presented as in segment information due to the “changes to internal reporting and key earnings performance measures”. (2) Reconciling items relate to consolidation entries for inter-segmental transactions included in profit for the year Sanlam Life and Savings -R172 million (2025: R92 million), SanlamAllianz, India and Malaysia -R95 million (2025: R67 million), Sanlam Investments R1 326 million (2025: R153 million), Santam R1 218 million (2025: R1 106 million) and Group Office R76 million (2025: R88 million).Consolidation entries relate to inter-segmental transactions. For IFRS adjustments, refer to basis of segment reporting and performance measures. Non-controlling interest is included in this column as it is excluded from the shareholders’ fund income statement. (3) Inter-segmental revenue is from IT-services, investment management services and marketing and brand services provided between segments. Group Office and other had inter-segmental revenue of R526 million (2025: R328 million), Sanlam Investments had inter-segmental revenue of R198 million (2025: R175 million) and Sanlam Life and Savings had inter-segmental revenue of R34 million (2025: R57 million). 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 30 1 S egment information continued 1.3 G eographical analysis per line of business Life business and health General insurance Investment management Credit and structuring Corporate expenses and other Total 30 June 30 June 30 June Restated(1) 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million – Unaudited 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 South Africa 4 589 3 935 998 1 208 486 439 146 216 (347) (251) 5 872 5 547 Pan-Africa 398 333 13 687 40 37 56 77 (95) (141) 412 993 India and Malaysia (196) 32 150 170 – – 849 885 56 58 859 1 145 Other international – – 3 123 143 56 – – – – 146 179 Operating profit 4 791 4 300 1 164 2 188 669 532 1 051 1 178 (386) (334) 7 289 7 864 (1) Disclosures were expanded in respect of conventional insurance for the Santam cluster’s geographical analysis of operating profit between South Africa and Other International subsequent to establishing Syndicate 1918. The geographical analysis of operating profit for the six months ended 30 June 2025 has been restated to reflect this geographical analysis. 1.4 G eographical analysis of non-current assets and revenue Non-current assets (1) Revenue Unaudited Audited Unaudited Reviewed 30 June 31 December 30 June 30 June R million 2026 2025 2026 2025 South Africa 56 770 54 988 11 749 11 626 Pan-Africa 777 793 124 128 Other International 25 765 17 575 804 702 IFRS 15 revenue 12 677 12 456 Revenue not in scope of IFRS 15 258 771 Total non-current assets and revenue 83 312 73 356 12 935 13 227 (1) Non-current assets exclude insurance contract assets, reinsurance contract assets, deferred tax asset and other investments. 1.5 A ddition to non-current assets (1) Unaudited Audited 30 June 31 December R million 2026 2025 Sanlam Life & Savings 476 1 245 India and Malaysia 34 817 Santam 164 404 Group Office – 150 Sanlam Investments 69 139 Addition to non-current assets 743 2 755 (1) Consists of additions to non-current assets expected to be recovered more than 12 months after the reporting period. Non-current assets exclude, in this context, financial instruments, insurance contract assets, reinsurance contract assets and deferred tax assets. 1.6 G eographical analysis of insurance revenue Restated(1) 30 June 30 June R million 2026 2025 South Africa 46 482 46 141 Sanlam Life and Savings 22 309 22 529 Life 22 235 22 265 General Insurance 74 264 Santam 24 173 23 612 Life 3 700 4 000 General Insurance 20 473 19 612 India and Malaysia 1 168 998 Other International: Santam – general insurance 4 093 4 136 Segment total 51 743 51 275 Reconciling items – (29) Total insurance revenue 51 743 51 246 (1) D isclosures were expanded in respect of conventional insurance for the Santam cluster’s geographical analysis of revenue between South Africa and Other International subsequent to establishing Syndicate 1918. The geographical analysis of revenue for the six months ended 30 June 2025 has been restated to reflect this geographical analysis. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 31 1 Segment information continued 1.3 Geographical analysis per line of business Life business and health General insurance Investment management Credit and structuring Corporate expenses and other Total 30 June 30 June 30 June Restated(1) 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June 30 June R million – Unaudited 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 2026 2025 South Africa 4 589 3 935 998 1 208 486 439 146 216 (347) (251) 5 872 5 547 Pan-Africa 398 333 13 687 40 37 56 77 (95) (141) 412 993 India and Malaysia (196) 32 150 170 – – 849 885 56 58 859 1 145 Other international – – 3 123 143 56 – – – – 146 179 Operating profit 4 791 4 300 1 164 2 188 669 532 1 051 1 178 (386) (334) 7 289 7 864 (1) Disclosures were expanded in respect of conventional insurance for the Santam cluster’s geographical analysis of operating profit between South Africa and Other International subsequent to establishing Syndicate 1918. The geographical analysis of operating profit for the six months ended 30 June 2025 has been restated to reflect this geographical analysis. 1.4 Geographical analysis of non-current assets and revenue Non-current assets (1) Revenue Unaudited Audited Unaudited Reviewed 30 June 31 December 30 June 30 June R million 2026 2025 2026 2025 South Africa 56 770 54 988 11 749 11 626 Pan-Africa 777 793 124 128 Other International 25 765 17 575 804 702 IFRS 15 revenue 12 677 12 456 Revenue not in scope of IFRS 15 258 771 Total non-current assets and revenue 83 312 73 356 12 935 13 227 (1) Non-current assets exclude insurance contract assets, reinsurance contract assets, deferred tax asset and other investments. 1.5 Addition to non-current assets (1) Unaudited Audited 30 June 31 December R million 2026 2025 Sanlam Life & Savings 476 1 245 India and Malaysia 34 817 Santam 164 404 Group Office – 150 Sanlam Investments 69 139 Addition to non-current assets 743 2 755 (1) Consists of additions to non-current assets expected to be recovered more than 12 months after the reporting period. Non-current assets exclude, in this context, financial instruments, insurance contract assets, reinsurance contract assets and deferred tax assets. 1.6 Geographical analysis of insurance revenue Restated(1) 30 June 30 June R million 2026 2025 South Africa 46 482 46 141 Sanlam Life and Savings 22 309 22 529 Life 22 235 22 265 General Insurance 74 264 Santam 24 173 23 612 Life 3 700 4 000 General Insurance 20 473 19 612 India and Malaysia 1 168 998 Other International: Santam – general insurance 4 093 4 136 Segment total 51 743 51 275 Reconciling items – (29) Total insurance revenue 51 743 51 246 (1) Disclosures were expanded in respect of conventional insurance for the Santam cluster’s geographical analysis of revenue between South Africa and Other International subsequent to establishing Syndicate 1918. The geographical analysis of revenue for the six months ended 30 June 2025 has been restated to reflect this geographical analysis. 1.7 C ontracts not measured under the premium allocation approach Contractual service margin Contractual service margin Unaudited - 30 June 2026 Audited 31 December 2025 R million Total (net of reinsurance) Insurance Reinsurance Total (net of reinsurance) Insurance Reinsurance Sanlam Life and Savings 29 413 29 106 307 26 591 26 323 268 Sanlam Retail Affluent 16 899 16 551 348 15 252 14 906 346 Retail Mass 8 606 8 647 (41) 7 510 7 588 (78) Sanlam Corporate 3 908 3 908 – 3 829 3 829 – India and Malaysia 112 418 (306) 547 575 (28) Santam – 7 527 (7 527) – 8 053 (8 053) Balance at the end of the period 29 525 37 051 (7 526) 27 138 34 951 (7 813) 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 32 2 I nsurance and reinsurance contracts 2.1 R econciliation of net carrying amount per valuation component Insurance Reinsurance R million Total Best estimate of future cash flows (1) Risk adjustment for non-financial risk Contractual service margin(2) Total Best estimate of future cash flows (1) Risk adjustment for non-financial risk Contractual service margin(2) Unaudited – 30 June 2026 Recognised in statement of comprehensive income (3) 1 565 4 530 (5 070) 2 105 2 917 2 626 11 280 Changes that relate to current service (10 961) (7 888) 272 (3 345) 3 438 2 490 29 919 Contracts measured under the premium allocation approach (6 455) (7 441) 986 – 1 793 1 888 (95) – Contracts not measured under the premium allocation approach (4 506) (447) (714) (3 345) 1 645 602 124 919 Recognition of contractual service margin for services provided or received (3 345) – – (3 345) 919 – – 919 Release of risk adjustment for risk expired (714) – (714) – 124 – 124 – Experience adjustments and other amounts (447) (447) – – 602 602 – – Changes that relate to future service (102) (117) (4 001) 4 016 22 384 (72) (290) New contracts recognised during the period (2) 28 (1 465) 281 1 212 (5) 13 (9) (9) Changes in estimates recognised in the contractual service margin (4) – 1 310 (4 114) 2 804 – 371 (63) (308) Changes in estimates recognised in profit or loss (5) (130) 38 (168) – 27 – – 27 Changes in incurred claims related to past service 1 625 2 630 (1 005) – (264) (298) 34 – Net finance (income) or expense 11 003 9 905 (336) 1 434 (279) 50 20 (349) Cash flow 6 642 6 642 (3 735) (3 735) Insurance premiums received and ceding premiums paid to reinsurers 58 681 58 681 (6 426) (6 426) Insurance claims paid and claims recovered from reinsurers (6) (40 004) (40 004) 2 759 2 759 Insurance acquisition cash flows paid (8 795) (8 795) – – Administration and other expenses paid (3 240) (3 240) (68) (68) Net movement for the period 8 207 11 172 (5 070) 2 105 (818) (1 109) 11 280 Recognised in other comprehensive income – foreign currency translation differences (233) (220) (8) (5) 14 6 1 7 Balance at the beginning of the year 258 801 208 951 14 899 34 951 (5 747) 3 889 (1 823) (7 813) Balance at the end of the period 266 775 219 903 9 821 37 051 (6 551) 2 786 (1 811) (7 526) (1) Based on the net liability/(asset) for remaining coverage and incurred claims for the premium allocation approach. (2) Only relevant to contracts measured under the general model and variable fee approach. (3) Includes the impact of recognising non-onerous contracts during the period and the impact of recognising changes in estimates in the contractual service margin, with a net zero impact on the total carrying amount as well as the condensed group statement of comprehensive income. (4) D uring the six months ended 30 June 2026, management reassessed certain assumptions and calibration inputs used in determining the risk adjustment for non-financial risk for the affected Sanlam Life and Savings life insurance businesses. This resulted in changes in estimates recognised in the contractual service margin of approximately R4 billion (reduction in risk adjustment and corresponding increase in contractual service margin). Refer to Note 9.2.1 for further details. (5) For insurance contracts, this represents increases and reversals of losses on onerous contracts, and for reinsurance contracts, changes in estimates adjusting the loss recovery component. (6) Includes the repayments of investment components in the period. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 33 2 Insurance and reinsurance contracts 2.1 Reconciliation of net carrying amount per valuation component Insurance Reinsurance R million Total Best estimate of future cash flows (1) Risk adjustment for non-financial risk Contractual service margin(2) Total Best estimate of future cash flows (1) Risk adjustment for non-financial risk Contractual service margin(2) Unaudited – 30 June 2026 Recognised in statement of comprehensive income (3) 1 565 4 530 (5 070) 2 105 2 917 2 626 11 280 Changes that relate to current service (10 961) (7 888) 272 (3 345) 3 438 2 490 29 919 Contracts measured under the premium allocation approach (6 455) (7 441) 986 – 1 793 1 888 (95) – Contracts not measured under the premium allocation approach (4 506) (447) (714) (3 345) 1 645 602 124 919 Recognition of contractual service margin for services provided or received (3 345) – – (3 345) 919 – – 919 Release of risk adjustment for risk expired (714) – (714) – 124 – 124 – Experience adjustments and other amounts (447) (447) – – 602 602 – – Changes that relate to future service (102) (117) (4 001) 4 016 22 384 (72) (290) New contracts recognised during the period (2) 28 (1 465) 281 1 212 (5) 13 (9) (9) Changes in estimates recognised in the contractual service margin (4) – 1 310 (4 114) 2 804 – 371 (63) (308) Changes in estimates recognised in profit or loss (5) (130) 38 (168) – 27 – – 27 Changes in incurred claims related to past service 1 625 2 630 (1 005) – (264) (298) 34 – Net finance (income) or expense 11 003 9 905 (336) 1 434 (279) 50 20 (349) Cash flow 6 642 6 642 (3 735) (3 735) Insurance premiums received and ceding premiums paid to reinsurers 58 681 58 681 (6 426) (6 426) Insurance claims paid and claims recovered from reinsurers (6) (40 004) (40 004) 2 759 2 759 Insurance acquisition cash flows paid (8 795) (8 795) – – Administration and other expenses paid (3 240) (3 240) (68) (68) Net movement for the period 8 207 11 172 (5 070) 2 105 (818) (1 109) 11 280 Recognised in other comprehensive income – foreign currency translation differences (233) (220) (8) (5) 14 6 1 7 Balance at the beginning of the year 258 801 208 951 14 899 34 951 (5 747) 3 889 (1 823) (7 813) Balance at the end of the period 266 775 219 903 9 821 37 051 (6 551) 2 786 (1 811) (7 526) (1) Based on the net liability/(asset) for remaining coverage and incurred claims for the premium allocation approach. (2) Only relevant to contracts measured under the general model and variable fee approach. (3) Includes the impact of recognising non-onerous contracts during the period and the impact of recognising changes in estimates in the contractual service margin, with a net zero impact on the total carrying amount as well as the condensed group statement of comprehensive income. (4) During the six months ended 30 June 2026, management reassessed certain assumptions and calibration inputs used in determining the risk adjustment for non-financial risk for the affected Sanlam Life and Savings life insurance businesses. This resulted in changes in estimates recognised in the contractual service margin of approximately R4 billion (reduction in risk adjustment and corresponding increase in contractual service margin). Refer to Note 9.2.1 for further details. (5) For insurance contracts, this represents increases and reversals of losses on onerous contracts, and for reinsurance contracts, changes in estimates adjusting the loss recovery component. (6) Includes the repayments of investment components in the period. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 34 2 I nsurance and reinsurance contracts continued 2.1 R econciliation of net carrying amount per valuation component continued Insurance Reinsurance R million Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Audited – 31 December 2025 Recognised in statement of comprehensive income (3) 22 510 20 883 2 526 (899) 7 447 5 727 721 999 Changes that relate to current service (22 320) (14 926) (805) (6 589) 8 283 6 107 77 2 099 Contracts measured under the premium allocation approach (14 128) (14 832) 704 – 5 549 5 862 (313) – Contracts not measured under the premium allocation approach (8 192) (94) (1 509) (6 589) 2 734 245 390 2 099 Recognition of contractual service margin for services provided or received (6 589) – – (6 589) 2 099 – – 2 099 Release of risk adjustment for risk expired (1 509) – (1 509) – 390 – 390 – Experience adjustments and other amounts (94) (94) – – 245 245 – – Changes that relate to future service (123) (2 795) 52 2 620 (15) (35) 305 (285) New contracts recognised during the period (2) 189 (3 343) 1 178 2 354 (35) 68 (23) (80) Changes in estimates recognised in the contractual service margin – 555 (821) 266 – (103) 328 (225) Changes in estimates recognised in profit or loss (4) (312) (7) (305) – 20 – – 20 Changes in incurred claims related to past service 877 428 449 – (585) (1 088) 503 – Net finance (income) or expense 44 076 38 176 2 830 3 070 (236) 743 (164) (815) Cash flow 17 842 17 842 (7 148) (7 148) Insurance premiums received and ceding premiums paid to reinsurers 116 036 116 036 (13 745) (13 745) Insurance claims paid and claims recovered from reinsurers (5) (75 467) (75 467) 6 537 6 537 Insurance acquisition cash flows paid (16 514) (16 514) – – Administration and other expenses paid (6 213) (6 213) 60 60 Net movement for the year 40 352 38 725 2 526 (899) 299 (1 421) 721 999 Recognised in other comprehensive income – foreign currency translation differences (486) (457) (10) (19) 2 4 (2) – Insurance contracts acquired through business combinations 108 108 – – – – – – Reclassified as non-current liabilities held for sale 9 9 – – – – – – Balance at the beginning of the year 218 818 170 566 12 383 35 869 (6 048) 5 306 (2 542) (8 812) Balance at the end of the year 258 801 208 951 14 899 34 951 (5 747) 3 889 (1 823) (7 813) (1) Based on the net liability/(asset) for remaining coverage and incurred claims for the premium allocation approach. (2) Only relevant to contracts measured under the general model and variable fee approach. (3) Includes the impact of recognising non-onerous contracts during the period and the impact of recognising changes in estimates in the contractual service margin, with a net zero impact on the total carrying amount as well as the condensed group statement of comprehensive income. (4) For insurance contracts, this represents increases and reversals of losses on onerous contracts, and for reinsurance contracts, changes in estimates adjusting the loss recovery component. (5) Includes the repayments of investment components in the period. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 35 2 Insurance and reinsurance contracts continued 2.1 Reconciliation of net carrying amount per valuation component continued Insurance Reinsurance R million Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Audited – 31 December 2025 Recognised in statement of comprehensive income (3) 22 510 20 883 2 526 (899) 7 447 5 727 721 999 Changes that relate to current service (22 320) (14 926) (805) (6 589) 8 283 6 107 77 2 099 Contracts measured under the premium allocation approach (14 128) (14 832) 704 – 5 549 5 862 (313) – Contracts not measured under the premium allocation approach (8 192) (94) (1 509) (6 589) 2 734 245 390 2 099 Recognition of contractual service margin for services provided or received (6 589) – – (6 589) 2 099 – – 2 099 Release of risk adjustment for risk expired (1 509) – (1 509) – 390 – 390 – Experience adjustments and other amounts (94) (94) – – 245 245 – – Changes that relate to future service (123) (2 795) 52 2 620 (15) (35) 305 (285) New contracts recognised during the period (2) 189 (3 343) 1 178 2 354 (35) 68 (23) (80) Changes in estimates recognised in the contractual service margin – 555 (821) 266 – (103) 328 (225) Changes in estimates recognised in profit or loss (4) (312) (7) (305) – 20 – – 20 Changes in incurred claims related to past service 877 428 449 – (585) (1 088) 503 – Net finance (income) or expense 44 076 38 176 2 830 3 070 (236) 743 (164) (815) Cash flow 17 842 17 842 (7 148) (7 148) Insurance premiums received and ceding premiums paid to reinsurers 116 036 116 036 (13 745) (13 745) Insurance claims paid and claims recovered from reinsurers (5) (75 467) (75 467) 6 537 6 537 Insurance acquisition cash flows paid (16 514) (16 514) – – Administration and other expenses paid (6 213) (6 213) 60 60 Net movement for the year 40 352 38 725 2 526 (899) 299 (1 421) 721 999 Recognised in other comprehensive income – foreign currency translation differences (486) (457) (10) (19) 2 4 (2) – Insurance contracts acquired through business combinations 108 108 – – – – – – Reclassified as non-current liabilities held for sale 9 9 – – – – – – Balance at the beginning of the year 218 818 170 566 12 383 35 869 (6 048) 5 306 (2 542) (8 812) Balance at the end of the year 258 801 208 951 14 899 34 951 (5 747) 3 889 (1 823) (7 813) (1) Based on the net liability/(asset) for remaining coverage and incurred claims for the premium allocation approach. (2) Only relevant to contracts measured under the general model and variable fee approach. (3) Includes the impact of recognising non-onerous contracts during the period and the impact of recognising changes in estimates in the contractual service margin, with a net zero impact on the total carrying amount as well as the condensed group statement of comprehensive income. (4) For insurance contracts, this represents increases and reversals of losses on onerous contracts, and for reinsurance contracts, changes in estimates adjusting the loss recovery component. (5) Includes the repayments of investment components in the period. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 36 2 I nsurance and reinsurance contracts continued 2.1 R econciliation of net carrying amount per valuation component continued Insurance Reinsurance R million Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Reviewed – 30 June 2025 Recognised in statement of comprehensive income (3) (929) (554) 819 (1 194) 3 720 2 639 368 713 Changes that relate to current service (11 035) (7 807) 22 (3 250) 3 900 2 853 72 975 Contracts measured under the premium allocation approach (6 713) (7 489) 776 – 2 921 3 043 (122) – Contracts not measured under the premium allocation approach (4 322) (318) (754) (3 250) 979 (190) 194 975 Recognition of contractual service margin for services provided or received (3 250) – – (3 250) 975 – – 975 Release of risk adjustment for risk expired (754) – (754) – 194 – 194 – Experience adjustments and other amounts (318) (318) – – (190) (190) – – Changes that relate to future service 101 (1 024) 525 600 (19) (81) (43) 105 New contracts recognised during the period (2) 209 (1 774) 641 1 342 (16) 37 (14) (39) Changes in estimates recognised in the contractual service margin – 758 (16) (742) – (118) (29) 147 Changes in estimates recognised in profit or loss (4) (108) (8) (100) – (3) – – (3) Changes in incurred claims related to past service 71 221 (150) – (320) (736) 416 – Net finance (income) or expense 9 934 8 056 422 1 456 159 603 (77) (367) Cash flow 8 106 8 106 (3 558) (3 558) Insurance premiums received and ceding premiums paid to reinsurers 55 932 55 932 (6 750) (6 750) Insurance claims paid and claims recovered from reinsurers (5) (37 432) (37 432) 3 135 3 135 Insurance acquisition cash flows paid (7 760) (7 760) – – Administration and other expenses paid (2 634) (2 634) 57 57 Net movement for the period 7 177 7 552 819 (1 194) 162 (919) 368 713 Recognised in other comprehensive income – foreign currency translation differences (4) (3) – (1) 2 (1) – 3 Reclassified as non-current liabilities held for sale 7 7 – – – – – – Balance at the beginning of the year 218 818 170 566 12 383 35 869 (6 048) 5 306 (2 542) (8 812) Balance at the end of the period 225 998 178 122 13 202 34 674 (5 884) 4 386 (2 174) (8 096) (1) Based on the net liability/(asset) for remaining coverage and incurred claims for the premium allocation approach. (2) Only relevant to contracts measured under the general model and variable fee approach. (3) Includes the impact of recognising non-onerous contracts during the period and the impact of recognising changes in estimates in the contractual service margin, with a net zero impact on the total carrying amount as well as the condensed group statement of comprehensive income. (4) For insurance contracts, this represents increases and reversals of losses on onerous contracts, and for reinsurance contracts, changes in estimates adjusting the loss recovery component. (5) Includes the repayments of investment components in the period. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 37 2 Insurance and reinsurance contracts continued 2.1 Reconciliation of net carrying amount per valuation component continued Insurance Reinsurance R million Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Total Best estimate of future cash flows(1) Risk adjustment for non-financial risk Contractual service margin(2) Reviewed – 30 June 2025 Recognised in statement of comprehensive income (3) (929) (554) 819 (1 194) 3 720 2 639 368 713 Changes that relate to current service (11 035) (7 807) 22 (3 250) 3 900 2 853 72 975 Contracts measured under the premium allocation approach (6 713) (7 489) 776 – 2 921 3 043 (122) – Contracts not measured under the premium allocation approach (4 322) (318) (754) (3 250) 979 (190) 194 975 Recognition of contractual service margin for services provided or received (3 250) – – (3 250) 975 – – 975 Release of risk adjustment for risk expired (754) – (754) – 194 – 194 – Experience adjustments and other amounts (318) (318) – – (190) (190) – – Changes that relate to future service 101 (1 024) 525 600 (19) (81) (43) 105 New contracts recognised during the period (2) 209 (1 774) 641 1 342 (16) 37 (14) (39) Changes in estimates recognised in the contractual service margin – 758 (16) (742) – (118) (29) 147 Changes in estimates recognised in profit or loss (4) (108) (8) (100) – (3) – – (3) Changes in incurred claims related to past service 71 221 (150) – (320) (736) 416 – Net finance (income) or expense 9 934 8 056 422 1 456 159 603 (77) (367) Cash flow 8 106 8 106 (3 558) (3 558) Insurance premiums received and ceding premiums paid to reinsurers 55 932 55 932 (6 750) (6 750) Insurance claims paid and claims recovered from reinsurers (5) (37 432) (37 432) 3 135 3 135 Insurance acquisition cash flows paid (7 760) (7 760) – – Administration and other expenses paid (2 634) (2 634) 57 57 Net movement for the period 7 177 7 552 819 (1 194) 162 (919) 368 713 Recognised in other comprehensive income – foreign currency translation differences (4) (3) – (1) 2 (1) – 3 Reclassified as non-current liabilities held for sale 7 7 – – – – – – Balance at the beginning of the year 218 818 170 566 12 383 35 869 (6 048) 5 306 (2 542) (8 812) Balance at the end of the period 225 998 178 122 13 202 34 674 (5 884) 4 386 (2 174) (8 096) (1) Based on the net liability/(asset) for remaining coverage and incurred claims for the premium allocation approach. (2) Only relevant to contracts measured under the general model and variable fee approach. (3) Includes the impact of recognising non-onerous contracts during the period and the impact of recognising changes in estimates in the contractual service margin, with a net zero impact on the total carrying amount as well as the condensed group statement of comprehensive income. (4) For insurance contracts, this represents increases and reversals of losses on onerous contracts, and for reinsurance contracts, changes in estimates adjusting the loss recovery component. (5) Includes the repayments of investment components in the period. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 38 2 I nsurance and reinsurance contracts continued 2.2 I nsurance contracts – Expected recognition of contractual service margin Unaudited – 30 June 2026 Years R million <1 1 – 2 2 – 3 3 – 4 4 – 5 5 – 10 >10 Balance at the beginning of the period 37 051 33 844 31 373 29 261 27 448 25 901 21 144 Accretion of interest on liabilities under the general model 3 024 3 128 2 976 2 872 2 796 13 327 35 034 Allocation of investment return to contracts under the variable fee approach 395 378 363 332 301 1 156 2 689 Recognised in statement of comprehensive income (6 626) (5 977) (5 451) (5 017) (4 644) (19 240) (58 867) Balance at the end of the period 33 844 31 373 29 261 27 448 25 901 21 144 – Audited – 31 December 2025 Years R million <1 1 – 2 2 – 3 3 – 4 4 – 5 5 – 10 >10 Balance at the beginning of the year 34 951 31 539 29 081 27 016 25 235 23 733 19 025 Accretion of interest on liabilities under the general model 2 506 2 806 2 666 2 544 2 493 11 739 32 090 Allocation of investment return to contracts under the variable fee approach 402 363 364 339 299 1 125 2 836 Recognised in statement of comprehensive income (6 320) (5 627) (5 095) (4 664) (4 294) (17 572) (53 951) Balance at the end of the year 31 539 29 081 27 016 25 235 23 733 19 025 – 2.3 R einsurance contracts – Expected recognition of contractual service margin Unaudited – 30 June 2026 Years R million <1 1 – 2 2 – 3 3 – 4 4 – 5 5 – 10 >10 Balance at the beginning of the period (7 526) (6 015) (4 839) (3 895) (3 132) (2 513) (759) Accretion of interest (426) (339) (272) (220) (175) (428) (224) Recognised in statement of comprehensive income 1 937 1 515 1 216 983 794 2 182 983 Balance at the end of the period (6 015) (4 839) (3 895) (3 132) (2 513) (759) – Audited – 31 December 2025 Years R million <1 1 – 2 2 – 3 3 – 4 4 – 5 5 – 10 >10 Balance at the beginning of the year (7 812) (6 238) (5 010) (4 033) (3 246) (2 615) (865) Accretion of interest (463) (364) (294) (239) (195) (515) (176) Recognised in statement of comprehensive income 2 037 1 592 1 271 1 026 826 2 265 1 041 Balance at the end of the year (6 238) (5 010) (4 033) (3 246) (2 615) (865) – Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 39 3 I nvestment contracts Analysis of movement in net investment contracts Unaudited 30 June 2026 Audited 31 December 2025 R million Investment contract assets Investment contract liabilities Net investment contracts Investment contract assets Investment contract liabilities Net investment contracts Investment contracts Income (187) 55 948 55 761 (693) 163 840 163 147 Premium income (124) 39 229 39 105 (598) 79 619 79 021 Change in fair value of investment contract liabilities (including tax) (63) 16 719 16 656 (95) 84 221 84 126 Outflow (93) (36 710) (36 803) (49) (69 754) (69 803) Policy benefits (20) (27 728) (27 748) (32) (53 612) (53 644) Retirement fund terminations – (4 602) (4 602) – (8 289) (8 289) Fees and other payments to shareholders’ fund (73) (4 380) (4 453) (17) (7 853) (7 870) Movement in policy loans – (42) (42) – (29) (29) Net movement for the period (280) 19 196 18 916 (742) 94 057 93 315 Balance at the beginning of the year (1 531) 649 012 647 481 (789) 554 955 554 166 Balance at the end of the period (1 811) 668 208 666 397 (1 531) 649 012 647 481 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 40 4 F inancial assets and financial liabilities Classification of financial instruments Fair value through profit or loss Expected credit loss allowance for financial assets at amortised costR million Designated as measured at fair value through profit or loss Mandatorily measured at fair value through profit or loss Total fair value Amortised cost gross Amortised cost net(1) Non-financial instruments Total Unaudited – 30 June 2026 Investment contract assets 1 811 – 1 811 – – – – 1 811 Investments 384 787 650 917 1 035 704 2 578 – 2 578 – 1 038 282 Equities and similar securities (2) – 193 686 193 686 – – – – 193 686 Investment in joint ventures 457 – 457 – – – – 457 Interest-bearing investments 365 685 – 365 685 2 527 – 2 527 – 368 212 Structured transactions 1 921 37 332 39 253 – – – – 39 253 Investment funds – 419 899 419 899 – – – – 419 899 Deposits and similar securities 16 724 – 16 724 51 – 51 – 16 775 Trading account assets 5 273 22 099 27 372 – – – – 27 372 Advances to customers – – – 2 478 (232) 2 246 – 2 246 Working capital assets 9 275 – 9 275 67 108 (330) 66 778 1 110 77 163 Trade and other receivables – – – 25 622 (311) 25 311 1 110 26 421 Short-term investments 9 275 – 9 275 – – – – 9 275 Cash and cash equivalents – – – 41 486 (19) 41 467 – 41 467 Total financial assets 401 146 673 016 1 074 162 72 164 (562) 71 602 1 110 1 146 874 Investment contract liabilities 668 208 – 668 208 – – 668 208 Term finance 12 800 – 12 800 7 184 – 19 984 Structured transaction liabilities – 16 803 16 803 – – 16 803 External investors in consolidated funds 66 568 – 66 568 – – 66 568 Trading account liabilities 30 267 1 500 31 767 1 202 – 32 969 Trade and other payables 100 – 100 38 836 1 051 39 987 Total financial liabilities 777 943 18 303 796 246 47 222 1 051 844 519 Audited – 31 December 2025 Investment contract assets 1 531 – 1 531 – – – – 1 531 Investments 455 659 634 025 1 089 684 2 256 – 2 256 – 1 091 940 Equities and similar securities (2) – 214 793 214 793 – – – – 214 793 Investment in joint ventures 462 – 462 – – – – 462 Interest-bearing investments 426 769 – 426 769 2 212 – 2 212 – 428 981 Structured transactions 2 653 39 574 42 227 – – – – 42 227 Investment funds – 379 658 379 658 – – – – 379 658 Deposits and similar securities 25 775 – 25 775 44 – 44 – 25 819 Trading account assets 8 716 20 928 29 644 – – – – 29 644 Advances to customers – – – 4 938 (221) 4 717 – 4 717 Working capital assets 9 181 2 9 183 54 200 (330) 53 870 936 63 989 Trade and other receivables – 2 2 18 007 (316) 17 691 936 18 629 Short-term investments 9 181 – 9 181 – – – – 9 181 Cash and cash equivalents – – – 36 193 (14) 36 179 – 36 179 Total financial assets 475 087 654 955 1 130 042 61 394 (551) 60 843 936 1 191 821 Investment contract liabilities 649 012 – 649 012 – – 649 012 Term finance 10 577 – 10 577 8 001 – 18 578 Structured transaction liabilities – 20 796 20 796 – – 20 796 External investors in consolidated funds 134 312 – 134 312 – – 134 312 Trading account liabilities 28 354 1 484 29 838 1 349 – 31 187 Trade and other payables 100 – 100 34 565 2 226 36 891 Total financial liabilities 822 355 22 280 844 635 43 915 2 226 890 776 (1) The fair value approximates carrying amount for instruments measured at amortised cost. (2) The carrying amount of own shares recognised as equities and similar securities is R2 557 million (December 2025: R2 461 million). Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 41 4 Financial assets and financial liabilities Classification of financial instruments Fair value through profit or loss Expected credit loss allowance for financial assets at amortised costR million Designated as measured at fair value through profit or loss Mandatorily measured at fair value through profit or loss Total fair value Amortised cost gross Amortised cost net(1) Non-financial instruments Total Unaudited – 30 June 2026 Investment contract assets 1 811 – 1 811 – – – – 1 811 Investments 384 787 650 917 1 035 704 2 578 – 2 578 – 1 038 282 Equities and similar securities (2) – 193 686 193 686 – – – – 193 686 Investment in joint ventures 457 – 457 – – – – 457 Interest-bearing investments 365 685 – 365 685 2 527 – 2 527 – 368 212 Structured transactions 1 921 37 332 39 253 – – – – 39 253 Investment funds – 419 899 419 899 – – – – 419 899 Deposits and similar securities 16 724 – 16 724 51 – 51 – 16 775 Trading account assets 5 273 22 099 27 372 – – – – 27 372 Advances to customers – – – 2 478 (232) 2 246 – 2 246 Working capital assets 9 275 – 9 275 67 108 (330) 66 778 1 110 77 163 Trade and other receivables – – – 25 622 (311) 25 311 1 110 26 421 Short-term investments 9 275 – 9 275 – – – – 9 275 Cash and cash equivalents – – – 41 486 (19) 41 467 – 41 467 Total financial assets 401 146 673 016 1 074 162 72 164 (562) 71 602 1 110 1 146 874 Investment contract liabilities 668 208 – 668 208 – – 668 208 Term finance 12 800 – 12 800 7 184 – 19 984 Structured transaction liabilities – 16 803 16 803 – – 16 803 External investors in consolidated funds 66 568 – 66 568 – – 66 568 Trading account liabilities 30 267 1 500 31 767 1 202 – 32 969 Trade and other payables 100 – 100 38 836 1 051 39 987 Total financial liabilities 777 943 18 303 796 246 47 222 1 051 844 519 Audited – 31 December 2025 Investment contract assets 1 531 – 1 531 – – – – 1 531 Investments 455 659 634 025 1 089 684 2 256 – 2 256 – 1 091 940 Equities and similar securities (2) – 214 793 214 793 – – – – 214 793 Investment in joint ventures 462 – 462 – – – – 462 Interest-bearing investments 426 769 – 426 769 2 212 – 2 212 – 428 981 Structured transactions 2 653 39 574 42 227 – – – – 42 227 Investment funds – 379 658 379 658 – – – – 379 658 Deposits and similar securities 25 775 – 25 775 44 – 44 – 25 819 Trading account assets 8 716 20 928 29 644 – – – – 29 644 Advances to customers – – – 4 938 (221) 4 717 – 4 717 Working capital assets 9 181 2 9 183 54 200 (330) 53 870 936 63 989 Trade and other receivables – 2 2 18 007 (316) 17 691 936 18 629 Short-term investments 9 181 – 9 181 – – – – 9 181 Cash and cash equivalents – – – 36 193 (14) 36 179 – 36 179 Total financial assets 475 087 654 955 1 130 042 61 394 (551) 60 843 936 1 191 821 Investment contract liabilities 649 012 – 649 012 – – 649 012 Term finance 10 577 – 10 577 8 001 – 18 578 Structured transaction liabilities – 20 796 20 796 – – 20 796 External investors in consolidated funds 134 312 – 134 312 – – 134 312 Trading account liabilities 28 354 1 484 29 838 1 349 – 31 187 Trade and other payables 100 – 100 34 565 2 226 36 891 Total financial liabilities 822 355 22 280 844 635 43 915 2 226 890 776 (1) The fair value approximates carrying amount for instruments measured at amortised cost. (2) The carrying amount of own shares recognised as equities and similar securities is R2 557 million (December 2025: R2 461 million). 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 42 5 E xternal investors in consolidated funds The group’s percentage interests in consolidated investment vehicles changed during the period due to investor subscription and redemption activity within the underlying funds, as well as changes arising from the disposal of the Sanlam Investment Management business to Ninety One. These movements resulted in increases and decreases in the group’s ownership interests in a number of investment vehicles, including certain funds for which the group no longer held an interest at the reporting date. The changes were considered as part of the group’s ongoing assessment of control over the investment vehicles at 30 June 2026. Significant changes in the group’s ownership interests in consolidated investment vehicles, representing movements of more than 20 percentage points since 31 December 2025, are presented below. Unaudited Audited Investment vehicles 30 June 31 December Percentage interest held (%) 2026 2025 Amplify Global Flexible Fund 36 – Amplify SCI Absolute Fund 13 51 Amplify SCI Aggressive Retail Fund of Hedge Funds – 91 Amplify SCI Defensive Balanced Fund 9 40 Amplify SCI Flexible Equity Fund 12 48 Amplify SCI Global Equity Feeder Fund 4 42 Amplify SCI Moderate Retail Fund of Hedge Funds – 83 Amplify SCI Strategic Income Fund 3 29 Glacier AI Balanced Fund 10 73 Glacier AI Flexible Fund of Funds – 50 Glacier Global Stock Feeder Fund 12 46 Glacier Money Market Fund 14 43 Graviton SCI Balanced Fund 60 85 Graviton SCI Low Equity Fund 71 91 Sanlam Global Balanced Fund of Funds – 41 Sanlam Global Bond Fund – 29 Sanlam Institutional Special Opportunities Fund – 84 Sanlam International Enhanced Return Fund – 100 Sanlam Investment Management Active Income Fund 30 50 Sanlam Investment Management Flexible Income Fund 2 40 Sanlam Investment Management Institutional Global Bond Fund 42 78 Sanlam Investment Management Managed Aggressive Fund of Funds – 25 Sanlam Investment Management Managed Cautious Fund of Funds 4 33 Sanlam Investment Management Managed Conservative Fund of Funds 4 32 Sanlam Investment Management Managed Moderate Aggressive Fund of Funds – 33 Sanlam Investment Management Managed Moderate Fund of Funds 2 33 Sanlam Investment Management Top Choice Equity Fund 23 46 Sanlam Multi Managed Equity Fund 61 86 Sanlam Multi Managed Institutional Aggressive Equity Fund One – 100 Sanlam Ninety One Global Franchise Feeder Fund 100 – Sanlam Ninety One Real Assets Fund – 38 Satrix Balanced Index Fund 10 35 Satrix Bond Index Fund 10 54 Satrix Global Factor Enhanced Equity Fund 21 – Satrix Low Equity Balanced Index Fund 25 51 Satrix Money Market Fund 18 49 Satrix Quality Index Fund – 29 Satrix Smartcore Index Fund 15 97 SPW Global High Quality Feeder Fund – 34 Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 43 6 E arnings per share For basic earnings per share the weighted average number of ordinary shares is adjusted for the treasury shares held by subsidiaries (including Sanlam Share Account Nominee (Pty) Ltd (SSA)) as well as consolidated investment funds. Basic earnings per share is calculated by dividing earnings by the adjusted weighted average number of shares in issue. For diluted earnings per share the weighted average number of ordinary shares is adjusted for the shares not yet issued under the Sanlam Share Incentive Scheme and treasury shares held by subsidiaries (including SSA). Diluted earnings per share is calculated by dividing earnings by the adjusted diluted weighted average number of shares in issue. Unaudited Reviewed 30 June 30 June 2026 2025 R million Total Total Analysis of earnings: Profit for the period attributable to shareholders’ equity 13 200 10 227 Less: Net profit on disposal of subsidiaries (3 242) (387) Profit on disposal of subsidiaries (5 673) (424) Tax on profit on disposal of subsidiaries 953 37 Non-controlling interest 1 478 – Less: Net profit on disposal of associated companies (2 586) (97) Plus/(less): Equity-accounted non-headline earnings 30 (152) Gross equity-accounted non-headline earnings 30 (186) Tax on equity-accounted non-headline earnings – 34 Plus: Net impairments 872 114 Gross Impairments 1 541 141 Tax on impairments (59) (26) Non-controlling interest (610) (1) Headline earnings 8 274 9 705 Unaudited Reviewed 30 June 30 June Million 2026 2025 Number of shares: Number of ordinary shares in issue at beginning of the year 2 117 2 117 Less: Weighted Sanlam shares held by subsidiaries (27) (29) Adjusted weighted average number of shares for basic earnings per share 2 090 2 088 Plus: Shares in respect of Sanlam Limited long-term incentive schemes 27 28 Adjusted weighted average number of shares for diluted earnings per share 2 117 2 116 Unaudited Reviewed 30 June 30 June Cents 2026 2025 Basic earnings per share Headline earnings 395,9 464,8 Profit attributable to shareholders’ equity 631,6 489,8 Diluted earnings per share Headline earnings 390,8 458,7 Profit attributable to shareholders’ equity 623,5 483,4 Basic earnings per share from continuing operations Headline earnings 395,9 464,8 Profit attributable to shareholders’ equity 631,6 489,8 Diluted earnings per share from continuing operations Headline earnings 390,8 458,7 Profit attributable to shareholders’ equity 623,5 483,4 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 44 7 Revenue Revenue included in result from other operations is considered to be revenue for financial reporting prepared in accordance with IFRS Accounting Standards and includes both IFRS 15 revenue and revenue scoped out of IFRS 15. The different sources of revenue are listed below. According to primary geography R million South Africa Pan-Africa Other International Total Unaudited – 30 June 2026 IFRS 15 Revenue 11 749 124 804 12 677 Administration fees 5 510 118 53 5 681 Asset management and performance fees 2 425 – 638 3 063 Capitation fees 834 – – 834 Commissions 367 – 108 475 Retail 989 – – 989 Consulting fees 196 – 4 200 Health and risk management fees 982 5 – 987 Other(1) 446 1 1 448 Revenue not within the scope of IFRS 15 (2) 258 Revenue(3) 11 749 124 804 12 935 Reviewed – 30 June 2025 IFRS 15 Revenue 11 626 128 702 12 456 Administration fees 5 471 116 52 5 639 Asset management and performance fees 2 168 – 544 2 712 Capitation fees 879 – – 879 Commissions 337 – 98 435 Retail 1 086 – – 1 086 Consulting fees 168 – 8 176 Health and risk management fees 951 11 – 962 Other (1) 566 1 – 567 Revenue not within the scope of IFRS 15 (2) 771 Revenue(3) 11 626 128 702 13 227 (1) Other IFRS 15 Revenue relates to rebates, scrip lending fees received and licence fees. (2) Revenue not within the scope of IFRS 15 comprises of income from investments held for capital market activities, such as realised and unrealised gains or losses on trading accounts, unsecured corporate bonds and money market assets and liabilities. (3) Sanlam Life and Savings primarily has revenue in South Africa, R8 749 million (2025: R8 842 million), as well as a small portion stemming from Pan-Africa R116 million (2025: R120 million). Sanlam Investment revenue from South Africa R2 937 million (2025: R2 445 million) and Other International R804 million (2025: R703 million). Group Office and Santam revenue stem from South Africa. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 45 According to timing of revenue recognition R million At a point in time Over time Total Unaudited – 30 June 2026 IFRS 15 Revenue 1 960 10 717 12 677 Administration fees 375 5 306 5 681 Asset management and performance fees 108 2 955 3 063 Capitation fees – 834 834 Commissions 394 81 475 Retail 989 – 989 Consulting fees 10 190 200 Health and risk management fees – 987 987 Other(1) 84 364 448 Revenue not within the scope of IFRS 15 (2) 258 Revenue 1 960 10 717 12 935 Reviewed – 30 June 2025 IFRS 15 Revenue 2 048 10 408 12 456 Administration fees 409 5 230 5 639 Asset management and performance fees – 2 712 2 712 Capitation fees – 879 879 Commissions 334 101 435 Retail 1 086 – 1 086 Consulting fees 18 158 176 Health and risk management fees – 962 962 Other (1) 201 366 567 Revenue not within the scope of IFRS 15 (2) 771 Revenue 2 048 10 408 13 227 (1) Other IFRS 15 Revenue relates to rebates, scrip lending fees received and licence fees. (2) Revenue not within the scope of IFRS 15 comprises of income from investments held for capital market activities, such as realised and unrealised gains or losses on trading accounts, unsecured corporate bonds and money market assets and liabilities. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 46 8 N otes to the statement of cash flows 8.1 C ash generated from/(utilised in) operations Unaudited Reviewed 30 June 30 June R million 2026 2025 Profit before tax per statement of comprehensive income 20 462 16 095 Insurance profit or loss movements 4 475 2 791 Insurance service result: Insurance revenue (51 743) (51 246) Insurance service result: Insurance service expenses 42 297 40 383 Insurance service result: Income or expense from reinsurance contracts 3 197 3 561 Insurance investment result: Insurance finance income or expense 11 002 9 934 Insurance investment result: Reinsurance finance income or expense (278) 159 Non-cash flow items (6 241) 5 517 Depreciation 453 456 Bad debts written off 283 220 Share-based payments 295 274 Profit on disposal of subsidiaries and associates (8 259) (521) Fair value adjustments and change in external investors’ liability (15 615) (25 795) Change in fair value of investment contract liabilities 16 656 34 301 Net impairment losses on financial assets and other impairments 1 569 117 Amortisation of intangibles 213 295 Equity-accounted earnings (1 836) (3 830) Items excluded from cash utilised in operations (17 416) (22 969) Interest and preference share dividends income (15 208) (19 654) Dividends accrued (3 196) (4 371) Interest accrued 988 1 056 Net movement in cash flows from operating assets and liabilities 14 362 (4 199) Net cash flows from investment contracts 2 302 2 598 Income 39 105 35 024 Outflow (36 803) (32 426) Net cash flows from life insurance contracts 1 669 2 675 Premium allocation approach 660 514 General model 2 419 4 813 Variable fee approach (1 410) (2 652) Net cash flows from general insurance contracts 4 973 5 431 Premium allocation approach 5 054 5 492 General model (81) (61) Net cash flows from reinsurance contracts (3 735) (3 558) Premium allocation approach (2 049) (1 983) General model (1 686) (1 575) Net cash flows from financial assets and liabilities, including investment properties 7 150 (16 079) Net cash flows from trading account assets/liabilities 4 099 4 001 Decrease/(increase) in advances to customers 2 842 (352) Trade and other receivables (8 584) (10 953) Trade and other payables 3 483 12 998 Other 163 (960) Cash generated from/(utilised in) operations 15 642 (2 765) Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 47 8.2 A cquisition of subsidiaries and associated companies Unaudited Reviewed 30 June 30 June R million 2026 2025 Investments in associated companies and joint ventures (1) (8 471) (680) The fair value of assets/liabilities acquired through business combinations is as follows: Goodwill – (13) Intangible assets – (67) Reinsurance contract assets – (6) Cash and cash equivalents – (118) Insurance contract liabilities – 124 Deferred tax liabilities – 4 Provisions – 5 Total purchase consideration (8 471) (751) Cash element consideration (8 471) (751) Less: Cash and cash equivalents acquired – 118 Cash component of acquisition of subsidiaries and associated companies (8 471) (633) (1) Acquisitions during the current year mainly relate to additional investments made in Shriram General Insurance Limited and Shriram Life Insurance Limited (R5 billion), as well as a 25% holding in African Rainbow Capital Investments Proprietary Limited (refer to note 11 for additional information) . Prior year acquisitions mainly relate to the acquisition of associates Shriram Wealth Limited (32%) as well as Shriram Asset Management Limited (23%). 8.3 D isposal of subsidiaries and associated companies Unaudited Reviewed 30 June 30 June R million 2026 2025 Investment in associated company and joint ventures (1)(2) (2 813) 4 453 The carrying value of assets/liabilities disposed of were as follows: Intangible assets – 78 Non-current assets held for sale 556 – Non-current liabilities held for sale (234) – Foreign currency translation reserve release 227 – Profit on disposal of subsidiaries and associates 8 259 521 Total disposal price 5 995 5 052 Less: Investment in equity securities (net of costs) (5 964) (497) Cash component of disposal of subsidiaries and associated companies 31 4 555 (1) During the current year, the dilution of Sanlam’s shareholding of Shriram Finance Limited resulted in a deemed disposal with cash neutral impact. This resulted in an increase in investment in associates of R2 813 million with a corresponding release of foreign currency translation reserve of R227 million as well as profit on disposal of R2 586 million. The disposals relate to a partial disposal (8,59%) of SanlamAllianz joint venture to Allianz Europe B.V for the amount of R4 550 million. (2) The disposal of subsidiaries relates to the sale of Sanlam Investment Management (Pty) Ltd to Ninety One in exchange for a strategic investment in Ninety One with overall effective holding of 9.1% without exercising significant influence or control. Similarly, during the prior year Sanlam Investments UK also entered into a cash neutral sale of the investment management business in exchange for a 2% investment in Ninety One PLC. 8.4 C ash and cash equivalents For the purposes of the statement of cash flows, cash and cash equivalents comprise of cash on hand, deposits held at call with banks and other short-term, highly liquid investments with original maturities of three months or less and are subject to an insignificant risk of change in value. Unaudited Reviewed 30 June 30 June R million 2026 2025 Bank and other cash balances 15 668 15 927 Deposits and similar securities – maturity <90 days 25 799 21 446 Total cash and cash equivalents – statement of financial position 41 467 37 373 Plus: Cash and cash equivalents included in non-current assets held for sale 205 64 Total cash and cash equivalents – statement of cash flows 41 672 37 437 8.5 N on-cash transactions Interest and dividend income in respect of investment funds to the amount of R2 715 million (2025: R1 936 million) and R1 634 million (2025: R828 million) were reinvested. Both of these transactions represent non-cash transactions and also affected the “Net cash flows from financial assets and liabilities, including investment properties” in note 8.1. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 48 9 C ritical accounting estimates and judgements Estimates and assumptions are an integral part of financial reporting and as such have an impact on the amounts reported on the group’s assets and liabilities. Management applies judgement in determining probability-weighted estimates of future experience. These judgements are based on historical experience and reasonable expectations of future events and changes in experience. Estimates and assumptions are regularly updated to reflect actual experience. It is reasonably possible that actual outcomes in future financial years may differ to the current assumptions and judgements, possibly significantly, which could require a material adjustment to the carrying amounts of the affected assets and liabilities. The critical estimates and judgements made in applying the group’s accounting policies are summarised below. Due to interdependencies between assumptions, the effect of changes in individual assumptions, while holding others constant, cannot be reliably demonstrated. 9.1 I mpairment of goodwill and key business relationships The recoverable amount of goodwill, key business relationships and other intangible assets for impairment testing purposes have been determined based on the higher of fair value less cost to dispose and value in use methods for both life and non-life businesses. 9.1.1 A frocentric Investment Corporation Limited (Afrocentric) The carrying value of Afrocentric comprises of net asset value (NAV), key business relationships and deferred tax. The recoverable amount is based on the fair value less cost to sell. The impairment test compares the fair value less cost to sell with the carrying value. For the recoverable amount calculation at 30 June 2026, the 58,81% shareholding was valued on a discounted cash flow (DCF) basis based on an updated five-year projection. The value was substantially lower due to the termination of contracts and right sizing activities within the business. Goodwill has been fully impaired. Unaudited Audited 30 June 31 December R million 2026 2025 Fair value less cost to sell – 785 Carrying value 874 1 364 Net asset value 874 1 136 Key business relationships – 534 Deferred tax – (147) Non-controlling interest (NCI) on key business relationships and deferred tax – (159) Net impairment (874) (579) The impairment loss calculated for the Afrocentric cash-generating unit was allocated primarily to equipment, right-of-use assets, owner-occupied properties, other intangible assets and trade and other receivables. Key assumptions in determining the recoverable amount for cash generating unit: Unaudited Audited 30 June 31 December 2026 2025 Weighted average local discount rate % 16,60 16,50 Weighted average perpetuity growth rate % 5,00 5,00 Revenue: compounded annual growth rate (range of values over the 10 years) % 3,35 5,84 Risk discount rate +100 basis points R million 331 707 Risk discount rate -100 basis points R million 456 879 Perpetuity growth rate +100 basis points R million 415 826 Perpetuity growth rate -100 basis points R million 365 751 Future cash flows are projected over five years. The year five cash flow is expected to be at a stable level and sustainable into perpetuity, which is aligned with industry norms. This is projected into perpetuity and discounted accordingly. Management has determined the values assigned to each of the key assumptions above as follows: Assumption Approach used to determine the values Discount rates This is a function of the local risk-free rates plus a specific risk premium. Perpetuity growth rate This is a function of expected long-term inflation and Gross Domestic Product (GDP) growth rates. Revenue annual growth rates This is a function of expected long-term inflation and GDP growth rates, including industry growth rates and management’s expectations for the future. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 49 9.2 I nsurance and reinsurance contracts This disclosure should be read in conjunction with the valuation methodology as described in the basis of preparation disclosed in the 2025 annual financial statements. 9.2.1 Measurement Discount rates The group applies a bottom-up approach to determine discount rates applied to future cash flows for insurance contracts. Estimates of future cash flows that do not vary with investment returns on underlying items are discounted using a risk-free yield curve, adjusted to reflect the characteristics of the cash flows and the liquidity of the insurance contracts. Risk-free rates are determined based on the market observable yield curves for government bonds, with extrapolation between the last available market point and an ultimate forward rate, considering long-term real interest rate and inflation expectations. Long-term inflation expectations are used to construct yield curves for markets where observable market data is not available. The group applies judgement to determine the point estimate illiquidity premium added to the risk-free yield curve to reflect the liquidity characteristics of the insurance contracts. An illiquidity premium is estimated for each portfolio of insurance contracts where relevant. Insurance contracts such as non-participating life annuities and income protection incurred claims that cannot be surrendered or lapsed, are illiquid. The table below sets out the risk-free yield curves used in the group’s major geographies: 1 year 5 years 10 years 15 years Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December 30 June 31 December 30 June 31 December % 2026 2025 2026 2025 2026 2025 2026 2025 South Africa 7,77 7,20 8,12 7,71 8,86 8,86 9,52 9,90 Malaysia 3,09 2,85 3,40 3,31 3,67 3,56 3,91 3,87 The following illiquidity premiums (presented as a range between a lower and upper bound) are applied in the group’s major geographies where relevant: Unaudited Audited 30 June 31 December % 2026 2025 South Africa 0 – 0,25 0 – 0,25 Estimates of future cash flows that do vary with investment returns on underlying items are discounted using risk-free or real-world discount rates. Risk-free discount rates are consistent with the rates applied to the cash flows not varying with investment returns on underlying items. Real-world discount rates are consistent with a risk-free yield curve plus a risk premium which reflects the variability in the cash flows based on the underlying mix of asset classes other than fixed-interest securities. Where a deterministic valuation approach is used, the risk premium is estimated as a flat rate, which represents the average historic risk premiums over an extended time horizon. For the material lines of business in the group, real-world discount rates are applied to cash flows that vary based on the returns on underlying items. The future investment returns on underlying items are consistent with the discount rates applied to the cash flows that vary with these investment returns on underlying items. The allowance for investment management expenses, policyholder taxation at current tax rates and charges for investment guarantees is determined separately from the future investment returns and discount rates for measurement and presentation purposes. For some of the group’s Pan-African operations, where long-term fixed interest markets are underdeveloped, investment return and discount rate assumptions are based on an assessment of longer-term economic conditions. The investment returns and discount rate assumptions for Namibian businesses are based on the market yields of South African fixed interest securities on the valuation date. Risk adjustment for non-financial risk The group applies a confidence-level technique in determining the risk adjustment for non-financial risk for the material life insurance portfolios in Sanlam Life and Savings. The risk adjustment represents the compensation that the group requires for bearing uncertainty relating to the amount and timing of future cash flows arising from non-financial risks associated with insurance contracts. During the six months ended 30 June 2026, management reviewed the assumptions and calibration inputs used to determine the risk adjustment for non-financial risk for the Sanlam Life and Savings life insurance businesses. The reassessment follows a period of continued application and observation of insurance-related metrics since the implementation of IFRS 17 on 1 January 2023. The revised risk adjustment calibration was based on updated actuarial analysis and observed experience of non-financial risks, and a better understanding of the diversification benefits reflected in the risk adjustment. In addition, management reduced the confidence level applied to Sanlam Life Insurance Limited from 80% to 75% based on the latest risk appetite and target solvency assessments for Sanlam Life. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 50 9 C ritical accounting estimates and judgements continued 9.2 I nsurance and reinsurance contracts continued 9.2.1 Measurement continued Risk adjustment for non-financial risk continued The revised calibration is more representative of management’s current estimate of the compensation required for bearing non-financial risks. The reassessment represents a change in accounting estimate under IAS 8 and has been applied prospectively. Management concluded that the previous calibration, assumptions and methodology were reasonable and supportable based on the information, experience and judgements available at the time. The current-period reassessment does not represent the correction of a prior-period error, but rather reflects updated actuarial analysis, observed experience since transitioning to IFRS 17, refined modelling approaches and current management judgement regarding the compensation required for bearing non-financial risks. Updated confidence-level disclosure For Sanlam Life Insurance Limited, the risk adjustment for non-financial risk has been determined based on a revised target confidence level of 75%. No confidence-level changes apply for the other life insurance entities in the Sanlam Life and Savings cluster. For the material life insurance businesses in the Sanlam Life and Savings cluster, the risk adjustment for non-financial risk is calibrated to a target confidence level in the range between 75% and 80%, reflecting the revised 75% target level for Sanlam Life Insurance Limited and the unchanged 80% target level for the other material South African life insurance entities. Risk adjustment confidence levels U naudited 30 June 2026 Audited 31 December 2025 Sanlam Life Insurance Limited 75% 80% Sanlam Developing Markets (SDM) 80% 80% Assupol 80% 80% Quantitative impact of the reassessment The effect of the reassessment of the risk adjustment for non-financial risk during the period is summarised below: Statement of financial position impact (net increase/(reduction) in net carrying amount of insurance and reinsurance contracts) (1) R million Unaudited 30 June 2026 Risk adjustment for non-financial risk (5 285) Contractual service margin 3 671 Net impact on carrying amount (2) (1 614) (1) N et of reinsurance contracts held, where relevant. (2) T otal impact on net carrying amount reflected in insurance contract assets/liabilities and reinsurance contract assets/liabilities in the condensed group statement of financial position. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 51 Statement of comprehensive income impact (net increase/(reduction) in profit or loss) (1) R million Unaudited 30 June 2026 Insurance service result 702 CSM recognised in profit or loss 315 Reversal of losses on onerous contracts 226 Changes in incurred claims liability related to past service 161 Insurance finance expense 912 Economic assumption changes under the general model at current rates 75 Impact of adjusting the CSM at locked-in discount rates applicable at inception 837 Profit before tax 1 614 Tax impact (436) Profit attributable to shareholders/increase in equity 1 178 Headline earnings (2) 1 178 Non-operating adjustments: accounting mismatches (locked-in rate) (611) Operating profit (2) 567 (1) N et of reinsurance contracts held, where relevant. (2) Refer to segment information note 1.2 for further details. Sensitivity analysis The sensitivity analysis considers how a possible shift in market interest rates of 1% at the reporting date might impact profit or loss as result of changes in the balances of: • i nsurance contracts within the scope of IFRS 17 (net of the effect of reinsurance contracts held). The analysis is based on a 1% shift in the inflation and investment return assumptions included in the estimates of future cash flows as at the reporting date, as well as a 1% shift in the discount rates applied to future cash flows, while holding all other assumptions constant. The nature of third-party cell insurance contracts does not expose the group to interest rate risk, and is therefore not considered in the analysis; • i nterest-bearing instruments which also give rise to interest rate risk. Therefore, the analysis also presents the impact on financial assets of a shift in market interest rates where relevant; and • unsecur ed subordinated debt The impact on equity is expected to be consistent with the impact on profit or loss (net of tax) and has therefore not been shown separately in the table. Impact of profit or loss 1% increase in interest rates 1% decrease in interest rates Unaudited Audited Unaudited Audited 30 June 31 December 30 June 31 December R million 2026 2025 2026 2025 Life insurance – Risk 34 158 ( 160) ( 243) Insurance contract balances (net of reinsurance contracts held) 5 953 5 205 (7 433) (6 489) Financial assets (including structured transaction liabilities) held in respect of insurance contracts (5 919) (5 047) 7 273 6 246 Life insurance – Savings ( 12) ( 10) 11 6 Insurance contract balances 206 197 ( 220) ( 211) Financial assets (including structured transaction liabilities) held in respect of insurance contracts ( 218) ( 207) 231 217 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 52 9 C ritical accounting estimates and judgements continued 9.3 I nvestment properties The value drivers underpinning the valuation of properties have not significantly changed since 31 December 2025. At the reporting date, the key assumptions and unobservable inputs used by the group in determining fair value were in the following ranges for the group’s portfolio of properties: Unaudited Audited Unaudited Audited R million R million % % 30 June 31 December 30 June 31 December Unobservable inputs across sectors 2026 2025 2026 2025 South African portfolio Discounted cash flow method Vacancy rate 26,10 23,45 Expected expense growth (average over five years, range covers different types of expenses) 4,50 – 9,15 5,50 – 12,00 Office buildings 3 061 2 903 Discount rate 11,00 – 13,36 10,76 – 13,27 Exit capitalisation rate 8,25 – 13,25 8,75 – 12,25 Retail buildings 3 088 3 109 Discount rate 10,62 – 13,39 10,63 – 12,46 Exit capitalisation rate 7,75 – 10,50 7,75 – 10,50 Industrial buildings 714 726 Discount rate 11,09 – 12,51 11,05 – 12,42 Exit capitalisation rate 8,25 – 10,00 9,00 – 9,75 International portfolio Discounted cash flow method Vacancy rate 9,50 – 19,00 8,72 – 34,00 Office buildings 772 856 Discount rate 10,75 – 11,75 11,25 – 12,00 Exit capitalisation rate 8,50 – 9,75 9,00 – 9,75 10 C ommitments and contingencies Sanlam Limited irrevocably and unconditionally guarantees the due and punctual performance of all obligations arising under Sanlam Life Insurance Limited’s (Sanlam Life) unsecured and subordinated note programme. During the six months ended 30 June 2026, the programme size increased from R6 billion to R12,5 billion and notes in issue increased from R6 billion to R8,4 billion. The group is subject to litigation, mediation and arbitration, and regulatory, governmental and other sectoral inquiries and investigations in the normal course of its business. The outcome of these can be uncertain, but based on current information, the directors do not believe that any current mediation, arbitration, regulatory, governmental or sectoral inquiries and investigations and pending or threatened litigation or dispute will have a material adverse effect on the group’s financial position. Financial claims are lodged against the group from time to time. Provisions are recognised for these claims based on best estimates of the expected outcome of the claims. Given the high degree of uncertainty involved in determining the expected outcome, it is reasonably possible that outcomes in future financial years will be different to the current estimates. There are no material commitments or contingencies that have not been provided for or fully disclosed, unless additional disclosures may potentially prejudice the legal arguments of the group. 11 R elated parties On 4 March 2026, Sanlam Life entered into definitive agreements to subscribe for a separate class of shares in African Rainbow Capital Investments Proprietary Limited (ARCI) for a cash consideration of R3,2 billion, representing a 25% economic interest in the diversified investments portfolio of the ARC Fund, excluding the ARC Fund’s investment in ARC Financial Services Holdings Proprietary Limited. The transaction is funded from shareholder-backed portfolios and does not result in any incremental deployment of discretionary capital or Sanlam Life shareholder funds. The investment provides Sanlam with access to a diversified portfolio of non-financial investments and further strengthens its strategic relationship with Ubuntu-Botho Investments Proprietary Limited (UBI) and African Rainbow Capital. UBI, being a material shareholder of Sanlam, is a related party of Sanlam. There were no other transactions with major shareholders for the six-month period ended June 2026. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 53 12 O ther corporate transactions On 10 February 2026, the acquisition of additional interests in Shriram General Insurance Company became effective, increasing Sanlam’s effective economic interest from 40,25% to 50,99%. The acquisition of additional interests in Shriram Life Insurance Company (SLIC) became effective on 6 March 2026, increasing Sanlam’s effective economic interest from 41,83% to 53,69%. The total consideration for these transactions amounted to R3,7 billion. On 30 March 2026, Sanlam completed the acquisition of a further 14,72% interest in SLIC from Piramal Finance Limited for a consideration of R1,1 billion, increasing Sanlam’s overall effective economic interest in SLIC to 68,41%. On 24 June 2026, Sanlam further increased its interest through participation in a primary capital infusion alongside the Shriram Group. Following the capital raise, Sanlam’s effective economic interest in SLIC increased to 68,72%, comprising a direct interest of 52,05% and an indirect interest of 16,67% through Shriram Capital Private Limited. The transactions increased the group’s exposure to life and general insurance businesses in India. In April 2026, Mitsubishi UFJ Financial Group completed its capital injection into SFL, resulting in the dilution of Sanlam’s effective economic interest from 9,53% to 7,62%. The group recorded a profit on deemed disposal of R2 586 million on the transaction, refer to note 8.3. The transaction strengthens SFL ’s capital base and supports its growth prospects. 13 D isposal groups and assets classified as held for sale Below is a summary of non-current assets and disposal groups held for sale: R million Segment Measurement base Fair value hierarchy Note Non-current assets held for sale Non-current liabilities held for sale Net Unaudited – 30 June 2026 Assets 1 355 – 1 355 Investment properties Sanlam Life and Savings Fair value Level 3 13.1 1 355 – 1 355 Disposal groups 597 (88) 509 Activo and Forrester Pharma Sanlam Life and Savings Fair value Level 3 13.2.2 597 (88) 509 Total 1 952 (88) 1 864 Audited – 31 December 2025 Assets 1 744 – 1 744 Investment properties Sanlam Life and Savings Fair value Level 3 13.1 1 744 – 1 744 Disposal groups 1 129 (239) 890 Sanlam Investment Management Sanlam Investments Carrying value 13.2.1 544 (158) 386 Activo and Forrester Pharma Sanlam Life and Savings Fair value Level 3 13.2.2 585 (81) 504 Total 2 873 (239) 2 634 13.1 I nvestment Properties During 2026, one property was sold (2025: three) and one further sale (2025: seven) was approved by the Sanlam Property Committee. This approval allows the Sanlam Properties team to market the approved properties to potential buyers. Once serious buyers have been identified, sale and purchase agreements are initiated. Purchase prices are approved by the Property Committee in line with the latest internal valuations, which are performed and approved in the preceding month. The sales are expected to be finalised during 2026 to 2027, as the average sale period is 12 months. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 54 13 D isposal groups and assets classified as held for sale continued 13.2 D isposal groups 13.2.1 S anlam Investment Management On 6 March 2025, Sanlam entered into a sale agreement to dispose of its stake in Sanlam Investment Management Proprietary Limited (SIM) to Ninety One Limited in exchange for Ninety One Limited and Ninety One plc shares. The transaction became unconditional and was concluded on 2 February 2026, following the fulfilment of all suspensive conditions. The share prices of Ninety One Limited and Ninety One plc increased from R33,46 and R33,92, respectively, at the contract date to R55,26 and R55,85, respectively, at the completion date. As the disposal was concluded during the six months ended 30 June 2026, SIM is no longer classified as a disposal group held for sale. 13.2.2 A ctivo and Forrester Pharma In December 2025, the shareholders of Afrocentric Healthcare Assets entered into a sale and purchase agreement with FHC Farmaceutica for the disposal of their shareholding in Activo Group. The disposal had not been completed at 30 June 2026 and is expected to be completed before 31 December 2026. Before classification as held for sale, the assets and liabilities of Activo Group were measured in accordance with the applicable IFRS Accounting Standards. As Activo and Forrester Pharma are not a major line of business for Sanlam Limited, they were classified as a disposal group held for sale but not a discontinued operation. Unaudited Audited 30 June 31 December R million 2026 2025 Assets of disposal group classified as held for sale: Intangible assets 4 33 Equipment – 1 Right of use assets – 1 Investments 12 17 Working capital assets 581 533 Trade and other receivables 400 402 Taxation 1 9 Cash and cash equivalents 180 122 Assets of disposal group held for sale 597 585 Liabilities of disposal group classified as held for sale: Lease liability 1 1 Working capital liabilities 87 80 Liabilities of disposal group held for sale 88 81 14 F air value disclosures R million Level 1 Level 2 Level 3 Total Recurring fair value measurements Unaudited – 30 June 2026 Financial instruments Investment contract assets – 1 811 – 1 811 Investment in joint ventures – – 457 457 Equities and similar securities 189 140 1 868 2 678 193 686 Interest-bearing investments 105 060 260 515 110 365 685 Structured transactions – 39 253 – 39 253 Investment funds (1) 383 834 29 378 6 687 419 899 Deposits and similar securities – 16 724 – 16 724 Trading account assets 15 206 12 161 5 27 372 Short-term investments – 9 275 – 9 275 Total assets at fair value 693 240 370 985 9 937 1 074 162 Financial instruments Investment contract liabilities – 668 208 – 668 208 Term finance – 12 800 – 12 800 Structured transactions liabilities – 16 803 – 16 803 External investors in consolidated funds 60 437 6 131 – 66 568 Trading account liabilities 1 713 30 054 – 31 767 Trade and other payables – 100 – 100 Total liabilities at fair value 62 150 734 096 – 796 246 Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 55 R million Level 1 Level 2 Level 3 Total Recurring fair value measurements Audited – 31 December 2025 Financial instruments Investment contract assets – 1 531 – 1 531 Investment in joint ventures – – 462 462 Equities and similar securities 210 412 1 735 2 646 214 793 Interest-bearing investments 133 961 292 682 126 426 769 Structured transactions 6 42 221 – 42 227 Investment funds (1) 344 790 29 171 5 696 379 657 Deposits and similar securities 8 25 767 – 25 775 Trading account assets 15 090 14 452 7 29 549 Trade and other receivables – 2 – 2 Short-term investments – 9 181 – 9 181 Total assets at fair value 704 267 416 742 8 937 1 129 946 Financial instruments Investment contract liabilities – 649 012 – 649 012 Term finance – 10 577 – 10 577 Structured transactions liabilities – 20 796 – 20 796 External investors in consolidated funds 127 457 6 855 – 134 312 Trading account liabilities 1 418 28 421 – 29 839 Trade and other payables – 100 – 100 Total liabilities at fair value 128 875 715 761 – 844 636 (1) Collective investment schemes that are quoted in an active market of transactions between investors and collective investment schemes based on a quoted/published price. Reconciliation of movements in level 3 assets and liabilities measured at fair value R million Investment in joint ventures Equities and similar securities Interest- bearing investments Structured transactions Investment funds Trading account assets Total assets Unaudited – 30 June 2026 Assets Balance at 1 January 2026 462 2 646 126 – 5 696 7 8 937 Net (losses)/gains in statement of comprehensive income (1) (5) 41 (16) – (69) 2 (47) Acquisitions – – – – 1 102 – 1 102 Disposals – – – – (77) – (77) Foreign exchange movements – (4) – – 5 4 5 Settlements – – – – – (8) (8) Transfers into/(out) of level 3 – (5) – – 30 – 25 Balance at 30 June 2026 457 2 678 110 – 6 687 5 9 937 Audited – 31 December 2025 Assets Balance at 1 January 2025 524 2 158 – 2 5 941 47 8 672 Net gains in statement of comprehensive income (1) (62) 511 102 (2) (669) (59) (179) Acquisitions – 14 – – 197 6 217 Issues – – 61 – – – 61 Disposals – (29) (8) – (8) – (45) Foreign exchange movements – (8) – – 62 24 78 Settlements – – (29) – – (11) (40) Transfers into/(out) of level 3 – – – – 173 – 173 Balance at 31 December 2025 462 2 646 126 – 5 696 7 8 937 (1) N et (losses)/gains in statement of comprehensive income forms part of investment surpluses and investment surpluses on assets held in respect of insurance contracts. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 56 14 F air value disclosure continued Gains (realised and unrealised) included in statement of comprehensive income (1) Unaudited Audited 30 June 31 December R million 2026 2025 Total gains included in statement of comprehensive income for the period/year (47) 422 Total unrealised gains included in statement of comprehensive income for the period/year for assets held at the end of the reporting period/year (49) 714 (1) Net gains in statement of comprehensive income forms part of investment surpluses and investment surpluses on assets held in respect of insurance contracts. Transfers between levels R million Interest- bearing investments (1) Investment funds Total assets Assets Unaudited – 30 June 2026 Transfer from level 1 to level 2 – (31) (31) Transfer from level 2 to level 1 12 – 12 Audited – 31 December 2025 Transfer from level 1 to level 2 (1) – (1) Transfer from level 2 to level 1 36 – 36 (1) I nstruments that were not actively traded in the market have been transferred from level 1 to level 2. Conversely, instruments that have become actively traded in the market have been transferred from level 2 to level 1. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 57 Valuation techniques used in determining the fair value of assets and liabilities The following are the methods and assumptions for determining the fair value when a valuation technique is used in respect of instruments classified as level 2. There were no significant changes in the valuation methods applied since the prior year. Instrument Valuation basis Main assumptions Equities and similar securities DCF and earnings multiple. Cost of capital and consumer price index. Interest-bearing investments DCF, published prices. Nominal bond curve, swap curve, credit spread, real bond curve, inflation curve, JIBAR rate, consumer price index. Structured transactions assets and liabilities Published price quotation, option pricing models, DCF. Nominal bond curve, swap curve, credit spread, real bond curve, forward equity and currency rates and volatility risk adjustments. Investment funds Current unit price of underlying unitised asset, multiplied by the number of units held. Underlying assets and liability values. Deposits and similar securities, short-term investments Published prices/yields, DCF. Nominal bond curve, swap curve, credit spread and JIBAR rate. Trading account assets and liabilities Published yield of benchmark bond, DCF, quoted put/surrender price by issuer and option pricing models. Nominal bond curve, swap curve, consumer price index, index and share prices, currency rates, volatility risk adjustments, credit risk spread, liquidity spread, published repo rates, money market curve. Trade and other receivables/ payables DCF Nominal bond curve Investment contract assets and liabilities Asset and liability matching method. Asset value Term finance Published yield quotations, DCF Bond and forward rate, credit ratings of issuer, liquidity spread and agreement interest curves. External investors in consolidated funds Current unit price of underlying unitised asset multiplied by the number of units held. Unit prices 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 58 14 F air value disclosure continued The following is information about fair value measurements using significant unobservable inputs (level 3): Instrument Valuation basis Main assumptions Significant Unobservable input Range of unobservable inputs Relationship of unobservable inputs to fair value Investment in joint ventures Earnings multiple Earnings multiple, country risk and size of the business and marketability. Adjusted earnings multiple and sustainable EBITDA. R5 324 (2025: R5 409) The higher the input, the greater the fair value. Equities and similar securities DCF and earnings multiple Cost of capital and consumer price index. Cost of capital, adjusted earnings multiple, budgets and forecasts. Multiple unobservable inputs* The higher the price per unit, the higher the fair value. Interest-bearing investments DCF Real curve, and consumer price index. Discount rate Discount rate: 2,88% to 3,69% (2025: 3,14% to 4,15%) The higher the discount rate, the lower the fair value of the assets. The higher the price per unit, the higher the fair value. Investment funds Adjusted NAV/NAV Price per unit Price per unit Could vary significantly due to range of holdings* The higher the price per unit, the higher the fair value. * Quantitative information in respect of unobservable inputs are not readily available as most inputs are generated by external parties. There were no significant changes in the valuation methods applied since the prior year. Sensitivity of level 3 assets measured at fair value to changes in key assumptions R million Total Carrying amount(1) Effect of a 10% increase in earnings multiple (2) Effect of a 10% decrease in earnings multiple (2) Carrying amount(3) Effect of a 1% increase in discount rate (2) Effect of a 1% decrease in discount rate (2) Assets Unaudited – 30 June 2026 Investment in joint ventures 457 457 46 (46) Equities and similar securities 2 678 2 678 268 (268) Interest-bearing investments 110 11 1 (1) 99 (4) 2 Investment funds 6 687 6 687 669 (669) Trading account assets 5 5 – – Total assets 9 937 9 838 984 (984) 99 (4) 2 Audited – 31 December 2025 Investment in joint ventures 462 462 46 (46) Equities and similar securities 2 646 2 646 265 (265) Interest-bearing investments 126 14 1 (1) 112 30 (19) Investment funds 5 696 5 696 570 (617) Trading account assets 7 7 1 (1) Total assets 8 937 8 825 883 (930) 112 30 (19) (1) Represents mainly private equity investments valued on earnings multiple, with sensitivities based on the full valuation. (2) The effect of a 10% increase/decrease in the earnings multiple and a 1% increase/decrease in the discount rate represents the impact on profit or loss. (3) Represents mainly instruments valued on a discounted cash flow basis, with sensitivities based on changes in the discount rate. 15 S ubsequent events Subsequent to 30 June 2026, Sanlam approved a limited capital support programme for MCIS Life in Malaysia. The support is capped at approximately R800 million and will only be provided if required and subject to specified conditions. The programme is intended to strengthen MCIS Life’s capital position while management implements actions to improve the business. As the approval occurred after 30 June 2026, it has been treated as a non-adjusting event and no adjustment has been made to the interim financial statements. Notes to the condensed consolidated interim financial statements continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 59 14 Fair value disclosure continued The following is information about fair value measurements using significant unobservable inputs (level 3): Instrument Valuation basis Main assumptions Significant Unobservable input Range of unobservable inputs Relationship of unobservable inputs to fair value Investment in joint ventures Earnings multiple Earnings multiple, country risk and size of the business and marketability. Adjusted earnings multiple and sustainable EBITDA. R5 324 (2025: R5 409) The higher the input, the greater the fair value. Equities and similar securities DCF and earnings multiple Cost of capital and consumer price index. Cost of capital, adjusted earnings multiple, budgets and forecasts. Multiple unobservable inputs* The higher the price per unit, the higher the fair value. Interest-bearing investments DCF Real curve, and consumer price index. Discount rate Discount rate: 2,88% to 3,69% (2025: 3,14% to 4,15%) The higher the discount rate, the lower the fair value of the assets. The higher the price per unit, the higher the fair value. Investment funds Adjusted NAV/NAV Price per unit Price per unit Could vary significantly due to range of holdings* The higher the price per unit, the higher the fair value. * Quantitative information in respect of unobservable inputs are not readily available as most inputs are generated by external parties. There were no significant changes in the valuation methods applied since the prior year. Sensitivity of level 3 assets measured at fair value to changes in key assumptions R million Total Carrying amount(1) Effect of a 10% increase in earnings multiple (2) Effect of a 10% decrease in earnings multiple (2) Carrying amount(3) Effect of a 1% increase in discount rate (2) Effect of a 1% decrease in discount rate (2) Assets Unaudited – 30 June 2026 Investment in joint ventures 457 457 46 (46) Equities and similar securities 2 678 2 678 268 (268) Interest-bearing investments 110 11 1 (1) 99 (4) 2 Investment funds 6 687 6 687 669 (669) Trading account assets 5 5 – – Total assets 9 937 9 838 984 (984) 99 (4) 2 Audited – 31 December 2025 Investment in joint ventures 462 462 46 (46) Equities and similar securities 2 646 2 646 265 (265) Interest-bearing investments 126 14 1 (1) 112 30 (19) Investment funds 5 696 5 696 570 (617) Trading account assets 7 7 1 (1) Total assets 8 937 8 825 883 (930) 112 30 (19) (1) Represents mainly private equity investments valued on earnings multiple, with sensitivities based on the full valuation. (2) The effect of a 10% increase/decrease in the earnings multiple and a 1% increase/decrease in the discount rate represents the impact on profit or loss. (3) Represents mainly instruments valued on a discounted cash flow basis, with sensitivities based on changes in the discount rate. 15 Subsequent events Subsequent to 30 June 2026, Sanlam approved a limited capital support programme for MCIS Life in Malaysia. The support is capped at approximately R800 million and will only be provided if required and subject to specified conditions. The programme is intended to strengthen MCIS Life’s capital position while management implements actions to improve the business. As the approval occurred after 30 June 2026, it has been treated as a non-adjusting event and no adjustment has been made to the interim financial statements. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 60 Supplementary information 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 61 62 Basis of accounting – supplementary information 72 Group equity value 74 Analysis of group equity value per line of business 75 Change in group equity value 77 Return in group equity value 78 Analysis of group equity value 78 Covered business per cluster 80 Non-covered business 82 Discretionary and other capital 83 Reconciliation of group equity value 84 Earnings per cluster 86 Earnings per line of business 88 Core earnings per line of business 90 Notes to the supplementary information 90 Life and health earnings analysis 91 Sources and uses of cash 92 Shareholders’ fund investment return analysis 94 Supplementary IFRS 17 information including reconciliation to EV of covered business 94 Reconciliation between IFRS 17 value and embedded value metrics 96 Adjusted CSM and risk adjustment reconciliations 100 Value of new cover business geographical analysis 102 Covered business sensitivity analysis 103 Economic assumptions – covered business 105 Value of non-covered business sensitivity analysis 108 Business volumes 108 Analysis of new business and total funds received 110 Analysis of net inflow (outflow) of funds 110 Cluster information 133 Value per share In this section 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 62 Basis of accounting – supplementary information The purpose of this section is to provide supplementary information to users of the group’s financial statements in a format that corresponds with that used by management in evaluating the performance of the group and is additional information to the Sanlam financial statements prepared in accordance with IFRS ® Accounting Standards (IFRS Accounting Standards). It includes analysis of the group’s consolidated financial position and results in a similar format to that used by the group for internal management purposes. The group financial statements are prepared in accordance with IFRS Accounting Standards and include the consolidated results and financial position of both the shareholder and policyholder activities. The IFRS financial statements also do not distinguish between the shareholders’ operational and investment activities, which are separate areas of management focus and an important distinction in evaluating the Sanlam group’s financial performance. Information is presented in this section to provide additional information to users of Sanlam’s financial information. The basis of accounting for the current reporting period is consistent with that applied in the shareholders’ fund information presented in the prior period, unless as otherwise stated. The group also discloses group equity value (GEV) information in accordance with the requirements of Actuarial Practice Note (APN 107). The group’s key strategic objective is to maximise returns to shareholders. GEV has been identified by management as the primary measure of value and return on GEV (RoGEV) is used by the group as the main performance measure to evaluate the success of its strategies toward sustainable value creation in excess of its cost of capital. For the purpose of internal monitoring, the directors make use of GEV to reflect the performance of the group. This is considered to provide a meaningful basis of reporting the underlying value of the group’s operations and the related performance drivers. This basis explicitly allows for the impact of uncertainty in future investment returns and is consistent with the group’s operational management structure. The supplementary information also includes the embedded value of covered business (EV), change in EV and value of new business. The supplementary information also includes the following enhanced disclosures: • A djusted Contractual Service Margin (CSM) and Risk Adjustment (RA) reconciliations including significant investment in associates and joint ventures; • R econciliation between the key IFRS 17 value and EV metrics; • O perating profit, as disclosed in note 1 of the group’s condensed consolidated interim financial statements, for life and health business. This includes Sanlam’s portion of the SanlamAllianz joint venture, that is equity accounted under IFRS Accounting Standards, within the detailed disclosures; • S hareholders’ investment return analysis; and • S ources and uses of cash. Changes to basis of preparation information adopted with effect from 1 January 2026 The basis of accounting has been amended from 1 January 2026 to reflect the new financial reporting framework adopted by the group. The naming conventions and definitions of key earnings metrics have been revised accordingly. Effective 1 January 2026, net result from financial services has been replaced with operating profit , and net operational earnings with adjusted headline earnings . Both measures remove Sanlam -s pecific shareholders’ fund adjustments and reflect full investment market movements, resulting in greater period - to-p eriod volatility as investment variance will no longer be smoothed for profit -r eporting purposes. Adjusted headline earnings include investment returns on shareholder capital and investment returns on assets backing shareholders’ fund reserves, net of finance costs. In addition, project expenses, previously included under net operational earnings, are now reported as part of operating profit and adjusted headline earnings. Adjusted earnings measures Core earnings reflect Sanlam’s underlying core operating activities and is the base against which capacity to support dividend distribution is determined. Core earnings are derived from operating profit, excluding investment variances related to insurance contracts and future-fit project expenses, and including the release of the asset mismatch reserve which is an input into determining dividend capacity. Normalised adjusted headline earnings are stabilised for investment variances related to insurance contracts and investment return variances on shareholder capital and shareholders’ fund reserves, as well as future-fit project expenses and currency movements that are not under management’s control. The investment returns on assets backing future-fit project expense reserves are used to cover the actual project expenses incurred, and therefore removed from normalised adjusted headline earnings. A reconciliation has been provided on page 84 between operating profit, operating profit excluding investment variances, core earnings, adjusted headline earnings and normalised adjusted headline earnings. The previous key performance measures of net result from financial services and net operational earnings are no longer reported on with effect from 1 January 2026. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 63 Embedded value of covered business Previously shareholders’ fund reserves for covered business were eliminated from the adjusted net asset value where the backing assets were included in the calculation of the value of the in-force book. With effect from 1 January 2026, asset mismatch reserves and some insurance contract assets recognised in terms of IFRS 17 Insurance Contracts have been reclassified as required capital for GEV of covered business, with a commensurate increase in the cost of required capital supporting the in-force business. The impact of adjusting the CSM at locked-in rates is removed from operating profit (refer to note 1 in the interim financial statements). Prior to 1 January 2026, these impacts were transferred to the asset mismatch reserves. With effect from 1 January 2026, the accumulated balance of these impacts previously included in the asset mismatch reserves are presented separately in an accounting mismatch reserve and eliminated from the adjusted net asset value, with this reserve included in the calculation of the value of the in-force book. With effect from 1 January 2026, GEV earnings for covered business presented in adjusted net asset value will be equal to operating profit excluding future-fit project expenses, plus net investment returns on adjusted net asset value (as presented in adjusted headline earnings for covered business). This reclassification of assets backing shareholders’ fund reserves have not significantly impacted the GEV of covered business, with a reduction in net value of in-force business and increase in adjusted net asset value. Refer to the Analysis of group equity value earnings for covered business on page 78 for further details. Group equity value GEV is the aggregate of: • T he embedded value of covered business, which comprises the required capital supporting these operations (also referred to as adjusted net worth) and their net value of in-force business. • T he fair value of other group operations based on longer-term assumptions, which includes the investment management, capital markets, general insurance and the non-covered wealth management operations of the group; and • T he fair value of discretionary and other capital. Discretionary capital represents management’s assessment of capital in excess of that required for current operations of the group. Such capital may be used to fund future operations and acquisitions or be returned to shareholders. GEV is calculated by adjusting the shareholders’ fund at net asset value with the following: • A djustments in respect of covered business: – E limination of goodwill and other intangible assets in respect of investment contracts measured under IFRS 9 Financial Instruments, as these assets are replaced by the value of the in-force book. – E limination of the accounting mismatch reserve, as these assets are included in the calculation of the value of the in-force book. – E limination of the future-fit project expense reserves, and pandemic and other similar shareholders’ fund reserves held as part of the capital allocated to covered business, as these reserves are released into GEV earnings to cover future-fit project expenses and excess claims if a pandemic event occurs. – A dding the value of the in-force book. • A djustments in respect of non-covered operations: – A dding the fair value adjustment for other operations, comprising of the difference between the fair value of these operations and the corresponding net asset value included in the shareholders’ fund at net asset value. – A djustments to net worth, including allowance for the present value of holding company expenses. Although being a measure of value, GEV is not equivalent to the economic value of the group as the embedded value of covered business does not allow for the value of future new business. An economic value may be derived by adding to the GEV an estimate of the value of the future sales of new covered business, often calculated as a multiple of the value of new covered business written during the past year. The GEV is inherently based on estimates and assumptions set out in this basis of preparation and as also disclosed under critical accounting estimates and judgements in the financial statements. It is reasonably possible that outcomes in future financial years will be different to the current assumptions and estimates, possibly significantly, impacting on the reported GEV. Accordingly, sensitivity analyses are provided for changes from the base estimates and assumptions (refer to note 6 for covered operations and note 8.2 for non-covered operations). Change in group equity value The change in group equity value consists of the embedded value earnings from covered business, earnings from other group operations on a fair value basis, earnings on discretionary and other capital and capital transactions with shareholders. Return on group equity value The RoGEV is equal to the change in GEV during the reporting period, after adjustment for dividends paid and changes in issued share capital, as a percentage of GEV at the beginning of the period, adjusted for changes in issued share capital during the year. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 64 Fair value of businesses included in GEV Fair values of listed businesses are determined by using stock exchange prices or directors’ valuations and for unlisted businesses by using directors’ valuations. Where directors’ valuations are used for listed businesses, the listed values of these businesses are disclosed for information purposes. The valuation of businesses is based on generally accepted and applied investment valuation techniques but is subject to judgement to allow for perceived risks. Estimates and assumptions are an integral part of business valuations and as such have an impact on the amounts reported. Management applies judgement in determining the appropriate valuation technique to be used. In addition, in applying the valuation techniques judgement is utilised in setting assumptions of future events and experience, and where applicable, risk-adjusted discount rates. Estimates and judgements are regularly updated to reflect latest experience. Actual outcomes in future financial years may differ from current estimates and assumptions, possibly significantly, which could require a material adjustment to the business valuations. The appropriateness of the valuations is regularly tested through the group’s approval framework, in terms of which the valuations of investments is reviewed and recommended for approval by the audit committee of the board by the Sanlam Non-Listed Asset Controlling Body. Businesses may comprise legal entities or components of legal entities as determined by the directors. Adjustments to net worth Present value of corporate expenses GEV is determined by deducting the present value of corporate expenses, by applying a multiple to the after-tax corporate expenses. This adjustment is made as the embedded value of covered business and the fair value of other group operations do not allow for an allocation of corporate expenses. Share incentive schemes granted on subsidiaries’ own shares Where group subsidiaries grant share incentives to staff on the entities’ own shares, the fair value of the outstanding incentives at period end is deducted in determining GEV. The expected cost of future grants in respect of these incentive schemes is allowed for in the calculation of the value of in-force covered business and the fair value of other group operations as appropriate. Share incentive schemes granted on Sanlam shares Long-term incentives granted by the group on Sanlam shares are accounted for as dilutive instruments. The GEV is accordingly not adjusted for the fair value of these outstanding shares, but the number of issued shares used to calculate GEV per share is adjusted for the dilutionary effect of the outstanding instruments at period end. The expected cost of future grants in respect of these incentive schemes is allowed for in the calculation of the value of in-force covered business and the fair value of other group operations. Shareholders’ fund at net asset value and related information The analysis of the shareholders’ fund at net asset value reflects the consolidated financial position, based on accounting policies consistent with those contained in the Sanlam financial statements, apart from the ones discussed below. Basis of consolidation The shareholders’ funds of group companies are consolidated in the analysis of the Sanlam group shareholders’ fund at net asset value. The policyholders’ and outside shareholders’ interests in these companies are treated as non-controlling shareholders’ interest on consolidation. The analysis of the shareholders’ fund at net asset value is consistent with the group’s operational management structure. Consolidation reserve A consolidation reserve is created as part of shareholders’ equity in the group statement of financial position for the IFRS accounting mismatches outlined below that are regarded as non-economical in management’s view. The consolidation reserve is not recognised in the shareholders’ fund at net asset value. The fund transfers between the shareholders’ and policyholders’ fund relating to movements in the consolidation reserve are commensurately also not recognised in the shareholders’ fund’s normalised attributable earnings. Basis of accounting – supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 65 Specific shareholders’ fund reserves Shareholders’ fund reserves classified as required capital in adjusted net asset value Asset mismatch reserve An asset mismatch reserve was established for investment variances emanating from insurance and investment contracts measured under IFRS 17 and IFRS 9 respectively. The purpose of this reserve is to manage volatility in core earnings for determining dividends. Although the group follows a policy of matching insurance and investment contract cash flows on a duration-matched basis, complete matching is not possible for all lines of business given unique product features and/or the availability of matching assets. This results in mismatch profits or losses being recognised in earnings as changes in the measurement of insurance and investment contract liabilities and the underlying matching assets will not fully offset. In addition, investments in corporate credit instruments measured at fair value also result in earnings volatility due to movements in market spreads and credit default provisions. The difference between the assumed and actual investment return earned on asset classes is another source of mismatch profits and losses. The asset mismatch reserve is utilised to absorb the volatility described above in core earnings, supporting the group’s strategic objective of stabilising dividends for market volatility not under management’s control. The asset mismatch reserve is recognised in the shareholders’ fund at net asset value. The asset mismatch reserve is recognised as required capital in adjusted net asset value for GEV purposes. The asset mismatch reserve is increased or reduced for the following investment variances related to insurance and investment contracts, with a corresponding adjustment to core earnings for dividend calculation purposes: • e conomic mismatch profits or losses due to duration mismatching of the assets backing the fulfilment cash flows and CSM; • i nvestment variances arising from actual investment returns on the assets backing the liabilities being different from those expected, including the risk-free rate component of corporate credit exposures; • m ovements in credit spreads and default provisions relating to corporate credit exposures; • m ismatch profits or losses due to changes in the cost of investment guarantees for insurance contracts measured under the variable fee approach (VFA); and • e conomic mismatch profits or losses related to the assets backing the investment contract cash flows for vesting bonuses and tax credits. The net investment return earned on the backing assets increases the asset mismatch reserve, with the investment returns recognised in adjusted headline earnings. Investment return variances on asset mismatch reserves are excluded from normalised adjusted headline earnings. The release of asset mismatch reserves into core earnings for dividend capacity calculations are based on expected investment returns assuming long-term investment return assumptions on the backing assets. Insurance contract assets The recognition of insurance contract assets (i.e. negative insurance liabilities) in the group statement of financial position gives rise to an increase in the shareholders’ fund at net asset value which is recognised as required capital in adjusted net asset value for GEV purposes. Investment variances related to the insurance contract assets are eliminated from core earnings, supporting the group’s strategic objective of stabilising dividends for market volatility not under management’s control. The net investment return allocated to the insurance contract assets are recognised in adjusted headline earnings, with the corresponding investment return variances excluded from normalised adjusted headline earnings. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 66 Shareholders’ fund reserves eliminated from adjusted net asset value Accounting mismatch reserve For insurance contracts measured under the General Measurement Model (GMM) in terms of IFRS 17, changes in estimates of the fulfilment cash flows related to future service (for example, changes due to non-financial assumption changes) are reflected in the CSM. However, these changes are measured at the locked-in interest rates that applied at the initial recognition date of each group of insurance contracts, which results in a mismatch between the movements in the fulfilment cash flows (at current interest rates) and the adjustments to the CSM (at locked-in interest rates). These accounting mismatches are removed from operating profit and core earnings and transferred to the accounting mismatch reserves. Other shareholders’ fund reserves Other shareholders’ fund reserves were established on transition to IFRS 17 for specific future events such as pandemics and digital transformation (future-fit) projects related to insurance business. The purpose of these reserves is to manage volatility in core earnings for determining dividends. The future-fit project expense reserve is released to cover the related expenses, with a corresponding increase in core earnings (no impact on operating profit). Conversely, additional capital deployed to cover future-fit project expenses will increase the shareholders’ fund reserves, with a corresponding reduction in core earnings (no impact on operating profit). Sanlam re-established a pandemic reserve in 2022. The pandemic reserve is released to cover excess claims if a pandemic event occurs, with a corresponding increase in core earnings (no impact on operating profit). The net investment return earned on the assets backing the pandemic reserves are added to the asset mismatch reserve, with the investment returns recognised in adjusted headline earnings. The expected investment returns on the assets backing the pandemic reserve are released into core earnings for dividend capacity calculations based on long-term investment return assumptions on the backing assets. Investment return variances on pandemic reserves are excluded from normalised adjusted headline earnings. The investment returns on assets backing future-fit project expense reserves are used to cover the actual project expenses, and therefore removed from normalised adjusted headline earnings. Target shares Strategic diversification activities between Sanlam Emerging Markets (SEM) and Santam consist of the investment in target shares issued by SEM to Santam and vice versa. These shares give the holder the right to participate in the growth of the underlying short-term insurance investments. The total return on these short-term insurance investments is therefore split between SEM and Santam, after consideration of the respective non-controlling interests. Segregated funds Sanlam also manages and administers assets in terms of third-party mandates, which are for the account of and at the risk of the clients. As these are not the assets of the Sanlam group, they are not recognised in the Sanlam group statement of financial position in terms of IFRS Accounting Standards and are also excluded from the shareholders’ fund at net asset value and fair value. Fund flows relating to segregated funds are however included in the notes to the shareholders’ fund information to reflect all fund flows relating to the group’s assets under management. Adjusted headline earnings Adjusted headline earnings is a measure of operating performance and investment return generated by the Sanlam group that is aligned to headline earnings disclosed in note 6 of the condensed consolidated interim financial statements, adjusted for the following non- operating items: • l ocked-in rate impacts recognised in the accounting mismatch reserves (covered above); • n et equity-accounted earnings in respect of equity-accounted results from non-operational associates and joint ventures that are excluded from operating profit and investment returns; and • a mortisation of other intangibles related to key business relationships and brands that are not directly attributed to operating activities. Operating profit Operating profit is calculated as Adjusted headline earnings excluding investment return on assets held in respect of shareholder capital (including shareholders’ fund reserves). Operating profit includes investment variances related to insurance contracts which can give rise to volatile profit movements between periods. GEV earnings of covered business (excluding net investment return on adjusted net asset value) is based on operating profit excluding future-fit project expenses. Basis of accounting – supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 67 Core earnings Core earnings reflect Sanlam’s underlying core operating activities and is the base against which capacity to support dividend distribution is determined. Core earnings are derived from operating profit, excluding investment variances related to insurance contracts and future-fit project expenses, and include the release of the asset mismatch reserve which is an input into the determination of dividend capacity. Equity-accounted earnings Equity-accounted earnings are presented based on the allocation of the group’s investments in associates and joint ventures between operating and non-operating entities: • At 3 0 June 2026, operating associates and joint ventures include investments in strategic operational businesses, namely SanlamAllianz, Shriram Finance Limited, Shriram General Insurance, Shriram Life Insurance, and Pacific & Orient. The equity-accounted operating earnings and investment return on capital from operating associates and joint ventures are included in operating profit and net investment return respectively. • N on-operating associates and joint ventures include investments held as part of the group’s balanced investment portfolio. The Santam group’s equity-accounted investments are the main non-operating associates and joint ventures. The group’s share of earnings from these entities are reflected as equity-accounted earnings outside of net operational earnings. Fund flows The notes to the supplementary information also provide information in respect of fund flows relating to the group’s assets under management. These fund flows have been prepared in terms of the following bases: Funds received from clients Funds received from clients include single and recurring life and general insurance premium income from insurance and investment policy contracts, which are recognised in the financial statements. It also includes contributions to collective investment schemes and non-life insurance linked-products as well as inflows of segregated funds, which are not otherwise recognised in the financial statements as they are funds held on behalf of and at the risk of clients. Funds received in respect of non-annuity assets under administration are excluded from funds received from clients. Transfers between the various types of business, other than those resulting from a specific client instruction, are eliminated. Funds received from clients include the group’s effective share of funds received from clients by strategic operational associates and joint ventures. New business In the case of long-term insurance business, the annualised value of all new policies (insurance and investment contracts) that have been issued during the financial year according to the group’s embedded value assumptions and have not subsequently been refunded, is regarded as new business. All segregated fund inflows (excluding those related to assets under administration), inflows to collective investment schemes and short-term insurance premiums (also called net earned premiums) are regarded as new business. New business includes the group’s share of new business written by strategic operational associates and joint ventures. Payments to clients Payments to clients include policy benefits paid in respect of life and general insurance and investment policy contracts, which are recognised in the financial statements. It also includes withdrawals from collective investment schemes and non-life insurance linked-products as well as outflows of segregated funds, which are not otherwise recognised in the financial statements as they relate to funds held on behalf of and at the risk of clients. Withdrawals of non-annuity funds under administration are excluded. Transfers between the various types of business, other than those resulting from a specific client instruction, are eliminated. Payments to clients include the group’s effective share of payments to clients by strategic operational associates and joint ventures. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 68 Basis of accounting and presentation – embedded value of covered business The group’s embedded value of covered business information is prepared in accordance with APN 107, the guidance note on embedded value financial disclosures of South African long-term insurers issued by the Actuarial Society of South Africa (Actuarial Society). Covered business represents the group’s long-term insurance business for which the value of new and in-force contracts is attributable to shareholders. The embedded value results of the group’s covered business are included in the supplementary information as it forms an integral part of GEV and the information used by management in evaluating the performance of the group. The embedded value of covered business does not include the contribution to GEV relating to other group operations or discretionary and other capital, which are included separately in the analysis of GEV. The basis of presentation for the embedded value of covered business has been amended from 1 January 2026 to reflect the new financial reporting framework adopted by the group. Covered business Covered business includes all material long-term insurance business that is recognised in the Sanlam group financial statements. This business includes individual stable bonus, linked and market-related business, group stable bonus business, annuity business and other non-participating business written by Sanlam Risk and Savings, Glacier, Sanlam Retail Mass, Sanlam Corporate and Sanlam Emerging Markets. Acquisitions, disposals and other movements The embedded value of covered business results is prepared taking cognisance of changes in the group’s effective shareholding in covered business operations. Methodology Embedded value of covered business The embedded value of covered business is a measure of the consolidated value of shareholders’ interests in the covered business, excluding any value that may be attributed to future new business. It is calculated on an after-tax basis, considering current legislation and known future changes. The embedded value of the covered business comprises the following components: • A djusted net worth (ANW); and • T he net value of in-force business. Adjusted net worth Adjusted net worth comprises the required capital supporting the covered business and is equal to the net value of assets allocated to the covered business that does not back policy liabilities, accounting mismatch reserves or other shareholders’ fund reserves (refer to page 78 ). The required capital allocated to covered business reflects the level of capital considered sufficient to support the covered business, allowing for an assessment of the market, credit, insurance and operational risks inherent in the underlying products, subject to a minimum level of the local statutory solvency requirement for each business. The asset mismatch reserves and insurance contract assets are classified as required capital for embedded value reporting purposes. For South African insurance businesses (and businesses with similar regulatory regimes) the level of required capital for covered business is set to ensure that own funds attributable to in-force covered business maintain a solvency cover ratio within a specific range, e.g., between 150% and 200% for Sanlam Life, over the next 10 years. The minimum end of the targeted cover range is set such that Sanlam Life’s covered business is expected to be able to absorb a combined economic shock, a pandemic/catastrophe shock, and an operational risk event without breaching 100% of regulatory SCR cover. A similar methodology was followed to set ranges for the other South African life insurers. The capital allocated to covered business is funded from a balanced investment portfolio, comprising investments in equities, hedged equities, fixed interest securities, cash and subordinated debt funding. The subordinated debt funding liability is matched by ring-fenced bonds and other liquid assets held as part of the balanced investment portfolio. Transfers are made to or from adjusted net worth on an annual basis for the following: • T ransfers related to dividends paid from the covered business in terms of the group’s internal dividend policy to fund the dividend payable to Sanlam Limited shareholders; and • T ransfers to or from the balanced investment portfolio. Any capital in the portfolio that is in excess of the requirements of the covered business is transferred to discretionary capital in terms of the group’s capital management framework. Basis of accounting – supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 69 Net value of in-force business The net value of in-force business (PVIF) consists of the present value of future shareholder profits from in-force covered business (PVFP), after allowance for the cost of required capital supporting the covered business. Present value of future shareholder profits from in-force covered business The policy liabilities are valued based on IFRS 17 for life insurance contracts and IFRS 9 for investment contracts. The adjusted net worth incorporates certain adjustments from the shareholders’ fund at net asset value as outlined in the relevant section above. The policy liabilities include profit margins, which can be expected to emerge as profits in future. For insurance contracts measured under the GMM and VFA, these profit margins mainly comprise of the CSM and the risk adjustment for non-financial risk. The assets backing the accounting mismatch reserves can be expected to emerge as profits in the future. For investment contracts measured under IFRS 9, future fund-based charges less expenses will emerge as profit margins. The discounted value, using a risk-adjusted discount rate, placed on these expected future profits, after taxation, is the PVFP. The PVFP excludes the cost of required capital, which is separately disclosed. Cost of required capital A charge is deducted from the embedded value of covered business for the cost of required capital supporting the group’s existing covered business. The cost is the difference between the carrying value of the required capital at the valuation date and the discounted value, using a risk-adjusted discount rate, of the projected releases of the capital allowing for the assumed after-tax investment return on the assets deemed to back the required capital over the life of the in-force business. Value of new business The value of new business is calculated as the discounted value, at the point of sale, using a risk-adjusted discount rate, of the projected stream of after-tax profits for new covered business issued during the financial period under review. The value of new business is also reduced by the cost of required capital for new covered business. In determining the value of new business: • A p olicy is only taken into account if at least one premium, that is not subsequently refunded, is recognised in the financial statements; • P remium increases that have been allowed for in the value of in-force covered business are not counted again as new business at inception; • I ncreases in recurring premiums associated with indexation arrangements are not included, but instead allowed for in the value of in-force covered business; • T he expected value of future premium increases resulting from premium indexation on the new recurring premium business written during the financial period under review is included in the value of new business; • C ontinuations of individual policies and deferrals of retirement annuity policies after the maturity dates in the contract are treated as new business if they have been included in policy benefit payments at their respective maturity dates; • F or employee benefits, increases in business from new schemes or new benefits on existing schemes are included and new members or salary-related increases under existing schemes are excluded and form part of the in-force value; • A nnuities purchased by retirement fund members using in-fund options are treated as new business; • R enewable recurring premiums under Group insurance contracts are treated as in-force business; and • A ssumptions are consistent with those used for the calculation of the value of in-force covered business at the end of the period. Profitability of new covered business is measured by the ratio of the net value of new business to the present value of new business premiums (PVNBP). The PVNBP is defined as new single premiums plus the discounted value, using a risk-adjusted discount rate, of expected future premiums on new recurring premium business. The premiums used for the calculation of PVNBP are based on the life insurance new business premiums disclosed in note 5 on page 100 , excluding white label new business. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 70 Risk discount rates and allowance for risk In accordance with the actuarial guidance, the underlying risks within the covered business are allowed for within the embedded value calculations through a combination of the following: • E xplicit allowances within the projected shareholder cash flows; • T he level of required capital and the impact on cost of required capital; and • T he risk discount rates, intended to cover all residual risks not allowed for elsewhere in the valuation. The risk margins are set using a top-down approach based on Sanlam Limited’s weighted average cost of capital (WACC), which is calculated based on a gross risk-free interest rate, an assumed equity risk premium, a market assessed risk factor (beta), and an allowance for subordinated debt on a market value basis. The beta provides an assessment of the market’s view of the effect of all types of risk on the group’s operations, including operational and other non-economic risk. To derive the risk discount rate assumptions for covered business, an adjusted WACC is calculated to exclude the non-covered group operations included in Sanlam Limited’s WACC and to allow for future new covered business. The covered business operations of the group use risk margins of between 2,5% and 7,0% and the local gross risk-free rate at the valuation date. Minimum investment guarantees to policyholders An investment guarantee reserve is included in the reserving basis for policy liabilities, which makes explicit allowance for the best estimate cost of all material investment guarantees. A stochastic modelling approach is used to provide for the possible cost of minimum investment return guarantees on insurance contracts, where relevant. These reserves are determined on a consistent basis in accordance with actuarial guidance from the Actuarial Society (APN 110). No further deduction from the embedded value of covered business is therefore required. Share incentive schemes The embedded value of covered business assumes the payment of long-term incentives in the future and allows for the expected cost of future grants within the value of in-force covered business and value of new business. Sensitivity analysis Sensitivities are determined at the risk discount rates used to determine the base values, unless stated otherwise. For each of the sensitivities, all other assumptions are left unchanged. The different sensitivities do not imply that they have a similar chance of occurring. The risk discount rate appropriate to an investor will depend on the investor’s own requirements, tax position and perception of the risk associated with the realisation of the future profits from the covered business. The disclosed sensitivities to changes in the risk discount rate provide an indication of the impact of changes in the applied risk discount rate. Risk premiums relating to mortality and morbidity are assumed to be increased consistent with mortality and morbidity experience respectively, where appropriate. Foreign currencies Changes in the embedded value of covered business, as well as the present value of new business premiums, of foreign operations are converted to South African rand at the weighted average exchange rates for the financial year, except where the average exchange rate is not representative of the timing of specific changes in the embedded value of covered business, in which instances the exchange rate on transaction date is used. The closing rate is used for the conversion of the embedded value of covered business at the end of the financial year. Assumptions Best estimate assumptions The embedded value calculation is based on best estimate assumptions. The assumptions are reviewed actively and changed when evidence exists that material changes in the expected future experience are reasonably certain. The best estimate assumptions are also used as basis for the statutory valuation method. It is reasonably possible that outcomes in future financial years will be different to these current best estimate assumptions, possibly significantly, impacting on the reported embedded value of covered business. Accordingly, sensitivity analyses are provided for the value of in-force and value of new business. Economic assumptions The assumed investment return on assets supporting the policy liabilities and required capital is based on the assumed long-term asset mix for these funds. Inflation assumptions for unit cost, policy premium indexation and employee benefits salary inflation are based on an assumed long-term gap relative to fixed-interest securities, however term dependent inflation assumptions are used where market observable data is available. Future rates of bonuses for stable bonus business and participating annuities are set at levels that are supportable by the assets backing the respective product asset funds at each valuation date. Assets backing required capital The assumed composition of the assets backing the required capital is consistent with Sanlam’s practice and with the assumed long-term asset distribution used to calculate the statutory capital requirements and internal required capital assessments of the group’s covered business, including a proportion backing insurance contract assets. Basis of accounting – supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 71 Demographic assumptions Future mortality, morbidity and discontinuance rates are based on recent experience, adjusted for expected future trends where appropriate. Future mortality rates also include an allowance for the impact of future pandemics. Expense assumptions Future expense assumptions reflect the expected level of expenses required to manage the in-force covered business, including investment in systems required to support that business, and allow for future inflation. The allocation between acquisition and maintenance expenses is based on functional cost analyses and reflects actual expenses incurred in 2025. Expense assumptions include those expenses deemed to be not directly attributable to the fulfilment of insurance contracts under IFRS 17. Investment management fees Future investment expenses are based on the current scale of fees payable by the group’s life insurance businesses to the relevant asset managers. To the extent that this scale of fees includes profit margins for Sanlam Investment Group, these margins are not included in the value of in-force covered business and value of new business, as they are incorporated in the valuation of the Sanlam Investment Group businesses at fair value. Taxation Projected taxation is based on the current tax basis that applies in each country. Allowance has been made for the impact of capital gains tax on investments in South Africa, assuming a five-year roll-over period. Earnings from covered business The embedded value earnings from covered business for the period are equal to the change in embedded value, after adjustment for any transfers to or from discretionary capital, and are analysed into the following main components: Value of new business The value of new business is calculated at point of sale using assumptions applicable at the end of the reporting period. Net earnings from existing covered business Expected return on value in-force covered business The expected return on value in-force covered business comprises the expected return on the starting value of in-force covered business and the accumulation of value of new business from point of sale to the valuation date. Operating experience variances The calculation of embedded values is based on assumptions regarding future experiences including discontinuance rates (how long policies will stay in force), risk (mortality and morbidity) and future expenses. Actual experience may differ from these assumptions. The impact of the difference between actual and assumed experience for the period is reported as operating experience variances. Operating assumption changes Operating assumption changes consist of the impact of changes in assumptions at the end of the reporting period (compared to those used at the end of the previous reporting period) for operating experience, excluding economic or taxation assumptions. It also includes model refinements where relevant. Expected investment return on adjusted net worth The expected investment return on adjusted net worth attributable to shareholders is calculated using the future investment return assumed at the start of the reporting period. The total embedded value earnings from covered business includes two further main items: Economic assumption changes The impact of changes in external economic conditions, including the effect that changes in interest rates have on risk discount rates and future investment return and inflation assumptions, on the embedded value of covered business. Investment variances Investment variances – value of in-force The impact on the value of in-force business caused by differences between the actual investment return earned on policyholder fund assets during the reporting period and the expected return based on the economic assumptions used at the start of the reporting period. Investment variances – investment return on adjusted net worth Investment return variances caused by differences between the actual investment return earned on shareholders’ fund assets during the reporting period and the expected return based on economic assumptions used at the start of the reporting period, including variances related to investment returns on assets backing shareholders’ fund reserves classified as required capital. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 72 Group equity value Group equity value Value of in-force/ fair value adjustment Adjusted net asset value Elimination of specific shareholders’ fund reserves (5) Elimination of goodwill Shareholders’ fund at net asset value R million Notes Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Life and Savings 67 821 69 534 44 143 59 366 23 678 10 168 8 (14 342) (1 047) (1 536) 24 717 26 046 Covered business (1) 10.1.5 61 472 61 536 39 584 55 107 21 888 6 429 8 (14 342) (1 047) (1 536) 22 927 22 307 Retail Mass 18 530 18 486 5 708 14 498 12 822 3 988 2 236 (6 215) (207) (207) 10 793 10 410 Sanlam Retail Affluent (2) 36 334 36 385 28 057 34 712 8 277 1 673 (2 228) (8 127) (772) (1 253) 11 277 11 053 Sanlam Corporate 6 608 6 665 5 819 5 897 789 768 – – (68) (76) 857 844 Non-covered business 6 349 7 998 4 559 4 259 1 790 3 739 – – – – 1 790 3 739 Glacier 4 003 4 091 3 214 3 375 789 716 – – – – 789 716 Sanlam Personal Loans 2 151 3 050 786 763 1 365 2 287 – – – – 1 365 2 287 Sanlam Corporate: Afrocentric and other (65) 618 177 (16) (242) 634 – – – – (242) 634 Other operations 260 239 382 137 (122) 102 – – – – (122) 102 Pan-Africa: 23 220 23 403 (609) (1) 23 829 23 404 (168) (1 121) (348) (348) 24 345 24 873 Covered business: SanlamAllianz 10.2.3 6 567 6 284 1 623 2 436 4 944 3 848 (168) (1 121) (348) (348) 5 460 5 317 Non-covered business: SanlamAllianz 16 653 17 119 (2 232) (2 437) 18 885 19 556 – – – – 18 885 19 556 Asia 33 963 26 657 14 067 15 562 19 896 11 095 – – (488) (507) 20 384 11 602 Covered business 10.3.4 3 523 2 548 1 812 1 345 1 711 1 203 – – (488) (507) 2 199 1 710 India 2 863 1 480 1 521 793 1 342 687 – – (292) (311) 1 634 998 Malaysia 660 1 068 291 552 369 516 – – (196) (196) 565 712 Non-covered business 30 440 24 109 12 255 14 217 18 185 9 892 – – – – 18 185 9 892 India 30 440 24 109 12 255 14 217 18 185 9 892 – – – – 18 185 9 892 Malaysia – – – – – – – – – – – – Sanlam Investments 17 878 17 299 7 078 11 240 10 800 6 059 – (139) – – 10 800 6 198 Covered business 10.4.4 891 805 (963) (822) 1 854 1 627 – (139) – – 1 854 1 766 Non-covered business 16 987 16 494 8 041 12 062 8 946 4 432 – – – – 8 946 4 432 Sanlam Investment Holdings (3) 6 289 5 156 737 2 321 5 552 2 835 – – – – 5 552 2 835 Wealth Management 4 931 5 099 4 308 4 805 623 294 – – – – 623 294 International 3 098 3 862 467 2 646 2 631 1 216 – – – – 2 631 1 216 Sanlam Financial Markets 2 669 2 377 2 529 2 290 140 87 – – – – 140 87 Santam 26 108 28 986 16 975 20 296 9 133 8 690 – – – – 9 133 8 690 Discretionary capital 2 321 8 059 – – 2 321 8 059 – – – – 2 321 8 059 Other capital 9 445 14 262 – – 9 445 14 262 – – (1 196) (1 256) 10 641 15 518 Present value of holding company expenses (4) (3 047) (2 641) (3 047) (2 641) – – – – – – – – Group equity value 177 709 185 559 78 607 103 822 99 102 81 737 (160) (15 602) (3 079) (3 647) 102 341 100 986 Covered business 6 72 453 71 173 42 056 58 066 30 397 13 107 (160) (15 602) (1 883) (2 391) 32 440 31 100 Non-covered business 8.1 96 537 94 706 39 598 48 397 56 939 46 309 – – – – 56 939 46 309 Group operations 168 990 165 879 81 654 106 463 87 336 59 416 (160) (15 602) (1 883) (2 391) 89 379 77 409 Discretionary, other capital and PV of holding company expenses 8 719 19 680 (3 047) (2 641) 11 766 22 321 – – (1 196) (1 256) 12 962 23 577 Group equity value 177 709 185 559 78 607 103 822 99 102 81 737 (160) (15 602) (3 079) (3 647) 102 341 100 986 Shareholders’ fund per group statement of financial position on page 22 of the Sanlam condensed consolidated interim financial statements 103 071 101 661 Value per share 11 84,01 87,73 48,38 47,56 (1) Excludes subordinated debt funding of Sanlam Life. (2) Credit, Banking and Rewards is included in Sanlam Retail Affluent. (3) Includes Sanlam 66% share of the third-party asset management business of R3 188 million (31 December 2025: R5 453 million). (4) The present value of holding company expenses has been calculated by applying a multiple of 8,2 (31 December 2025: 8,2) to the after-tax recurring corporate expenses. (5) Refer to Analysis of change in shareholders’ fund reserve balances eliminated from adjusted net asset value based on the basis of accounting effective from 1 January 2026 on the following page for change in treatment of eliminations of shareholders’ fund reserves. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 73 Group equity value Value of in-force/ fair value adjustment Adjusted net asset value Elimination of specific shareholders’ fund reserves (5) Elimination of goodwill Shareholders’ fund at net asset value R million Notes Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Life and Savings 67 821 69 534 44 143 59 366 23 678 10 168 8 (14 342) (1 047) (1 536) 24 717 26 046 Covered business (1) 10.1.5 61 472 61 536 39 584 55 107 21 888 6 429 8 (14 342) (1 047) (1 536) 22 927 22 307 Retail Mass 18 530 18 486 5 708 14 498 12 822 3 988 2 236 (6 215) (207) (207) 10 793 10 410 Sanlam Retail Affluent (2) 36 334 36 385 28 057 34 712 8 277 1 673 (2 228) (8 127) (772) (1 253) 11 277 11 053 Sanlam Corporate 6 608 6 665 5 819 5 897 789 768 – – (68) (76) 857 844 Non-covered business 6 349 7 998 4 559 4 259 1 790 3 739 – – – – 1 790 3 739 Glacier 4 003 4 091 3 214 3 375 789 716 – – – – 789 716 Sanlam Personal Loans 2 151 3 050 786 763 1 365 2 287 – – – – 1 365 2 287 Sanlam Corporate: Afrocentric and other (65) 618 177 (16) (242) 634 – – – – (242) 634 Other operations 260 239 382 137 (122) 102 – – – – (122) 102 Pan-Africa: 23 220 23 403 (609) (1) 23 829 23 404 (168) (1 121) (348) (348) 24 345 24 873 Covered business: SanlamAllianz 10.2.3 6 567 6 284 1 623 2 436 4 944 3 848 (168) (1 121) (348) (348) 5 460 5 317 Non-covered business: SanlamAllianz 16 653 17 119 (2 232) (2 437) 18 885 19 556 – – – – 18 885 19 556 Asia 33 963 26 657 14 067 15 562 19 896 11 095 – – (488) (507) 20 384 11 602 Covered business 10.3.4 3 523 2 548 1 812 1 345 1 711 1 203 – – (488) (507) 2 199 1 710 India 2 863 1 480 1 521 793 1 342 687 – – (292) (311) 1 634 998 Malaysia 660 1 068 291 552 369 516 – – (196) (196) 565 712 Non-covered business 30 440 24 109 12 255 14 217 18 185 9 892 – – – – 18 185 9 892 India 30 440 24 109 12 255 14 217 18 185 9 892 – – – – 18 185 9 892 Malaysia – – – – – – – – – – – – Sanlam Investments 17 878 17 299 7 078 11 240 10 800 6 059 – (139) – – 10 800 6 198 Covered business 10.4.4 891 805 (963) (822) 1 854 1 627 – (139) – – 1 854 1 766 Non-covered business 16 987 16 494 8 041 12 062 8 946 4 432 – – – – 8 946 4 432 Sanlam Investment Holdings (3) 6 289 5 156 737 2 321 5 552 2 835 – – – – 5 552 2 835 Wealth Management 4 931 5 099 4 308 4 805 623 294 – – – – 623 294 International 3 098 3 862 467 2 646 2 631 1 216 – – – – 2 631 1 216 Sanlam Financial Markets 2 669 2 377 2 529 2 290 140 87 – – – – 140 87 Santam 26 108 28 986 16 975 20 296 9 133 8 690 – – – – 9 133 8 690 Discretionary capital 2 321 8 059 – – 2 321 8 059 – – – – 2 321 8 059 Other capital 9 445 14 262 – – 9 445 14 262 – – (1 196) (1 256) 10 641 15 518 Present value of holding company expenses (4) (3 047) (2 641) (3 047) (2 641) – – – – – – – – Group equity value 177 709 185 559 78 607 103 822 99 102 81 737 (160) (15 602) (3 079) (3 647) 102 341 100 986 Covered business 6 72 453 71 173 42 056 58 066 30 397 13 107 (160) (15 602) (1 883) (2 391) 32 440 31 100 Non-covered business 8.1 96 537 94 706 39 598 48 397 56 939 46 309 – – – – 56 939 46 309 Group operations 168 990 165 879 81 654 106 463 87 336 59 416 (160) (15 602) (1 883) (2 391) 89 379 77 409 Discretionary, other capital and PV of holding company expenses 8 719 19 680 (3 047) (2 641) 11 766 22 321 – – (1 196) (1 256) 12 962 23 577 Group equity value 177 709 185 559 78 607 103 822 99 102 81 737 (160) (15 602) (3 079) (3 647) 102 341 100 986 Shareholders’ fund per group statement of financial position on page 22 of the Sanlam condensed consolidated interim financial statements 103 071 101 661 Value per share 11 84,01 87,73 48,38 47,56 (1) Excludes subordinated debt funding of Sanlam Life. (2) Credit, Banking and Rewards is included in Sanlam Retail Affluent. (3) Includes Sanlam 66% share of the third-party asset management business of R3 188 million (31 December 2025: R5 453 million). (4) The present value of holding company expenses has been calculated by applying a multiple of 8,2 (31 December 2025: 8,2) to the after-tax recurring corporate expenses. (5) Refer to Analysis of change in shareholders’ fund reserve balances eliminated from adjusted net asset value based on the basis of accounting effective from 1 January 2026 on the following page for change in treatment of eliminations of shareholders’ fund reserves. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 74 Analysis of change in shareholders’ fund reserve balances eliminated from adjusted net asset value based on the basis of accounting effective from 1 January 2026 Shareholders’ fund reserves for covered business are eliminated from the adjusted net asset value where the backing assets are included in the calculation of the value of the in-force book or released into GEV earnings to manage volatility from future-fit project expenses and pandemic events if relevant. With effect from 1 January 2026, asset mismatch reserves and some insurance contract assets recognised in terms of IFRS 17 Insurance Contracts have been reclassified as required capital for GEV of covered business purposes (refer to note 7.2), with a commensurate increase in the cost of required capital supporting the in-force business. This reclassification of assets backing shareholders’ fund reserves has not significantly impacted the GEV of covered business, with a reduction in net value of in-force business and increase in adjusted net asset value – refer to the Analysis of group equity value earnings for covered business on page 78 for further details. The impact of adjusting the CSM at locked-in rates is removed from operating profit (refer to note 1.2 in the condensed consolidated interim financial statements). Prior to 1 January 2026, these impacts were transferred to the asset mismatch reserves. With effect from 1 January 2026, the cumulative accounting mismatch impacts previously included in the asset mismatch reserves are presented separately in an accounting mismatch reserve and eliminated from the adjusted net asset value, with this reserve included in the calculation of the value of the in-force book for GEV of covered business. The following table details the shareholders’ fund reserve balances eliminated from adjusted net asset value for covered business as at 1 January 2026 compared to the balances eliminated as at 31 December 2025. R million Unaudited 1 January 2026 Audited 31 December 2025 South Africa (276) 14 481 Asset mismatch reserves – 4 816 Accounting mismatch reserves (57) – Future-fit project expense reserves 1 573 1 573 Insurance contract assets (1) (2 449) 7 435 Pandemic reserves 657 657 Pan-Africa 168 1 121 Asset mismatch reserves – 953 Other reserves 168 168 Total (108) 15 602 (1) The total insurance contract assets balance as at 31 December 2025 was R9 884 million (refer to note 10.1.2). The balance of R7 435 million as at 31 December 2025 shown in this table excludes the initial Assupol balance of R2 449 million established on 1 October 2024, with this amount not included in the net consideration in shareholders’ fund at net asset value as part of the acquisition accounting. The initial Assupol balance represents a permanent difference and is the reversal of the elimination already included in the shareholders’ fund at net asset value due to accounting treatment, with net zero allowance in adjusted net asset value in determination of the embedded value. The total insurance contract asset balance of R9 884 million has been reclassified to required capital in adjusted net asset value with effect from 1 January 2026, as shown by the change in insurance contract asset balance of R9 884 million as at this date (R2 449 million less R7 435 million). Analysis of group equity value per line of business Total Life business & Health General insurance R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 South Africa 117 428 131 637 62 298 62 960 26 108 28 986 Pan-Africa 23 220 23 403 6 567 6 282 16 236 16 889 Asia 33 963 26 657 3 523 2 549 5 498 4 547 International 3 098 3 862 – – – – Total 177 709 185 559 72 388 71 791 47 842 50 422 Investment management Credit and structuring Discretionary capital and other R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 South Africa 15 483 14 585 4 820 5 427 8 719 19 679 Pan-Africa 578 547 841 817 (1 002) (1 132) Asia – – 24 942 19 561 – – International 3 098 3 862 – – – – Total 19 159 18 994 30 603 25 805 7 717 18 547 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 75 Change in group equity value for the six months ended 30 June 2026 (unaudited) R million GEV at the beginning of the period Earnings Net capital investment Dividend paid GEV at the end of the period Sanlam Life and Savings 69 534 2 469 53 (4 235) 67 821 Covered business 61 536 4 229 53 (4 346) 61 472 Retail Mass 18 486 1 220 84 (1 260) 18 530 Sanlam Retail Affluent (1) 36 385 2 501 (29) (2 523) 36 334 Sanlam Corporate 6 665 508 (2) (563) 6 608 Non-covered business 7 998 (1 760) – 111 6 349 Glacier 4 091 (136) – 48 4 003 Sanlam Personal Loans 3 050 (943) – 44 2 151 Sanlam Corporate: Afrocentric and other 618 (707) – 24 (65) Other operations 239 26 – (5) 260 Pan-Africa 23 403 (82) 535 (636) 23 220 Covered business: SanlamAllianz (2) 6 284 342 269 (328) 6 567 Non-covered business: SanlamAllianz (2) 17 119 (424) 266 (308) 16 653 Asia 26 657 1 904 4 967 435 33 963 Covered business 2 548 (1 327) 2 106 196 3 523 India 1 480 (960) 2 247 96 2 863 Malaysia 1 068 (367) (141) 100 660 Non-covered business 24 109 3 231 2 861 239 30 440 India 24 109 3 231 2 861 239 30 440 Malaysia – – – – – Sanlam Investments 17 299 700 621 (742) 17 878 Covered business 805 28 346 (288) 891 Non-covered business 16 494 672 275 (454) 16 987 Sanlam Investment Holdings 5 156 506 625 2 6 289 Wealth Management 5 099 15 – (183) 4 931 International 3 862 (145) (449) (170) 3 098 Sanlam Financial Markets 2 377 296 99 (103) 2 669 Santam 28 986 (2 137) – (741) 26 108 Discretionary capital 8 059 34 (5 772) – 2 321 Other capital 14 262 54 5 316 (10 187) 9 445 Present value of holding company expenses (3) (2 641) (406) – – (3 047) Intergroup dividends – – (10 722) 10 722 – Group equity value 185 559 2 536 (5 002) (5 384) 177 709 Covered business 71 173 3 272 2 774 (4 766) 72 453 Non-covered business 94 706 (418) 3 402 (1 153) 96 537 Group operations 165 879 2 854 6 176 (5 919) 168 990 Discretionary and other capital 19 680 (318) (456) (10 187) 8 719 Intergroup dividends – – (10 722) 10 722 – Group equity value 185 559 2 536 (5 002) (5 384) 177 709 (1) Credit, Banking and Rewards is included in Sanlam Retail Affluent. (2) The SanlamAllianz inaugural dividend was paid in the first half of 2026. (3) T he present value of holding company expenses has been calculated by applying a multiple of 8,2 (31 December 2025: 8,2) to the after-tax recurring corporate expenses. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 76 R million GEV at the beginning of the period Earnings Net capital investment Dividend paid GEV at the end of the period Sanlam Life and Savings 66 792 6 060 (1 764) (3 848) 67 240 Covered business 58 031 5 632 (909) (3 867) 58 887 Retail Mass 17 284 2 317 (878) (1 021) 17 702 Sanlam Retail Affluent 34 626 2 680 (46) (2 367) 34 893 Corporate 6 121 635 15 (479) 6 292 Non-covered business 8 761 428 (855) 19 8 353 Glacier 3 312 327 – 29 3 668 Sanlam Personal Loans 2 397 8 – (1) 2 404 Sanlam Corporate: Afrocentric and other 1 464 (9) (1) 10 1 464 Other operations 1 588 102 (854) (19) 817 Pan-Africa 26 305 2 909 (4 312) (432) 24 470 Covered business: SanlamAllianz (1) 6 193 1 348 (1 184) (432) 5 925 Non-covered business: 20 112 1 561 (3 128) – 18 545 Asia 24 039 2 070 953 182 27 244 Covered business 2 870 38 (27) (32) 2 849 India 1 803 (40) (8) 13 1 768 Malaysia 1 067 78 (19) (45) 1 081 Non-covered business 21 169 2 032 980 214 24 395 India 20 903 2 060 980 204 24 147 Malaysia 266 (28) – 10 248 Sanlam Investment Group 14 427 1 609 (46) (750) 15 240 Covered business 669 215 31 (169) 746 Non-covered business 13 758 1 394 (77) (581) 14 494 Sanlam Investment Holdings 3 895 463 – (211) 4 147 Wealth Management 4 119 425 – (104) 4 440 International 3 674 197 – (156) 3 715 Sanlam Financial Markets 2 070 309 (77) (110) 2 192 Santam 26 626 3 067 – (670) 29 023 Discretionary capital 4 119 100 5 021 – 9 240 Other capital 12 179 (515) 5 700 (9 223) 8 141 Present value of holding company expenses (2) (2 677) – – – (2 677) Intergroup dividends – – (5 518) 5 518 – Group equity value 171 810 15 300 34 (9 223) 177 921 Covered business 67 763 7 233 (2 089) (4 500) 68 407 Non-covered business 90 426 8 482 (3 080) (1 018) 94 810 Group operations 158 189 15 715 (5 169) (5 518) 163 217 Discretionary and other capital 13 621 (415) 10 721 (9 223) 14 704 Intergroup dividends – – (5 518) 5 518 – Group equity value 171 810 15 300 34 (9 223) 177 921 (1) The SanlamAllianz dividend amount is a notional dividend amount payable within the next 12 months based on business projections. (2) The present value of holding company expenses has been calculated by applying a multiple of 8,2 (31 December 2025: 8,0) to the after-tax recurring corporate expenses. Change in group equity value continued for the six months ended 30 June 2025 (reviewed) 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 77 Return on group equity value Six months 12-month audited % Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 3,6 9,1 18,3 Covered business 6,9 9,7 20,8 Retail Mass 6,6 13,4 24,5 Sanlam Retail Affluent 6,9 7,5 65,8 Sanlam Corporate 7,6 10,4 25,8 Non-covered business (22,0) 4,9 1,9 Glacier (3,3) 9,9 15,4 Sanlam Personal Loans (30,9) 0,3 27,0 Other operations 10,9 6,4 (8,2) Sanlam Corporate: Afrocentric and other (114,4) (0,6) (58,8) Pan-Africa (0,4) 11,1 4,0 Covered business: SanlamAllianz 5,4 21,8 27,9 Non-covered business: (2,5) 7,8 (3,3) Asia 7,1 8,6 8,1 Covered business (52,1) 1,3 (7,4) India (64,9) (2,2) (18,8) Malaysia (34,4) 7,3 11,8 Non-covered business 13,4 9,6 10,2 India 13,4 9,9 11,6 Malaysia – (10,5) (101,1) Sanlam Investments 4,0 11,2 34,2 Covered business 3,5 32,1 94,3 Non-covered business 4,1 10,1 31,3 Sanlam Investment Holdings 9,8 11,9 46,5 Wealth Management 0,3 10,3 30,7 International (3,8) 5,4 15,4 Sanlam Financial Markets 12,5 14,9 32,1 Santam (7,4) 11,5 12,9 Discretionary capital and other (1,6) (3,0) (4,6) Group equity value (1) 1,4 8,9 13,4 Covered business 4,6 10,7 21,0 Non-covered business (0,4) 9,4 10,4 Group operations 1,7 9,9 14,9 Discretionary and other capital (1,6) (3,0) (4,6) Group equity value 1,4 8,9 13,4 RoGEV per share 1,4 8,9 13,4 Sanlam group hurdle rate 6,1 7,1 14,7 (1) Refer to the financial and strategic review on page 7 for adjusted RoGEV information. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 78 Analysis of group equity value earnings Covered business (1) Total Gross value of in-force Cost of capital Adjusted net asset value Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Operational earnings 4 647 5 636 163 1 020 (108) 132 4 592 4 484 12 561 Value of new life insurance business (2) 1 049 1 139 2 140 2 895 (237) (183) (854) (1 573) 2 294 Unwinding of discount rate 3 081 3 892 2 908 3 803 173 89 – – 7 714 Expected profit – – (4 088) (5 440) – – 4 088 5 440 – Operating experience variances 866 780 (105) (22) (69) 206 1 040 596 2 083 Risk experience 763 561 133 140 (4) 4 634 417 972 Persistency (189) (184) (96) (124) 19 57 (112) (117) 240 Maintenance expenses (27) 81 (13) 16 1 1 (15) 64 94 Working capital management 190 329 – – – – 190 329 466 Credit spreads 283 188 – – – – 283 188 544 Other (154) (195) (129) (54) (85) 144 60 (285) (233) Operating assumption changes (349) (175) (692) (216) 25 20 318 21 470 Risk experience (82) 163 (81) 77 2 2 (3) 84 442 Persistency (10) (176) (14) (221) 3 4 1 41 115 Maintenance expenses (273) 65 (273) 55 4 2 (4) 8 (66) Modelling changes and other 16 (227) (324) (127) 16 12 324 (112) (21) Net investment return 626 588 – – – – 626 588 791 Expected return on adjusted net asset value 976 441 – – – – 976 441 837 Investment variances on adjusted net asset value (350) 147 – – – – (350) 147 (46) Valuation and economic basis (608) 956 (945) 910 (214) 30 551 16 903 Investment variances on in-force business (188) 289 (467) 223 (241) (5) 520 71 1 288 Economic assumption changes (323) 765 (351) 799 (3) 21 31 (55) (101) Investment yields (327) 765 (349) 799 (3) 21 25 (55) (107) Long-term asset mix assumptions and other 4 – (2) – – – 6 – 6 Foreign currency translation differences (97) (98) (127) (112) 30 14 – – (284) Regulatory and tax changes (47) (2) (18) 1 (35) 1 6 (4) (99) Goodwill from businesses (992) 67 (992) 302 – – – – (20) Non-operating experience variances (349) – (349) – – – – – 67 Net project expenses (5) (12) – – – – (5) (12) 67 GEV earnings: covered business 3 272 7 233 (2 141) 2 233 (357) 163 5 770 4 837 14 203 Acquired value of in-force 1 938 70 1 642 41 (118) (10) 414 39 64 Disposal of businesses – (1 403) – (943) – 108 – (568) (1 399) Transfers from/(to) other group operations (3) 847 (45) (12 948) 179 (2 088) – 15 883 (224) 218 Transfers from covered business (4 777) (5 211) – – – – (4 777) (5 211) (9 676) Embedded value of covered business at the beginning of the year 71 173 67 763 62 248 58 776 (4 182) (4 478) 13 107 13 465 67 763 Embedded value of covered business at the end of the year 72 453 68 407 48 801 60 286 (6 745) (4 217) 30 397 12 338 71 173 (1) Refer to note 10 for a detailed analysis per cluster. (2) Refer to note 5 for additional information. The reclassification of some insurance contract assets as required capital with effect from 1 January 2026 (refer to note 7.2) has resulted in an increase in adjusted net asset value and corresponding reduction in net value in-force compared to the prior period, with a net zero impact on value of new business. (3) The reclassification of some shareholders’ fund reserves as required capital with effect from 1 January 2026 has contributed to a reduction in gross value of in-force of R13,3 billion at this date, with a corresponding increase in adjusted net worth and cost of capital of R15,5 billion and (R2,1 billion) respectively. Covered business per cluster Total Gross value of in-force Cost of capital Adjusted net asset value Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 61 472 58 887 43 915 55 401 (4 331) (2 392) 21 888 5 878 61 536 Pan-Africa 6 567 5 925 2 605 3 011 (982) (637) 4 944 3 551 6 284 Asia 3 523 2 849 2 281 1 763 (469) (318) 1 711 1 404 2 548 Sanlam Investments 891 746 – 111 (963) (870) 1 854 1 505 805 Sanlam group 72 453 68 407 48 801 60 286 (6 745) (4 217) 30 397 12 338 71 173 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 79 Covered business (1) Total Gross value of in-force Cost of capital Adjusted net asset value Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Operational earnings 4 647 5 636 163 1 020 (108) 132 4 592 4 484 12 561 Value of new life insurance business (2) 1 049 1 139 2 140 2 895 (237) (183) (854) (1 573) 2 294 Unwinding of discount rate 3 081 3 892 2 908 3 803 173 89 – – 7 714 Expected profit – – (4 088) (5 440) – – 4 088 5 440 – Operating experience variances 866 780 (105) (22) (69) 206 1 040 596 2 083 Risk experience 763 561 133 140 (4) 4 634 417 972 Persistency (189) (184) (96) (124) 19 57 (112) (117) 240 Maintenance expenses (27) 81 (13) 16 1 1 (15) 64 94 Working capital management 190 329 – – – – 190 329 466 Credit spreads 283 188 – – – – 283 188 544 Other (154) (195) (129) (54) (85) 144 60 (285) (233) Operating assumption changes (349) (175) (692) (216) 25 20 318 21 470 Risk experience (82) 163 (81) 77 2 2 (3) 84 442 Persistency (10) (176) (14) (221) 3 4 1 41 115 Maintenance expenses (273) 65 (273) 55 4 2 (4) 8 (66) Modelling changes and other 16 (227) (324) (127) 16 12 324 (112) (21) Net investment return 626 588 – – – – 626 588 791 Expected return on adjusted net asset value 976 441 – – – – 976 441 837 Investment variances on adjusted net asset value (350) 147 – – – – (350) 147 (46) Valuation and economic basis (608) 956 (945) 910 (214) 30 551 16 903 Investment variances on in-force business (188) 289 (467) 223 (241) (5) 520 71 1 288 Economic assumption changes (323) 765 (351) 799 (3) 21 31 (55) (101) Investment yields (327) 765 (349) 799 (3) 21 25 (55) (107) Long-term asset mix assumptions and other 4 – (2) – – – 6 – 6 Foreign currency translation differences (97) (98) (127) (112) 30 14 – – (284) Regulatory and tax changes (47) (2) (18) 1 (35) 1 6 (4) (99) Goodwill from businesses (992) 67 (992) 302 – – – – (20) Non-operating experience variances (349) – (349) – – – – – 67 Net project expenses (5) (12) – – – – (5) (12) 67 GEV earnings: covered business 3 272 7 233 (2 141) 2 233 (357) 163 5 770 4 837 14 203 Acquired value of in-force 1 938 70 1 642 41 (118) (10) 414 39 64 Disposal of businesses – (1 403) – (943) – 108 – (568) (1 399) Transfers from/(to) other group operations (3) 847 (45) (12 948) 179 (2 088) – 15 883 (224) 218 Transfers from covered business (4 777) (5 211) – – – – (4 777) (5 211) (9 676) Embedded value of covered business at the beginning of the year 71 173 67 763 62 248 58 776 (4 182) (4 478) 13 107 13 465 67 763 Embedded value of covered business at the end of the year 72 453 68 407 48 801 60 286 (6 745) (4 217) 30 397 12 338 71 173 (1) Refer to note 10 for a detailed analysis per cluster. (2) Refer to note 5 for additional information. The reclassification of some insurance contract assets as required capital with effect from 1 January 2026 (refer to note 7.2) has resulted in an increase in adjusted net asset value and corresponding reduction in net value in-force compared to the prior period, with a net zero impact on value of new business. (3) The reclassification of some shareholders’ fund reserves as required capital with effect from 1 January 2026 has contributed to a reduction in gross value of in-force of R13,3 billion at this date, with a corresponding increase in adjusted net worth and cost of capital of R15,5 billion and (R2,1 billion) respectively. Covered business per cluster Total Gross value of in-force Cost of capital Adjusted net asset value Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 61 472 58 887 43 915 55 401 (4 331) (2 392) 21 888 5 878 61 536 Pan-Africa 6 567 5 925 2 605 3 011 (982) (637) 4 944 3 551 6 284 Asia 3 523 2 849 2 281 1 763 (469) (318) 1 711 1 404 2 548 Sanlam Investments 891 746 – 111 (963) (870) 1 854 1 505 805 Sanlam group 72 453 68 407 48 801 60 286 (6 745) (4 217) 30 397 12 338 71 173 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 80 Non-covered business Total Sanlam Life and Savings Pan-Africa Asia Sanlam Investments Santam Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Earnings from operations valued at listed share prices (2 984) 3 097 – – – – – – (847) 30 (2 137) 3 067 3 504 Earnings from operations valued at net asset value (529) 265 – – 14 (99) 60 308 (603) 56 – – (100) Earnings from operations valued based on discounted cash flows 3 095 5 120 (1 760) 428 (438) 1 660 3 171 1 724 2 122 1 308 – – 6 004 Unwinding of discount rate 4 072 4 639 665 722 1 106 1 448 1 429 1 423 872 1 046 – – 8 739 Operating experience and investment variances (1) (876) (143) (891) (29) 262 (806) 233 232 (480) 460 – – 924 General insurance 80 (868) – – 8 (852) 72 (16) – – – – (819) Investment management (397) 492 – – 83 32 – – (480) 460 – – 1 387 Credit and banking (137) 243 (326) (19) 28 14 161 248 – – – – 410 Administration, health and other (422) (10) (565) (10) 143 – – – – – – – (54) Operating assumption changes (2) 1 738 44 (1 128) (500) (822) 362 3 059 88 629 94 – – (783) General insurance (988) 576 – – (884) 555 (104) 21 – – – – (1 672) Investment management 566 78 – – (63) (16) – – 629 94 – – (56) Credit and banking 2 859 (361) (429) (251) 125 (177) 3 163 67 – – – – 2 749 Administration, health and other (699) (249) (699) (249) – – – – – – – – (1 804) Economic assumption changes (1 021) 1 807 (225) 241 (499) 148 (322) 1 305 25 113 – – 1 721 Change in tax basis – (58) – – – – – – – (58) – – – Impact of corporate activity 1 206 186 (181) (6) – 192 279 – 1 108 – – – 595 Foreign currency translation differences (2 024) (1 355) – – (485) 316 (1 507) (1 324) (32) (347) – – (5 192) GEV earnings: non-covered operations (418) 8 482 (1 760) 428 (424) 1 561 3 231 2 032 672 1 394 (2 137) 3 067 9 408 Total Sanlam Life and Savings Pan-Africa Asia Sanlam Investments Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 (1) Operating experience and investment variances (876) (143) (891) (29) 262 (806) 233 232 (480) 460 924 General insurance business 78 (868) – – 7 (852) 71 (16) – – (819) Risk experience (201) 59 – – (202) 39 1 20 – – (483) Premium income 58 (186) – – (29) (136) 87 (50) – – (357) Investment return 113 229 – – 182 248 (69) (19) – – 553 Maintenance expenses 70 (35) – – 70 (10) – (25) – – (87) Other 38 (935) – – (14) (993) 52 58 – – (445) Investment management (397) 492 – – 83 32 – – (480) 460 1 387 Credit business (137) 243 (326) (19) 28 14 161 248 – – 410 Administration, health and other (420) (10) (565) (10) 144 – 1 – – – (54) (2) Operating assumption changes 1 738 44 (1 128) (500) (822) 362 3 059 88 629 94 (783) General insurance business (988) 576 – – (884) 555 (104) 21 – – (1 672) Risk experience (1 065) (17) – – (1 091) (22) 26 5 – – 355 Premium income (942) (4) – – (989) (43) 47 39 – – (2 565) Maintenance expenses 648 154 – – 648 154 – – – – 118 Modelling and other assumption changes 371 443 – – 548 466 (177) (23) – – 420 Investment management 566 78 – – (63) (16) – – 629 94 (56) Credit business 2 859 (361) (429) (251) 125 (177) 3 163 67 – – 2 749 Income 3 079 (4) (96) (43) – (47) 3 175 86 – – 2 524 Bad debts (409) (31) (414) (16) 5 (15) – – – – (28) Other 189 (326) 81 (192) 120 (115) (12) (19) – – 253 Administration, health and other (699) (249) (699) (249) – – – – – – (1 804) 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 81 Total Sanlam Life and Savings Pan-Africa Asia Sanlam Investments Santam Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Earnings from operations valued at listed share prices (2 984) 3 097 – – – – – – (847) 30 (2 137) 3 067 3 504 Earnings from operations valued at net asset value (529) 265 – – 14 (99) 60 308 (603) 56 – – (100) Earnings from operations valued based on discounted cash flows 3 095 5 120 (1 760) 428 (438) 1 660 3 171 1 724 2 122 1 308 – – 6 004 Unwinding of discount rate 4 072 4 639 665 722 1 106 1 448 1 429 1 423 872 1 046 – – 8 739 Operating experience and investment variances (1) (876) (143) (891) (29) 262 (806) 233 232 (480) 460 – – 924 General insurance 80 (868) – – 8 (852) 72 (16) – – – – (819) Investment management (397) 492 – – 83 32 – – (480) 460 – – 1 387 Credit and banking (137) 243 (326) (19) 28 14 161 248 – – – – 410 Administration, health and other (422) (10) (565) (10) 143 – – – – – – – (54) Operating assumption changes (2) 1 738 44 (1 128) (500) (822) 362 3 059 88 629 94 – – (783) General insurance (988) 576 – – (884) 555 (104) 21 – – – – (1 672) Investment management 566 78 – – (63) (16) – – 629 94 – – (56) Credit and banking 2 859 (361) (429) (251) 125 (177) 3 163 67 – – – – 2 749 Administration, health and other (699) (249) (699) (249) – – – – – – – – (1 804) Economic assumption changes (1 021) 1 807 (225) 241 (499) 148 (322) 1 305 25 113 – – 1 721 Change in tax basis – (58) – – – – – – – (58) – – – Impact of corporate activity 1 206 186 (181) (6) – 192 279 – 1 108 – – – 595 Foreign currency translation differences (2 024) (1 355) – – (485) 316 (1 507) (1 324) (32) (347) – – (5 192) GEV earnings: non-covered operations (418) 8 482 (1 760) 428 (424) 1 561 3 231 2 032 672 1 394 (2 137) 3 067 9 408 Total Sanlam Life and Savings Pan-Africa Asia Sanlam Investments Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 (1) Operating experience and investment variances (876) (143) (891) (29) 262 (806) 233 232 (480) 460 924 General insurance business 78 (868) – – 7 (852) 71 (16) – – (819) Risk experience (201) 59 – – (202) 39 1 20 – – (483) Premium income 58 (186) – – (29) (136) 87 (50) – – (357) Investment return 113 229 – – 182 248 (69) (19) – – 553 Maintenance expenses 70 (35) – – 70 (10) – (25) – – (87) Other 38 (935) – – (14) (993) 52 58 – – (445) Investment management (397) 492 – – 83 32 – – (480) 460 1 387 Credit business (137) 243 (326) (19) 28 14 161 248 – – 410 Administration, health and other (420) (10) (565) (10) 144 – 1 – – – (54) (2) Operating assumption changes 1 738 44 (1 128) (500) (822) 362 3 059 88 629 94 (783) General insurance business (988) 576 – – (884) 555 (104) 21 – – (1 672) Risk experience (1 065) (17) – – (1 091) (22) 26 5 – – 355 Premium income (942) (4) – – (989) (43) 47 39 – – (2 565) Maintenance expenses 648 154 – – 648 154 – – – – 118 Modelling and other assumption changes 371 443 – – 548 466 (177) (23) – – 420 Investment management 566 78 – – (63) (16) – – 629 94 (56) Credit business 2 859 (361) (429) (251) 125 (177) 3 163 67 – – 2 749 Income 3 079 (4) (96) (43) – (47) 3 175 86 – – 2 524 Bad debts (409) (31) (414) (16) 5 (15) – – – – (28) Other 189 (326) 81 (192) 120 (115) (12) (19) – – 253 Administration, health and other (699) (249) (699) (249) – – – – – – (1 804) 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 82 Discretionary and other capital for the unaudited interim period ended 30 June Total Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Investment return and other 135 (310) (432) Corporate expenses (276) (37) (276) Net group office expenses 130 (37) (312) Change in present value of holding company expenses (406) – 36 Share-based payment transactions (177) (68) 84 GEV earnings: discretionary and other capital (318) (415) (624) 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 83 Reconciliation of group equity value earnings R million Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Earnings (excluding fund transfers) 11 689 8 793 10 003 Normalised attributable earnings 13 184 10 242 16 184 Attributable earnings per group statement of income 13 200 10 226 15 941 Fund transfers (16) 16 243 Earnings recognised directly in equity (1 495) (1 449) (6 181) Foreign currency translation differences (822) (1 552) (4 227) Net cost of treasury shares delivered (442) (323) (497) Share-based payments 284 255 581 Change in ownership of subsidiaries (54) (10) 179 Other comprehensive income and other (461) 181 (2 217) Fair value adjustments (8 179) 7 874 13 512 Change in fair value adjustments: non-life (5 780) 5 478 9 122 Earnings from covered business: value of in-force (2 399) 2 396 4 390 Adjustments to net worth (974) (1 367) (528) Present value of holding company expenses (406) – 36 Movement in book value of treasury shares: non-life subsidiaries (91) (145) (90) Change in goodwill/value of business acquired less value of in-force acquired and change in shareholder fund reserves (477) (1 222) (474) Group equity value earnings 2 536 15 300 22 987 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 84 Earnings per cluster for the unaudited interim period ended 30 June Sanlam Life & Savings Pan-Africa Asia Sanlam Investments Santam Group Office and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings 4 186 3 825 418 646 859 1 145 1 021 804 1 001 1 331 (108) (87) 7 377 7 664 Less: release from asset mismatch reserve(1) (215) (250) – – – – (6) (13) – – – – (221) (263) Less: net future-fit project expenses (367) (199) – – – – – – – – (12) – (379) (199) Operating profit excluding investment variances 3 604 3 376 418 646 859 1 145 1 015 791 1 001 1 331 (120) (87) 6 777 7 202 Investment variances related to insurance contracts (2) 473 322 (6) 347 – – 45 (7) – – – – 512 662 Operating profit 4 077 3 698 412 993 859 1 145 1 060 784 1 001 1 331 (120) (87) 7 289 7 864 Add: net investment return on shareholder capital and shareholders’ fund reserves 1 023 649 280 1 233 (192) 46 (587) 78 117 (36) (189) (37) 452 1 933 Net investment income 294 313 334 240 14 (76) 24 5 221 (49) (46) 62 841 495 Finance costs (232) (227) – – (11) (12) (7) (7) (120) (97) (125) (218) (495) (561) Net investment surpluses 507 74 (54) 993 (195) 134 (610) 80 16 110 (18) 119 (354) 1 510 Investment return on shareholders’ fund reserves 454 489 – – – – 6 – – – – – 460 489 Adjusted headline earnings 5 100 4 347 692 2 226 667 1 191 473 862 1 118 1 295 (309) (124) 7 741 9 797 Exclude: Investment variances related to insurance contracts (2) (473) (322) 6 (347) – – (45) 7 – – – – (512) (662) Investment variances on shareholders’ funds 67 (95) 23 (1 003) 141 – 847 (18) (104) 464 13 (191) 987 (843) Net future-fit project expenses 367 199 – – – – – – – – 12 – 379 199 Currency movements – – 55 88 163 59 18 (1) 4 6 105 172 345 324 Investment returns on capital used to cover future-fit project expenses (38) (29) – – – – – – – – – – (38) (29) Normalised adjusted headline earnings 5 023 4 100 776 964 971 1 250 1 293 850 1 018 1 765 (179) (143) 8 902 8 786 (1) The release from asset mismatch reserve is based on expected investment returns. The assumed long-term expected investment returns on asset mismatch reserves are included in note 7.3. The shareholders’ fund reserve balances for Sanlam Life and Savings (SLS) and Sanlam Investments are included in notes 10.1.2 and 10.4.1 respectively. For SLS, the expected investment returns on the assets backing the pandemic reserve and IFRS 17 Phased-in Transition Deferred Tax Liability (DTL) are also added to the asset mismatch reserve and released into core earnings. The market value of the assets backing the IFRS 17 Phased-in Transition DTL was approximately R1,3 billion on 1 January 2026. The IFRS 17 transition DTL unwinds on a linear basis over a six-year period and will therefore be fully run off by the end of 2028. The release from asset mismatch reserves does not apply to Pan-Africa and Asia. The asset mismatch reserves previously held for these clusters (reported as part of shareholders’ fund reserves) have been reclassified as shareholder capital with effect from 1 January 2026. Any release from this capital does not feature in the in-country assessment of the earnings supporting dividend capacity, and is therefore not considered as part of core earnings. (2) Economic profits or losses arising from differences between the actual investment returns on the assets backing policyholder liabilities and the economic-related movements in those liabilities. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 85 Sanlam Life & Savings Pan-Africa Asia Sanlam Investments Santam Group Office and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings 4 186 3 825 418 646 859 1 145 1 021 804 1 001 1 331 (108) (87) 7 377 7 664 Less: release from asset mismatch reserve(1) (215) (250) – – – – (6) (13) – – – – (221) (263) Less: net future-fit project expenses (367) (199) – – – – – – – – (12) – (379) (199) Operating profit excluding investment variances 3 604 3 376 418 646 859 1 145 1 015 791 1 001 1 331 (120) (87) 6 777 7 202 Investment variances related to insurance contracts (2) 473 322 (6) 347 – – 45 (7) – – – – 512 662 Operating profit 4 077 3 698 412 993 859 1 145 1 060 784 1 001 1 331 (120) (87) 7 289 7 864 Add: net investment return on shareholder capital and shareholders’ fund reserves 1 023 649 280 1 233 (192) 46 (587) 78 117 (36) (189) (37) 452 1 933 Net investment income 294 313 334 240 14 (76) 24 5 221 (49) (46) 62 841 495 Finance costs (232) (227) – – (11) (12) (7) (7) (120) (97) (125) (218) (495) (561) Net investment surpluses 507 74 (54) 993 (195) 134 (610) 80 16 110 (18) 119 (354) 1 510 Investment return on shareholders’ fund reserves 454 489 – – – – 6 – – – – – 460 489 Adjusted headline earnings 5 100 4 347 692 2 226 667 1 191 473 862 1 118 1 295 (309) (124) 7 741 9 797 Exclude: Investment variances related to insurance contracts (2) (473) (322) 6 (347) – – (45) 7 – – – – (512) (662) Investment variances on shareholders’ funds 67 (95) 23 (1 003) 141 – 847 (18) (104) 464 13 (191) 987 (843) Net future-fit project expenses 367 199 – – – – – – – – 12 – 379 199 Currency movements – – 55 88 163 59 18 (1) 4 6 105 172 345 324 Investment returns on capital used to cover future-fit project expenses (38) (29) – – – – – – – – – – (38) (29) Normalised adjusted headline earnings 5 023 4 100 776 964 971 1 250 1 293 850 1 018 1 765 (179) (143) 8 902 8 786 (1) The release from asset mismatch reserve is based on expected investment returns. The assumed long-term expected investment returns on asset mismatch reserves are included in note 7.3. The shareholders’ fund reserve balances for Sanlam Life and Savings (SLS) and Sanlam Investments are included in notes 10.1.2 and 10.4.1 respectively. For SLS, the expected investment returns on the assets backing the pandemic reserve and IFRS 17 Phased-in Transition Deferred Tax Liability (DTL) are also added to the asset mismatch reserve and released into core earnings. The market value of the assets backing the IFRS 17 Phased-in Transition DTL was approximately R1,3 billion on 1 January 2026. The IFRS 17 transition DTL unwinds on a linear basis over a six-year period and will therefore be fully run off by the end of 2028. The release from asset mismatch reserves does not apply to Pan-Africa and Asia. The asset mismatch reserves previously held for these clusters (reported as part of shareholders’ fund reserves) have been reclassified as shareholder capital with effect from 1 January 2026. Any release from this capital does not feature in the in-country assessment of the earnings supporting dividend capacity, and is therefore not considered as part of core earnings. (2) Economic profits or losses arising from differences between the actual investment returns on the assets backing policyholder liabilities and the economic-related movements in those liabilities. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 86 Earnings per line of business Geographic analysis per line of business (1) Life business and Health General insurance Investment management Credit and structuring Corporate expenses and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 South Africa 4 071 3 620 998 1 208 486 439 146 216 (347) (251) 5 354 5 232 Sanlam Life and Savings 3 789 3 430 – – 65 76 (23) 34 (227) (164) 3 604 3 376 Retail Mass 1 157 992 – – – – – – – – 1 157 992 Sanlam Retail Affluent 2 041 1 911 – – 65 76 – – – – 2 106 1 987 Sanlam Corporate 520 470 – – – – – – – – 520 470 Credit, Banking and Rewards 71 57 – – – – (23) 34 (227) (164) (179) (73) Sanlam Investments 282 190 – – 421 363 169 182 – – 872 735 Sanlam Investment Holdings – – – – 248 235 – – – – 248 235 Wealth management – – – – 173 128 – – – – 173 128 Sanlam Financial Markets 282 190 – – – – 169 182 – – 451 372 Santam – – 998 1 208 – – – – – – 998 1 208 Group Office – – – – – – – – (120) (87) (120) (87) Pan-Africa: SanlamAllianz 328 330 89 343 40 37 56 77 (95) (141) 418 646 Asia (196) 32 150 170 – – 849 885 56 58 859 1 145 India (96) (12) 150 184 – – 849 885 62 65 965 1 122 Malaysia (100) 44 – (14) – – – – (6) (7) (106) 23 International – – 3 123 143 56 – – – – 146 179 Sanlam investments – – – – 143 56 – – – – 143 56 Santam(2) – – 3 123 – – – – – – 3 123 Operating profit excluding investment variances 4 203 3 982 1 240 1 844 669 532 1 051 1 178 (386) (334) 6 777 7 202 Investment variances 588 318 (76) 344 – – – – – – 512 662 Operating profit 4 791 4 300 1 164 2 188 669 532 1 051 1 178 (386) (334) 7 289 7 864 Net investment return on shareholder capital and shareholder fund reserves 1 474 1 269 203 1 026 (628) 11 7 (1) (109) 189 947 2 494 Finance costs (243) (239) (120) (97) (7) (7) – – (125) (218) (495) (561) Adjusted headline earnings 6 022 5 330 1 247 3 117 34 536 1 058 1 177 (620) (363) 7 741 9 797 (1) Refer to note 10 for an analysis per cluster. (2) Disclosures were expanded in respect of conventional insurance for the Santam cluster’s geographical analysis of operating profit excluding investment variances between South Africa and International subsequent to establishing Syndicate 1918. The geographical analysis of operating profit excluding investment variances for the six months ended 30 June 2025 has been restated to reflect this geographical analysis. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 87 Geographic analysis per line of business (1) Life business and Health General insurance Investment management Credit and structuring Corporate expenses and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 South Africa 4 071 3 620 998 1 208 486 439 146 216 (347) (251) 5 354 5 232 Sanlam Life and Savings 3 789 3 430 – – 65 76 (23) 34 (227) (164) 3 604 3 376 Retail Mass 1 157 992 – – – – – – – – 1 157 992 Sanlam Retail Affluent 2 041 1 911 – – 65 76 – – – – 2 106 1 987 Sanlam Corporate 520 470 – – – – – – – – 520 470 Credit, Banking and Rewards 71 57 – – – – (23) 34 (227) (164) (179) (73) Sanlam Investments 282 190 – – 421 363 169 182 – – 872 735 Sanlam Investment Holdings – – – – 248 235 – – – – 248 235 Wealth management – – – – 173 128 – – – – 173 128 Sanlam Financial Markets 282 190 – – – – 169 182 – – 451 372 Santam – – 998 1 208 – – – – – – 998 1 208 Group Office – – – – – – – – (120) (87) (120) (87) Pan-Africa: SanlamAllianz 328 330 89 343 40 37 56 77 (95) (141) 418 646 Asia (196) 32 150 170 – – 849 885 56 58 859 1 145 India (96) (12) 150 184 – – 849 885 62 65 965 1 122 Malaysia (100) 44 – (14) – – – – (6) (7) (106) 23 International – – 3 123 143 56 – – – – 146 179 Sanlam investments – – – – 143 56 – – – – 143 56 Santam(2) – – 3 123 – – – – – – 3 123 Operating profit excluding investment variances 4 203 3 982 1 240 1 844 669 532 1 051 1 178 (386) (334) 6 777 7 202 Investment variances 588 318 (76) 344 – – – – – – 512 662 Operating profit 4 791 4 300 1 164 2 188 669 532 1 051 1 178 (386) (334) 7 289 7 864 Net investment return on shareholder capital and shareholder fund reserves 1 474 1 269 203 1 026 (628) 11 7 (1) (109) 189 947 2 494 Finance costs (243) (239) (120) (97) (7) (7) – – (125) (218) (495) (561) Adjusted headline earnings 6 022 5 330 1 247 3 117 34 536 1 058 1 177 (620) (363) 7 741 9 797 (1) Refer to note 10 for an analysis per cluster. (2) Disclosures were expanded in respect of conventional insurance for the Santam cluster’s geographical analysis of operating profit excluding investment variances between South Africa and International subsequent to establishing Syndicate 1918. The geographical analysis of operating profit excluding investment variances for the six months ended 30 June 2025 has been restated to reflect this geographical analysis. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 88 Core earnings per line of business Geographic analysis per line of business (1) Life business and Health General insurance Investment management Credit and structuring Corporate expenses and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 South Africa 4 618 4 037 998 1 208 527 484 146 216 (335) (251) 5 954 5 694 Sanlam Life and Savings 4 330 3 834 – – 106 121 (23) 34 (227) (164) 4 186 3 825 Retail Mass 1 260 1 021 – – – – – – – – 1 260 1 021 Sanlam Retail Affluent 2 441 2 254 – – 106 121 – – – – 2 547 2 375 Sanlam Corporate 558 502 – – – – – – – – 558 502 Credit, Banking and Rewards 71 57 – – – – (23) 34 (227) (164) (179) (73) Sanlam Investments 288 203 – – 421 363 169 182 – – 878 748 Sanlam Investment Holdings – – – – 248 235 – – – – 248 235 Wealth management – – – – 173 128 – – – – 173 128 Sanlam Financial Markets 288 203 – – – – 169 182 – – 457 385 Santam – – 998 1 208 – – – – – – 998 1 208 Group Office – – – – – – – – (108) (87) (108) (87) Pan-Africa: SanlamAllianz 328 330 89 343 40 37 56 77 (95) (141) 418 646 Asia (196) 32 150 170 – – 849 885 56 58 859 1 145 India (96) (12) 150 184 – – 849 885 62 65 965 1 122 Malaysia (100) 44 – (14) – – – – (6) (7) (106) 23 International – – 3 123 143 56 – – – – 146 179 Sanlam investments – – – – 143 56 – – – – 143 56 Santam – – 3 123 – – – – – – 3 123 Core earnings 4 750 4 399 1 240 1 844 710 577 1 051 1 178 (374) (334) 7 377 7 664 (1) Refer to note 10 for an analysis per cluster. Life business and Health General insurance Investment management Credit and structuring Corporate expenses and other Total R million Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 South Africa 8 584 2 538 1 018 382 (911) 11 611 Sanlam Life and Savings 8 019 – 126 27 (304) 7 868 Retail Mass 2 375 – – – – 2 375 Sanlam Retail Affluent 4 485 – 126 – – 4 611 Sanlam Corporate 1 039 – – – – 1 039 Credit, Banking and Rewards 120 – – 27 (304) (157) Sanlam Investments 565 – 892 355 – 1 812 Sanlam Investment Holdings – – 580 – – 580 Wealth management – – 312 – – 312 Sanlam Financial Markets 565 – – 355 – 920 Santam – 2 538 – – – 2 538 Group Office – – – – (607) (607) Pan-Africa: SanlamAllianz 662 498 83 141 (340) 1 044 Asia (24) 299 – 1 743 154 2 172 India (81) 329 – 1 743 164 2 155 Malaysia 57 (30) – – (10) 17 International – – 239 – – 239 Sanlam investments – – 239 – – 239 Santam – – – – – – Core earnings 9 222 3 335 1 340 2 266 (1 097) 15 066 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 89 Geographic analysis per line of business (1) Life business and Health General insurance Investment management Credit and structuring Corporate expenses and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 South Africa 4 618 4 037 998 1 208 527 484 146 216 (335) (251) 5 954 5 694 Sanlam Life and Savings 4 330 3 834 – – 106 121 (23) 34 (227) (164) 4 186 3 825 Retail Mass 1 260 1 021 – – – – – – – – 1 260 1 021 Sanlam Retail Affluent 2 441 2 254 – – 106 121 – – – – 2 547 2 375 Sanlam Corporate 558 502 – – – – – – – – 558 502 Credit, Banking and Rewards 71 57 – – – – (23) 34 (227) (164) (179) (73) Sanlam Investments 288 203 – – 421 363 169 182 – – 878 748 Sanlam Investment Holdings – – – – 248 235 – – – – 248 235 Wealth management – – – – 173 128 – – – – 173 128 Sanlam Financial Markets 288 203 – – – – 169 182 – – 457 385 Santam – – 998 1 208 – – – – – – 998 1 208 Group Office – – – – – – – – (108) (87) (108) (87) Pan-Africa: SanlamAllianz 328 330 89 343 40 37 56 77 (95) (141) 418 646 Asia (196) 32 150 170 – – 849 885 56 58 859 1 145 India (96) (12) 150 184 – – 849 885 62 65 965 1 122 Malaysia (100) 44 – (14) – – – – (6) (7) (106) 23 International – – 3 123 143 56 – – – – 146 179 Sanlam investments – – – – 143 56 – – – – 143 56 Santam – – 3 123 – – – – – – 3 123 Core earnings 4 750 4 399 1 240 1 844 710 577 1 051 1 178 (374) (334) 7 377 7 664 (1) Refer to note 10 for an analysis per cluster. Life business and Health General insurance Investment management Credit and structuring Corporate expenses and other Total R million Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 Unaudited 31 December 2025 South Africa 8 584 2 538 1 018 382 (911) 11 611 Sanlam Life and Savings 8 019 – 126 27 (304) 7 868 Retail Mass 2 375 – – – – 2 375 Sanlam Retail Affluent 4 485 – 126 – – 4 611 Sanlam Corporate 1 039 – – – – 1 039 Credit, Banking and Rewards 120 – – 27 (304) (157) Sanlam Investments 565 – 892 355 – 1 812 Sanlam Investment Holdings – – 580 – – 580 Wealth management – – 312 – – 312 Sanlam Financial Markets 565 – – 355 – 920 Santam – 2 538 – – – 2 538 Group Office – – – – (607) (607) Pan-Africa: SanlamAllianz 662 498 83 141 (340) 1 044 Asia (24) 299 – 1 743 154 2 172 India (81) 329 – 1 743 164 2 155 Malaysia 57 (30) – – (10) 17 International – – 239 – – 239 Sanlam investments – – 239 – – 239 Santam – – – – – – Core earnings 9 222 3 335 1 340 2 266 (1 097) 15 066 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 90 Notes to the supplementary information 1 L ife and health earnings analysis This note splits the operating profit for insurance and investment contracts including investment in Sanlam Allianz JV. This disclosure provides a split of Life and Health earnings between IFRS 17, IFRS 9 and other life/health business including the key sources of earnings. Key sources of life and health operating profit (1) Sanlam Life & Savings Pan-Africa Asia Sanlam Investments Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Result from life insurance operations (2) 4 698 4 431 579 638 (335) 63 449 251 5 391 5 383 Insurance service result – general model and variable fee approach 3 608 3 204 279 138 7 (107) – – 3 894 3 235 CSM release 2 430 2 242 348 386 (5) 35 – – 2 773 2 663 Release of risk adjustment 580 539 33 34 9 15 – – 622 588 Losses and reversals of losses on onerous contracts 98 9 (75) (44) (14) (65) – – 9 (100) Experience adjustments and other amounts 500 414 (27) (238) 17 (92) – – 490 84 Insurance service result – premium allocation approach 660 433 177 139 (49) (3) – – 788 569 Net investment result 1 106 1 175 68 314 (150) 202 62 (9) 1 086 1 682 Credit spread variances – – – – – 387 260 387 260 Non-attributable expenses (676) (381) (17) (8) – – – – (693) (389) Net other income or expenses (3) – – 72 55 (143) (29) – – (71) 26 Result from investment contract operations 1 137 725 (3) 108 – – – – 1 134 833 Revenue 3 383 2 789 151 229 – – – – 3 534 3 018 Admin expenses and sales remuneration (2 246) (2 064) (154) (121) – – – – (2 400) (2 185) Other life and health (11) 181 181 12 – – – – 170 193 Gross operating profit before tax and non- controlling interest 5 824 5 337 757 758 (335) 63 449 251 6 695 6 409 Tax on gross operating profit and non-controlling interest (1 562) (1 585) (359) (425) 139 (31) (122) (68) (1 904) (2 109) Operating profit 4 262 3 752 398 333 (196) 32 327 183 4 791 4 300 Life insurance operations 3 479 3 172 305 280 (196) 32 327 183 3 915 3 667 Investment contract operations 833 520 (2) 48 – – – – 831 568 Other life and health (50) 60 95 5 – – – – 45 65 (1) Segmental disclosure included in note 1 on page 28. (2) Net of reinsurance contracts held where relevant. (3) Includes equity-accounted earnings for investment in associates and joint ventures excluding SanlamAllianz joint venture which has been split out in the detailed line items where relevant. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 91 2 S ources and uses of cash Cash earnings For the unaudited interim period ended 30 June R million Unaudited 30 June 2026 Unaudited 30 June 2025 Audited 31 December 2025 Cash distributed to Group 5 269 6 091 9 462 Operating profit 7 289 7 864 13 722 Less non-cash operating profit (53) 174 (189) Operating profit retained in clusters (1 967) (1 947) (4 071) Investment return 158 444 325 Special dividends received – 767 767 Net funding raised 2 690 338 1 410 Funding raised 2 690 2 338 4 032 Subordinated debt 2 421 – 1 245 Preference shares – 2 000 2 000 Other 269 338 787 Debt and preference shares repayment – (2 000) (2 622) Net funding deployed (2 628) (419) (1 410) Net capital (deployed)/inflow (5 711) 4 268 3 344 Funding costs (125) (218) (358) Excess capital (injected)/released – (24) 187 Capital distribution (dividend paid) (10 268) (9 290) (9 290) Other (63) 81 79 Cash (utilised)/retained (1) (10 678) 2 038 4 516 (1) The net cash utilised of R10 678 million for the six months ended 30 June 2026 was funded from the release of discretionary capital for corporate activity, and the capital distribution (dividend paid) was funded from the dividend pool that was built up over the prior year. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 92 Notes to the supplementary information continued 3 S hareholders’ fund investment return analysis Asset allocation of shareholders’ fund investable assets supporting shareholders’ fund investment return in adjusted headline earnings. For the unaudited interim period ended R million Cash and other money market securities Interest-bearing investments Hedged equities Equities Property Insurance contract assets and other (1) Total assets Funding Total assets net of funding Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 South Africa 13 378 17 019 17 834 19 208 4 126 4 475 11 338 7 029 29 37 9 157 9 424 55 862 57 192 (16 171) (14 424) 39 691 42 768 Sanlam Life and Savings 9 265 7 198 8 486 9 510 2 550 2 709 3 201 5 509 29 37 9 514 9 632 33 045 34 595 (9 086) (6 629) 23 959 27 966 Sanlam Investments 427 369 77 60 1 576 1 766 4 516 850 – – (287) (241) 6 309 2 804 – – 6 309 2 804 Santam 1 759 1 830 8 808 8 097 – – 637 669 – – – – 11 204 10 596 (2 551) (2 545) 8 653 8 051 Group office 1 927 7 622 463 1 541 – – 2 984 1 – – (70) 33 5 304 9 197 (4 534) (5 250) 770 3 947 Pan-Africa 5 007 5 245 7 462 7 191 – – 4 885 5 017 1 287 1 800 247 499 18 888 19 752 – – 18 888 19 752 Asia 38 94 1 866 1 569 – – 952 728 24 20 – – 2 880 2 411 (468) (411) 2 412 2 000 India 13 12 1 333 985 – – 898 673 24 20 – – 2 268 1 690 (86) – 2 182 1 690 Malaysia 25 82 533 584 – – 54 55 – – – – 612 721 (382) (411) 230 310 Total investable assets 18 423 22 358 27 162 27 968 4 126 4 475 17 175 12 774 1 340 1 857 9 404 9 923 77 630 79 355 (16 639) (14 835) 60 991 64 520 Total investable domestic assets 12 415 12 259 14 521 18 234 4 126 4 475 9 297 4 811 29 37 9 157 9 422 49 545 49 238 (16 171) (14 424) 33 374 34 814 Total investable foreign assets 6 008 10 099 12 641 9 734 – – 7 878 7 963 1 311 1 820 247 501 28 085 30 117 (468) (411) 27 617 29 706 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 93 3 Shareholders’ fund investment return analysis Asset allocation of shareholders’ fund investable assets supporting shareholders’ fund investment return in adjusted headline earnings. For the unaudited interim period ended R million Cash and other money market securities Interest-bearing investments Hedged equities Equities Property Insurance contract assets and other (1) Total assets Funding Total assets net of funding Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 South Africa 13 378 17 019 17 834 19 208 4 126 4 475 11 338 7 029 29 37 9 157 9 424 55 862 57 192 (16 171) (14 424) 39 691 42 768 Sanlam Life and Savings 9 265 7 198 8 486 9 510 2 550 2 709 3 201 5 509 29 37 9 514 9 632 33 045 34 595 (9 086) (6 629) 23 959 27 966 Sanlam Investments 427 369 77 60 1 576 1 766 4 516 850 – – (287) (241) 6 309 2 804 – – 6 309 2 804 Santam 1 759 1 830 8 808 8 097 – – 637 669 – – – – 11 204 10 596 (2 551) (2 545) 8 653 8 051 Group office 1 927 7 622 463 1 541 – – 2 984 1 – – (70) 33 5 304 9 197 (4 534) (5 250) 770 3 947 Pan-Africa 5 007 5 245 7 462 7 191 – – 4 885 5 017 1 287 1 800 247 499 18 888 19 752 – – 18 888 19 752 Asia 38 94 1 866 1 569 – – 952 728 24 20 – – 2 880 2 411 (468) (411) 2 412 2 000 India 13 12 1 333 985 – – 898 673 24 20 – – 2 268 1 690 (86) – 2 182 1 690 Malaysia 25 82 533 584 – – 54 55 – – – – 612 721 (382) (411) 230 310 Total investable assets 18 423 22 358 27 162 27 968 4 126 4 475 17 175 12 774 1 340 1 857 9 404 9 923 77 630 79 355 (16 639) (14 835) 60 991 64 520 Total investable domestic assets 12 415 12 259 14 521 18 234 4 126 4 475 9 297 4 811 29 37 9 157 9 422 49 545 49 238 (16 171) (14 424) 33 374 34 814 Total investable foreign assets 6 008 10 099 12 641 9 734 – – 7 878 7 963 1 311 1 820 247 501 28 085 30 117 (468) (411) 27 617 29 706 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 94 Notes to the supplementary information continued 3 S hareholders’ fund investment return analysis continued Shareholders’ fund investment return on shareholders’ fund investable assets For the period ended R million Investment income on shareholders’ fund capital Investment surpluses on shareholders’ fund capital Investment return on shareholders’ fund reserves Finance costs Total investment return Total assets net of funding Implied investment return (2) Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 South Africa 493 1 317 (105) 256 460 1 307 (484) (1 030) 364 1 850 39 691 42 768 0,9% 4,5% Sanlam Life and Savings 294 504 507 712 454 1 307 (232) (427) 1 023 2 096 23 959 27 966 3,9% 7,4% Sanlam Investment Group 24 83 (610) 238 6 – (7) (8) (587) 313 6 309 2 804 (12,9%) 13,0% Santam 221 523 16 (150) – – (120) (237) 117 136 8 653 8 051 1,4% 1,7% Group office (46) 207 (18) (544) – – (125) (358) (189) (695) 770 3 947 (8,0%) (36,5%) Pan-Africa 334 528 (54) 957 – 128 – – 280 1 613 18 888 19 752 1,5% 7,6% Asia 14 1 (195) (56) – – (11) (11) (192) (66) 2 412 2 000 (8,7%) (3,1%) India 4 1 (197) (71) – – – – (193) (70) 2 182 1 690 (9,9%) (4,0%) Malaysia 10 – 2 15 – – (11) (11) 1 4 230 310 0,4% 1,1% Total 841 1 846 (354) 1 157 460 1 435 (495) (1 041) 452 3 397 60 991 64 520 0,7% 5,3% (1) Comprises mostly of the intangible assets backings negative insurance liabilities. (2) Implied investment return percentage is expressed as return over average assets for the period. 4 S upplementary IFRS 17 information including reconciliation to EV of covered business 4.1 R econciliation between IFRS 17 value and embedded value metrics The following table provides a reconciliation from Sanlam’s key IFRS 17 measures for GMM and VFA business and VIF/VNB of covered business together with investment contract business (IFRS 9), short-duration insurance contracts (PAA) to EV. Reconciliation between IFRS 17 performance measures and EV of covered business (before cost of capital) For the six-month period ended 30 June 2026 Unaudited 30 June 2026 Unaudited 30 June 2025 IFRS 17 CSM plus Risk adjustment balance (1) 28 132 28 431 Reconciling items: Other VIF on longer-duration life insurance contracts (2) (3 565) (3 329) VIF on specific shareholders’ fund reserves (3) 370 13 594 VIF on investment contracts measured under IFRS 9 18 726 17 413 VIF on shorter-duration life insurance contracts 3 493 3 509 India/other VIF(4) 1 645 668 Gross value of in-force of covered business (before cost of capital) 48 801 60 286 IFRS 17 new business value (1) 1 095 865 Reconciling items: Other VNB on longer-duration life insurance contracts (2) (143) 119 VNB on investment contracts measured under IFRS 9 45 9 VNB on shorter-duration life insurance contracts 214 201 India/other VNB (4) 75 128 Gross value of new business of covered business (before cost of capital) 1 286 1 322 (1) Net of tax and non-controlling interest. For in-force business, the CSM plus risk adjustment balance represents expected future profit recognised in the statement of comprehensive income over time. The change in this balance is a key driver of growth in life insurance earnings, and is a key component of the value of in-force covered business. The IFRS 17 new business value is based on the CSM plus risk adjustment less loss component balances at initial recognition for new business insurance contracts issued (net of reinsurance contracts held) in the period. Contract modification impact of R198 million net of tax (30 June 2025: R602 million net of tax) recognised as new business in terms of IFRS 17 is excluded, which is aligned with the treatment in the value of new business of covered business. (2) Other VIF and VNB for longer-duration life insurance contracts – measured under the GMM and VFA – mainly include allowances for the impact of the risk margin embedded in the risk discount rate, expected investment profits or losses, and expense and tax cash flows not captured within IFRS 17 liabilities. For new business, this also includes the impact of basis changes not allowed for in the IFRS 17 liabilities at initial recognition. (3) In prior periods, the VIF was driven by future releases of asset mismatch reserves and margins on reserves backed by insurance contract assets. These shareholders’ fund reserves have been reclassified as required capital with effect from 1 January 2026, with a VIF no longer being placed on these reserves. The accounting mismatch impacts related to adjusting the CSM at locked-in rates were previously included in the asset mismatch reserve. These impacts are eliminated from operating profit and transferred to a separate shareholders’ fund reserve. The VIF on future releases of the accounting mismatch reserve has been presented in this line for 30 June 2026. (4) India’s VIF and VNB are based on the local reserving basis (IFRS 17 is not yet effective in that jurisdiction) and therefore included in this line item. Additionally, this line item includes other VIF and VNB which primarily reflect covered business not measured under IFRS 17 or IFRS 9, as well as group costs and withholding tax that are not allocated to specific business units. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 95 3 Shareholders’ fund investment return analysis continued Shareholders’ fund investment return on shareholders’ fund investable assets For the period ended R million Investment income on shareholders’ fund capital Investment surpluses on shareholders’ fund capital Investment return on shareholders’ fund reserves Finance costs Total investment return Total assets net of funding Implied investment return (2) Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 South Africa 493 1 317 (105) 256 460 1 307 (484) (1 030) 364 1 850 39 691 42 768 0,9% 4,5% Sanlam Life and Savings 294 504 507 712 454 1 307 (232) (427) 1 023 2 096 23 959 27 966 3,9% 7,4% Sanlam Investment Group 24 83 (610) 238 6 – (7) (8) (587) 313 6 309 2 804 (12,9%) 13,0% Santam 221 523 16 (150) – – (120) (237) 117 136 8 653 8 051 1,4% 1,7% Group office (46) 207 (18) (544) – – (125) (358) (189) (695) 770 3 947 (8,0%) (36,5%) Pan-Africa 334 528 (54) 957 – 128 – – 280 1 613 18 888 19 752 1,5% 7,6% Asia 14 1 (195) (56) – – (11) (11) (192) (66) 2 412 2 000 (8,7%) (3,1%) India 4 1 (197) (71) – – – – (193) (70) 2 182 1 690 (9,9%) (4,0%) Malaysia 10 – 2 15 – – (11) (11) 1 4 230 310 0,4% 1,1% Total 841 1 846 (354) 1 157 460 1 435 (495) (1 041) 452 3 397 60 991 64 520 0,7% 5,3% (1) Comprises mostly of the intangible assets backings negative insurance liabilities. (2) Implied investment return percentage is expressed as return over average assets for the period. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 96 Notes to the supplementary information continued 4 S upplementary IFRS 17 information including reconciliation to EV of covered business continued 4.2 A djusted CSM and risk adjustment reconciliations (1) The CSM plus risk adjustment (RA) balance for contracts measured under the GMM and VFA represents the future profit to be recognised as insurance revenue (equity-accounted earnings for investment in Joint Ventures) in the statement of comprehensive income over time. This is a key driver of the future shareholder profits from in-force covered business included in the value of in-force covered business. The table below sets out the movement in the CSM plus risk adjustment balance over the period. For the unaudited six-month period ended 30 June 2026 R million Sanlam Life & Savings (5) Pan-Africa Asia Total Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 36 904 26 592 10 312 4 543 3 957 586 781 547 234 42 228 31 096 11 132 Net change in balance from corporate activity – – – – – – – – – – – – Adjusted opening balance 36 904 26 592 10 312 4 543 3 957 586 781 547 234 42 228 31 096 11 132 New business (2) 1 142 899 243 413 382 31 68 51 17 1 623 1 332 291 Interest accretion/unwinding of discount rates (3) 1 668 1 299 369 295 272 23 18 12 6 1 981 1 583 398 Expected release (4) (2 792) (2 212) (580) (381) (348) (33) (60) (51) (9) (3 233) (2 611) (622) Core growth for the year 18 (14) 32 327 306 21 26 12 14 371 304 67 Experience variances and assumption changes (3) (2 301) 2 833 (5 134) (254) (242) (12) (363) (447) 84 (2 918) 2 144 (5 062) Foreign currency translation differences – – – (48) (47) (1) (8) – (8) (56) (47) (9) Closing balance 34 621 29 411 5 210 4 568 3 974 594 436 112 324 39 625 33 497 6 128 Related deferred tax on future profits included in balance (9 348) (7 941) (1 407) (727) (666) (61) (105) (27) (78) (10 180) (8 634) (1 546) Non-controlling interest – – – (1 151) (952) (199) (162) (41) (121) (1 313) (993) (320) Closing balance after tax and non-controlling interest 25 273 21 470 3 803 2 690 2 356 334 169 44 125 28 132 23 870 4 262 For the audited year ended 31 December 2025 R million Sanlam Life & Savings (5) Pan-Africa Asia Total Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 34 984 26 496 8 488 5 247 4 621 626 800 561 239 41 031 31 678 9 353 Net change in balance from corporate activity – – – (757) (667) (90) – – – (757) (667) (90) Adjusted opening balance 34 984 26 496 8 488 4 490 3 954 536 800 561 239 40 274 31 011 9 263 New business (2) 2 224 1 168 1 056 820 758 62 165 135 30 3 209 2 061 1 148 Interest accretion/unwinding of discount rates (3) 3 535 2 772 763 519 466 53 34 25 9 4 088 3 263 825 Expected release (4) (5 404) (4 308) (1 096) (775) (693) (82) (130) (106) (24) (6 309) (5 107) (1 202) Core growth for the year 355 (368) 723 564 531 33 69 54 15 988 217 771 Experience variances and assumption changes (3) 1 565 464 1 101 (358) (391) 33 (58) (47) (11) 1 149 26 1 123 Foreign currency translation differences – – – (153) (137) (16) (30) (21) (9) (183) (158) (25) Eliminate corporate activity normalisation impacts – – – – – – – – – – – – Closing balance 36 904 26 592 10 312 4 543 3 957 586 781 547 234 42 228 31 096 11 132 Related deferred tax on future profits included in balance (9 964) (7 180) (2 784) (324) (276) (48) (205) (141) (64) (10 493) (7 597) (2 896) Non-controlling interest – – – (1 080) (889) (191) (282) (199) (83) (1 362) (1 088) (274) Closing balance after tax and non-controlling interest 26 940 19 412 7 528 3 139 2 792 347 294 207 87 30 373 22 411 7 962 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 97 4 Supplementary IFRS 17 information including reconciliation to EV of covered business continued 4.2 Adjusted CSM and risk adjustment reconciliations (1) The CSM plus risk adjustment (RA) balance for contracts measured under the GMM and VFA represents the future profit to be recognised as insurance revenue (equity-accounted earnings for investment in Joint Ventures) in the statement of comprehensive income over time. This is a key driver of the future shareholder profits from in-force covered business included in the value of in-force covered business. The table below sets out the movement in the CSM plus risk adjustment balance over the period. For the unaudited six-month period ended 30 June 2026 R million Sanlam Life & Savings (5) Pan-Africa Asia Total Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 36 904 26 592 10 312 4 543 3 957 586 781 547 234 42 228 31 096 11 132 Net change in balance from corporate activity – – – – – – – – – – – – Adjusted opening balance 36 904 26 592 10 312 4 543 3 957 586 781 547 234 42 228 31 096 11 132 New business (2) 1 142 899 243 413 382 31 68 51 17 1 623 1 332 291 Interest accretion/unwinding of discount rates (3) 1 668 1 299 369 295 272 23 18 12 6 1 981 1 583 398 Expected release (4) (2 792) (2 212) (580) (381) (348) (33) (60) (51) (9) (3 233) (2 611) (622) Core growth for the year 18 (14) 32 327 306 21 26 12 14 371 304 67 Experience variances and assumption changes (3) (2 301) 2 833 (5 134) (254) (242) (12) (363) (447) 84 (2 918) 2 144 (5 062) Foreign currency translation differences – – – (48) (47) (1) (8) – (8) (56) (47) (9) Closing balance 34 621 29 411 5 210 4 568 3 974 594 436 112 324 39 625 33 497 6 128 Related deferred tax on future profits included in balance (9 348) (7 941) (1 407) (727) (666) (61) (105) (27) (78) (10 180) (8 634) (1 546) Non-controlling interest – – – (1 151) (952) (199) (162) (41) (121) (1 313) (993) (320) Closing balance after tax and non-controlling interest 25 273 21 470 3 803 2 690 2 356 334 169 44 125 28 132 23 870 4 262 For the audited year ended 31 December 2025 R million Sanlam Life & Savings (5) Pan-Africa Asia Total Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 34 984 26 496 8 488 5 247 4 621 626 800 561 239 41 031 31 678 9 353 Net change in balance from corporate activity – – – (757) (667) (90) – – – (757) (667) (90) Adjusted opening balance 34 984 26 496 8 488 4 490 3 954 536 800 561 239 40 274 31 011 9 263 New business (2) 2 224 1 168 1 056 820 758 62 165 135 30 3 209 2 061 1 148 Interest accretion/unwinding of discount rates (3) 3 535 2 772 763 519 466 53 34 25 9 4 088 3 263 825 Expected release (4) (5 404) (4 308) (1 096) (775) (693) (82) (130) (106) (24) (6 309) (5 107) (1 202) Core growth for the year 355 (368) 723 564 531 33 69 54 15 988 217 771 Experience variances and assumption changes (3) 1 565 464 1 101 (358) (391) 33 (58) (47) (11) 1 149 26 1 123 Foreign currency translation differences – – – (153) (137) (16) (30) (21) (9) (183) (158) (25) Eliminate corporate activity normalisation impacts – – – – – – – – – – – – Closing balance 36 904 26 592 10 312 4 543 3 957 586 781 547 234 42 228 31 096 11 132 Related deferred tax on future profits included in balance (9 964) (7 180) (2 784) (324) (276) (48) (205) (141) (64) (10 493) (7 597) (2 896) Non-controlling interest – – – (1 080) (889) (191) (282) (199) (83) (1 362) (1 088) (274) Closing balance after tax and non-controlling interest 26 940 19 412 7 528 3 139 2 792 347 294 207 87 30 373 22 411 7 962 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 98 Notes to the supplementary information continued 4 S upplementary IFRS 17 information including reconciliation to EV of covered business continued 4.2 A djusted CSM and risk adjustment reconciliations continued For the unaudited six-month period ended 30 June 2025 R million Sanlam Life & Savings (5) Pan-Africa Asia Total Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 34 984 26 496 8 488 5 247 4 621 626 800 561 239 41 031 31 678 9 353 Net change in balance from corporate activity – – – (757) (667) (90) – – – (757) (667) (90) Adjusted opening balance 34 984 26 496 8 488 4 490 3 954 536 800 561 239 40 274 31 011 9 263 New business (2) 1 062 479 583 349 318 31 58 52 6 1 469 849 620 Interest accretion/unwinding of discount rates (3) 1 685 1 343 342 278 256 22 17 12 5 1 980 1 611 369 Expected release (4) (2 755) (2 216) (539) (420) (386) (34) (67) (52) (15) (3 242) (2 654) (588) Core growth for the year (8) (394) 386 207 188 19 8 12 (4) 207 (194) 401 Experience variances and assumption changes (3) (76) 92 (168) (27) (24) (3) (177) (188) 11 (280) (120) (160) Foreign currency translation differences – – – (3) 2 (5) (1) (1) – (4) 1 (5) Eliminate corporate activity normalisation impacts – – – – – – – – – – – – Closing balance 34 900 26 194 8 706 4 667 4 120 547 630 384 246 40 197 30 698 9 499 Related deferred tax on future profits included in balance (9 424) (7 073) (2 351) (833) (761) (72) (151) (92) (59) (10 408) (7 926) (2 482) Non-controlling interest – – – (1 125) (944) (181) (235) (143) (92) (1 360) (1 087) (273) Closing balance after tax and non-controlling interest 25 476 19 121 6 355 2 709 2 415 294 244 149 95 28 429 21 685 6 744 (1) Includes the SanlamAllianz joint venture (based on Sanlam share). Amounts are net of reinsurance contracts held where relevant, and risk adjustment liabilities for incurred claims are excluded. (2) The impact of contract modifications of R258 million and R13 million for CSM and Risk adjustment respectively (30 June 2025: R787 million and R38 million respectively) recognised as new business in terms of IFRS 17 has been excluded. This differs from the presentation in the financial statements by reallocating these amounts from new business to experience variances and assumption changes. (3) This reflects the accretion of interest/unwinding of discount rates on general model contracts, together with the expected interest related to contracts measured under the variable fee approach (VFA). This differs from the presentation of the amounts for VFA in the financial statements by reallocating R371 million (30 June 2025: R419 million) from experience variances and assumption changes to interest accretion/unwinding of discount rates. (4) The CSM recognised in profit or loss is equal to the expected release plus the portion of experience variances/assumption changes recognised in the current period. The Risk adjustment recognised in profit or loss for the risk expired is equal to the expected release. (5) Refer to note 10.1.5 for an analysis per Sanlam Life and Savings sub-cluster. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 99 4 Supplementary IFRS 17 information including reconciliation to EV of covered business continued 4.2 Adjusted CSM and risk adjustment reconciliations continued For the unaudited six-month period ended 30 June 2025 R million Sanlam Life & Savings (5) Pan-Africa Asia Total Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 34 984 26 496 8 488 5 247 4 621 626 800 561 239 41 031 31 678 9 353 Net change in balance from corporate activity – – – (757) (667) (90) – – – (757) (667) (90) Adjusted opening balance 34 984 26 496 8 488 4 490 3 954 536 800 561 239 40 274 31 011 9 263 New business (2) 1 062 479 583 349 318 31 58 52 6 1 469 849 620 Interest accretion/unwinding of discount rates (3) 1 685 1 343 342 278 256 22 17 12 5 1 980 1 611 369 Expected release (4) (2 755) (2 216) (539) (420) (386) (34) (67) (52) (15) (3 242) (2 654) (588) Core growth for the year (8) (394) 386 207 188 19 8 12 (4) 207 (194) 401 Experience variances and assumption changes (3) (76) 92 (168) (27) (24) (3) (177) (188) 11 (280) (120) (160) Foreign currency translation differences – – – (3) 2 (5) (1) (1) – (4) 1 (5) Eliminate corporate activity normalisation impacts – – – – – – – – – – – – Closing balance 34 900 26 194 8 706 4 667 4 120 547 630 384 246 40 197 30 698 9 499 Related deferred tax on future profits included in balance (9 424) (7 073) (2 351) (833) (761) (72) (151) (92) (59) (10 408) (7 926) (2 482) Non-controlling interest – – – (1 125) (944) (181) (235) (143) (92) (1 360) (1 087) (273) Closing balance after tax and non-controlling interest 25 476 19 121 6 355 2 709 2 415 294 244 149 95 28 429 21 685 6 744 (1) Includes the SanlamAllianz joint venture (based on Sanlam share). Amounts are net of reinsurance contracts held where relevant, and risk adjustment liabilities for incurred claims are excluded. (2) The impact of contract modifications of R258 million and R13 million for CSM and Risk adjustment respectively (30 June 2025: R787 million and R38 million respectively) recognised as new business in terms of IFRS 17 has been excluded. This differs from the presentation in the financial statements by reallocating these amounts from new business to experience variances and assumption changes. (3) This reflects the accretion of interest/unwinding of discount rates on general model contracts, together with the expected interest related to contracts measured under the variable fee approach (VFA). This differs from the presentation of the amounts for VFA in the financial statements by reallocating R371 million (30 June 2025: R419 million) from experience variances and assumption changes to interest accretion/unwinding of discount rates. (4) The CSM recognised in profit or loss is equal to the expected release plus the portion of experience variances/assumption changes recognised in the current period. The Risk adjustment recognised in profit or loss for the risk expired is equal to the expected release. (5) Refer to note 10.1.5 for an analysis per Sanlam Life and Savings sub-cluster. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 100 Notes to the supplementary information continued 5 V alue of new covered business Total Sanlam Life and Savings Pan-Africa India Malaysia R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Value of new covered business (at point of sale) Gross value of new covered business 1 259 1 359 836 875 271 277 97 107 55 100 Cost of capital (195) (180) (94) (79) (38) (51) (36) (29) (27) (21) Value of new covered business 1 064 1 179 742 796 233 226 61 78 28 79 Value of new business attributable to Shareholders’ fund 1 049 1 139 742 796 233 226 61 78 13 39 Non-controlling interest 15 40 – – – – – – 15 40 Value of new covered business 1 064 1 179 742 796 233 226 61 78 28 79 Analysis of new business profitability Before non-controlling interest Present value of new business premiums 58 779 51 827 49 442 43 831 4 165 3 743 3 822 2 999 1 350 1 254 New business margin 1,81% 2,27% 1,50% 1,82% 5,59% 6,04% 1,60% 2,60% 2,07% 6,30% After non-controlling interest Present value of new business premiums 58 118 51 213 49 442 43 831 4 165 3 743 3,822 2 999 689 640 New business margin 1,80% 2,22% 1,50% 1,82% 5,59% 6,04% 1,60% 2,60% 1,89% 6,09% Capitalisation factor – recurring premiums 3,9 3,9 5,0 5,1 2,6 2,0 3,0 2,9 2,3 2,9 Geographical analysis Value of new covered business Present value of new business premiums New business margin R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Before non-controlling interest South Africa 742 796 49 442 43 831 1,50% 1,82% Retail Mass 314 187 6 191 4 846 5,07% 3,86% Sanlam Retail Affluent 286 536 30 525 32 558 0,94% 1,65% Sanlam Corporate 142 73 12 726 6 427 1,12% 1,14% Pan-Africa 233 226 4 165 3 743 5,59% 6,04% India 61 78 3 822 2 999 1,60% 2,60% Malaysia 28 79 1 350 1 254 2,07% 6,30% Total 1 064 1 179 58 779 51 827 1,81% 2,27% After non-controlling interest South Africa 742 796 49 442 43 831 1,50% 1,82% Retail Mass 314 187 6 191 4 846 5,07% 3,86% Sanlam Retail Affluent 286 536 30 525 32 558 0,94% 1,65% Sanlam Corporate 142 73 12 726 6 427 1,12% 1,14% Pan-Africa 233 226 4 165 3 743 5,59% 6,04% India 61 78 3 822 2 999 1,60% 2,60% Malaysia 13 39 689 640 1,89% 6,09% Total 1 049 1 139 58 118 51 213 1,80% 2,22% 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 101 5 Value of new covered business Total Sanlam Life and Savings Pan-Africa India Malaysia R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Value of new covered business (at point of sale) Gross value of new covered business 1 259 1 359 836 875 271 277 97 107 55 100 Cost of capital (195) (180) (94) (79) (38) (51) (36) (29) (27) (21) Value of new covered business 1 064 1 179 742 796 233 226 61 78 28 79 Value of new business attributable to Shareholders’ fund 1 049 1 139 742 796 233 226 61 78 13 39 Non-controlling interest 15 40 – – – – – – 15 40 Value of new covered business 1 064 1 179 742 796 233 226 61 78 28 79 Analysis of new business profitability Before non-controlling interest Present value of new business premiums 58 779 51 827 49 442 43 831 4 165 3 743 3 822 2 999 1 350 1 254 New business margin 1,81% 2,27% 1,50% 1,82% 5,59% 6,04% 1,60% 2,60% 2,07% 6,30% After non-controlling interest Present value of new business premiums 58 118 51 213 49 442 43 831 4 165 3 743 3,822 2 999 689 640 New business margin 1,80% 2,22% 1,50% 1,82% 5,59% 6,04% 1,60% 2,60% 1,89% 6,09% Capitalisation factor – recurring premiums 3,9 3,9 5,0 5,1 2,6 2,0 3,0 2,9 2,3 2,9 Geographical analysis Value of new covered business Present value of new business premiums New business margin R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Before non-controlling interest South Africa 742 796 49 442 43 831 1,50% 1,82% Retail Mass 314 187 6 191 4 846 5,07% 3,86% Sanlam Retail Affluent 286 536 30 525 32 558 0,94% 1,65% Sanlam Corporate 142 73 12 726 6 427 1,12% 1,14% Pan-Africa 233 226 4 165 3 743 5,59% 6,04% India 61 78 3 822 2 999 1,60% 2,60% Malaysia 28 79 1 350 1 254 2,07% 6,30% Total 1 064 1 179 58 779 51 827 1,81% 2,27% After non-controlling interest South Africa 742 796 49 442 43 831 1,50% 1,82% Retail Mass 314 187 6 191 4 846 5,07% 3,86% Sanlam Retail Affluent 286 536 30 525 32 558 0,94% 1,65% Sanlam Corporate 142 73 12 726 6 427 1,12% 1,14% Pan-Africa 233 226 4 165 3 743 5,59% 6,04% India 61 78 3 822 2 999 1,60% 2,60% Malaysia 13 39 689 640 1,89% 6,09% Total 1 049 1 139 58 118 51 213 1,80% 2,22% 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 102 Notes to the supplementary information continued 6 C overed business sensitivity analysis Gross value of in-force business Cost of capital Net value of in-force business Change from base value % R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Value of in-force covered business sensitivity analysis Base value 48 801 62 248 (6 745) (4 182) 42 056 58 066 Risk discount rate increase by 1% 45 925 58 840 (7 223) (4 597) 38 702 54 243 (8) (7) Gross value of in-force business profile Year 1 – 5 53% 56% Year 1 15% 16% Year 2 12% 13% Year 3 10% 11% Year 4 9% 9% Year 5 7% 7% Year 6 – 10 24% 24% Year 11 – 20 18% 16% Year 20+ 5% 4% Gross value of new business Cost of capital Net value of new business Change from base value % R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Value of new covered business sensitivity analysis Base value 1 286 2 670 (237) (376) 1 049 2 294 – – Risk discount rate increase by 1% 1 141 2 294 (263) (365) 878 1 929 (16) (16) 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 103 7 E conomic assumptions – covered business 7.1 G ross investment return, risk discount rate and inflation % Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Life Point used on the relevant yield curve 9 year 9 year Fixed-interest securities 8,6 8,5 Equities 12,1 12,0 Offshore investments 11,1 11,0 Hedged equity 7,6 7,5 Property 9,6 9,5 Cash 7,6 7,5 Inflation rate CPI curve +1,5% CPI curve +1,5% Risk discount rate 11,1 11,0 Sanlam Developing Markets (1) Point used on the relevant yield curve 5 year 5 year Fixed-interest securities 8,1 7,7 Equities and offshore investments 11,6 11,2 Hedged equities 7,1 6,7 Property 9,1 8,7 Cash 7,1 6,7 Inflation rate 6,1 5,7 Risk discount rate 10,6 10,2 (1) Excludes the Sanlam Life products written on the SDM’s licences. Illiquidity premiums Investment returns on non-participating, individual risk and inflation-linked annuities, as well as guarantee plans include assumed illiquidity premiums due to matching assets being held to maturity. Assumed illiquidity premiums generally amount to between 25bps and 70bps (31 December 2025: 25bps and 70bps) for non-participating annuities, between 0bps and 70bps (2025: 0bps and 70bps) for individual risk business, between 25bps and 75bps (31 December 2025: 25bps to 75bps) for inflation-linked annuities and capped at 120bps (31 December 2025: 120bps), reflecting both illiquidity premiums and credit risk premium for guarantee plans. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 104 Notes to the supplementary information continued 7 E conomic assumptions – covered business continued 7.2 A sset mix of the assets supporting adjusted net asset value – covered business R million Cash and other money market securities % Interest-bearing securities % Hedged Equities % Equities % Property % Insurance contract assets and other % Total % Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Required capital South Africa (1) 21 707 6 017 3 12 27 9 21 73 2 6 – – 47 – 100 100 Shareholders' fund reserves - asset mismatch reserves (1) 5 274 – – – 100 – – – – – – – – – 100 – Shareholders' fund reserves - insurance contract assets (1) 10 263 – – – – – – – – – – – 100 – 100 – Other allocated capital (2) 6 170 6 017 12 12 9 9 73 73 6 6 – – – – 100 100 Africa - excluding South Africa (3) 3 074 2 105 32 27 52 61 – – 14 11 2 1 – – 100 100 Shriram Life Insurance (India) 1 853 924 – – 88 100 – – 12 – – – – – 100 100 MCIS (Malaysia) 757 739 11 12 71 70 – – 18 18 – – – – 100 100 Total required capital 27 391 9 785 Free surplus 3 006 3 322 Adjusted net asset value 30 397 13 107 (1) With effect from 1 January 2026, the asset mismatch reserves and some insurance contract assets recognised in terms of IFRS 17 Insurance Contracts have been reclassified as required capital for GEV of covered business purposes. Prior to 1 January 2026, these reserves were eliminated from adjusted net asset value, as the assets backing these reserves were included in the calculation of the value of the in-force book. (2) At 30 June 2026 the actual asset mix backing the Sanlam Life required capital is 98% hedged (31 December 2025: 97%). (3) With effect from 1 January 2026, the required capital for Pan-Africa includes allocated capital supporting in-force covered business which was previously classified as asset mismatch reserves. 7.3 A ssumed long-term expected return on required capital Gross % Net % Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Sanlam Life - asset mismatch reserves (1) 8,5 8,4 6,2 6,1 Sanlam Life - other allocated capital (2) 7,6 7,5 6,7 6,6 Sanlam Developing Markets 8,0 7,6 6,2 5,9 Assupol 8,7 8,3 6,4 6,1 Sanlam Life and Savings - insurance contract assets 8,1 7,7 5,9 5,6 Sanlam Namibia 9,5 9,3 8,5 8,4 Sanlam Namibia Holdings 8,4 8,2 7,4 7,2 Shriram Life Insurance (India) 7,6 6,6 6,5 5,7 MCIS (Malaysia) 4,8 4,6 4,4 4,3 (1) T he release from the asset mismatch reserve included in core earnings is based on expected investment returns, with the expected return assumptions included above. (2) S anlam Life uses subordinated debt as a part of its capital base. The cost of required capital in the Embedded Value of Covered Business has been increased to reflect the risks associated with using subordinated debt to back required capital. This increased cost equates to approximately 1,33% p.a. of the value of the subordinated debt. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 105 7 Economic assumptions – covered business continued 7.2 Asset mix of the assets supporting adjusted net asset value – covered business R million Cash and other money market securities % Interest-bearing securities % Hedged Equities % Equities % Property % Insurance contract assets and other % Total % Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Required capital South Africa (1) 21 707 6 017 3 12 27 9 21 73 2 6 – – 47 – 100 100 Shareholders' fund reserves - asset mismatch reserves (1) 5 274 – – – 100 – – – – – – – – – 100 – Shareholders' fund reserves - insurance contract assets (1) 10 263 – – – – – – – – – – – 100 – 100 – Other allocated capital (2) 6 170 6 017 12 12 9 9 73 73 6 6 – – – – 100 100 Africa - excluding South Africa (3) 3 074 2 105 32 27 52 61 – – 14 11 2 1 – – 100 100 Shriram Life Insurance (India) 1 853 924 – – 88 100 – – 12 – – – – – 100 100 MCIS (Malaysia) 757 739 11 12 71 70 – – 18 18 – – – – 100 100 Total required capital 27 391 9 785 Free surplus 3 006 3 322 Adjusted net asset value 30 397 13 107 (1) With effect from 1 January 2026, the asset mismatch reserves and some insurance contract assets recognised in terms of IFRS 17 Insurance Contracts have been reclassified as required capital for GEV of covered business purposes. Prior to 1 January 2026, these reserves were eliminated from adjusted net asset value, as the assets backing these reserves were included in the calculation of the value of the in-force book. (2) At 30 June 2026 the actual asset mix backing the Sanlam Life required capital is 98% hedged (31 December 2025: 97%). (3) With effect from 1 January 2026, the required capital for Pan-Africa includes allocated capital supporting in-force covered business which was previously classified as asset mismatch reserves. 7.3 Assumed long-term expected return on required capital Gross % Net % Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Sanlam Life - asset mismatch reserves (1) 8,5 8,4 6,2 6,1 Sanlam Life - other allocated capital (2) 7,6 7,5 6,7 6,6 Sanlam Developing Markets 8,0 7,6 6,2 5,9 Assupol 8,7 8,3 6,4 6,1 Sanlam Life and Savings - insurance contract assets 8,1 7,7 5,9 5,6 Sanlam Namibia 9,5 9,3 8,5 8,4 Sanlam Namibia Holdings 8,4 8,2 7,4 7,2 Shriram Life Insurance (India) 7,6 6,6 6,5 5,7 MCIS (Malaysia) 4,8 4,6 4,4 4,3 (1) The release from the asset mismatch reserve included in core earnings is based on expected investment returns, with the expected return assumptions included above. (2) Sanlam Life uses subordinated debt as a part of its capital base. The cost of required capital in the Embedded Value of Covered Business has been increased to reflect the risks associated with using subordinated debt to back required capital. This increased cost equates to approximately 1,33% p.a. of the value of the subordinated debt. 8 V alue of non-covered operations sensitivity analysis 8.1 V aluation methodology Total R million Unaudited 30 June 2026 Audited 31 December 2025 Listed share price 30 238 29 646 Santam 26 108 28 987 Ninety One 4 130 659 Discounted cash flows 62 520 60 700 Sanlam Life and Savings 6 349 7 998 Glacier 4 003 4 091 Sanlam Personal Loans 2 151 3 050 Sanlam Corporate (65) 618 Other operations 260 239 Pan-Africa: SanlamAllianz 14 875 15 353 Asia: India 28 780 22 540 Sanlam Investments 12 516 14 809 Sanlam Investment Holdings 3 149 4 789 Wealth Management 4 931 5 099 International 2 157 2 934 Sanlam Financial Markets 2 279 1 987 Net asset value 3 779 4 360 Sanlam Investments 341 1 026 Sanlam Investment Holdings (361) 367 International 312 269 Sanlam Financial Markets 390 390 Pan-Africa: SanlamAllianz 1 778 1 765 Asia: India 1 660 1 569 Total 96 537 94 706 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 106 Notes to the supplementary information continued 8 V alue of non-covered operations sensitivity analysis continued 8.2 S ensitivity analysis: businesses valued at discounted cash flows Base value Risk discount rate +1% Perpetuity growth rate +1% Equities and properties -10% Risk discount rate -1% Rand exchange rate depreciation +10% R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Life and Savings 6 349 7 998 5 785 7 279 6 616 8 339 5 887 7 463 7 024 8 853 6 349 7 998 Glacier 4 003 4 091 3 603 3 707 4 198 4 283 3 541 3 556 4 484 4 553 4 003 4 091 Sanlam Personal Loans 2 151 3 050 2 053 2 799 2 191 3 154 2 151 3 050 2 266 3 343 2 151 3 050 Sanlam Corporate (65) 618 (114) 553 (42) 654 (65) 618 (7) 697 (65) 618 Other operations 260 239 243 220 269 248 260 239 281 260 260 239 Pan-Africa: SanlamAllianz 14 875 15 353 12 878 13 985 14 974 16 447 14 875 15 353 15 950 17 588 16 363 16 888 India 28 780 22 540 24 524 19 194 32 401 25 456 28 780 22 540 34 576 27 124 31 658 24 793 Sanlam Investments 12 516 14 809 11 229 13 299 13 193 15 628 11 147 13 107 14 094 16 653 12 764 15 159 Sanlam Investment Holdings 3 149 4 789 2 809 4 314 3 302 5 016 2 589 4 089 3 553 5 353 3 173 4 812 Wealth Management 4 931 5 099 4 406 4 558 5 230 5 419 4 560 4 713 5 585 5 772 4 944 5 111 International 2 157 2 934 1 938 2 613 2 278 3 118 1 963 2 452 2 428 3 332 2 367 3 249 Sanlam Financial Markets 2 279 1 987 2 076 1 814 2 383 2 075 2 035 1 853 2 528 2 196 2 280 1 987 62 520 60 700 54 416 53 757 67 184 65 870 60 689 58 463 71 644 70 218 67 134 64 838 Weighted average assumption 15,4% 15,3% 2 – 7% 2 – 7% 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 107 8 Value of non-covered operations sensitivity analysis continued 8.2 Sensitivity analysis: businesses valued at discounted cash flows Base value Risk discount rate +1% Perpetuity growth rate +1% Equities and properties -10% Risk discount rate -1% Rand exchange rate depreciation +10% R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Life and Savings 6 349 7 998 5 785 7 279 6 616 8 339 5 887 7 463 7 024 8 853 6 349 7 998 Glacier 4 003 4 091 3 603 3 707 4 198 4 283 3 541 3 556 4 484 4 553 4 003 4 091 Sanlam Personal Loans 2 151 3 050 2 053 2 799 2 191 3 154 2 151 3 050 2 266 3 343 2 151 3 050 Sanlam Corporate (65) 618 (114) 553 (42) 654 (65) 618 (7) 697 (65) 618 Other operations 260 239 243 220 269 248 260 239 281 260 260 239 Pan-Africa: SanlamAllianz 14 875 15 353 12 878 13 985 14 974 16 447 14 875 15 353 15 950 17 588 16 363 16 888 India 28 780 22 540 24 524 19 194 32 401 25 456 28 780 22 540 34 576 27 124 31 658 24 793 Sanlam Investments 12 516 14 809 11 229 13 299 13 193 15 628 11 147 13 107 14 094 16 653 12 764 15 159 Sanlam Investment Holdings 3 149 4 789 2 809 4 314 3 302 5 016 2 589 4 089 3 553 5 353 3 173 4 812 Wealth Management 4 931 5 099 4 406 4 558 5 230 5 419 4 560 4 713 5 585 5 772 4 944 5 111 International 2 157 2 934 1 938 2 613 2 278 3 118 1 963 2 452 2 428 3 332 2 367 3 249 Sanlam Financial Markets 2 279 1 987 2 076 1 814 2 383 2 075 2 035 1 853 2 528 2 196 2 280 1 987 62 520 60 700 54 416 53 757 67 184 65 870 60 689 58 463 71 644 70 218 67 134 64 838 Weighted average assumption 15,4% 15,3% 2 – 7% 2 – 7% 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 108 Notes to the supplementary information continued 9 B usiness volumes 9.1 A nalysis of new business and total funds received Life business (1) General insurance Investment business (2) Total Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Restated 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 36 055 32 589 – – 47 392 36 823 83 447 69 412 156 651 Sanlam Retail Affluent 23 069 25 942 – – 43 603 34 120 66 672 60 062 125 345 Recurring 1 188 1 041 – – 9 8 1 197 1 049 2 256 Single 21 881 24 901 – – 43 594 34 112 65 475 59 013 123 089 Credit, Banking and Rewards 80 75 – – – – 80 75 161 Retail Mass: Recurring 1 702 1 393 – – – – 1 702 1 393 3 137 Sanlam Corporate 11 204 5 179 – – 3 789 2 703 14 993 7 882 28 008 Recurring 375 231 – – 178 281 553 512 1 099 Single 10 829 4 948 – – 3 611 2 422 14 440 7 370 26 909 Pan-Africa: SanlamAllianz 3 543 3 289 5 579 6 306 7 433 8 159 16 555 17 754 37 889 Recurring 1 235 1 256 5 579 6 306 – – 6 814 7 562 14 696 Single 2 308 2 033 – – 7 433 8 159 9 741 10 192 23 193 Asia 2 165 1 701 1 932 1 554 – – 4 097 3 255 6 459 India 1 541 1 226 1 818 1 433 – – 3 359 2 659 5 005 Recurring 1 119 923 1 818 1 433 – – 2 937 2 356 4 312 Single 422 303 – – – – 422 303 693 Malaysia 624 475 114 121 – – 738 596 1 454 Recurring 580 411 114 121 – – 694 532 1 109 Single 44 64 – – – – 44 64 345 Sanlam Investments – – – – 100 642 108 098 100 642 108 098 255 007 Investment Management SA – – – – 87 834 92 379 87 834 92 379 224 865 Wealth Management – – – – 8 105 6 305 8 105 6 305 18 966 International – – – – 4 703 9 414 4 703 9 414 11 176 Santam (3) – – 18 906 17 787 – – 18 906 17 787 39 984 Total new business 41 763 37 579 26 417 25 647 155 467 153 080 223 647 216 306 495 990 Recurring premiums on existing funds: Sanlam Life and Savings 21 582 20 905 – – 3 663 3 080 25 245 23 985 49 584 Retail Mass 7 055 6 884 – – – – 7 055 6 884 13 385 Sanlam Retail Affluent 9 500 9 012 – – 63 62 9 563 9 074 18 822 Credit, Banking and Rewards 40 30 – – – – 40 30 53 Sanlam Corporate 4 987 4 979 – – 3 600 3 018 8 587 7 997 17 195 Pan-Africa: SanlamAllianz 3 104 3 127 – – – – 3 104 3 127 5 951 Asia 2 511 2 067 – – – – 2 511 2 067 3 486 India 1 567 1 102 – – – – 1 567 1 102 1 816 Malaysia 944 965 – – – – 944 965 1 670 Total funds received 68 960 63 678 26 417 25 647 159 130 156 160 254 507 245 485 555 011 (1) Life business relates to business written under a life licence that is included in the calculation of embedded value of covered business. (2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a policy where there is very little or no insurance risk excluded from the calculation of embedded value of covered business. (3) The Santam new business volumes previously reported included new business from conventional business and alternative risk transfer business. The amounts reported above only include conventional business, as this better reflects the fund flows that impacts the group’s earnings. The new business volumes for the period ended 30 June 2025 has been restated to include conventional business only. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 109 9 Business volumes 9.1 Analysis of new business and total funds received Life business (1) General insurance Investment business (2) Total Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Restated 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 36 055 32 589 – – 47 392 36 823 83 447 69 412 156 651 Sanlam Retail Affluent 23 069 25 942 – – 43 603 34 120 66 672 60 062 125 345 Recurring 1 188 1 041 – – 9 8 1 197 1 049 2 256 Single 21 881 24 901 – – 43 594 34 112 65 475 59 013 123 089 Credit, Banking and Rewards 80 75 – – – – 80 75 161 Retail Mass: Recurring 1 702 1 393 – – – – 1 702 1 393 3 137 Sanlam Corporate 11 204 5 179 – – 3 789 2 703 14 993 7 882 28 008 Recurring 375 231 – – 178 281 553 512 1 099 Single 10 829 4 948 – – 3 611 2 422 14 440 7 370 26 909 Pan-Africa: SanlamAllianz 3 543 3 289 5 579 6 306 7 433 8 159 16 555 17 754 37 889 Recurring 1 235 1 256 5 579 6 306 – – 6 814 7 562 14 696 Single 2 308 2 033 – – 7 433 8 159 9 741 10 192 23 193 Asia 2 165 1 701 1 932 1 554 – – 4 097 3 255 6 459 India 1 541 1 226 1 818 1 433 – – 3 359 2 659 5 005 Recurring 1 119 923 1 818 1 433 – – 2 937 2 356 4 312 Single 422 303 – – – – 422 303 693 Malaysia 624 475 114 121 – – 738 596 1 454 Recurring 580 411 114 121 – – 694 532 1 109 Single 44 64 – – – – 44 64 345 Sanlam Investments – – – – 100 642 108 098 100 642 108 098 255 007 Investment Management SA – – – – 87 834 92 379 87 834 92 379 224 865 Wealth Management – – – – 8 105 6 305 8 105 6 305 18 966 International – – – – 4 703 9 414 4 703 9 414 11 176 Santam (3) – – 18 906 17 787 – – 18 906 17 787 39 984 Total new business 41 763 37 579 26 417 25 647 155 467 153 080 223 647 216 306 495 990 Recurring premiums on existing funds: Sanlam Life and Savings 21 582 20 905 – – 3 663 3 080 25 245 23 985 49 584 Retail Mass 7 055 6 884 – – – – 7 055 6 884 13 385 Sanlam Retail Affluent 9 500 9 012 – – 63 62 9 563 9 074 18 822 Credit, Banking and Rewards 40 30 – – – – 40 30 53 Sanlam Corporate 4 987 4 979 – – 3 600 3 018 8 587 7 997 17 195 Pan-Africa: SanlamAllianz 3 104 3 127 – – – – 3 104 3 127 5 951 Asia 2 511 2 067 – – – – 2 511 2 067 3 486 India 1 567 1 102 – – – – 1 567 1 102 1 816 Malaysia 944 965 – – – – 944 965 1 670 Total funds received 68 960 63 678 26 417 25 647 159 130 156 160 254 507 245 485 555 011 (1) Life business relates to business written under a life licence that is included in the calculation of embedded value of covered business. (2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a policy where there is very little or no insurance risk excluded from the calculation of embedded value of covered business. (3) The Santam new business volumes previously reported included new business from conventional business and alternative risk transfer business. The amounts reported above only include conventional business, as this better reflects the fund flows that impacts the group’s earnings. The new business volumes for the period ended 30 June 2025 has been restated to include conventional business only. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 110 Notes to the supplementary information continued 9 B usiness volume continued 9.2 A nalysis of net inflow/(outflow) of funds Life business (1) General insurance Investment business (2) Total Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Restated 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 14 637 12 258 – – 10 027 4 505 24 664 16 763 41 572 Retail Mass 5 637 4 598 – – – – 5 637 4 598 8 549 Sanlam Retail Affluent 3 638 7 551 – – 10 023 4 057 13 661 11 608 20 957 Credit, Banking and Rewards 97 78 – – – – 97 78 159 Sanlam Corporate 5 265 31 – – 4 448 5 269 479 11 907 Pan-Africa 2 611 1 778 2 171 2 403 822 1 771 5 604 5 952 12 632 Asia 2 095 1 606 652 510 – – 2 747 2 116 3 170 India 2 024 1 597 610 479 – – 2 634 2 076 3 374 Malaysia 71 9 42 31 – – 113 40 (204) Sanlam Investments – – – – 36 699 14 703 36 699 14 703 50 530 Investment Management SA – – – – 35 698 13 564 35 698 13 564 47 254 Wealth Management – – – – 1 551 10 1 551 10 2 359 International – – – – (550) 1 129 (550) 1 129 917 Santam (3) – – 7 867 7 860 – – 7 867 7 860 18 848 Total net fund inflows 19 343 15 642 10 690 10 773 47 548 20 979 77 581 47 394 126 752 (1) Life business relates to business written under a life licence that is included in the calculation of embedded value of covered business. (2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a policy where there is very little or no insurance risk excluded from the calculation of embedded value of covered business. (3) The Santam new fund flows previously reported included new business from conventional business and alternative risk transfer business. The amounts reported above only include conventional business, as this better reflects the fund flows that impacts the group’s earnings. The net fund flows for the period ended 30 June 2025 has been restated to include conventional business only. 10 C luster information 10.1 S anlam Life and Savings 10.1.1 A nalysis of earnings Life business and Health Credit and structuring Investment management Corporate and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings 4 330 3 834 (23) 34 106 121 (227) (164) 4 186 3 825 Sanlam Retail Affluent 2 441 2 254 – – 106 121 – – 2 547 2 375 Credit, Banking and Rewards 71 57 (23) 34 – – (227) (164) (179) (73) Retail Mass 1 260 1 021 – – – – – – 1 260 1 021 Sanlam Corporate 558 502 – – – – – – 558 502 Less: release from assets mismatch reserve (215) (250) – – – – – – (215) (250) Less: net future-fit project expenses (326) (154) – – (41) (45) – – (367) (199) Operating profit excluding investment variances 3 789 3 430 (23) 34 65 76 (227) (164) 3 604 3 376 Plus: investment variances 473 322 – – – – – – 473 322 Operating profit 4 262 3 752 (23) 34 65 76 (227) (164) 4 077 3 698 Add: net investment return on shareholder capital and shareholders’ fund reserves 1 023 649 – – – – – – 1 023 649 Adjusted headline earnings 5 285 4 401 (23) 34 65 76 (227) (164) 5 100 4 347 Operating profit 4 262 3 752 (23) 34 65 76 (227) (164) 4 077 3 698 Sanlam Retail Affluent 2 590 1 325 – – 65 76 – – 2 655 1 401 Credit, Banking and Rewards 71 57 (23) 34 – – (227) (164) (179) (73) Retail Mass 1 101 1 797 – – – – – – 1 101 1 797 Sanlam Corporate 500 573 – – – – – – 500 573 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 111 9 Business volume continued 9.2 Analysis of net inflow/(outflow) of funds Life business (1) General insurance Investment business (2) Total Total R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Restated 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Audited 31 December 2025 Sanlam Life and Savings 14 637 12 258 – – 10 027 4 505 24 664 16 763 41 572 Retail Mass 5 637 4 598 – – – – 5 637 4 598 8 549 Sanlam Retail Affluent 3 638 7 551 – – 10 023 4 057 13 661 11 608 20 957 Credit, Banking and Rewards 97 78 – – – – 97 78 159 Sanlam Corporate 5 265 31 – – 4 448 5 269 479 11 907 Pan-Africa 2 611 1 778 2 171 2 403 822 1 771 5 604 5 952 12 632 Asia 2 095 1 606 652 510 – – 2 747 2 116 3 170 India 2 024 1 597 610 479 – – 2 634 2 076 3 374 Malaysia 71 9 42 31 – – 113 40 (204) Sanlam Investments – – – – 36 699 14 703 36 699 14 703 50 530 Investment Management SA – – – – 35 698 13 564 35 698 13 564 47 254 Wealth Management – – – – 1 551 10 1 551 10 2 359 International – – – – (550) 1 129 (550) 1 129 917 Santam (3) – – 7 867 7 860 – – 7 867 7 860 18 848 Total net fund inflows 19 343 15 642 10 690 10 773 47 548 20 979 77 581 47 394 126 752 (1) Life business relates to business written under a life licence that is included in the calculation of embedded value of covered business. (2) Includes life licence and investment business. Life licence business relates to investment products provided by means of a policy where there is very little or no insurance risk excluded from the calculation of embedded value of covered business. (3) The Santam new fund flows previously reported included new business from conventional business and alternative risk transfer business. The amounts reported above only include conventional business, as this better reflects the fund flows that impacts the group’s earnings. The net fund flows for the period ended 30 June 2025 has been restated to include conventional business only. 10 Cluster information 10.1 Sanlam Life and Savings 10.1.1 Analysis of earnings Life business and Health Credit and structuring Investment management Corporate and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings 4 330 3 834 (23) 34 106 121 (227) (164) 4 186 3 825 Sanlam Retail Affluent 2 441 2 254 – – 106 121 – – 2 547 2 375 Credit, Banking and Rewards 71 57 (23) 34 – – (227) (164) (179) (73) Retail Mass 1 260 1 021 – – – – – – 1 260 1 021 Sanlam Corporate 558 502 – – – – – – 558 502 Less: release from assets mismatch reserve (215) (250) – – – – – – (215) (250) Less: net future-fit project expenses (326) (154) – – (41) (45) – – (367) (199) Operating profit excluding investment variances 3 789 3 430 (23) 34 65 76 (227) (164) 3 604 3 376 Plus: investment variances 473 322 – – – – – – 473 322 Operating profit 4 262 3 752 (23) 34 65 76 (227) (164) 4 077 3 698 Add: net investment return on shareholder capital and shareholders’ fund reserves 1 023 649 – – – – – – 1 023 649 Adjusted headline earnings 5 285 4 401 (23) 34 65 76 (227) (164) 5 100 4 347 Operating profit 4 262 3 752 (23) 34 65 76 (227) (164) 4 077 3 698 Sanlam Retail Affluent 2 590 1 325 – – 65 76 – – 2 655 1 401 Credit, Banking and Rewards 71 57 (23) 34 – – (227) (164) (179) (73) Retail Mass 1 101 1 797 – – – – – – 1 101 1 797 Sanlam Corporate 500 573 – – – – – – 500 573 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 112 Notes to the supplementary information continued 10 C luster information continued 10.1 S anlam Life and Savings continued 10.1.2 N et movement in shareholders’ fund reserves R million Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2025 Balance at the beginning of the period 16 790 17 275 17 275 Reclassification of shareholders’ fund reserves at the beginning of the period consisting of (1): 1 – – Asset mismatch reserve (39) – – Accounting mismatch reserve (2) (57) – – Insurance contract assets 97 – – Net movements eliminated from operating profit: impact of adjusting the CSM at locked-in rates (2) 595 (346) (104) Net movements recognised in core earnings: (109) (1 476) (125) Investment variances related to insurance contracts transferred to the asset mismatch reserve 473 (556) 322 Future-fit project expense reserve released to cover expenses incurred (367) (548) (199) Capital deployed to cover future-fit project expenses – 124 – Asset mismatch reserve released for dividend purposes (215) (496) (248) Net investment return recognised in adjusted headline earnings 454 1 307 490 Net movements recognised directly in shareholders’ equity 59 30 (7) Balance at the end of the period consisting of: 17 790 16 790 17 529 Asset mismatch reserve 5 088 4 676 5 676 Accounting mismatch reserve (2) 538 – – Insurance contract assets 10 263 9 884 9 484 Future-fit project expense reserve 1 244 1 573 1 712 Pandemic reserve 657 657 657 (1) This reflects the accounting mismatch reserve balance established on 1 January 2026, as well as the minor changes to the asset mismatch reserve and insurance contract assets balances to align with the balances reclassified as required capital for GEV of covered business purposes as at 1 January 2026. (2) The impact of adjusting the CSM at locked-in rates is removed from operating profit. Prior to 1 January 2026, these accounting mismatch impacts were transferred to the asset mismatch reserves. With effect from 1 January 2026, these impacts are transferred to an accounting mismatch reserve which is held separately from the asset mismatch reserve. The cumulative accounting mismatch impacts from prior periods are also included in the accounting mismatch reserve. 10.1.3 A ssets under management and fund flows Retail Mass Risk and Savings Glacier Sanlam Corporate Total R million Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Life business 3 207 12 403 202 840 203 037 419 421 406 339 238 557 225 947 864 025 847 726 Insurance contracts (7 368) 1 891 31 912 32 561 88 115 85 630 91 202 86 823 203 861 206 905 Investment contracts 10 575 10 512 170 928 170 476 331 306 320 709 147 355 139 124 660 164 640 821 Investment operations – – 2 038 2 111 515 436 498 690 – – 517 474 500 801 Total assets under management 3 207 12 403 204 878 205 148 934 857 905 029 238 557 225 947 1 381 499 1 348 527 Retail Mass Risk and Savings Glacier Sanlam Corporate Credit, Banking and Rewards Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Life business 1 702 1 393 2 250 1 901 20 819 24 041 11 204 5 179 80 75 36 055 32 589 Insurance contracts 1 512 1 255 482 434 1 946 4 166 6 340 4 144 80 75 10 360 10 074 Investment contracts 190 138 1 768 1 467 18 873 19 875 4 864 1 035 – – 25 695 22 515 Investment operations – – 66 58 43 537 34 062 3 789 2 703 – – 47 392 36 823 Total new business volumes 1 702 1 393 2 316 1 959 64 356 58 103 14 993 7 882 80 75 83 447 69 412 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 113 10 Cluster information continued 10.1 Sanlam Life and Savings continued 10.1.2 Net movement in shareholders’ fund reserves R million Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2025 Balance at the beginning of the period 16 790 17 275 17 275 Reclassification of shareholders’ fund reserves at the beginning of the period consisting of (1): 1 – – Asset mismatch reserve (39) – – Accounting mismatch reserve (2) (57) – – Insurance contract assets 97 – – Net movements eliminated from operating profit: impact of adjusting the CSM at locked-in rates (2) 595 (346) (104) Net movements recognised in core earnings: (109) (1 476) (125) Investment variances related to insurance contracts transferred to the asset mismatch reserve 473 (556) 322 Future-fit project expense reserve released to cover expenses incurred (367) (548) (199) Capital deployed to cover future-fit project expenses – 124 – Asset mismatch reserve released for dividend purposes (215) (496) (248) Net investment return recognised in adjusted headline earnings 454 1 307 490 Net movements recognised directly in shareholders’ equity 59 30 (7) Balance at the end of the period consisting of: 17 790 16 790 17 529 Asset mismatch reserve 5 088 4 676 5 676 Accounting mismatch reserve (2) 538 – – Insurance contract assets 10 263 9 884 9 484 Future-fit project expense reserve 1 244 1 573 1 712 Pandemic reserve 657 657 657 (1) This reflects the accounting mismatch reserve balance established on 1 January 2026, as well as the minor changes to the asset mismatch reserve and insurance contract assets balances to align with the balances reclassified as required capital for GEV of covered business purposes as at 1 January 2026. (2) The impact of adjusting the CSM at locked-in rates is removed from operating profit. Prior to 1 January 2026, these accounting mismatch impacts were transferred to the asset mismatch reserves. With effect from 1 January 2026, these impacts are transferred to an accounting mismatch reserve which is held separately from the asset mismatch reserve. The cumulative accounting mismatch impacts from prior periods are also included in the accounting mismatch reserve. 10.1.3 Assets under management and fund flows Retail Mass Risk and Savings Glacier Sanlam Corporate Total R million Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Unaudited 30 June 2026 Unaudited 31 December 2025 Life business 3 207 12 403 202 840 203 037 419 421 406 339 238 557 225 947 864 025 847 726 Insurance contracts (7 368) 1 891 31 912 32 561 88 115 85 630 91 202 86 823 203 861 206 905 Investment contracts 10 575 10 512 170 928 170 476 331 306 320 709 147 355 139 124 660 164 640 821 Investment operations – – 2 038 2 111 515 436 498 690 – – 517 474 500 801 Total assets under management 3 207 12 403 204 878 205 148 934 857 905 029 238 557 225 947 1 381 499 1 348 527 Retail Mass Risk and Savings Glacier Sanlam Corporate Credit, Banking and Rewards Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Life business 1 702 1 393 2 250 1 901 20 819 24 041 11 204 5 179 80 75 36 055 32 589 Insurance contracts 1 512 1 255 482 434 1 946 4 166 6 340 4 144 80 75 10 360 10 074 Investment contracts 190 138 1 768 1 467 18 873 19 875 4 864 1 035 – – 25 695 22 515 Investment operations – – 66 58 43 537 34 062 3 789 2 703 – – 47 392 36 823 Total new business volumes 1 702 1 393 2 316 1 959 64 356 58 103 14 993 7 882 80 75 83 447 69 412 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 114 Notes to the supplementary information continued 10 C luster information continued 10.1 S anlam Life and Savings continued 10.1.3 A ssets under management and fund flows continued Retail Mass Risk and Savings Glacier Sanlam Corporate Credit, Banking and Rewards Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Life business 5 637 4 598 (421) (13) 4 059 7 564 5 265 31 97 78 14 637 12 258 Insurance contracts 5 875 2 891 210 (556) (1 767) (860) 4 249 525 97 78 8 664 2 078 Investment contracts (238) 1 707 (631) 543 5 826 8 424 1 016 (494) – – 5 973 10 180 Investment operations – – (63) (14) 10 086 4 071 4 448 – – 10 027 4 505 Total net fund inflows 5 637 4 598 (484) (27) 14 145 11 635 5 269 479 97 78 24 664 16 763 10.1.4 Cr edit business Gross size of loan book Interest margin Bad debt ratio Administration cost as % of net interest R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Personal Loans 2 884 5 989 16,6% 16,3% 8,8% 7,5% 45,0% 47,3% 10.1.5 A nalysis of change in GEV – covered business Total Gross value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings 4 141 4 901 23 838 (83) 145 4 201 3 918 Value of new life insurance business 742 796 1 495 2 264 (154) (94) (599) (1 374) Unwinding of discount rate 2 751 3 532 2 611 3 455 140 77 – – Expected profit – – (3 597) (4 922) – – 3 597 4 922 Operating experience variances 597 668 (201) 77 (72) 160 870 431 Risk experience 802 554 126 138 (5) (8) 681 424 Persistency (195) (132) (135) (36) 18 29 (78) (125) Maintenance expenses 68 76 – 34 – – 68 42 Working capital management 153 291 – – – – 153 291 Other(1) (231) (121) (192) (59) (85) 139 46 (201) Operating assumption changes 51 (95) (285) (36) 3 2 333 (61) Risk experience – 138 – 119 – – – 19 Persistency – (149) – (143) – – – (6) Maintenance expenses (34) 126 (30) 115 – – (4) 11 Modelling changes and other 85 (210) (255) (127) 3 2 337 (85) Net investment return 574 259 – – – – 574 259 Expected return on adjusted net asset value 665 190 – – – – 665 190 Investment variances on adjusted net asset value (91) 69 – – – – (91) 69 Valuation and economic basis (486) 855 (778) 902 (100) 4 392 (51) Investment variances on in-force business (165) 91 (447) 149 (99) (4) 381 (54) Economic assumption changes: Investment yields (321) 764 (331) 753 (1) 8 11 3 Goodwill from business – (383) – (148) – – – (235) GEV earnings: covered business 4 229 5 632 (755) 1 592 (183) 149 5 167 3 891 Acquired value of in-force – 39 – 25 – (1) – 15 Disposal of business – – – – – – (333) Transfers from/(to) other group operations 5 (154) (12 693) 179 (1 892) – 14 590 (4 661) Transfers from covered business (4 298) (4 661) – – – – (4 298) – Embedded value of covered business at the beginning of the period 61 536 58 031 57 363 53 605 (2 256) (2 540) 6 429 6 966 Embedded value of covered business at the end of the period 61 472 58 887 43 915 55 401 (4 331) (2 392) 21 888 5 878 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 115 10 Cluster information continued 10.1 Sanlam Life and Savings continued 10.1.3 Assets under management and fund flows continued Retail Mass Risk and Savings Glacier Sanlam Corporate Credit, Banking and Rewards Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Life business 5 637 4 598 (421) (13) 4 059 7 564 5 265 31 97 78 14 637 12 258 Insurance contracts 5 875 2 891 210 (556) (1 767) (860) 4 249 525 97 78 8 664 2 078 Investment contracts (238) 1 707 (631) 543 5 826 8 424 1 016 (494) – – 5 973 10 180 Investment operations – – (63) (14) 10 086 4 071 4 448 – – 10 027 4 505 Total net fund inflows 5 637 4 598 (484) (27) 14 145 11 635 5 269 479 97 78 24 664 16 763 10.1.4 Credit business Gross size of loan book Interest margin Bad debt ratio Administration cost as % of net interest R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Sanlam Personal Loans 2 884 5 989 16,6% 16,3% 8,8% 7,5% 45,0% 47,3% 10.1.5 Analysis of change in GEV – covered business Total Gross value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings 4 141 4 901 23 838 (83) 145 4 201 3 918 Value of new life insurance business 742 796 1 495 2 264 (154) (94) (599) (1 374) Unwinding of discount rate 2 751 3 532 2 611 3 455 140 77 – – Expected profit – – (3 597) (4 922) – – 3 597 4 922 Operating experience variances 597 668 (201) 77 (72) 160 870 431 Risk experience 802 554 126 138 (5) (8) 681 424 Persistency (195) (132) (135) (36) 18 29 (78) (125) Maintenance expenses 68 76 – 34 – – 68 42 Working capital management 153 291 – – – – 153 291 Other(1) (231) (121) (192) (59) (85) 139 46 (201) Operating assumption changes 51 (95) (285) (36) 3 2 333 (61) Risk experience – 138 – 119 – – – 19 Persistency – (149) – (143) – – – (6) Maintenance expenses (34) 126 (30) 115 – – (4) 11 Modelling changes and other 85 (210) (255) (127) 3 2 337 (85) Net investment return 574 259 – – – – 574 259 Expected return on adjusted net asset value 665 190 – – – – 665 190 Investment variances on adjusted net asset value (91) 69 – – – – (91) 69 Valuation and economic basis (486) 855 (778) 902 (100) 4 392 (51) Investment variances on in-force business (165) 91 (447) 149 (99) (4) 381 (54) Economic assumption changes: Investment yields (321) 764 (331) 753 (1) 8 11 3 Goodwill from business – (383) – (148) – – – (235) GEV earnings: covered business 4 229 5 632 (755) 1 592 (183) 149 5 167 3 891 Acquired value of in-force – 39 – 25 – (1) – 15 Disposal of business – – – – – – (333) Transfers from/(to) other group operations 5 (154) (12 693) 179 (1 892) – 14 590 (4 661) Transfers from covered business (4 298) (4 661) – – – – (4 298) – Embedded value of covered business at the beginning of the period 61 536 58 031 57 363 53 605 (2 256) (2 540) 6 429 6 966 Embedded value of covered business at the end of the period 61 472 58 887 43 915 55 401 (4 331) (2 392) 21 888 5 878 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 116 Notes to the supplementary information continued 10 C luster information continued 10.1 S anlam Life and Savings continued 10.1.6 A djusted CSM and Risk adjustment reconciliations Sanlam Retail Affluent Sanlam Retail Mass Sanlam Corporate Total For the unaudited six-month period ended 30 June 2026 R million Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 20 463 15 252 5 211 11 938 7 511 4 427 4 503 3 829 674 36 904 26 592 10 312 New business 259 186 73 758 613 145 125 100 25 1 142 899 243 Interest accretion/unwinding of discount rates 912 727 185 520 361 159 236 211 25 1 668 1 299 369 Expected release (5) (1 358) (1 136) (222) (1 135) (809) ( 326) (299) (267) (32) (2 792) (2 212) (580) Core growth for the year (187) (223) 36 143 165 (22) 62 44 18 18 (14) 32 Experience variances and assumption changes (902) 1 869 (2 771) (1 098) 930 (2 028) (301) 34 ( 335) (2 301) 2 833 (5 134) Closing balance 19 374 16 898 2 476 10 983 8 606 2 377 4 264 3 907 357 34 621 29 411 5 210 Related deferred tax on future profits included in balance (5 232) (4 563) (669) (2 966) (2 324) (642) (1 150) (1 054) (96) (9 348) (7 941) (1 407) Closing balance after tax and non -co ntrolling interest 14 142 12 335 1 807 8 017 6 282 1 735 3 114 2 853 261 25 273 21 470 3 803 Sanlam Retail Affluent Sanlam Retail Mass Sanlam Corporate Total For the audited year ended 31 December 2025 R million Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 19 906 15 844 4 062 10 784 6 874 3 910 4 294 3 778 516 34 984 26 496 8 488 New business 997 719 278 1 040 317 723 187 132 55 2 224 1 168 1 056 Interest accretion/unwinding of discount rates 2 051 1 652 399 975 657 318 509 463 46 3 535 2 772 763 Expected release (2 743) (2 370) (373) (2 088) (1 422) (666) (573) (516) (57) (5 404) (4 308) (1 096) Core growth for the year 305 1 304 (73) (448) 375 123 79 44 355 ( 368) 723 Experience variances and assumption changes 252 (593) 845 1 227 1 085 142 86 ( 28) 114 1 565 464 1 101 Closing balance 20 463 15 252 5 211 11 938 7 511 4 427 4 503 3 829 674 36 904 26 592 10 312 Related deferred tax on future profits included in balance (5 525) (4 118) (1 407) (3 223) (2 028) (1 195) (1 216) (1 034) ( 182) (9 964) (7 180) (2 784) Closing balance after tax and non -co ntrolling interest 14 938 11 134 3 804 8 715 5 483 3 232 3 287 2 795 492 26 940 19 412 7 528 Sanlam Retail Affluent Sanlam Retail Mass Sanlam Corporate Total For the unaudited six-month period ended 30 June 2025 R million Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 19 906 15 844 4 062 10 784 6 874 3 910 4 294 3 778 516 34 984 26 496 8 488 New business 428 294 134 566 145 421 68 40 28 1 062 479 583 Interest accretion/unwinding of discount rates 952 789 163 489 333 156 244 221 23 1 685 1 343 342 Expected release (1 412) (1 233) (179) (1 066) (733) (333) (277) (250) (27) (2 755) (2 216) (539) Core growth for the year (32) (150) 118 (11) (255) 244 35 11 24 (8) (394) 386 Experience variances and assumption changes (21) (95) 74 36 275 (239) (91) (88) (3) (76) 92 (168) Closing balance 19 853 15 599 4 254 10 809 6 894 3 915 4 238 3 701 537 34 900 26 194 8 706 Related deferred tax on future profits included in balance (5 361) (4 212) (1 149) (2 918) (1 861) (1 057) (1 145) (1 000) (145) (9 424) (7 073) (2 351) Closing balance after tax and non -co ntrolling interest 14 492 11 387 3 105 7 891 5 033 2 858 3 093 2 701 392 25 476 19 121 6 355 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 117 10 Cluster information continued 10.1 Sanlam Life and Savings continued 10.1.6 Adjusted CSM and Risk adjustment reconciliations Sanlam Retail Affluent Sanlam Retail Mass Sanlam Corporate Total For the unaudited six-month period ended 30 June 2026 R million Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 20 463 15 252 5 211 11 938 7 511 4 427 4 503 3 829 674 36 904 26 592 10 312 New business 259 186 73 758 613 145 125 100 25 1 142 899 243 Interest accretion/unwinding of discount rates 912 727 185 520 361 159 236 211 25 1 668 1 299 369 Expected release (5) (1 358) (1 136) (222) (1 135) (809) ( 326) (299) (267) (32) (2 792) (2 212) (580) Core growth for the year (187) (223) 36 143 165 (22) 62 44 18 18 (14) 32 Experience variances and assumption changes (902) 1 869 (2 771) (1 098) 930 (2 028) (301) 34 ( 335) (2 301) 2 833 (5 134) Closing balance 19 374 16 898 2 476 10 983 8 606 2 377 4 264 3 907 357 34 621 29 411 5 210 Related deferred tax on future profits included in balance (5 232) (4 563) (669) (2 966) (2 324) (642) (1 150) (1 054) (96) (9 348) (7 941) (1 407) Closing balance after tax and non-controlling interest 14 142 12 335 1 807 8 017 6 282 1 735 3 114 2 853 261 25 273 21 470 3 803 Sanlam Retail Affluent Sanlam Retail Mass Sanlam Corporate Total For the audited year ended 31 December 2025 R million Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 19 906 15 844 4 062 10 784 6 874 3 910 4 294 3 778 516 34 984 26 496 8 488 New business 997 719 278 1 040 317 723 187 132 55 2 224 1 168 1 056 Interest accretion/unwinding of discount rates 2 051 1 652 399 975 657 318 509 463 46 3 535 2 772 763 Expected release (2 743) (2 370) (373) (2 088) (1 422) (666) (573) (516) (57) (5 404) (4 308) (1 096) Core growth for the year 305 1 304 (73) (448) 375 123 79 44 355 ( 368) 723 Experience variances and assumption changes 252 (593) 845 1 227 1 085 142 86 ( 28) 114 1 565 464 1 101 Closing balance 20 463 15 252 5 211 11 938 7 511 4 427 4 503 3 829 674 36 904 26 592 10 312 Related deferred tax on future profits included in balance (5 525) (4 118) (1 407) (3 223) (2 028) (1 195) (1 216) (1 034) ( 182) (9 964) (7 180) (2 784) Closing balance after tax and non-controlling interest 14 938 11 134 3 804 8 715 5 483 3 232 3 287 2 795 492 26 940 19 412 7 528 Sanlam Retail Affluent Sanlam Retail Mass Sanlam Corporate Total For the unaudited six-month period ended 30 June 2025 R million Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Total Contractual service margin Risk adjustment Opening balance 19 906 15 844 4 062 10 784 6 874 3 910 4 294 3 778 516 34 984 26 496 8 488 New business 428 294 134 566 145 421 68 40 28 1 062 479 583 Interest accretion/unwinding of discount rates 952 789 163 489 333 156 244 221 23 1 685 1 343 342 Expected release (1 412) (1 233) (179) (1 066) (733) (333) (277) (250) (27) (2 755) (2 216) (539) Core growth for the year (32) (150) 118 (11) (255) 244 35 11 24 (8) (394) 386 Experience variances and assumption changes (21) (95) 74 36 275 (239) (91) (88) (3) (76) 92 (168) Closing balance 19 853 15 599 4 254 10 809 6 894 3 915 4 238 3 701 537 34 900 26 194 8 706 Related deferred tax on future profits included in balance (5 361) (4 212) (1 149) (2 918) (1 861) (1 057) (1 145) (1 000) (145) (9 424) (7 073) (2 351) Closing balance after tax and non-controlling interest 14 492 11 387 3 105 7 891 5 033 2 858 3 093 2 701 392 25 476 19 121 6 355 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 118 Notes to the supplementary information continued 10 C luster information continued 10.1 S anlam Life and Savings continued 10.1.7 L ife and health earnings analysis Key sources of life and health operating profit Sanlam Retail Affluent (1) Sanlam Retail Mass Sanlam Corporate Sanlam Life and Savings R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Result from life insurance operations (2) 2 451 1 194 1 571 2 448 676 789 4 698 4 431 Insurance service result – general model and variable fee approach 1 833 1 747 1 485 1 204 290 253 3 608 3 204 CSM release 1 259 1 238 904 760 267 244 2 430 2 242 Release of risk adjustment 222 179 326 332 32 28 580 539 Losses and reversals of losses on onerous contracts 32 (27) 47 42 19 (6) 98 9 Experience adjustments and other amounts 320 357 208 70 (28) (13) 500 414 Insurance service result – premium allocation approach 47 53 340 280 273 100 660 433 Net investment result 916 (388) (1) 1 071 191 492 1 106 1 175 Non-attributable expenses (345) (218) (253) (107) (78) (56) (676) (381) Result from investment contract operations 1 121 760 (28) (77) 44 42 1 137 725 Revenue 3 087 2 579 170 101 126 109 3 383 2 789 Admin expenses and sales remuneration (1 966) (1 819) (198) (178) (82) (67) (2 246) (2 064) Other life and health 8 (1) (41) 146 22 36 (11) 181 Gross operating profit before tax and non-controlling interest 3 580 1 953 1 502 2 517 742 867 5 824 5 337 Tax on gross operating profit and non-controlling interest (918) (570) (401) (720) (243) (295) (1 562) (1 585) Operating profit 2 662 1 383 1 101 1 797 499 572 4 262 3 752 Life insurance operations 1 838 847 1 147 1 749 494 576 3 479 3 172 Investment contract operations 817 545 (16) (55) 32 30 833 520 Other life and health 7 (9) (30) 103 (27) (34) (50) 60 (1) I ncludes life business results of credit, banking and rewards. (2) N et of reinsurance contracts held where relevant. 10.1.8 A nalysis of insurance service result (gross underwriting result) for life and health business measured under the premium allocation approach (1) For the period ended R million Sanlam Retail Affluent (2) Retail Mass Sanlam Corporate Sanlam Life and Savings Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Gross written premiums 120 101 1 802 1 717 3 104 2 925 5 026 4 743 Gross underwriting result 47 53 340 280 273 100 660 433 Earned premiums 118 235 1 815 1 746 3 118 3 106 5 051 5 087 Claims incurred including changes in liabilities for incurred claims (70) (162) (1 010) (1 004) (2 361) (2 576) (3 441) (3 742) Administration and acquisition expenses (1) (20) (465) (462) (484) (430) (950) (912) Ratios Underwriting margin 39,2% 22,8% 18,8% 16,0% 8,8% 3,2% 13,0% 8,5% Claims ratio (59,7%) (68,8%) (55,7%) (57,5%) (75,7%) (82,9%) (68,1%) (73,6%) Total expense ratio (1,1%) (8,4%) (25,6%) (26,4%) (15,5%) (13,8%) (18,8%) (17,9%) (1) Net of reinsurance contracts held where relevant. (2) I ncludes life business results of credit, banking and rewards. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 119 10 Cluster information continued 10.1 Sanlam Life and Savings continued 10.1.7 Life and health earnings analysis Key sources of life and health operating profit Sanlam Retail Affluent (1) Sanlam Retail Mass Sanlam Corporate Sanlam Life and Savings R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Result from life insurance operations (2) 2 451 1 194 1 571 2 448 676 789 4 698 4 431 Insurance service result – general model and variable fee approach 1 833 1 747 1 485 1 204 290 253 3 608 3 204 CSM release 1 259 1 238 904 760 267 244 2 430 2 242 Release of risk adjustment 222 179 326 332 32 28 580 539 Losses and reversals of losses on onerous contracts 32 (27) 47 42 19 (6) 98 9 Experience adjustments and other amounts 320 357 208 70 (28) (13) 500 414 Insurance service result – premium allocation approach 47 53 340 280 273 100 660 433 Net investment result 916 (388) (1) 1 071 191 492 1 106 1 175 Non-attributable expenses (345) (218) (253) (107) (78) (56) (676) (381) Result from investment contract operations 1 121 760 (28) (77) 44 42 1 137 725 Revenue 3 087 2 579 170 101 126 109 3 383 2 789 Admin expenses and sales remuneration (1 966) (1 819) (198) (178) (82) (67) (2 246) (2 064) Other life and health 8 (1) (41) 146 22 36 (11) 181 Gross operating profit before tax and non-controlling interest 3 580 1 953 1 502 2 517 742 867 5 824 5 337 Tax on gross operating profit and non-controlling interest (918) (570) (401) (720) (243) (295) (1 562) (1 585) Operating profit 2 662 1 383 1 101 1 797 499 572 4 262 3 752 Life insurance operations 1 838 847 1 147 1 749 494 576 3 479 3 172 Investment contract operations 817 545 (16) (55) 32 30 833 520 Other life and health 7 (9) (30) 103 (27) (34) (50) 60 (1) Includes life business results of credit, banking and rewards. (2) Net of reinsurance contracts held where relevant. 10.1.8 Analysis of insurance service result (gross underwriting result) for life and health business measured under the premium allocation approach (1) For the period ended R million Sanlam Retail Affluent (2) Retail Mass Sanlam Corporate Sanlam Life and Savings Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Gross written premiums 120 101 1 802 1 717 3 104 2 925 5 026 4 743 Gross underwriting result 47 53 340 280 273 100 660 433 Earned premiums 118 235 1 815 1 746 3 118 3 106 5 051 5 087 Claims incurred including changes in liabilities for incurred claims (70) (162) (1 010) (1 004) (2 361) (2 576) (3 441) (3 742) Administration and acquisition expenses (1) (20) (465) (462) (484) (430) (950) (912) Ratios Underwriting margin 39,2% 22,8% 18,8% 16,0% 8,8% 3,2% 13,0% 8,5% Claims ratio (59,7%) (68,8%) (55,7%) (57,5%) (75,7%) (82,9%) (68,1%) (73,6%) Total expense ratio (1,1%) (8,4%) (25,6%) (26,4%) (15,5%) (13,8%) (18,8%) (17,9%) (1) Net of reinsurance contracts held where relevant. (2) Includes life business results of credit, banking and rewards. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 120 Notes to the supplementary information continued 10 C luster information continued 10.2 Pan-Africa 10.2.1 A nalysis of earnings Life business General insurance Investment management Credit and structuring Corporate and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings 328 330 89 343 40 37 56 77 (95) (141) 418 646 Add: investment variances 70 3 (76) 344 – – – – – (6) 347 Operating profit 398 333 13 687 40 37 56 77 (95) (141) 412 993 Add: net investment return on shareholder capital 202 280 46 948 – 5 7 (1) 25 1 280 1 233 Adjusted headline earnings 600 613 59 1 635 40 42 63 76 (70) (140) 692 2 226 10.2.2 A nalysis of SanlamAllianz key performance indicators (100%) 10.2.2.1 A nalysis of general insurance and reinsurance Ratios (%) Unaudited 30 June 2026 Reviewed 30 June 2025 Administration costs ratio 22,1% 21,2% Claims ratio 61,1% 61,6% Underwriting margin 3,6% 6,1% Investment return on insurance funds margin 5,5% 5,8% R million Unaudited 30 June 2026 Reviewed 30 June 2025 Insurance revenue 16 580 18 466 Gross written premium 18 815 19 390 Unearned premium and experience adjustments (3 501) (2 811) IFRS17 consolidation adjustments (1) 1 266 2 270 Net earned premiums 10 940 11 441 Net claims incurred (6 683) (7 054) Net commission (1 443) (1 256) Management expenses (2 419) (2 432) Underwriting results 395 699 Investment return on insurance funds 597 664 Net insurance result 992 1 363 Project expenses ( 156) ( 76) Gross operating profit 836 1 287 Tax and non-controlling interests ( 661) ( 614) Core earnings 175 673 Sanlam’s share of core earnings 89 343 (1) Included in Insurance Revenue is an amount of R1 266 million (June 2025: R2 270 million) of revenue that is only recognised on consolidation due to the application of the IFRS 17 requirements for business combinations relating to amounts forming part of liabilities for incurred claims in the underlying SanlamAllianz general insurance subsidiaries. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 121 10 Cluster information continued 10.2 Pan-Africa 10.2.1 Analysis of earnings Life business General insurance Investment management Credit and structuring Corporate and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings 328 330 89 343 40 37 56 77 (95) (141) 418 646 Add: investment variances 70 3 (76) 344 – – – – – (6) 347 Operating profit 398 333 13 687 40 37 56 77 (95) (141) 412 993 Add: net investment return on shareholder capital 202 280 46 948 – 5 7 (1) 25 1 280 1 233 Adjusted headline earnings 600 613 59 1 635 40 42 63 76 (70) (140) 692 2 226 10.2.2 Analysis of SanlamAllianz key performance indicators (100%) 10.2.2.1 Analysis of general insurance and reinsurance Ratios (%) Unaudited 30 June 2026 Reviewed 30 June 2025 Administration costs ratio 22,1% 21,2% Claims ratio 61,1% 61,6% Underwriting margin 3,6% 6,1% Investment return on insurance funds margin 5,5% 5,8% R million Unaudited 30 June 2026 Reviewed 30 June 2025 Insurance revenue 16 580 18 466 Gross written premium 18 815 19 390 Unearned premium and experience adjustments (3 501) (2 811) IFRS17 consolidation adjustments (1) 1 266 2 270 Net earned premiums 10 940 11 441 Net claims incurred (6 683) (7 054) Net commission (1 443) (1 256) Management expenses (2 419) (2 432) Underwriting results 395 699 Investment return on insurance funds 597 664 Net insurance result 992 1 363 Project expenses ( 156) ( 76) Gross operating profit 836 1 287 Tax and non-controlling interests ( 661) ( 614) Core earnings 175 673 Sanlam’s share of core earnings 89 343 (1) Included in Insurance Revenue is an amount of R1 266 million (June 2025: R2 270 million) of revenue that is only recognised on consolidation due to the application of the IFRS 17 requirements for business combinations relating to amounts forming part of liabilities for incurred claims in the underlying SanlamAllianz general insurance subsidiaries. 10.2.2.2 A ssets under management Total R million Unaudited 30 June 2026 Unaudited 31 December 2025 Life business (1) 99 736 98 917 Insurance contracts 77 659 77 449 Investment contracts 22 077 21 468 Investment operations 176 962 170 683 Total assets under management 276 698 269 600 (1) L ife business assets under management at 31 December 2025 has been represented to include only policyholder assets, whereas previously shareholder assets were also included. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 122 Notes to the supplementary information continued 10 C luster information continued 10.2 Pan-Africa continued 10.2.3 A nalysis of change in GEV – covered business Total Value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings 474 498 154 158 8 7 312 333 Value of new life insurance business 233 226 303 300 (33) (50) (37) (24) Unwinding of discount rate 224 259 200 255 24 4 – – Expected profit – – (269) (301) – – 269 301 Operating experience variances 181 70 70 (55) 8 33 103 92 Risk experience 30 48 8 2 – 2 22 44 Persistency 18 (43) (1) (54) 8 29 11 (18) Maintenance expenses 1 22 1 (3) 1 1 (1) 24 Working capital management 37 38 – – – – 37 38 Credit spread – – – – – – – – Other 95 5 62 – (1) 1 34 4 Operating assumption changes (164) (57) (150) (41) 9 20 (23) (36) Risk experience (13) 19 (8) 19 – – (5) – Persistency 3 (25) 4 (21) (2) – 1 (4) Maintenance expenses (55) (42) (49) (40) – – (6) (2) Modelling changes and other (99) (9) (97) 1 11 20 (13) (30) Net investment return 88 273 – – – – 88 273 Expected return on adjusted net asset value 241 176 – – – – 241 176 Investment variances on adjusted net asset value (153) 97 – – – – (153) 97 Valuation and economic basis (157) 141 (139) 28 (124) 14 106 99 Investment variances on in-force business (55) 120 (20) 21 (138) (1) 103 100 Economic assumption changes (61) 63 (61) 53 (3) 11 3 (1) Foreign currency translation differences (41) (42) (58) (46) 17 4 – – Regulatory and tax changes (58) (2) (18) 1 (35) 1 (5) (4) Net project expenses (5) (12) – – – – (5) (12) Goodwill from business – 450 – 450 – – – – GEV earnings: covered business 342 1 348 (3) 637 (151) 22 496 689 Acquired value of in-force 17 31 6 16 (4) (9) 15 24 Disposal of businesses – (1 403) – (943) – 108 – (568) Transfer from/(to) non-covered Group business 60 – (473) – (188) – 721 – Transfers from covered business (136) (244) – – – – (136) (244) Embedded value of covered business at the beginning of the period 6 284 6 193 3 075 3 301 (639) (758) 3 848 3 650 Embedded value of covered business at the end of the period 6 567 5 925 2 605 3 011 (982) (637) 4 944 3 551 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 123 10 Cluster information continued 10.2 Pan-Africa continued 10.2.3 Analysis of change in GEV – covered business Total Value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings 474 498 154 158 8 7 312 333 Value of new life insurance business 233 226 303 300 (33) (50) (37) (24) Unwinding of discount rate 224 259 200 255 24 4 – – Expected profit – – (269) (301) – – 269 301 Operating experience variances 181 70 70 (55) 8 33 103 92 Risk experience 30 48 8 2 – 2 22 44 Persistency 18 (43) (1) (54) 8 29 11 (18) Maintenance expenses 1 22 1 (3) 1 1 (1) 24 Working capital management 37 38 – – – – 37 38 Credit spread – – – – – – – – Other 95 5 62 – (1) 1 34 4 Operating assumption changes (164) (57) (150) (41) 9 20 (23) (36) Risk experience (13) 19 (8) 19 – – (5) – Persistency 3 (25) 4 (21) (2) – 1 (4) Maintenance expenses (55) (42) (49) (40) – – (6) (2) Modelling changes and other (99) (9) (97) 1 11 20 (13) (30) Net investment return 88 273 – – – – 88 273 Expected return on adjusted net asset value 241 176 – – – – 241 176 Investment variances on adjusted net asset value (153) 97 – – – – (153) 97 Valuation and economic basis (157) 141 (139) 28 (124) 14 106 99 Investment variances on in-force business (55) 120 (20) 21 (138) (1) 103 100 Economic assumption changes (61) 63 (61) 53 (3) 11 3 (1) Foreign currency translation differences (41) (42) (58) (46) 17 4 – – Regulatory and tax changes (58) (2) (18) 1 (35) 1 (5) (4) Net project expenses (5) (12) – – – – (5) (12) Goodwill from business – 450 – 450 – – – – GEV earnings: covered business 342 1 348 (3) 637 (151) 22 496 689 Acquired value of in-force 17 31 6 16 (4) (9) 15 24 Disposal of businesses – (1 403) – (943) – 108 – (568) Transfer from/(to) non-covered Group business 60 – (473) – (188) – 721 – Transfers from covered business (136) (244) – – – – (136) (244) Embedded value of covered business at the beginning of the period 6 284 6 193 3 075 3 301 (639) (758) 3 848 3 650 Embedded value of covered business at the end of the period 6 567 5 925 2 605 3 011 (982) (637) 4 944 3 551 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 124 Notes to the supplementary information continued 10 C luster information continued 10.3 Asia 10.3.1 A nalysis of earnings Life business General insurance Credit and structuring Corporate and other Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Core earnings/ operating profit (196) 32 150 170 849 885 56 58 859 1 145 Add: net investment return on shareholder capital (42) 22 (80) 17 – – (70) 7 (192) 46 Adjusted headline earnings (238) 54 70 187 849 885 (14) 65 667 1 191 Analysis of India key performance indicators India is reported with a three-month lag 10.3.2 A nalysis of operating profit R million Unaudited 30 June 2026 Unaudited 30 June 2025 Life business (96) (12) General insurance 150 184 Credit and structuring 849 885 Corporate and other 62 65 Total core earnings/operating profit (1) 965 1 122 Add: net investment return on shareholder capital (193) 31 Adjusted headline earnings 772 1 153 10.3.3 C redit and structuring Size of loan books (Sanlam share) Net interest margin Bad debt ratio Administration cost as % of net interest margin R million Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Unaudited 30 June 2026 Audited 31 December 2025 Shriram Finance Limited (1) 39 277 49 411 8,8% 8,7% 2,5% 2,7% 29,0% 29,8% (1) On 8 April 2026, the indirect shareholding of Shriram Finance Limited (SFL) changed from 9,11% to 7,29% and the direct shareholding of SFL changed from 0,41% to 0,33%. Size of loan book (Sanlam share) is calculated on the new effective shareholding of 7,62%. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 125 10.3.4 Ins urance activities Analysis of net result from financial services (Shriram General Insurance) (100%) R million Unaudited 30 June 2026 Unaudited 30 June 2025 Gross written premium 4 568 4 614 Net earned premiums 3 688 3 560 Net claims incurred (2 457) (2 370) Net commission (952) (937) Management expenses (407) (431) Underwriting result (128) (178) Investment return on insurance funds 773 843 Net insurance result (100%) (1) 645 665 Sanlam share of the after tax-net insurance result 175 100 Net movement in shareholder fund reserves – 16 IFRS adjustments (25) 68 Core earnings/operating profit 150 184 Ratios (Shriram General Insurance) (1) Unaudited 30 June 2026 Reviewed 30 June 2025 Total net expense ratio 11,5% 12,1% Claims ratio 66,6% 66,6% Underwriting margin (3,5%) (5,0%) Investment return on insurance funds margin 21,0% 23,7% (1) The net insurance result is based on local results as per local accounting standards. 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 126 Notes to the supplementary information continued 10 C luster information continued 10.3 Asia continued 10.3.5 A nalysis of change in GEV (Asia) – covered business Total Value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings (256) 99 (14) 26 (38) (1) (204) 74 Value of new life insurance business 74 117 342 331 (50) (39) (218) (175) Unwinding of discount rate 103 93 97 85 6 8 – – Expected profit – – (222) (207) – – 222 207 Operating experience variances (192) (106) 26 (45) (2) 15 (216) (76) Risk experience (69) (41) (1) – 1 10 (69) (51) Persistency (12) (9) 40 (34) (7) (1) (45) 26 Maintenance expenses (96) (17) (14) (15) – – (82) (2) Other (15) (39) 1 4 4 6 (20) (49) Operating assumption changes (241) (5) (257) (138) 8 15 8 118 Risk experience (69) 6 (73) (61) 2 2 2 65 Persistency (13) (2) (18) (57) 5 4 – 51 Maintenance expenses (184) (19) (194) (20) 4 2 6 (1) Modelling changes and other 25 10 28 – (3) 7 – 3 Net investment return (87) (22) – – – – (87) (22) Expected return on adjusted net asset value 29 33 – – – – 29 33 Investment variances on adjusted net asset value (116) (55) – – – – (116) (55) Valuation and economic basis (3) (39) (28) (5) 17 8 8 (42) Investment variances on in -f orce business (9) 85 – 70 – – (9) 15 Economic assumption changes 62 (68) 41 (9) 4 (2) 17 (57) Foreign currency translation differences (56) (56) (69) (66) 13 10 – – Change in tax basis 11 – – – – – 11 – Goodwill from business (992) – (992) – – – – – GEV earnings: covered business (1 327) 38 (1 034) 21 (21) 7 (272) 10 Acquired value of in-force 1 921 – 1 636 – (114) – 399 – Disposal of businesses – – – – – – – – Transfer from/(to) non-covered Group business 339 – – – – – 339 – Transfers from covered business 42 (59) – – – – 42 (59) Embedded value of covered business at the beginning of the period 2 548 2 870 1 679 1 742 (334) (325) 1 203 1 453 Embedded value of covered business at the end of the period 3 523 2 849 2 281 1 763 (469) (318) 1 711 1 404 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 127 10 Cluster information continued 10.3 Asia continued 10.3.5 Analysis of change in GEV (Asia) – covered business Total Value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings (256) 99 (14) 26 (38) (1) (204) 74 Value of new life insurance business 74 117 342 331 (50) (39) (218) (175) Unwinding of discount rate 103 93 97 85 6 8 – – Expected profit – – (222) (207) – – 222 207 Operating experience variances (192) (106) 26 (45) (2) 15 (216) (76) Risk experience (69) (41) (1) – 1 10 (69) (51) Persistency (12) (9) 40 (34) (7) (1) (45) 26 Maintenance expenses (96) (17) (14) (15) – – (82) (2) Other (15) (39) 1 4 4 6 (20) (49) Operating assumption changes (241) (5) (257) (138) 8 15 8 118 Risk experience (69) 6 (73) (61) 2 2 2 65 Persistency (13) (2) (18) (57) 5 4 – 51 Maintenance expenses (184) (19) (194) (20) 4 2 6 (1) Modelling changes and other 25 10 28 – (3) 7 – 3 Net investment return (87) (22) – – – – (87) (22) Expected return on adjusted net asset value 29 33 – – – – 29 33 Investment variances on adjusted net asset value (116) (55) – – – – (116) (55) Valuation and economic basis (3) (39) (28) (5) 17 8 8 (42) Investment variances on in- force business (9) 85 – 70 – – (9) 15 Economic assumption changes 62 (68) 41 (9) 4 (2) 17 (57) Foreign currency translation differences (56) (56) (69) (66) 13 10 – – Change in tax basis 11 – – – – – 11 – Goodwill from business (992) – (992) – – – – – GEV earnings: covered business (1 327) 38 (1 034) 21 (21) 7 (272) 10 Acquired value of in-force 1 921 – 1 636 – (114) – 399 – Disposal of businesses – – – – – – – – Transfer from/(to) non-covered Group business 339 – – – – – 339 – Transfers from covered business 42 (59) – – – – 42 (59) Embedded value of covered business at the beginning of the period 2 548 2 870 1 679 1 742 (334) (325) 1 203 1 453 Embedded value of covered business at the end of the period 3 523 2 849 2 281 1 763 (469) (318) 1 711 1 404 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 128 10 C luster information continued 10.4 S anlam Investments 10.4.1 A nalysis of earnings Sanlam Investment Holdings Wealth management International Sanlam Financial Markets Corporate services Consolidation Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Result from life insurance contracts – – – – – – 379 239 – – – – 379 239 Result from other operations 619 597 236 224 170 121 232 272 (38) (35) – – 1 219 1 179 Revenue(1) 2 057 1 819 887 815 268 415 363 438 – – – (23) 3 575 3 464 Net other income 88 113 – – – 6 – – – – – – 88 119 Sales remuneration – – – – (2) (46) – – – – – – (2) (46) Administration costs (1) (1 526) (1 335) (651) (591) (96) (254) (131) (166) (38) (35) – 23 (2 442) (2 358) Less: Project expenses (12) (11) – – – (43) – – – – – – (12) (54) Core earnings before tax, non-controlling interest and performance fees 607 586 236 224 170 78 611 511 (38) (35) – – 1 586 1 364 Performance fees 3 14 1 2 – 5 – – – – – – 4 21 Core earnings before tax and non-controlling interest 610 600 237 226 170 83 611 511 (38) (35) – – 1 590 1 385 Tax on result from financial services (174) (166) (64) (98) (27) (27) (154) (126) 9 10 – – (410) (407) Non-controlling interest (159) (174) – – – – – – – – – – (159) (174) Core earnings 277 260 173 128 143 56 457 385 (29) (25) – – 1 021 804 Life business – – – – – – 288 203 – – – – 288 203 Investment management 277 260 173 128 143 56 – – (29) (25) – – 564 419 Credit and structuring – – – – – – 169 182 – – – – 169 182 Less: release from assets mismatch reserve (2) (6) (13) (6) (13) Operating profit excluding investment variances 277 260 173 128 143 56 451 372 (29) (25) – – 1 015 791 Investment variances – – – – – – 45 (7) – – – – 45 (7) Operating profit 277 260 173 128 143 56 496 365 (29) (25) – – 1 060 784 Add: net investment return on shareholder capital and shareholders’ fund reserves (555) (14) 3 3 22 11 48 79 (107) – 2 (1) (587) 78 Life business – – – – – – 48 79 – – – – 48 79 Investment management (555) (14) 3 3 22 11 – – (107) – 2 (1) (635) (1) Adjusted headline earnings (278) 246 176 131 165 67 544 444 (136) (25) 2 (1) 473 862 (1) Revenue and administration costs include performance fees and the related administration costs. (2) The asset mismatch reserve balance was R186 million at 30 June 2026, R139 million at 31 December 2025 and R121 million at 30 June 2025. 10.4.2 A sset under management Assets under management Fee income Administration cost Unaudited 30 June 2026 R million Audited 31 December 2025 R million Unaudited 30 June 2026 % Audited 31 December 2025 % Unaudited 30 June 2026 % Audited 31 December 2025 % Sanlam Investment Holdings (1) 937 331 1 342 988 0,30 0,30 0,19 0,19 Wealth Management 170 303 168 645 1,06 1,06 0,77 0,77 International (2) 70 880 93 926 0,42 0,42 0,19 0,19 Intra-cluster eliminations (46 676) (53 042) – – Asset management operations 1 131 838 1 552 517 Covered business Sanlam Financial Markets 138 135 120 956 Assets under management 1 269 973 1 673 473 (1) Includes Sanlam assets of R126 billion (31 December 2025: R278 billion). (2) Includes Sanlam assets of R52 billion (31 December 2025: R67 billion). Notes to the supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 129 10 Cluster information continued 10.4 Sanlam Investments 10.4.1 Analysis of earnings Sanlam Investment Holdings Wealth management International Sanlam Financial Markets Corporate services Consolidation Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Result from life insurance contracts – – – – – – 379 239 – – – – 379 239 Result from other operations 619 597 236 224 170 121 232 272 (38) (35) – – 1 219 1 179 Revenue(1) 2 057 1 819 887 815 268 415 363 438 – – – (23) 3 575 3 464 Net other income 88 113 – – – 6 – – – – – – 88 119 Sales remuneration – – – – (2) (46) – – – – – – (2) (46) Administration costs (1) (1 526) (1 335) (651) (591) (96) (254) (131) (166) (38) (35) – 23 (2 442) (2 358) Less: Project expenses (12) (11) – – – (43) – – – – – – (12) (54) Core earnings before tax, non-controlling interest and performance fees 607 586 236 224 170 78 611 511 (38) (35) – – 1 586 1 364 Performance fees 3 14 1 2 – 5 – – – – – – 4 21 Core earnings before tax and non-controlling interest 610 600 237 226 170 83 611 511 (38) (35) – – 1 590 1 385 Tax on result from financial services (174) (166) (64) (98) (27) (27) (154) (126) 9 10 – – (410) (407) Non-controlling interest (159) (174) – – – – – – – – – – (159) (174) Core earnings 277 260 173 128 143 56 457 385 (29) (25) – – 1 021 804 Life business – – – – – – 288 203 – – – – 288 203 Investment management 277 260 173 128 143 56 – – (29) (25) – – 564 419 Credit and structuring – – – – – – 169 182 – – – – 169 182 Less: release from assets mismatch reserve (2) (6) (13) (6) (13) Operating profit excluding investment variances 277 260 173 128 143 56 451 372 (29) (25) – – 1 015 791 Investment variances – – – – – – 45 (7) – – – – 45 (7) Operating profit 277 260 173 128 143 56 496 365 (29) (25) – – 1 060 784 Add: net investment return on shareholder capital and shareholders’ fund reserves (555) (14) 3 3 22 11 48 79 (107) – 2 (1) (587) 78 Life business – – – – – – 48 79 – – – – 48 79 Investment management (555) (14) 3 3 22 11 – – (107) – 2 (1) (635) (1) Adjusted headline earnings (278) 246 176 131 165 67 544 444 (136) (25) 2 (1) 473 862 (1) Revenue and administration costs include performance fees and the related administration costs. (2) The asset mismatch reserve balance was R186 million at 30 June 2026, R139 million at 31 December 2025 and R121 million at 30 June 2025. 10.4.2 Asset under management Assets under management Fee income Administration cost Unaudited 30 June 2026 R million Audited 31 December 2025 R million Unaudited 30 June 2026 % Audited 31 December 2025 % Unaudited 30 June 2026 % Audited 31 December 2025 % Sanlam Investment Holdings (1) 937 331 1 342 988 0,30 0,30 0,19 0,19 Wealth Management 170 303 168 645 1,06 1,06 0,77 0,77 International (2) 70 880 93 926 0,42 0,42 0,19 0,19 Intra-cluster eliminations (46 676) (53 042) – – Asset management operations 1 131 838 1 552 517 Covered business Sanlam Financial Markets 138 135 120 956 Assets under management 1 269 973 1 673 473 (1) Includes Sanlam assets of R126 billion (31 December 2025: R278 billion). (2) Includes Sanlam assets of R52 billion (31 December 2025: R67 billion). 10.4.2.1 A sset mix of assets under management R million Fixed interest Equities Offshore Properties Cash Total Unaudited 30 June 2026 Sanlam Investment Holdings 219 988 369 944 227 205 25 612 94 583 937 332 Wealth Management – 78 382 88 923 – 2 997 170 302 International – – 70 880 – – 70 880 Intra-cluster consolidation – – – – – (46 676) Assets under management – asset management operations 219 988 448 326 387 008 25 612 97 580 1 131 838 Audited 31 December 2025 Sanlam Investment Holdings 337 428 560 428 229 675 41 224 174 234 1 342 989 Wealth Management – 76 122 89 809 – 2 714 168 645 International – – 93 926 – – 93 926 Intra-cluster consolidation – – – – – (53 042) Assets under management – asset management operations 337 428 636 550 413 410 41 224 176 948 1 552 518 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 130 10 C luster information continued 10.4 S anlam Investments continued 10.4.3 A nalysis of change in GEV – covered business Total Gross value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings 288 138 – (2) 5 (19) 283 159 Unwinding of discount rate 3 8 – 8 3 – – – Expected profit – – – (10) – – – 10 Operating experience variances 280 148 – 1 (3) (2) 283 149 Credit spread 283 188 – – – – 283 188 Other (3) (40) – 1 (3) (2) – (39) Operating assumption changes 5 (18) – (1) 5 (17) – – Modelling changes and other 5 (18) – (1) 5 (17) – – Net investment return 51 78 – – – – 51 78 Expected return on adjusted net asset value 41 42 – – – – 41 42 Investment variances on adjusted net asset value 10 36 – – – – 10 36 Valuation and economic basis 38 (1) – (15) (7) 4 45 10 Investment variances on in-force business 41 (7) – (17) (4) – 45 10 Economic assumption changes (3) 6 – 2 (3) 4 – – Non-operating experience variances (349) – (349) – – – – – GEV earnings: covered business 28 215 (349) (17) (2) (15) 379 247 Transfers from/(to) other covered business Group operations 443 109 218 – (8) – 233 109 Transfers from covered business (385) (247) – – – – (385) (247) Embedded value of covered business at the beginning of the period 805 669 131 128 (953) (855) 1 627 1 396 Embedded value of covered business at the end of the period 891 746 – 111 (963) (870) 1 854 1 505 Notes to the supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 131 10 Cluster information continued 10.4 Sanlam Investments continued 10.4.3 Analysis of change in GEV – covered business Total Gross value of in-force Cost of capital Adjusted net asset value R million Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Unaudited 30 June 2026 Reviewed 30 June 2025 Operational earnings 288 138 – (2) 5 (19) 283 159 Unwinding of discount rate 3 8 – 8 3 – – – Expected profit – – – (10) – – – 10 Operating experience variances 280 148 – 1 (3) (2) 283 149 Credit spread 283 188 – – – – 283 188 Other (3) (40) – 1 (3) (2) – (39) Operating assumption changes 5 (18) – (1) 5 (17) – – Modelling changes and other 5 (18) – (1) 5 (17) – – Net investment return 51 78 – – – – 51 78 Expected return on adjusted net asset value 41 42 – – – – 41 42 Investment variances on adjusted net asset value 10 36 – – – – 10 36 Valuation and economic basis 38 (1) – (15) (7) 4 45 10 Investment variances on in-force business 41 (7) – (17) (4) – 45 10 Economic assumption changes (3) 6 – 2 (3) 4 – – Non-operating experience variances (349) – (349) – – – – – GEV earnings: covered business 28 215 (349) (17) (2) (15) 379 247 Transfers from/(to) other covered business Group operations 443 109 218 – (8) – 233 109 Transfers from covered business (385) (247) – – – – (385) (247) Embedded value of covered business at the beginning of the period 805 669 131 128 (953) (855) 1 627 1 396 Embedded value of covered business at the end of the period 891 746 – 111 (963) (870) 1 854 1 505 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 132 10 C luster information continued 10.5 Santam Insurance activities Gross written premium R million Unaudited 30 June 2026 Reviewed 30 June 2025 Property 11 479 9 775 Motor 8 684 8 257 Engineering 1 030 999 Liability 775 816 Crop 31 130 Transportation 618 578 Accident and health 349 381 Other 87 8 Total: conventional insurance 23 053 20 944 Ratios(1) Unaudited 30 June 2026 Reviewed 30 June 2025 Administration cost ratio 19,3% 18,8% Claims ratio 58,4% 56,0% Underwriting margin 8,1% 11,3% Investment return on insurance funds margin 2,9% 2,6% R million Unaudited 30 June 2026 Unaudited 30 June 2025 Conventional insurance Insurance revenue 22 297 21 487 Gross written premium 23 053 20 944 Less: unearned premium and experience adjustments (756) 543 Net earned premiums 18 906 17 920 Net claims incurred (11 039) (10 029) Net commission (2 685) (2 493) Management expenses (3 646) (3 373) Underwriting result: conventional insurance 1 536 2 025 Investment return on insurance funds 542 466 Net insurance result 2 078 2 491 Net other income 337 351 Alternative risk (2) 389 390 Other (52) (39) Strategic participations 257 249 Project expenses (36) (75) Operating profit before tax and non-controlling interest 2 636 3 016 Tax and non-controlling interest (1 635) (1 685) Operating profit 1 001 1 331 Add: net investment return on shareholder capital 117 (36) Adjusted headline earnings 1 118 1 295 (1) Ratios are calculated as a percentage of net earned premiums for the conventional business. (2) Includes operating income and expenses relating to ART business and other operating income and expenses not related to underwriting results. Notes to the supplementary information continued 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 133 10.6 G roup Office analysis of earnings Corporate expenses and other Consolidation (1) Total R million Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Unaudited 30 June 2026 Unaudited 30 June 2025 Revenue 207 197 – – 207 197 Net other income – – (81) (127) (81) (127) Administration costs (336) (268) – – (336) (268) Project expenses (38) (54) – – (38) (54) Operating profit before tax (167) (125) (81) (127) (248) (252) Tax on operating profit 47 38 20 32 67 70 Non-controlling interest – – 61 95 61 95 Operating profit (120) (87) – – (120) (87) Add: net investment return on shareholder capital (189) (37) – – (189) (37) Adjusted headline earnings (309) (124) – – (309) (124) (1) Includes the consolidation entries relating to SEM target shares included within the Santam results. 11 V alue per share R million Unaudited 30 June 2026 Audited 31 December 2025 Net asset value per share is calculated on the group shareholders’ fund at net asset value 102 341 100 986 Equity value per share is calculated based on the group equity value 177 709 185 559 Number of shares for value per share Number of ordinary shares in issue 2 117,1 2 117,1 Shares held by subsidiaries in shareholders’ fund (29,0) (27,4) Outstanding shares in respect of Sanlam Limited long-term incentive schemes 27,1 25,5 Adjusted number of shares for value per share 2 115,2 2 115,2 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 134 Glossary ACT (healthcare assets) Afrocentric Investment Corporation Limited AC Accounting Consolidation AFS Absa Financial Services Limited ALCO Asset liability committee ALM Asset-liability management AM Best Alfred M. Best ANW Adjusted net worth APN Advisory practice note ARC African Rainbow Capital (Pty) Ltd ARC FS African Rainbow Capital Financial Services Holding (Pty) Ltd ARC FSI ARC Financial Services Investments ART Alternative risk transfer BAF Business Approval Framework B-BBEE Broad-based black economic empowerment BEE Black economic empowerment BEL Best estimate liability BIFM Botswana Insurance Fund Management CBI Contingent Business Interruption CDSs Credit default swaps CIO Group Chief Information Officer COE Committees of excellence CPI Consumer Price Index CSA Credit Support Agreements CSM Contractual service margin DCF Discounted cash flow model D&A Deduction and Aggregation DPF Discretionary participation features EBITDA Earnings before interest, taxes, depreciation and amortisation ECL Expected credit loss ERM Enterprise Risk Management EV Embedded value FCTR Foreign Currency Translation Reserve FCFs Fulfilment cash flows FRA Full retrospective approach FSG Funeral services group FVA Fair value approach GEV Group equity value GI General Insurance GMM General measurement model GMSLA Global Master Securities Lending Agreement GOI Governance over Insurers IAS International Accounting Standards IFRS International Financial Reporting Standards IPF Individual policyholders’ tax fund ISDA International Swaps and Derivatives Association IT Technology, cyber and information security JIBAR Johannesburg Interbank Average rate JSE Johannesburg Stock Exchange JVCo Joint venture company LGD Loss given default LIA Lebanon Insurance Africa LRC Loss recovery component LIC Liability for incurred claims MCIS Malaysian Cooperative Insurance Society MRA Modified retrospective approach New Re New Reinsurance Company Limited Switzerland NRFFS Net result from financial services ORSA Sanlam Group Own Risk and Solvency Assessment OF Own Funds OPP Out performance plan PAA Premium allocation approach PA Prudential Authority Plc Public limited company Pty Proprietary Limited PVNBP Present value of new business premiums PVIF Net value of in-force business PVFP Present value of future shareholder profits from in-force covered business RANFR Risk adjustment for non-financial risk Re Reinsurance Company RoGEV Return on group equity value S&P Standard & Poor’s SA South Africa SAM Solvency Assessment and Management SanFin Sanlam Specialised Finance SAN JV Sanlam Emerging Markets Proprietary Limited and Santam Joint Venture SAZ SanlamAllianz SAZ JV SanlamAllianz Joint Venture SCR Solvency Capital Requirement SEM Sanlam Emerging Markets SFL Shriram Finance Limited SGT Sanlam Group Technology SIEA Sanlam Investments East Africa SI Sanlam Investments SIM Sanlam Investment Management SIHC Sanlam Investment Holdings Capital SIH Sanlam Investment Holding SNT Santam SLS Sanlam Life and Savings SPA Sanlam Pan-Africa SPL Sanlam Personal Loans SPM Sanlam Portfolio Management SPV Special purpose vehicle SPW Sanlam Private Wealth SSA Sanlam Share Account Nominee (Pty) Ltd SSS Sanlam Structured Solutions TCF Treating Clients Fairly TCL Total Care Lebanon UBI Ubuntu-Botho Investments UK United Kingdom UMA Underwriting Management Agencies VaR Value at risk VAT Value added tax VFA Variable fee approach VNB Value of new business VOBA Value of business acquired WACC Weighted average cost of capital ZAR South African Rand ZARONIA South African Rand Overnight Index Average 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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Interim Results 2026 Administration Registered name: Sanlam Limited Registration number: 1959/001562/06 Tax reference number: 9536/346/84/5 JSE share code (primary listing): SLM NSX share code: SLA A2X share code: SLM ISIN: ZAE000070660 incorporated in South Africa Internet address: http://www.sanlam.com Directors: Temba Mvusi – Chair Patrice Motsepe – Deputy Chair Paul Hanratty – Group Chief Executive Officer Abigail Mukhuba – Group Finance Director Alex Maditse (appointed 20 May 2026) Andrew Birrell (retired by rotation 10 June 2026) Anton Botha Charlotte Mokoena (appointed 5 May 2026) Ebenezer Essoka Elias Masilela Howard Walker (appointed 11 August 2026) Jacobus (Kobus) Möller – Audit, actuarial and finance Chair Johan van Zyl Karabo Nondumo (retired 10 June 2026) Mathukana Manthata (previously Mokoka) – Social, ethics and sustainability Chair Ndivhuwo Manyonga – Customer interest Chair Nicolaas Kruger – Risk and compliance Chair Shirley Zinn – Human resources and remuneration Chair Sipho Nkosi Willem van Biljon – Digital transformation and information technology Chair Executive Head – Investor Relations : Tokelo Mulaudzi Group Company Secretary: Adela Fortune Registered office 2 Strand Road, Bellville 7530, South Africa Telephone +27 (0) 21 947 9111 Fax +27 (0) 21 947 3670 33”45’09.77S 18”38’28.32E Postal address: PO Box 1, Sanlamhof 7532 Equity Sponsor to Sanlam The Standard Bank of South Africa Limited Sanlam client care centre (021) 916 5000 or 0860 SANLAM (0860 726 526) (021) 947 9111/+27 (0) 21 947 9111 (International) Debt Sponsor to Sanlam Life Insurance Limited The Standard Bank of South Africa Limited Transfer secretaries Registered number: 2004/003647/07 Computershare Investor Services (Pty) Ltd Rosebank Towers, 15 Biermann Avenue Rosebank 2196, South Africa Private Bag X9000, Saxonwold 2132, South Africa Tel +27 (0) 11 370 5000 Fax +27 (0) 11 688 5200 sanlamholders@computershare.co.za Contact Investor relations: ir@sanlam.co.za ...we are sanlam.com 01 Financial and strategic review 02 Condensed consolidated interim financial statements 03 Supplementary information
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