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Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies. Interim financial results for the six months ended 30 June 2026 Presented by: Tavaziva Madzinga and Wikus Olivier
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1. Key messages 2. Operating environment 3. Operating highlights 4. Strategic update 5. Financial results 6. Capital management 7. Closing remarks 03 04 07 09 15 30 33 Contents Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.
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Add icons if you have too, please make the bullets interesting First half performance underpinned by disciplined underwriting in a more challenging environment Resilient performance with margins well above the midpoint of the target range, despite significant weather and other large losses Successfully launched Syndicate 1918, a step change in our diversification and international play Direct momentum maintained as Miway and Santam Direct delivered double-digit growth; the launch of Santam CashBack further strengthens our multi-channel proposition Strong earnings growth supported by the recovery in investment return on capital and continued strong Alternative Risk Transfer performance Demonstrated underwriting and pricing discipline amid softening global rates; intensified focus on operational efficiency and returned over R12 billion to the economy through claims settlement The strength of client and intermediary relationships and a superior distribution footprint underpin a solid platform for the rest of the year 3
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Operating environment Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.
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The global backdrop: Geopolitics, Energy, Growth and Pricing Global Geopolitical Index, 2020 - 2026 Heightened geopolitical risk is driving disruption Slower global growth, with inflation re-accelerating Elevated energy prices 2.8 (3) 6.3 3.5 3.3 3.5 3.5 3.0 3.4 -4 -2 0 2 4 6 8 2019 2020 2021 2022 2023 2024 2025 P2026 P2027 Global GDP Projections %, 2019 - 2027 Despite the riskier environment, rates continue to soften Source: The Caldara-Iacoviello GPR Index, Macrotrends.net, Trading Economics, IMF WOE July 2026, Howden, Ahir, H, N Bloom, and D Furceri (2022), “World Uncertainty Index”, NBER Working Paper Howden Property CAT Reinsurance Pricing Index, 2020 - 2026 138 64 58 319 117 198 92 221 104 330 180 2020 2021 2022 2023 2024 2025 2026 YTD Brent Crude Oil Price (US$/bbl), 2020 - 2026 $42 $70 $101 $82 $81 $69 $118 $84 2020 2021 2022 2023 2024 2025 2026 peak (Mar) 2026 latest (Jul) 6.0% 9.0% 37.0% 3.0% -8.0% -14.7% -16.0% -25.0%Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-25 Jan-26 Apr-26 Jun-26 5
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The South African macro backdrop behind our results Fuel and Transport Inflation, June 2026 vs June 2025 Fuel prices remain the primary source of cost pressure Re-emergence of a cost-of-living crisis Inflation is reaccelerating Consumer Financial Stress: 5-year trend (%) Insured weather-loss experience has stepped up Source: Santam own data, StatsSA, DebtBusters Money Stress Tracker, SARB, ASSA Climate Data Santam Gross Catastrophe Claims, 2017 – 2026 (excl COVID 19) Headline Index vs Annual Inflation rate (%) 50.8% 31.7% 12.7% Diesel Petrol Transport 2 3 4 5 6 7 8 9 80 85 90 95 100 105 110 Rate (%) Index Headline CPI index Headline inflation (YoY %) 2022 2023 2024 2025 Jun-26 70% 78% 75% 70% 72% 57% 55% 53% 48% 53% 2022 2023 2024 2025 2026 Feeling financial stress (%) Spend >40% of income on debt (%) R m 1 000 2 000 3 000 4 000 5 000 6 000 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Fire Flood Earthquake Other Hail Average (2017–2026) R1.4bn 6
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Santam is an authorised financial services provider (FSP 3416), a licensed non -life insurer and controlling company for its group comp anies. Operating highlights Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Performance update: June 2026 GROWTH Conventional insurance GWP growth of 10% (2025: 10%) Conventional insurance NEP growth of 6% (2025: 16%) EARNINGS Underwriting margin for conventional insurance business of 8.1% (2025: 11.3%) Alternative Risk Transfer earnings of R466 million (2025: R417 million) Net income of R2 192 million (2025: R2 045 million) Return on capital of 27% (2025: 33.2%) FINANCIAL STRENGTH Group economic capital coverage ratio of 167% (Dec 2025: 169%) Interim dividend of 650 cps (2025: 590 cps), up 10.2% VALUE DRIVERS Direct as % of GWP 23% (2025: 22%) International as % of GWP 23% (2025: 20%) Policy count: 3.6 million RESULTS AFFECTED BY: Negatives: Weather-related events in January and May, softening rate cycle and lower new business growth from Specialist Positives: Favourable attritional loss ratio, recovery in investment return on capital, ART performance, double -digit growth from Direct businesses, over R12 billion paid in claims and the first-time contribution from Syndicate 1918 8
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Strategic update Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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On track to deliver FutureFit 2030 through disciplined strategy execution Strategic intent Our purpose Values Care Collaboration Integrity Innovation To safeguard what is important to our clients Leading South African insurer driven by data, with the client at the centre of everything we do Growth vectors: Drive international expansion and diversification Scale ecosystems and explore new markets through partnerships Strengthen leadership position in South Africa • Shift to a multi-channel model • Maintain dominance in Broker • Scale Direct and tied agency • Leverage SanlamAllianz • Specialist capability (via Lloyd’s) • Scale Reinsurance • Ecosystem/platform play • Cross-sell across the Sanlam Group • Partnerships: MTN, MultiChoice Unlock and develop data capabilities to solidify our competitive advantages Modernise IT and digital capabilities Digitise our E2E value chain and customer journey Leverage data and AI to enhance innovation and underwriting (pricing/risk selection) Good corporate citizen and drive transformation Win the war on talent (Talent mobility) Cost excellence Build resilient communities and establish leadership in sustainability Client and intermediary experience 10
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Disciplined underwriting and geocoding are structural advantages Geocoding turning addresses into precise geographic coordinates, powering smarter underwriting, risk mapping and claims response Source: Santam • Rate adequacy maintained through the softening cycle; pricing for risk, not for volume • Active portfolio steering (re-rate or proactive risk management) • Underwriting margin held within the 5% - 10% target range despite exceptional weather load • Strong reserve strength underpins earnings quality and diversity of the portfolio • Catastrophe reinsurance programme Disciplined underwriting • Property-level location accuracy on every risk we write • Accumulation control for flood, fire and storm exposure concentration • Flood monitoring with ICEYE1 as floods occur • Claims management usage • Approximately R200 million of weather savings in H1 2026 (13% of net catastrophe and other large losses claims) • Contributing to lower loss ratio volatility and resilient through-the-cycle margins Geocoding 1 = ICEYE is the world’s largest Synthetic Aperture Radar satellite constellation, providing persistent, all-weather, day-and-night Earth observation and radar imaging data. 11
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Miway’s growth broadens as strategic initiatives scale Sustained double-digit GWP growth is underpinned by improved policy count, despite pressure on consumers Source: Santam Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 POLICY COUNT - QUARTERLY TRENDS Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q4/25 Q1/26 Q2/26 GWP - QUARTERLY TRENDS 12
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Santam Syndicate 1918: launched on plan, scaling specialist capability In its first six months, Syndicate 1918, the only African-headquartered participant in the Lloyd’s market, has concluded R1.3 billion of expected new incremental premiums, accelerating Santam’s international diversification and earnings growth. The focus remains on building a disciplined and quality-led platform 1 = National Association of Insurance Commissioners, the U.S. insurance regulatory standard-setting body. Strategic rationale • Diversified growth. Delivers international growth beyond SA. • Lloyd’s advantage. Global licences across 200+ territories, ratings and capital efficiency in one platform. • Emerging markets gateway. Channels African and emerging market specialty risk into global markets. • Value accretive. Lloyd’s platforms are unique and trade at premium multiples (~2x book). • Step change. International earnings in hard currency with 24% targeted return on capital by 2030. Progress update • Launched on time and on plan; open market property writing from 1 April and consortia execution; NAIC1 approval unlocked US business from day one. • Approved capacity of £375 million, with more than £150 million earmarked for new incremental business. • Leadership capability strengthened with the appointment of senior underwriters and a new CEO in place. • Scaling with discipline; concluded business lines with expected new incremental GWP of R1.3 billion by 30 June 2026; R461 million recognised. • Capital-efficient value creation. Funded by Santam and letters of credit. • Initial expected loss is due to revenue recognition profile. 13
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Our long term targets to 2030 NET UNDERWRITING MARGIN 5% to 10% DIVERSIFICATION International GWP >30% Direct GWP> 30% RETURN ON CAPITAL >24% DIVIDEND GROWTH Based on NEP growth CAPITAL COVERAGE RATIO 145% to 165% GWP GROWTH RATE CPI + GDP + 1% to 2% FINANCIAL POLICY COUNT >4 million CUSTOMER EXPERIENCE (NPS SCORE) >60 EMPLOYEE ENGAGEMENT SCORE >75% SA MARKET SHARE >24% TRANSFORMATION Maintain B-BBEE Level 1 ESG Maintain Top 30 JSE Responsible Investment Index NON-FINANCIAL 14
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Financial results Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.
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Results at a glance NEP growth Claims ratio Acquisition cost ratio Underwriting margin Investment return on insurance funds Net insurance result Return on capital (annualised) 5.5% 58.4% 33.5% 8.1% 2.9% 11.0% 27.0% 16.0% 56.0% 32.7% 11.3% 2.6% 13.9% 33.2% For the period ended 30 June 2026 For the period ended 30 June 2025 16
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Santam is an authorised financial services provider (FSP 3416), a licensed non -life insurer and controlling company for its group comp anies. Business volumes Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Conventional insurance GROSS WRITTEN PREMIUM VS CPI + GDP GROWTH • Double-digit growth across all businesses apart from Broker Solutions and Client Solutions • First-time contribution from Syndicate 1918 • Strong growth in Corporate Property new business offset rate softening at Specialist Solutions. Focus remains on appropriately priced risks • Base effect of MultiChoice acquisition • Partnership business at Santam Re • Net earned premiums grew by 5.5% 4.6 5.3 8.2 5.5 10.5 9.7 6.4 10.1 (3.7) 9.4 9.1 5.8 5.5 4.2 4.4 5.0 (4) (1) 2 5 8 11 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Percentage Growth in GWP CPI + GDP growth *Year-on-year forecasted CPI of 3.9% and GDP of 1.1% (Jun-26) 18
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Conventional insurance GROSS WRITTEN PREMIUM PER INSURANCE CLASS (R’M) • Good growth in Property across all businesses, including Specialist Solutions; first-time contribution from Syndicate 1918; base effect of MultiChoice acquisition • Robust growth in Motor across personal and commercial lines businesses; partly offset by change in mix at Santam Re • Lower Engineering new business at Santam Re partly offset growth at Specialist Solutions • Change in mix at Santam Re also impacting Liability class 8 130 381 578 816 999 8 257 9 775 87 31 349 618 775 1 030 8 684 11 479 0 2 000 4 000 6 000 8 000 10 000 12 000 Other Crop Accident and health Transportation Liability Engineering Motor Property Jun-26 Jun-25 5% 3% (5%) (8%) (76%) 7% >100% 17% 19
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Conventional insurance GROSS WRITTEN PREMIUM GEOGRAPHIC ANALYSIS (%) • Syndicate 1918 accelerating international expansion and diversification • GIFT City office launched in India on 1 April 2026 • Target of 30% international GWP by 2030 80% 6% 14% 77% 6% 17% South Africa Rest of Africa Other international Outer ring: Jun-26 Inner ring: Jun-25 20
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Conventional insurance • Strong growth in Direct and Partnership business in SA partly offset by soft rating environment for Specialist lines; good growth from other personal and commercial lines businesses • Maiden contribution from Syndicate 1918 impacted by delayed revenue recognition profile – R1.3 billion of GWP expected from business concluded up to 30 June 2026 • Rest of international supported by strong growth in Namibia and from Santam Re strategic partnerships 17 781 461 3 178 1 633 23 053 16 719 - 2 736 1 489 20 944 - 5 000 10 000 15 000 20 000 25 000 South Africa International - Syndicate 1918 International - Treaty Reinsurance International - Other Total R million Jun-26 Jun-25 6.4% 16.2% 10.1% 9.7% GROSS WRITTEN PREMIUM GEOGRAPHIC ANALYSIS 21
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Conventional insurance REINSURANCE AS % OF GROSS EARNED PREMIUM • Lower reinsurance spend in Specialist Solutions and Santam Re Percentages disclosed for periods prior to Dec 2022 not restated for IFRS17, but impact is immaterial. 20.6 20.7 22.1 20.9 19.2 16.7 16.3 15.2 - 5 10 15 20 25 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Percentage 22
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Santam is an authorised financial services provider (FSP 3416), a licensed non -life insurer and controlling company for its group comp anies. Earnings Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Analysis of earnings • Significant weather- related losses; investment return on insurance funds supported by strong investment market performance and benchmark outperformance • Investment return on capital • Foreign currency translation losses of R77 million (2025: R416 million loss) (excluding SGI) • Revaluation of SGI by R685 million in base currency (2025: R289 million), partly offset by forex loss of R175 million (2025: R144 million) • Annualised return on capital of 27%, well in excess of the 24% target Jun-26 R million Jun-25 R million Variance Conventional 2 805 2 526 11% Net insurance result 2 078 2 491 (17%) Investment return on capital 727 35 >100% ART profit before tax 466 417 12% Other (53) (87) 39% Associates 61 59 3% Amortisation & other (114) (146) 22% Income before tax & non-controlling interest 3 218 2 856 13% Tax & non-controlling interest (1 026) (811) (26%) Net income 2 192 2 045 7% 24
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Operating earnings Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Net insurance result: Conventional • Underwriting margin well within the target range despite significant large losses • Total weather- related catastrophe and other large losses of R1.5 billion compared to R144 million in 2025 • Positive impact of R325 million from change in reserving confidence level • Initial loss of R230 million from delayed revenue recognition profile at Syndicate 1918 • 15.7% underwriting margin excluding large losses, change in reserve sufficiency and Syndicate 1918 • Reflective of underlying rating strength Jun-26 % of NEP Jun-25 % of NEP % changeR million R million Gross written premium 23 053 20 944 10.1% Net earned premium 18 906 100.0% 17 920 100.0% 5.5% Net claims incurred 11 039 58.4% 10 029 56.0% 10.1% Net acquisition cost 6 331 33.5% 5 866 32.7% 7.9% Net commission 2 685 14.2% 2 493 13.9% 7.7% Management expenses 3 646 19.3% 3 373 18.8% 8.1% Net underwriting result 1 536 8.1% 2 025 11.3% (24.1%) Investment return on insurance funds 542 2.9% 466 2.6% 16.3% Net insurance result 2 078 11.0% 2 491 13.9% (16.6%) Combined ratio 91.9% 88.7% 26
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16.6 16.6 16.0 16.5 18.1 18.8 19.0 18.1 1.2 12.8 13.4 13.9 13.8 13.2 13.9 13.7 14.2 29.4 30.0 29.9 30.3 31.3 32.7 32.7 33.5 - 5 10 15 20 25 30 35 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Percentage Management expenses Syndicate 1918 expenses Commission Conventional insurance NET ACQUISITION COST: AS % OF NET EARNED PREMIUM • Stringent focus on driving efficiencies in light of inflation risk • Increase in expense ratio since June 2025 attributable to Syndicate 1918 • Commission affected by mix of business 27
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Conventional insurance NET INSURANCE RESULT: AS % OF NET EARNED PREMIUM • Strong underlying underwriting result • Investment return on insurance funds benefiting from recovery in markets since the end of March • Reserve sufficiency remains very strong 2.5 8.0 5.1 3.5 7.6 11.3 11.3 8.12.1 1.5 1.2 2.6 2.6 2.6 3.0 2.9 4.6 9.5 6.3 6.1 10.2 13.9 14.3 11.0 - 2.5 5.0 7.5 10.0 12.5 15.0 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Percentage Net underwriting result Investment return on insurance funds 28
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Alternative risk transfer insurance • High comparative base for fee income and investment margin • Favourable underwriting experience at most partners, albeit lower than benign 2025 comparative period Jun-26 R million Jun-25 R million Variance Fee income 268 270 (1%) Investment margin 228 222 3% Underwriting income 77 92 (16%) Expenses (184) (194) 5% Operating result 389 390 0% Investment income 77 27 >100% Net profit before tax and non-controlling interest 466 417 12% 29
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Capital management Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Return on capital NET INCOME EXPRESSED AS % OF WEIGHTED AVERAGE SHAREHOLDERS’ FUNDS Dotted line represents the targeted return on capital of 24% 8.8 18.6 13.6 13.4 20.0 32.5 31.4 22.9 (0.8) 9.9 4.9 15.1 11.9 0.7 (2.2) 4.1 8.0 28.5 18.5 28.5 31.9 33.2 29.2 27.0 (10) - 10 20 30 40 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 Percentage Insurance ROC Investment and other ROC 31
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Capital management • Group economic capital requirement based on the internal model R11.9 billion (Dec 2025: R11.3 billion) • Group economic capital coverage ratio of 167% at 30 June 2026 (Dec 2025: 169%) • Target economic capital coverage ratio band maintained at between 145% and 165% • Considering the capital position, an interim ordinary dividend of 650 cps was declared, up 10.2% on 2025 • Interim dividend will reduce the economic capital coverage ratio to a level that remains at the upper end of the target band • Sufficient capital available to support growth of Syndicate 1918 into 2027 32
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Santam is an authorised financial services provider (FSP 3416), a licensed non -life insurer and controlling company for its group comp anies. Closing remarks Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Progressing on sustainability Positive impact on society and nature Supporting community resilience Culture and customer experience • Continued as a constituent of the FTSE4Good Index Series and FTSE/JSE Responsible Investment Top 30 Index • Geocoding now supporting active monitoring of flood events and facilitating claims management (including deployment of field assessors) • Continued collaboration with industry peers and fire associations through the Quick Reaction Force, mitigating wildfire risk and reducing losses • Climate-smart agriculture and climate adaptation initiatives supporting vulnerable communities and municipalities • Through over R12 billion paid in gross claims, we supported our clients to recover, supported resilience and economic activity across South Africa and elsewhere • Enhanced disaster-risk preparedness through a strategic partnership with the South African Weather Service (SAWS) • We continue to support 110 municipalities through Partnership for Risk and Resilience (P4RR), with over 24 million people benefiting • Contributions worth R410 million to Resilient Investments, which focuses on social impact • Continued commitment to excellent customer experience and fair treatment • Customer NPS of 64, across all channels • Launched Santam CashBack to improve retention and lifetime value • Engaged workforce with an engagement score of 86% • Launched Commercial & Personal Lines Underwriting Academy • Expanded Data and AI capability through targeted upskilling initiatives • Santam ranked number 30 in the 2026 Kantar Brandz Most Valuable South African Brand, highlighting the brand strength and relevance 34
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Outlook: a deliberate shift toward margin expansion Profitable growth and cost discipline are the priorities Continue to scale the direct capability Scale international diversification through Santam Syndicate 1918 and the Indian growth opportunity Sharpen cost efficiency to protect margin and fund strategic investments Maintain underwriting and pricing discipline through the softening rate cycle Continue to strengthen distribution partnerships and deliver market-leading broker enablement Accelerate investments in AI and data whilst strengthening AI governance Maintain focus on delivering for our clients and employees Continue to invest in resilience-building initiatives to close the protection gap and strengthen disaster resilience. 35
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Consistent, disciplined delivery on a credible path to 2030 GWP growth Diversification Net underwriting margin (NUM) and Return on capital (ROC) growth Dividend growth 5.3% 8.2% 5.5% 10.5% 9.7% 6.4% 10.1% 0 2 4 6 8 10 0 2 4 6 8 10 12 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 16% 16% 16% 18% 19% 23% 16% 16% 17% 17% 22% 23% 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Jun-26 International Direct Target GWP growth rate vs Target 8.0 5.1 3.5 7.6 11.3 11.3 8.1 28.5 18.5 28.5 31.9 33.0 29.2 27.0 0 4 8 12 16 20 24 28 32 Dec-21 Dec-22 Dec-23 Dec-24 Jun-25 Dec-25 Jun-26 NUM ROC ROC Target Grey bold line indicates NUM target range of 5% – 10% Source: Santam own data 432 462 495 535 590 650 790 845 905 985 1 090 800 1 780 0 1000 2000 3000 4000 2021 2022 2023 2024 2025 1H2026 Interim Final Special 36 A proven track record against our financial targets underpins confidence in the strategy
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Questions? Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies.
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Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and controlling company for its group companies. Supplementary information
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Exchange rate volatility CLOSING RATES Currency Jun-26 Dec-25 Change United States Dollar 16.39 16.59 1.2% Euro 18.74 19.46 3.7% Indian Rupee 0.17 0.18 17.4% AVERAGE RATES Currency Jun-26 Jun-25 Change United States Dollar 16.40 18.38 10.8% Euro 19.14 20.05 4.6% Indian Rupee 0.18 0.21 16.0% 39
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Investment market performance RETURN FOR THE PERIOD INDEX Jun-26 Jun-25 JSE All Share (4.8%) 14.7% JSE Swix 40 (5.6%) 17.7% JSE All Bond 4.3% 6.6% SA Money Market (STeFI) 3.4% 3.8% USD Money Market (SOFR) 1.9% 2.2% 40
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Conventional insurance GROSS WRITTEN PREMIUM SEGMENTAL ANALYSIS - PERSONAL AND COMMERCIAL 9 177 13 876 8 515 12 429 - 5 000 10 000 15 000 20 000 Personal Commercial R million Jun-26 Jun-25 7.8% 11.6% 41
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Conventional insurance NET UNDERWRITING RESULT SEGMENTAL ANALYSIS - PERSONAL AND COMMERCIAL • Commercial lines impacted by weather- related catastrophe and other large losses • Syndicate 1918 included in Commercial lines • Strong underlying contribution from all insurance classes • Property delivered positive margin despite large losses 1 350 186 861 1 164 - 400 800 1 200 1 600 2 000 Personal Commercial R million Jun-26 Jun-25 56.8% (84.0%) 42
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Conventional insurance MIWAY • Solid performance despite pressure on consumers • Some deterioration in collection rates, but improved recently • Acquisition cost ratio starting to decline as scale benefits increase 1 Excluding value-added products Jun-26 Jun-25 Variance Gross written premium (R million) 2 303 2 043 13% Underwriting result (R million) 246 219 12% Claims ratio 51.3% 49.6% Acquisition cost ratio 37.9% 39.5% Underwriting margin 10.8% 10.9% Number of clients1 359 368 353 406 2% 43
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India/Malaysia target shares ANALYSIS OF SANTAM’S SHARE OF NIR FOR P&O AND SGI • SGI GWP growth of 20% in constant currency, with strong contributions from the Shriram ecosystem and own channels • Net insurance result of SGI down 21.5% on 2025 from lower investment returns. SGI achieved a NIR margin of 15.7% • Revaluation of SGI by R685 million in line with strong performance, offset by R175 million negative foreign currency translation difference Jun-26 R million % of NEP Jun-25 R million % of NEP Gross written premium 760 750 Net earned premium 552 100.0% 540 100.0% Net claims incurred 321 58.1% 329 60.9% Net acquisition cost 214 38.7% 214 39.6% Net underwriting result 17 3.2% (3) (0.5%) Investment return on insurance funds 56 10.1% 123 22.8% Net insurance result 73 13.3% 120 22.3% 44
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Asset liability matching GROUP CONSOLIDATED NET ASSETS AT 30 JUNE 2026 34 9 45 6 15 66 88 55 74 79 5 2 3 24 (2) (6) (3) (20) - 20 40 60 80 100 Insurance funds ART Sub debt SH funds Total Percentage Other assets Strategic investments Listed equities Interest-bearing instruments and preference shares Cash and money market instruments 12 127 39 927 4 098 15 896 72 048 6 • No change in strategic asset allocation and matching philosophy • Duration of bond exposure in capital portfolio to be reduced • Strategic investments mostly reflect economic interest in SGI and NMSIS 45
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Conventional insurance SIZE OF NET INSURANCE FUNDS 9 910 8 444 8 721 9 370 11 167 13 132 13 428 13 297 12 792 12 406 12 186 12 127 12 706 - 2 000 4 000 6 000 8 000 10 000 12 000 14 000 R million 46
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Shareholder funds CURRENCY EXPOSURE 55 60 61 60 24 19 22 20 18 18 15 17 3 3 2 3 - 20 40 60 80 100 Dec-24 Jun-25 Dec-25 Jun-26 Percentage Rand US Dollar Indian Rupee (Target shares) Other currencies (mainly Namibian Dollar and Malaysian Ringgit) 47
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Investment return • Significant decline in forex losses • Conventional investment return benefited from SGI revaluation Investment return on insurance funds VarianceJun-26 Jun-25 R million R million Conventional 542 466 16% Alternative Risk Transfer 228 222 3% Santam group 770 688 12% Shareholder investment return VarianceJun-26 Jun-25 R million R million Conventional 727 35 >100% Alternative Risk Transfer 77 27 >100% Santam group 804 62 >100% 48
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Conventional insurance June 2026 June 2025 R million Total % of NEP South Africa % of NEP International % of NEP Total % of NEP South Africa % of NEP International % of NEP Gross written premium 23 053 17 781 5 272 20 944 16 719 4 225 Net earned premium 18 906 100% 15 731 100% 3 175 100% 17 920 100% 14 694 100% 3 226 100% Net claims incurred (11 039) 58.4% (9 018) 57.3% (2 021) 63.7% (10 029) 56.0% (7 970) 54.2% (2 059) 63.8% Net commission (2 685) 14.2% (1 874) 11.9% (811) 25.5% (2 493) 13.9% (1 682) 11.5% (811) 25.1% Management expenses (3 646) 19.3% (3 228) 20.5% (418) 13.2% (3 373) 18.8% (3 206) 21.8% (167) 5.2% Net underwriting result 1 536 8.1% 1 611 10.3% (75) (2.4%) 2 025 11.3% 1 836 12.5% 189 5.9% Investment return on insurance funds 542 2.9% 457 2.9% 85 2.7% 466 2.6% 394 2.7% 72 2.2% Net insurance result 2 078 11.0% 2 068 13.2% 10 0.3% 2 491 13.9% 2 230 15.2% 261 8.1% Investment return on capital 727 760 (33) 35 306 (271) Profit before tax 2 805 2 828 (23) 2 526 2 536 (10) 49
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Conventional insurance June 2026 June 2025 R million Gross written premium Net earned premium Net underwriting result Net insurance result Gross written premium Net earned premium Net underwriting result Net insurance result South Africa 17 781 15 731 1 611 2 068 16 719 14 694 1 836 2 230 International 5 272 3 175 (75) 10 4 225 3 226 189 261 Syndicate 1918 and related entities 461 87 (230) (229) - - - - Treaty insurance 3 178 2 340 (35) 23 2 736 2 533 39 83 Other 1 633 748 190 216 1 489 693 150 178 Total 23 053 18 906 1 536 2 078 20 944 17 920 2 025 2 491 50
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Thank you • Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.