Interim report
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 20262026
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SANTAM LIMITED Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 SALIENT FEATURES1 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY12 FINANCIAL AND OPERATIONAL REVIEW2 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS13 CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION10 NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS14 CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME11 ADMINISTRATION36
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 1 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Conventional insurance net earned premium growth 6% (June 2025: 16%) Salient features Conventional insurance net underwriting margin 8.1% (June 2025: 11.3%) Alternative Risk Transfer (ART) profit before tax R466 million (June 2025: R417 million) Economic capital coverage ratio 167% (December 2025: 169%) Annualised return on shareholders’ funds 27.0% (June 2025: 33.2%) Headline earnings (per share) 2 006 cents (June 2025: 1 873 cents) Earnings (per share) 2 006 cents (June 2025: 1 873 cents) Diluted headline earnings (per share) 1 991 cents (June 2025: 1 855 cents) Interim dividend (per share) 650 cents (June 2025: 590 cents)
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SANTAM LIMITED 2 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Financial and operational review Introduction References in this section to “the period” refer to the six months ended 30 June 2026 unless otherwise indicated. Similarly, references to “the comparable period” or “the prior period” refer to the six months ended 30 June 2025. Key features Strategic progress • Successful launch of Santam Syndicate 1918 (the Syndicate) in London on 1 January 2026 and GIFT City office in India on 1 April 2026, accelerating the group’s international diversification and expansion strategy • Good traction in Direct distribution, with Miway and Santam Direct achieving double-digit growth in gross written premium (GWP) • Good progress in the development of tailored insurance solutions for partnerships and underpenetrated client segments in South Africa • Successful launch of Santam CashBack on 1 July 2026, improving our overall client value proposition • Maintained market share in intermediated channels through strong broker relationships and improved broker value proposition, which includes the Santam CashBack offering Business volumes • GWP and net earned premium (NEP) growth of 10% and 6% respectively; NEP growth lagged GWP growth mainly due to timing differences in the recognition of Specialist, Reinsurance and Syndicate business as earned premium • The Syndicate concluded business with an estimated GWP (estimated premium income or EPI) of R1.3 billion • A number of businesses achieved double-digit growth in GWP Earnings • Underwriting margin of 8.1% (combined ratio of 91.9%) is above the mid-point of the target range despite significant weather-related catastrophe (CAT) and other large losses in 2026 (June 2025: 11.3%; combined ratio 88.7%) • Property portfolio remained profitable, with a strong underlying performance excluding CAT and other large losses • Favourable attritional loss experience persisted in the first half of 2026 • Investment return on insurance funds of 2.9% of NEP (June 2025: 2.6%) • Investment return earned on shareholders’ funds increased from R35 million in the prior period to R727 million Capital • Annualised return on capital of 27% exceeded the hurdle rate of 24% • Interim dividend of 650 cents per share, up 10.2% Executive summary The group achieved a solid financial performance for the first half of the 2026 financial year. The result reflects disciplined underwriting, sound expense management and continued strategic progress, despite a challenging macro-economic environment, investment market volatility and significant CAT and other large losses. Key performance indicators remained in line with or exceeded long-term targets. International diversification and expansion was a key strategic focus area during the period. We successfully launched the Syndicate on 1 January 2026 and made good progress with the vesting of operational processes and the appointment of key staff, including a new chief executive, other executive management and key underwriters. The Syndicate had a strong start, concluding new incremental business with an EPI of R1.3 billion up to 30 June 2026. We also opened our new GIFT City office in India on 1 April 2026. India holds significant future growth prospects which we will now be able to better access due to the improved tiering we obtained through the GIFT City presence. These two initiatives have the potential to transform the group into a global multinational insurer with substantially enhanced growth prospects. Strengthening our leadership position in South Africa remains a key component of our strategy. Independent intermediaries remain our largest distribution channel in South Africa, where we have a leading market share. We continue to strengthen our broker relationships through active engagement, improving the ease of doing business and assisting our brokers in enhancing their client value propositions. We launched our Santam CashBack under the Santam brand across our intermediated channel on 1 July 2026, further enhancing the attractiveness of our client solutions. These initiatives position us well to defend market share as competitive pressures mount. Client preferences continue to shift to direct distribution in certain segments and products. Scaling our Direct businesses is key for market share growth in this strategically important channel. Both Miway and Santam Direct achieved double-digit growth. Santam Partner Solutions is making good progress in developing tailored solutions for cross-selling into our partner client bases and to drive penetration in underinsured segments in South Africa, which will also contribute to closing the insurance gap in vulnerable market segments.
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 3 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Financial and operational review Our steadfast focus on strategic execution enabled us to successfully navigate a challenging operating environment during the period. Global geopolitical events, in particular the war in the Middle East, derailed the prospects of an improved macro environment in South Africa. The substantial rise in oil and related commodity prices negatively impacted global business confidence, economic growth prospects and inflation risk. Higher fuel prices and a general rise in inflation suppressed disposable income with a commensurate impact on the affordability of insurance. We responded early to the elevated risk environment, with a number of efficiency initiatives yielding positive results. The unfolding geopolitical events also contributed to investment market volatility across asset classes. Signs of an end to the war drove a positive market reaction towards the end of June, with investment return earned on our insurance funds and capital portfolio improving since the end of March 2026. Our strategic progress underpinned our financial performance scorecard in the first half of 2026: Performance measure Long-term goal 2026 performance Rating Growth in the size of the book CPI + GDP + 1 to 2% (6.0% – 7.0%)* Gross written premium (GWP): 10.1% Net earned premium (NEP): 5.5% Net underwriting margin 5% – 10% 8.1% Diversification • International • Direct >30% by 2030 >30% by 2030 23% 23% Return on capital 24% 27.0% Dividend growth Based on NEP growth (5.5%) 10.2% Capital coverage ratio 145% – 165% 167% * Based on International Monetary Fund estimated 2026 GDP and average CPI of 1.1% and 3.9% respectively. Business volumes GWP indicates the size of the business written by the group’s distribution channels before allowing for reinsurance premiums paid. As it excludes reinsurance, it reflects the group’s distribution capacity rather than earnings potential. NEP is also disclosed as an indicator of the size of the business retained by the group. It relates to the portion of GWP after reinsurance recognised in the current reporting period regarding expired risk and is a better reflection of the group’s earnings potential. GWP increased by 10%, while NEP grew by 6%. The growth in GWP was supported by double-digit growth at Miway, Santam Direct, Santam Re and Santam Partner Solutions, and a maiden contribution by the Syndicate. Timing differences in the recognition of Santam Specialist Solutions, Santam Re and Syndicate business as earned premiums contributed to the relatively lower growth in NEP. Broker Solutions and Client Solutions achieved solid overall growth in GWP despite further moderation in premium rate increases and competitive pressure in outsourced business. The group continues to avoid business that is not appropriately priced. Growth in the traditional independent intermediary channel slowed down as a result, but was offset by good growth from the Direct channel. Persistency remained within expectations. Future growth is expected to benefit from the roll-out of the Santam CashBack offering. Conventional business volumes (R million) 16 543 13 496 17 657 14 377 19 084 15 395 20 944 17 920 23 053 18 906 0 5 000 10 000 15 000 20 000 25 000 June 2026June 2025June 2024June 2023June 2022 Gross written premium Net earned premium Compound annual growth rate GWP 8.6% NEP 8.8% Partner Solutions experienced good growth, supported by the base effect of the MultiChoice transaction which became effective on 1 May 2025. Device insurance at MTN and MultiChoice is performing broadly in line with expectations. Miway continued to benefit from its diversified outbound, inbound and tied agency strategies. GWP grew by 13%, with solid contributions from all classes of business. The Micashback value proposition has been rolled out to all personal lines policies and contributed to an increase in average premium per policy since its launch date, with positive impacts on claims and persistency experience also starting to emerge.
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SANTAM LIMITED 4 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Specialist Solutions achieved a double-digit increase in GWP, assisted by the first-time contribution from the Syndicate. Santam Specialist Solutions’ growth trajectory excluding the Syndicate improved since the end of the 2025 financial year, contributing positive growth for the period despite persistent pressure from the current softer premium rate cycle. The Syndicate concluded new incremental business up to the end of June 2026 with an EPI of R1.3 billion. Given the nature of business written to date, which comprises mostly consortia and facility lines, the recognition of GWP is deferred over a period of 12 months, with GWP of R461 million recognised during the period. Most of the remainder of EPI is expected to be recognised in the second half of the 2026 financial year. Santam Re achieved strong double-digit growth in GWP, attributable to new partnerships and increased participation in existing partner business. Financial and operational review 0 2 000 4 000 6 000 8 000 10 000 12 000 Other Crop Accident and health Transportation Liability Engineering Motor Property Conventional business GWP by insurance class (R million) 816 618 775 999 1 030 578 349 381 31 130 87 8 9 775 8 257 11 47917% 5% 3% (5%) (8%) (76%) 7% >100% 8 684 June 2026 June 2025 Gross written premium Net earned premium R million June 2026 June 2025 Variance June 2026 June 2025 Variance South Africa 17 781 16 719 6% 15 731 14 694 7% International 5 272 4 225 25% 3 175 3 226 (2%) Syndicate 1918 and related entities 461 – – 87 – – Treaty reinsurance 3 178 2 736 16% 2 340 2 533 (8%) Other 1 633 1 489 10% 748 693 8% Total 23 053 20 944 10% 18 906 17 920 6% Property lines grew by 17%, supported by good growth across all traditional businesses, the first-time contribution by the Syndicate and the base effect of the MultiChoice transaction. Motor business also benefited from a good contribution by all personal and commercial lines businesses, partly offset by a reduction at Santam Re due to a change in mix of business, which also impacted the engineering and liability classes. Engineering and liability reflect satisfactory growth excluding Santam Re, while crop was impacted by weather conditions that did not favour planting in a number of regions. Geographical analysis South Africa remains the most significant contributor to GWP at 77% (June 2025: 80%), with business from this market increasing by 6.4% to R17.8 billion (June 2025: R16.7 billion). GWP from outside South Africa contributed 23% (June 2025: 20%) of total GWP and grew by 24.8% to R5.3 billion (June 2025: R4.2 billion). An analysis of GWP and NEP per geographical region is outlined below. The variance in growth between GWP and NEP for treaty reinsurance is attributable to timing differences in the recognition of partnership business, with the comparable period also including catch-up provisioning in respect of the 2024 deals. Some of the variance is expected to unwind towards the end of the year.
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 5 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Financial and operational review R million June 2026 June 2025 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) (27%) Net income 2 192 2 045 7% R million June 2026 % of NEP June 2025 % of NEP Gross written premium 23 053 20 944 Net earned premium 18 906 100% 17 920 100% Net claims incurred 11 039 58.4% 10 029 56.0% Net acquisition cost 6 331 33.5% 5 866 32.7% Net commission 2 685 14.2% 2 493 13.9% Management expenses 3 646 19.3% 3 373 18.8% Net underwriting result 1 536 8.1% 2 025 11.3% Investment return on insurance funds 542 2.9% 466 2.6% Net insurance result 2 078 11.0% 2 491 13.9% Combined ratio 91.9% 88.7% Net income increased by 7%, the combination of a 17% decline in the net insurance result from conventional business from a high comparative base, a marked increase in investment return earned on the capital portfolio and a 12% rise in ART’s contribution. Underwriting result An underwriting margin of 8.1% was achieved in 2026, compared to 11.3% in 2025. Both personal and commercial lines delivered solid underwriting margins. As anticipated, claims experience deteriorated in 2026 from a particularly benign period in 2025. The underwriting performance for the period was adversely impacted by CAT and other large losses, mostly fire, with significant losses incurred from the storms in Limpopo in January and the Western Cape during May 2026. Overall CAT and other large losses, net of reinsurance, of R1.5 billion in 2026 exceeded normal expectations and compare to R144 million in the comparable period. These losses were partly offset by a R325 million earnings benefit from a reduction in the group’s reserve sufficiency from the 91st percentile to the 87th. Despite these large losses and a maiden underwriting loss of R230 million from the Syndicate, the overall Group net underwriting margin for the period was above the mid-point of the 5% to 10% target range. Attritional claims experience remained positive, supported by the improved underlying profitability of the in-force book following the underwriting actions implemented over the past few years, together with diligent expense management. The loss contributed by the Syndicate is due to the delayed revenue recognition under International Financial Reporting Standards (IFRS), with the Syndicate expected to contribute positively to the group’s underwriting results on an underwriting year basis. Of the R1.3 billion of business concluded up to the end of June 2026, only R461 million and R87 million have respectively been recognised in GWP and NEP. This delayed revenue recognition pattern, combined with the full recognition of all expenses, results in an initial loss for the Syndicate despite the fact that the business is expected to be profitable over the full risk cover period. Earnings Conventional insurance
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SANTAM LIMITED 6 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 All insurance classes achieved good underwriting results. It is particularly pleasing that the property class remained profitable despite the adverse claims experience. The net acquisition cost ratio increased from 32.7% in 2025 to 33.5% in 2026, with the net commission ratio at 14.2%, compared to 13.9% in 2025. The net commission ratio is influenced by the mix of business written between specialist, commercial and personal lines and was also affected by the first-time inclusion of the Syndicate. Management expenses remained well-controlled as part of the group’s efficiency drive. Excluding the Syndicate’s incremental impact, the management expense ratio declined from 18.8% in 2025 to 18.1% in 2026. The table below provides a geographical analysis of the net underwriting result and net insurance result (NIR): Financial and operational review Net underwriting result Net insurance result R million June 2026 June 2025 Variance June 2026 June 2025 Variance South Africa 1 611 1 836 (12%) 2 068 2 230 (7%) International (75) 189 >(100%) 10 261 (96%) Syndicate 1918 and related entities (230) – – (229) – – Treaty reinsurance (35) 39 >(100%) 23 83 (72%) Other 190 150 27% 216 178 21% Total 1 536 2 025 (24%) 2 078 2 491 (17%) Underwriting results in South Africa declined, attributable to the weaker claims experience highlighted above. Treaty reinsurance, in particular large partnership deals, is by nature low margin business with most of the earnings generated by investment return earned on insurance funds. The underwriting result of international treaty business was negatively affected by run-off claims from business cancelled in prior periods, with the in-force book performing well. On a NIR basis, international treaty business also achieved a satisfactory performance, excluding the impact of cancelled business. The underwriting result of other international business declined from a high comparative base, but continues to reflect very strong margins. Investment return on insurance funds The investment return on insurance funds of 2.9% (2.6% in 2025) of net earned premiums is the combined result of solid returns on local and global fixed-income investments, as well as outperformance of portfolio benchmarks. The global geopolitical events resulted in substantial investment market volatility during the first half of 2026, but markets recovered towards the end of June 2026. Investment return on capital Investment return on capital increased strongly, supported mainly by the revaluation of the group’s economic interest in Shriram General Insurance (SGI) and lower foreign currency losses compared to the prior period. The SGI revaluation lifted reported earnings, but is one-off in nature and should be considered separately from the underlying underwriting performance. Investment return on capital was positively impacted by a R510 million revaluation of the group’s economic interest in SGI (June 2025: R145 million). The 2026 revaluation comprises a R685 million revaluation in constant currency since December 2025 and a foreign currency translation loss of R175 million. This compares to a constant currency revaluation of R289 million and a foreign currency translation loss of R144 million in the first half of 2025. The revaluation benefited from a reduction in the minority and liquidity discounts applied in the valuation following Sanlam’s acquisition of a majority stake in the business in 2026. This contributed a one-off benefit of R590 million, after forex movements. The group held surplus foreign capital during 2025 in anticipation of the launch of the Syndicate. Foreign currency translation differences in respect of this capital were recognised in earnings during the 2025 financial year. The Syndicate was capitalised towards the end of 2025 and classified as a foreign operation under IFRS with effect from November 2025. Foreign currency translation differences on this capital base are commensurately recognised as other comprehensive income in 2026 and excluded from investment return on capital. This accounting treatment contributed to a decline in foreign currency losses from R416 million in 2025 to R77 million in 2026, which further supported the growth in investment return on capital.
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 7 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Financial and operational review Alternative risk transfer business The ART businesses delivered another strong performance, growing their profit contribution by 12% from R417 million in 2025 to R466 million in 2026. Earnings were supported by good return on capital, with the other income lines broadly in line with the prior period. India general insurance business Santam’s 14% effective economic share of the SGI results in India is based on the six-month period from 1 October 2025 to 31 March 2026. The average rand exchange rate against the rupee for the period was 16% stronger than the prior period, dampening earnings in rand terms. SGI continued to grow strongly, with GWP up 20% in rupees. The underwriting margin improved from 1.7% to 5.9%, attributable to higher new business volumes, stable claims ratios and continued strong cost control. Investment return on insurance funds, however, declined due to the spike in Indian bond yields at the end of March 2026 following the outbreak of the Middle-East conflict. This led to unrealised losses on the debt instruments held in the insurance funds, against a backdrop of a strong performance in 2025. Capital management There were no significant changes to the group’s capital structure or strategic asset allocation during the period. The group and all of its principal subsidiaries remained well-capitalised at 30 June 2026. Based on the internal model, the group economic capital requirement amounted to R11.9 billion (December 2025: R11.3 billion) compared to the actual capital of R19.96 billion (December 2025: R19.1 billion). This equates to an economic capital coverage ratio of 167% (December 2025: 169%), above the upper end of the capital target range of 145% to 165%. The interim dividend declaration will bring the economic capital solvency ratio back to within the target range, albeit at the top end of the range. Santam Ltd, the primary operating entity, had an economic capital coverage ratio of 165% as of 30 June 2026 (December 2025: 160%) and a regulatory capital coverage ratio of 184% (December 2025: 190%), both of which were well above the risk appetite levels. Dividend The group’s ordinary dividend policy aims to achieve stable dividend growth in line with longer-term sustainable business growth while maintaining the group’s solvency ratio within the target range. Given the group’s sound solvency position at 30 June 2026, the board approved an interim dividend of 650 cents per ordinary share, representing an increase of 10.2% on the interim dividend of 590 cents declared in respect of the 2025 financial year. Prospects The operating environment is expected to remain challenging in the second half of the year, with low economic growth, pressure on disposable income and investment market volatility likely to weigh on growth. Competitive pressure in intermediated and specialty lines is also expected to persist. The Syndicate’s maiden contribution will provide positive growth momentum. The sharp decline in property rates in the United States has a significant impact on the availability of profitable business in Avatar’s niche segments. To protect profitability and return on capital we decided to divert resources into the Syndicate and released Avatar’s capacity back to the providers until market conditions improve. Management remains focused on pricing discipline, risk selection, expense efficiencies and execution of the FutureFit 2030 strategy. The Syndicate has a promising pipeline and additional approved capacity from Lloyd’s for the remainder of 2026. Most of the additional business to be written will only be recognised as earned revenue in 2027 and 2028 due to the delayed revenue recognition pattern, while the related Lloyd’s market cost and fixed costs will be recognised in 2026. This, together with an expansion in the staff complement of the Syndicate in support of future growth, will increase its anticipated operational loss for 2026 to approximately R450 million to R550 million, dependent on the volume and type of business written. The new business is expected to contribute meaningfully to earnings in future financial years, with breakeven on a monthly basis still anticipated in 2027. In the absence of further abnormal CAT and other large loss events, we anticipate operating within the 5% to 10% underwriting margin target range. We remain confident in the group’s prospects and the potential to deliver enhanced growth and profitability, as our FutureFit 2030 strategy has been tailored to the prevailing operating environment.
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SANTAM LIMITED 8 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Change in directors and board committees The following changes took place in the company’s board of directors: • Mr Preston Speckman – Retired as an independent, non-executive director from the board (and as a member of the audit and risk committees) with effect from 5 June 2026. • Mr Richard Wainwright – Appointed as chair of the audit committee with effect from 5 June 2026. • Mr Michael Fleming – Appointed as independent, non-executive director to the board (and as a member of the audit and risk committees) with effect from 19 June 2026. The composition of the board committees is now as follows: Financial and operational review Committee memberships Risk committee Audit committee Human resources and remuneration committee Nominations committee Social, ethics and sustainability committee Investment committee Independent non- executive directors CD da Silva MP Fandeso (lead independent director) M Fleming DEH Loxton NT Moholi (chairperson) JJ Ngulube RA Stuchbery LA Swartz RJ Wainwright Non-executive directors PB Hanratty MM Mahlangeni AM Mukhuba Executive directors TC Madzinga (group chief executive officer) ML Olivier (group chief finance officer) There were no other changes to the company’s board of directors or the composition of the board committees since 31 December 2025.
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 9 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Financial and operational review Company secretary R Eksteen served as the group company secretary during the reporting period. Events after the reporting period There were no material changes in the affairs or financial position of the group since the statement of financial position date. Declaration of ordinary dividend (number 143) Notice is hereby given that the board has declared a gross interim cash dividend of 650 cents (June 2025: 590 cents) per ordinary share for the six months ended 30 June 2026 to those members registered on the record date, being Friday, 25 September 2026. The dividend has been declared from income reserves. A dividend withholding taxation of 20% will be applicable to all shareholders who are not exempt, with a net dividend of 520 cents per ordinary share payable to such shareholders. JSE share code: SNT ISIN: ZAE000093779 NSX share code: SNM A2X share code: SNT Bond company code: BISAN Company registration number: 1918/001680/06 Company tax reference number: 9475/144/71/4 LEI: 37890092DC55C7D94B35 Gross cash dividend amount per share: 650 cents Net cash dividend amount per share: 520 cents Issued shares at 3 September 2026: 115 131 417 Declaration date: Thursday, 3 September 2026 Last day to trade cum dividend: Monday, 21 September 2026 Shares trade ex-dividend: Tuesday, 22 September 2026 Record date: Friday, 25 September 2026 Payment date: Monday, 28 September 2026 To facilitate the dividend calculation, Santam’s share register will be closed for all transfers, off-market transactions, and dematerialisations or rematerialisations between Tuesday, 22 September 2026, and Friday, 25 September 2026, inclusive of both days. In terms of the Dividends Tax legislation, the amount of dividends tax due will be withheld and paid over to the South African Revenue Service (SARS) by a nominee company, stockbroker, or Central Securities Depository Participant (CSDP) (collectively, a Regulated Intermediary) on behalf of shareholders. Shareholders should seek their own advice on the tax consequences associated with the dividend and are encouraged to ensure their records are up to date so that the correct withholding tax is applied to their dividend. Preparation and presentation of the interim financial statements The preparation of the unaudited interim financial statements was supervised by the group chief financial officer of Santam Ltd, ML (Wikus) Olivier, CA(SA). NT Moholi TC Madzinga Chairperson Group chief executive officer Authorised director Authorised director 2 September 2026 2 September 2026
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SANTAM LIMITED 10 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Condensed consolidated statement of financial position Notes As at 30 June 2026 R million As at 31 December 2025 R million ASSETS Intangible assets 973 985 Property and equipment 824 861 Investment in associates 698 733 Strategic investments in unlisted shares 6 3 728 3 179 Deferred income tax 200 311 Financial assets at fair value through profit or loss 6 63 615 61 904 Insurance contract assets 7 214 334 Reinsurance contract assets 7 6 249 5 412 Loans and receivables 2 590 2 584 Current income tax 147 6 Cash and cash equivalents 6 498 6 083 Total assets 85 736 82 392 EQUITY Capital and reserves attributable to the company’s equity holders Share capital 103 103 Treasury shares (892) (866) Other reserves (74) (29) Distributable reserves 16 759 15 839 15 896 15 047 Non-controlling interest 1 545 1 532 Total equity 17 441 16 579 LIABILITIES Deferred income tax 719 541 Lease liabilities 818 834 Financial liabilities Debt securities 6 4 098 4 088 Repo liabilities 1 120 1 025 Investment contracts 6 7 259 7 277 Collateral guarantee contracts 128 127 Derivative liabilities 6 15 – Insurance contract liabilities 7 44 956 42 665 Reinsurance contract liabilities 7 4 892 5 216 Provisions for other liabilities 102 124 Loans and payables 3 955 3 440 Current income tax 233 476 Total liabilities 68 295 65 813 Total shareholders’ equity and liabilities 85 736 82 392
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 11 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Notes Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Insurance revenue 27 956 27 497 Insurance service expense (22 540) (20 470) Net expense from reinsurance contracts held (2 470) (3 459) Insurance service result 2 946 3 568 Finance expense from insurance contracts issued (1 201) (1 384) Finance income/(expense) from reinsurance contracts held 15 (339) Net insurance service result 1 760 1 845 Interest income on amortised cost instruments 8 384 342 Interest income on fair value through profit or loss instruments 8 1 734 1 636 Other investment income/(losses) 8 104 (288) Net fair value gains on financial assets and liabilities at fair value through profit or loss 8 838 1 079 Other revenue 204 184 Investment management services fees (68) (69) Net investment income and other revenue 3 196 2 884 Other operating expenses (394) (469) Investment return allocated to structured products (167) (418) Amortisation and impairment of intangible assets (18) (24) Total other operating expenses (579) (911) Result of operating activities 4 377 3 818 Other finance costs (304) (251) Net income from associates 61 59 Income tax recovered from structured products 79 199 Profit before tax 4 213 3 825 Total tax expense (1 460) (1 351) Tax expense allocated to shareholders 9 (913) (747) Tax expense allocated to cell owners and structured products 9 (547) (604) Profit for the period 2 753 2 474 Other comprehensive income, net of tax Items that may subsequently be reclassified to income Movement in foreign currency translation reserve (44) (6) Total comprehensive income for the period 2 709 2 468 Profit attributable to: – equity holders of the company 2 192 2 045 – non-controlling interest 561 429 2 753 2 474 Total comprehensive income attributable to: – equity holders of the company 2 147 2 039 – non-controlling interest 562 429 2 709 2 468 Earnings attributable to equity shareholders Earnings per share (cents) Basic earnings per share 11 2 006 1 873 Diluted earnings per share 11 1 991 1 855 Condensed consolidated statement of comprehensive income
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SANTAM LIMITED 12 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Condensed consolidated statement of changes in equity Attributable to equity holders of the company Share capital R million Treasury shares R million Other reserves R million Distributable reserves R million Total R million Non- controlling interest R million Total R million Balance as at 1 January 2025 103 (902) 13 13 522 12 736 1 339 14 075 Profit for the year – – – 4 059 4 059 1 011 5 070 Other comprehensive income: Movement in foreign currency translation reserve – – (42) – (42) – (42) Total comprehensive income for the year ended 31 December 2025 – – (42) 4 059 4 017 1 011 5 028 Issue of treasury shares in terms of share incentive schemes – 181 – (181) – – – Purchase of treasury shares – (145) – – (145) – (145) Share-based payment costs – – – 118 118 – 118 Equity interest in cell captive settled – – – – – (4) (4) Issue of equity interest in cell captive – – – – – 18 18 Dividends paid – – – (1 679) (1 679) (832) (2 511) Balance as at 31 December 2025 103 (866) (29) 15 839 15 047 1 532 16 579 Profit for the period – – – 2 192 2 192 561 2 753 Other comprehensive income: Movement in foreign currency translation reserve – – (45) – (45) 1 (44) Total comprehensive income for the period ended 30 June 2026 – – (45) 2 192 2 147 562 2 709 Issue of treasury shares in terms of share incentive schemes – 122 – (122) – – – Purchase of treasury shares – (148) – – (148) – (148) Share-based payment costs – – – 46 46 – 46 Dividends paid – – – (1 196) (1 196) (549) (1 745) Balance as at 30 June 2026 103 (892) (74) 16 759 15 896 1 545 17 441 Attributable to equity holders of the company Share capital R million Treasury shares R million Other reserves R million Distributable reserves R million Total R million Non- controlling interest R million Total R million Balance as at 1 January 2025 103 (902) 13 13 522 12 736 1 339 14 075 Profit for the period – – – 2 045 2 045 429 2 474 Other comprehensive income: Movement in foreign currency translation reserve – – (6) – (6) – (6) Total comprehensive income for the period ended 30 June 2025 – – (6) 2 045 2 039 429 2 468 Issue of treasury shares in terms of share incentive schemes – 159 – (159) – – – Purchase of treasury shares – (143) – – (143) – (143) Share-based payment costs – – – 48 48 – 48 Equity interest in cell captive settled – – – – – (4) (4) Issue of equity interest in cell captive – – – – – 2 2 Dividends paid – – – (1 033) (1 033) (405) (1 438) Balance as at 30 June 2025 103 (886) 7 14 423 13 647 1 361 15 008
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 13 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Condensed consolidated statement of cash flows Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Cash flows from operating activities Cash generated from operations 3 432 4 059 Dividends received 237 74 Interest received 1 724 1 751 Interest paid (307) (212) Income tax paid (1 542) (1 251) Net movement from acquisition and sale of financial assets (1 108) (1 448) Net cash from operating activities 2 436 2 973 Cash flows from investing activities Acquisition of strategic investments in unlisted shares – (925) Proceeds from sale of equipment 2 – Purchase of equipment (32) (69) Purchase of intangible assets (11) (58) Net cash used in investing activities (41) (1 052) Cash flows from financing activities Purchase of treasury shares (148) (143) Dividends paid to company's shareholders (1 196) (1 033) Dividends paid to non-controlling interest (549) (405) Issue of equity interest in cell captive – 2 Equity interest in cell captive settled – (4) Payment of principal element of lease liabilities (76) (98) Net cash used in financing activities (1 969) (1 681) Net increase in cash and cash equivalents 426 240 Cash and cash equivalents at beginning of the period 6 083 6 385 Exchange losses on cash and cash equivalents (11) (9) Cash and cash equivalents at end of the period 6 498 6 616
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SANTAM LIMITED 14 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 1. Basis of preparation The condensed consolidated interim financial statements for the six months ended 30 June 2026 have been prepared in accordance with, and contains the information required by, IAS 34: Interim financial reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee (FRG), the Financial Pronouncements as issued by the Financial Reporting Standards Council (FRP), the JSE Limited Listings and Debt and Specialist Securities Listings Requirements and the requirements of the Companies Act of South Africa, No 71 of 2008 (Companies Act). 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 condensed consolidated interim financial statements have been prepared on a going concern basis. In adopting the going concern basis, the board has reviewed the group’s ongoing commitments for the next 12 months and beyond. The board’s review included the group’s strategic plans and updated financial forecasts including capital position, liquidity and credit facilities, and investment portfolio. In the context of the current challenging environment, a range of downside scenarios have been considered. These include scenarios which reflect increased geopolitical tensions and the impact on the economy, market volatility as well as an increase in climate-related claims events. As a result, the board believes that the group is well placed to meet future capital requirements and liquidity demands. Based on this review no material uncertainties, that would require disclosure, have been identified in relation to the ability of the group to remain a going concern for at least the next 12 months, from the date of the approval of the condensed consolidated interim financial statements. All amounts in the condensed consolidated interim financial statements are presented in South African rand, rounded to the nearest million, unless otherwise stated. 2. Accounting policies The accounting policies applied in the preparation of the condensed consolidated interim financial statements are in terms of IFRS® Accounting Standards and are consistent with those accounting policies applied in the preparation of the previous consolidated annual financial statements, except for those referred to below: Standards effective in 2026 The following new IFRSs and/or IFRICs were effective for the first time from 1 January 2026: • Amendments to IFRS 7 and IFRS 9 related to the Classification and measurement of financial instruments as well as clarifying derecognition of financial asset or financial liability when settled through electronic payment systems • Amendments to IFRS 7 and IFRS 9 related to Contracts referencing nature-dependent electricity systems • Annual Improvements to IFRS Accounting Standards – Volume 11 The adoption of these amendments to IFRS Accounting Standards did not have a material impact. Standards not yet effective in 2026 • IFRS 18 Presentation and disclosure in financial statements • IFRS 19 Subsidiaries without public accountability: Disclosures • IFRS 20 Regulatory assets and regulatory liabilities (replaces IFRS 14 Rate-regulated activities) • Amendments to IAS 21 Effects of changes in foreign exchange rates (on hyperinflationary currency) • Amendments to IFRS 10 & IAS 28 related to the Sale or contribution of assets between an investor and its associate/joint venture The group did not early adopt any of the IFRS Accounting Standards and amendments that are not yet effective. The group has started the process of assessing the potential impact of adopting the new standards and amendments. IFRS 18 Presentation and disclosure in financial statements The International Accounting Standards Board (IASB) issued IFRS 18 Presentation and disclosure in financial statements in April 2024. The effective date of IFRS 18 is for annual reporting periods beginning on or after 1 January 2027. The standard needs to be applied retrospectively. IFRS 18 replaces IAS 1 Presentation of financial statements. The standard introduces new requirements for presentation within the statement of profit and loss, including mandatory specified totals and subtotals. It requires companies to disclose management-defined performance measures and the reconciliation of these measures to IFRS subtotals. Lastly, it includes new requirements and guidance for aggregation and disaggregation within the primary financial statements and the notes to the financial statements.
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SANTAM LIMITED 15 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 2. Accounting policies (continued) IFRS 18 Presentation and disclosure in financial statements (continued) Accounting policy papers and disclosure requirements have been prepared to be implemented throughout the group. There is continuous engagement with the auditors on the policy and methodology papers as they review the group’s transition to IFRS 18. Auditing of the principles in these policy papers will continue in 2026. The project team remains up to date, and closely monitors, all technical developments from the IASB and industry to evaluate the effects of such developments and, where applicable, will align the policy and methodology papers accordingly. 3. Estimates The preparation of condensed consolidated interim financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the group’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the group’s annual financial statements for the year ended 31 December 2025. Estimates and their underlying assumptions continue to be reviewed on an ongoing basis with revisions to estimates being recognised prospectively. 4. Risk management The group’s activities expose it to a variety of financial risks: market risk (including price risk, interest rate risk, foreign currency risk and derivatives risk), credit risk and liquidity risk. Insurance activities expose the group to insurance risk (including pricing risk, reserving risk, accumulation risk and reinsurance risk). The group is also exposed to operational risk and legal risk. The capital risk management philosophy is to maximise the return on shareholders’ capital within an appropriate risk framework. The condensed consolidated interim financial statements do not include all risk management information and disclosures required in the annual financial statements and should be read in conjunction with the group’s annual financial statements for the year ended 31 December 2025. There have been no material changes to the risk management policies since 31 December 2025. 5. Segment information Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker (CODM). The CODM, who is responsible for allocating resources and assessing the performance of the operating segments, has been identified as the chief executive officer, supported by the group executive committee. The group conducts mainly insurance activities. Insurance activities The group presents its insurance results in the following segments: • Conventional insurance business written on insurance licences controlled by the group, consisting of Santam Broker Solutions, Santam Client Solutions, Santam Partner Solutions, Santam Specialist Solutions, Miway and Santam Re; and • Alternative risk transfer (ART) insurance business written on the insurance licences of the Centriq Insurance group (Centriq) and the Santam Structured Insurance group (SSI). Conventional insurance is further analysed between personal and commercial business. Disclosure in respect of conventional insurance was expanded to include a geographical analysis, subsequent to establishing the Syndicate. Operating segments are aggregated based on quantitative and/or qualitative significance. The performance of insurance activities is based on gross written premium as a measure of growth, with operating result as measure of profitability.
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SANTAM LIMITED 16 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 5. Segment information (continued) Insurance activities (continued) For the strategic investment in NMSIS A1 ordinary shares, growth is measured based on the insurance revenue generated by the underlying business. This information is considered to be a reallocation of fair value movements recognised and it is also included as reconciling items in order to reconcile to the condensed consolidated statement of comprehensive income. Overall profitability is measured based on net investment income and fair value movements. It is included in the Conventional operating segment. Insurance business denominated in foreign currencies is covered by foreign-denominated bank accounts and investment portfolios. Foreign exchange movements on underwriting activities are therefore offset against the foreign exchange movements recognised on the bank accounts and investment portfolios. The investment return on insurance funds is calculated based on the day-weighted effective return realised by the group on the assets held to cover the group’s net insurance working capital requirements. Other activities Other activities include the results of businesses that do not assume insurance risk for their own account. They are primarily involved in providing insurance advice, platform services and/or administrative services. This segment also includes the amortisation and impairment of intangible assets and income from associates. All activities Given the nature of the operations, there is usually no single external client that provides 10% or more of the group’s revenues. However, during the period R3.4 billion (12.0%) was received from a single client and is included within the reconciling items, in ART cells. Santam Ltd is domiciled in South Africa. Geographical analysis of the insurance revenue and non-current assets is based on the countries in which the business is underwritten or managed. Non-current assets comprise goodwill and intangible assets, property and equipment, investments in associates and the strategic investments in unlisted shares. Reconciling items ART cells • Represents the results, per line, contributing to the ART profit/(loss) attributable to cell owners. Other reallocations and reconciling items Other reallocations and reconciling items represent the difference between management reporting and IFRS Accounting Standards. This includes the following, but is not limited to: • The reallocation of the NMSIS A1 ordinary share investment’s insurance results (within the Conventional insurance service results for management reporting purposes) to its IFRS Accounting Standards classification of an investment carried at fair value through profit or loss. • The reallocation of finance cost on leases and amortisation of computer software and certain key business relationships included in operating result for management reporting purposes. Also, the reallocation of other income and expenses to IFRS Accounting Standards classification. • The reallocation of reinsurance commission (including inwards reinsurance commission) to insurance revenue for IFRS Accounting Standards classification. • The reallocation of foreign exchange income/(losses) on technical reserves from investment results to net insurance service result for IFRS Accounting Standards classification. • The reallocation of investment return on insurance funds and capital to IFRS Accounting Standards classification. • The elimination of intersegment revenues. Restatement of segment report In line with changes in internal reporting to the CODM, the segment report has been restated as follows: • Santam’s share of the Sanlam general insurance businesses segment was removed from the main segment analysis. The results were previously reconciled back to the IFRS Accounting Standards classification of an investment carried at fair value through profit or loss in Other reallocations and reconciling items, from which those reconciling items have now also been removed. The information is now provided in note 5.3.
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5. Segment information (continued) 5.1 Segment report OPERATING SEGMENTS RECONCILING ITEMS For the period ended 30 June 2026 Conventional R million Alternative risk transfer R million Other R million Total operating segments R million ART cells2 R million Other reallocations and reconciling items4 R million Total reconciling items R million Statement of comprehensive income R million Insurance revenue – external 3 22 297 1 566 – 23 863 5 389 (1 296) 4 093 27 956 Insurance service expense (19 329) (914) – (20 243) (3 598) 1 301 (2 297) (22 540) Gross claims (12 187) (417) – (12 604) (2 858) 107 (2 751) (15 355) Gross commission (3 496) (328) – (3 824) (388) 947 559 (3 265) Admin expenses 1 (3 646) (169) – (3 815) (352) 247 (105) (3 920) Net (expense)/income from reinsurance contracts held (1 168) (576) – (1 744) (736) 10 (726) (2 470) Reinsurance premiums (3 391) (645) – (4 036) (4 707) 1 546 (3 161) (7 197) Reinsurance claims 1 412 82 – 1 494 3 256 (16) 3 240 4 734 Reinsurance commission 811 (13) – 798 715 (1 520) (805) (7) Insurance service result 1 800 76 – 1 876 1 055 15 1 070 2 946 Finance (expense)/income from insurance contracts issued (366) 1 – (365) (806) (30) (836) (1 201) Finance income from reinsurance contracts held 102 – – 102 (90) 3 (87) 15 Net insurance service result 1 536 77 – 1 613 159 (12) 147 1 760 Investment return on insurance funds 542 228 – 770 32 (802) (770) – Interest income on amortised cost instruments – – – – 121 263 384 384 Interest income on fair value through profit or loss instruments – – – – 744 990 1 734 1 734 Other investment income – – – – 73 31 104 104 Net fair value gains on financial assets and liabilities at fair value through profit or loss – – – – 137 701 838 838 Other revenue – 268 – 268 (268) 204 (64) 204 Investment management services fees – – – – (11) (57) (68) (68) Net investment income and other revenue 542 496 – 1 038 828 1 330 2 158 3 196 Other operating expenses – (184) (83) (267) 158 (285) (127) (394) Investment return allocated to structured products – – – – (167) – (167) (167) Amortisation and impairment of intangible assets – – (31) (31) – 13 13 (18) Total other operating expenses – (184) (114) (298) (9) (272) (281) (579) Result of operating activities 2 078 389 (114) 2 353 978 1 046 2 024 4 377 Investment return on capital 727 77 – 804 – (804) (804) – Other finance costs – – – – (33) (271) (304) (304) Net income from associates – – 61 61 – – – 61 Income tax recovered from structured products – – – – 79 – 79 79 Profit before tax 2 805 466 (53) 3 218 1 024 (29) 995 4 213 Tax expense allocated to shareholders (844) (128) 30 (942) – 29 29 (913) Tax expense allocated to cell owners and structured products – – – – (547) – (547) (547) Profit after tax 1 961 338 (23) 2 276 477 – 477 2 753 Attributable to: Equity holders of the company 1 897 318 (23) 2 192 – – – 2 192 Non-controlling interest 64 20 – 84 477 – 477 561 Earnings analysis Net underwriting result 1 536 77 – 1 613 Investment return on insurance funds 542 228 – 770 Net insurance result 2 078 305 – 2 383 Other income and expenses – 84 (53) 31 Operating earnings 2 078 389 (53) 2 414 Investment return on capital 727 77 – 804 Profit before tax 2 805 466 (53) 3 218 1 Includes depreciation of R133 million for Conventional, R4 million for ART and Rnil for Other. Includes employee benefit expense of R2 856 million for Conventional, R138 million for ART and Rnil for Other. 2 Inclusion of ART profit/(loss) attributable to cell owners. 3 The conventional operating segment includes R33 million insurance revenue received from the ART operating segment. 4 Other reallocations and reconciling items represent the difference between management reporting and IFRS Accounting Standards. Refer to the description above the segment report table. Notes to the condensed consolidated interim financial statements SANTAM LIMITED 17 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026
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Notes to the condensed consolidated interim financial statements SANTAM LIMITED 18 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 5. Segment information (continued) 5.1 Segment report (continued) OPERATING SEGMENTS RECONCILING ITEMS For the period ended 30 June 2025 (restated) Conventional R million Alternative risk transfer R million Other R million Total operating segments R million ART cells2 R million Other reallocations and reconciling items4 R million Total reconciling items R million Statement of comprehensive income R million Insurance revenue – external 3 21 487 1 131 30 22 648 5 952 (1 103) 4 849 27 497 Insurance service expense (16 771) (576) (39) (17 386) (4 337) 1 253 (3 084) (20 470) Gross claims (10 059) (269) (19) (10 347) (3 438) 39 (3 399) (13 746) Gross commission (3 339) (152) – (3 491) (527) 966 439 (3 052) Admin expenses 1 (3 373) (155) (20) (3 548) (372) 248 (124) (3 672) Net (expense)/income from reinsurance contracts held (2 352) (463) 9 (2 806) (653) – (653) (3 459) Reinsurance premiums (3 567) (593) (30) (4 190) (4 991) 1 560 (3 431) (7 621) Reinsurance claims 369 108 20 497 3 665 – 3 665 4 162 Reinsurance commission 846 22 19 887 673 (1 560) (887) – Insurance service result 2 364 92 – 2 456 962 150 1 112 3 568 Finance (expenses)/income from insurance contracts issued (491) – – (491) (900) 7 (893) (1 384) Finance income/(expense) from reinsurance contracts held 152 – – 152 (390) (101) (491) (339) Net insurance service result 2 025 92 – 2 117 (328) 56 (272) 1 845 Investment return on insurance funds 466 222 – 688 24 (712) (688) – Interest income on amortised cost instruments – – – – 136 206 342 342 Interest income on fair value through profit or loss instruments – – – – 748 888 1 636 1 636 Other investment income – – – – 4 (292) (288) (288) Net fair value gains on financial assets and liabilities at fair value through profit or loss – – – – 748 331 1 079 1 079 Other revenue – 270 – 270 (270) 184 (86) 184 Investment management services fees – – – – (14) (55) (69) (69) Net investment income and other revenue 466 492 – 958 1 376 550 1 926 2 884 Other operating expenses – (194) (114) (308) 174 (335) (161) (469) Investment return allocated to structured products – – – – (418) – (418) (418) Amortisation and impairment of intangible assets – – (32) (32) – 8 8 (24) Total other operating expenses – (194) (146) (340) (244) (327) (571) (911) Result of operating activities 2 491 390 (146) 2 735 804 279 1 083 3 818 Investment return on capital 35 27 – 62 – (62) (62) – Other finance costs – – – – (34) (217) (251) (251) Net income from associates – – 59 59 – – – 59 Income tax recovered from structured products – – – – 199 – 199 199 Profit before tax 2 526 417 (87) 2 856 969 – 969 3 825 Tax expense allocated to shareholders (587) (121) (39) (747) – – – (747) Tax expense allocated to cell owners and structured products – – – – (604) – (604) (604) Profit after tax 1 939 296 (126) 2 109 365 – 365 2 474 Attributable to: Equity holders of the company 1 897 274 (126) 2 045 – – – 2 045 Non-controlling interest 42 22 – 64 365 – 365 429 Earnings analysis Net underwriting result 2 025 92 – 2 117 Investment return on insurance funds 466 222 – 688 Net insurance result 2 491 314 – 2 805 Other income and expenses – 76 (87) (11) Operating earnings 2 491 390 (87) 2 794 Investment return on capital 35 27 – 62 Profit before tax 2 526 417 (87) 2 856 1 Includes depreciation of R119 million for Conventional, R3 million for ART and Rnil for Other. Includes employee benefit expense of R2 633 million for Conventional, R145 million for ART and R10 million for Other. 2 Inclusion of ART profit/(loss) attributable to cell owners. 3 The conventional operating segment includes R49 million insurance revenue received from the ART operating segment. 4 Other reallocations and reconciling items represent the difference between management reporting and IFRS Accounting Standards. Refer to the description above the segment report table.
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SANTAM LIMITED 19 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 5. Segment information (continued) 5.1 Segment report (continued) Additional information on Conventional insurance activities Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Insurance revenue 22 297 21 487 Gross written premium 23 053 20 944 Unearned premium and experience adjustments (756) 543 Net earned premium 18 906 17 920 Insurance revenue 22 297 21 487 Reinsurance cost (3 391) (3 567) Net claims incurred 11 039 10 029 Gross claims cost 12 553 10 550 Gross claims incurred 12 187 10 059 Unwinding of discount rate 366 491 Reinsurance claims (1 514) (521) Reinsurance claims recovered (1 412) (369) Unwinding of discount rate (102) (152) Net commission 2 685 2 493 Gross commission incurred 3 496 3 339 Reinsurance commission received (811) (846) Management expenses1, 2 3 646 3 373 Net underwriting result 1 536 2 025 Investment return on insurance funds 542 466 Net insurance result 2 078 2 491 Investment return on capital 727 35 Profit before tax 2 805 2 526 1 Amortisation of computer software and certain key business relationships is included in management expenses. 2 Finance costs relating to lease liabilities is included in management expenses. The group’s conventional insurance activities are spread over various classes of general insurance. GROSS WRITTEN PREMIUM Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Property 11 479 9 775 Motor 8 684 8 257 Engineering 1 030 999 Liability 775 816 Transportation 618 578 Accident and health 349 381 Crop 31 130 Other 87 8 Total 23 053 20 944
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SANTAM LIMITED 20 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 5. Segment information (continued) 5.1 Segment report (continued) Six months ended 30 June 2026 Six months ended 30 June 2025 Gross written premium R million Net earned premium R million Net under- writing result R million Gross written premium R million Net earned premium R million Net under- writing result R million Comprising: Commercial insurance 13 876 10 583 186 12 429 9 941 1 164 Personal insurance 9 177 8 323 1 350 8 515 7 979 861 Total 23 053 18 906 1 536 20 944 17 920 2 025 5.2 Geographical analysis CONVENTIONAL INSURANCE Six months ended 30 June 2026 Six months ended 30 June 2025 South Africa R million International R million Total R million South Africa R million International R million Total R million Gross written premium 17 781 5 272 23 053 16 719 4 225 20 944 Net earned premium 15 731 3 175 18 906 14 694 3 226 17 920 Net claims incurred (9 018) (2 021) (11 039) (7 970) (2 059) (10 029) Net commission (1 874) (811) (2 685) (1 682) (811) (2 493) Management expenses (3 228) (418) (3 646) (3 206) (167) (3 373) Net underwriting result 1 611 (75) 1 536 1 836 189 2 025 Investment return on insurance funds 457 85 542 394 72 466 Net insurance result 2 068 10 2 078 2 230 261 2 491 Investment return on capital 760 (33) 727 306 (271) 35 Profit before tax 2 828 (23) 2 805 2 536 (10) 2 526 Six months ended 30 June 2026 Six months ended 30 June 2025 Gross written premium R million Net earned premium R million Net under- writing result R million Net insurance result R million Gross written premium R million Net earned premium R million Net under- writing result R million Net insurance result R million 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 reinsurance 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
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SANTAM LIMITED 21 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 5. Segment information (continued) 5.2 Geographical analysis (continued) INSURANCE REVENUE NON-CURRENT ASSETS Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million As at 30 June 2026 R million As at 31 December 2025 R million South Africa 19 770 18 512 3 445 3 477 Rest of Africa1 1 269 1 311 44 56 Other international 2 824 2 825 2 734 2 225 23 863 22 648 6 223 5 758 Reconciling items: ART insurance revenue2 5 389 5 952 Other reallocations and reconciling items 3 (1 296) (1 103) Group total 27 956 27 497 6 223 5 758 1 Includes insurance revenue relating to Santam Namibia Ltd of R776 million (June 2025: R675 million). 2 Inclusion of ART insurance revenue attributable to cell owners. 3 Other reallocations and reconciling items represent the difference between management reporting and IFRS Accounting Standards. Refer to the description above the segment report tables. 5.3 Santam’s share of the Sanlam general insurance businesses1 Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Gross written premium 760 750 Net earned premium 552 540 Net claims incurred (321) (329) Net acquisition cost (214) (214) Net underwriting result 17 (3) Investment return on insurance funds 56 123 Net insurance result 73 120 1 The results for the Sanlam general insurance businesses are reported with a three-month lag.
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SANTAM LIMITED 22 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 6. Financial assets and liabilities at fair value The group’s financial assets and liabilities are summarised below by measurement category. As at 30 June 2026 R million As at 31 December 2025 R million Financial assets mandatorily measured at fair value through profit or loss Strategic investments in unlisted shares 3 728 3 179 Financial assets at fair value through profit or loss 63 615 61 904 67 343 65 083 Expected to be realised after 12 months 1 51 251 49 168 Expected to be realised within 12 months 16 092 15 915 Financial liabilities Financial liabilities at fair value through profit or loss 11 372 11 365 Expected to be settled after 12 months 2 852 4 025 Expected to be settled within 12 months 8 520 7 340 1 Including unlisted Sanlam target shares and NMSIS A1 ordinary shares amounting to R3 728 million (December 2025: R3 179 million). 6.1 Financial instruments measured at fair value on a recurring basis The table below analyses financial instruments, carried at fair value through profit or loss, by valuation method. There were no significant changes in the valuation methods applied since 31 December 2025. The different levels have been defined as follows: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: Input other than quoted prices included within level 1 that is observable for the asset or liability, either directly (that is, by prices) or indirectly (that is, derived from prices). The fair values of level 2 instruments are determined as follows: • Listed equities and similar securities are valued using quoted prices with the main assumption that quoted prices might require adjustments due to an inactive market. • Unlisted equities and similar securities are valued using the discounted cash flow (DCF) or net asset value method based on market input. • Interest-bearing investments: » Quoted interest-bearing investments are valued using the yield of a benchmark bond, DCF benchmarked against similar instruments with the same issuer, price quotations of the JSE interest rate market or issue price of external valuations based on market input.1 » Unquoted interest-bearing investments are valued using the DCF method, real interest rates, benchmark yield plus fixed spread or deposit rates based on market input. • Structured transactions are valued using the DCF method, real interest rates, benchmark yields plus fixed spreads or deposit rates based on market input. • Investment funds: » Quoted investment funds with underlying equity securities are valued using quoted prices with the main assumption that quoted prices might require adjustments due to an inactive market. » Quoted investment funds with underlying debt securities are valued using the DCF method, external valuations and published price quotations on the JSE equity and interest rate market or external valuations that are based on published market input with the main assumptions being market input, uplifted with inflation.1 Level 3: Input for the asset or liability that is not based on observable data (that is, unobservable input). There were no significant transfers between level 1 and level 2 during the current period or prior year. The group recognises transfers between levels of the fair value hierarchy as at the end of the reporting period during which the change has occurred. All other financial instruments are held at amortised cost, and the carrying value reasonably approximates the fair value. 1 These investments are classified as level 2 as the markets that they trade in are not considered to be active.
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SANTAM LIMITED 23 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 6. Financial assets and liabilities at fair value (continued) 6.1 Financial instruments measured at fair value on a recurring basis (continued) As at 30 June 2026 Level 1 R million Level 2 R million Level 3 R million Total R million Equities and similar securities Listed equities and similar securities 2 240 – – 2 240 Unlisted equities and similar securities – – 3 751 3 751 Interest-bearing investments Government interest-bearing investments – 10 358 – 10 358 Corporate interest-bearing investments – 25 106 11 25 117 Mortgages and loans – 21 – 21 Structured transactions Structured notes – 103 – 103 Investment funds – 23 812 134 23 946 Deposits and similar securities – 1 807 – 1 807 Financial assets at fair value through profit or loss 2 240 61 207 3 896 67 343 Debt securities – 4 098 – 4 098 Investment contracts – 7 259 – 7 259 Derivative liabilities 15 – – 15 Financial liabilities at fair value through profit or loss 15 11 357 – 11 372 As at 31 December 2025 Level 1 R million Level 2 R million Level 3 R million Total R million Equities and similar securities Listed equities and similar securities 2 378 – – 2 378 Unlisted equities and similar securities – – 3 202 3 202 Interest-bearing investments Government interest-bearing investments – 8 218 – 8 218 Corporate interest-bearing investments – 25 697 13 25 710 Mortgages and loans – 50 – 50 Structured transactions Structured notes – 131 – 131 Derivative assets – 1 – 1 Investment funds – 21 920 134 22 054 Deposits and similar securities – 3 339 – 3 339 Financial assets at fair value through profit or loss 2 378 59 356 3 349 65 083 Debt securities – 4 088 – 4 088 Investment contracts – 7 277 – 7 277 Financial liabilities at fair value through profit or loss – 11 365 – 11 365
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SANTAM LIMITED 24 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 6. Financial assets and liabilities at fair value (continued) 6.1 Financial instruments measured at fair value on a recurring basis (continued) The following table presents the changes in level 3 instruments: Equity securities R million Interest- bearing investments R million Derivative assets R million Investment funds R million Total R million 30 June 2026 Opening balance 3 202 13 – 134 3 349 Settlements – (2) – – (2) Gains recognised in profit or loss 549 – – – 549 Closing balance 3 751 11 – 134 3 896 31 December 2025 Opening balance 2 507 43 2 114 2 666 Additions 746 – – 20 766 Settlements – (30) (2) – (32) Losses recognised in profit or loss (51) – – – (51) Closing balance 3 202 13 – 134 3 349 Unlisted equity instruments The unquoted equity instruments recognised as level 3 instruments consist mainly of the participation target shares issued by Sanlam and the investment in NMSIS A1 ordinary shares. Of the R549 million gain (December 2025: R51 million loss) recognised on equity securities, a R510 million gain (December 2025: R258 million loss) relates to the Sanlam target shares, of which R175 million (December 2025: R420 million) relates to foreign exchange losses, and R685 million (December 2025: R162 million) to an increase in fair value in local currency terms. Included in the R162 million gain in December 2025 is a fair value loss of R132 million on the investment in P&O, reducing the carrying value to Rnil. The investment in NMSIS contributed a R39 million (December 2025: R207 million) gain to the net fair value gains/(losses) on unlisted equities. The key drivers of the fair value movements on the Sanlam participation target shares were: • In 2026 Sanlam Emerging Markets Mauritius Ltd acquired additional shares in SGI, increasing the shareholding from 40.25% to 50.99%, transferring control of SGI to the Sanlam Group. This resulted in the removal of the liquidity discount and a reduction in the minority discount applied by the Santam and Sanlam Groups, which resulted in an increase in the valuation of R632 million before forex movements. The further increase in the value of SGI of R53 million (December 2025: R294 million) (excluding the impact of exchange rate movements) was attributable to higher new business volumes, coupled with strong cost containment for 2026. SGI also reported a better claims experience than prior years and expects the claims ratio to gradually improve over the short term. Fair value (excluding strategic investments in unlisted shares) is determined based on valuation techniques where the input is determined by management, e.g. multiples of net asset value, and is not readily available in the market or where market observable input is significantly adjusted. Valuations are generally based on multiples of net asset value ranging between 0.6 and 1.0 (December 2025: 0.7 and 1.0). The value of unlisted equity instruments (excluding strategic investments in unlisted shares) is not material. The fair value of the strategic investments in unlisted shares is determined using predominantly DCF models, with the remainder valued at or within close proximity of the latest available net asset value of the underlying company. There are two significant investments as at 30 June 2026. Firstly, the investment in the SGI target share which provides a participatory interest in SGI in India to the value of R2 735 million (December 2025: R2 225 million). Secondly, the investment in NMSIS A1 ordinary shares which provides a participatory interest in the general insurance business of the company and is carried at a fair value of R993 million as at 30 June 2026 (December 2025: R954 million). No other individual strategic investment in unlisted shares is material.
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SANTAM LIMITED 25 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 6. Financial assets and liabilities at fair value (continued) 6.1 Financial instruments measured at fair value on a recurring basis (continued) Unlisted equity instruments (continued) The fair value of the SGI target share and NMSIS A1 ordinary shares are determined using a DCF model. Given the short-term volatility of earnings patterns, the group uses a 10 year discounting period, rather than a five year one, in order to provide a more robust valuation of the business. The 10 year DCF model discounts expected cash flows and a perpetual value (after providing for regulatory capital requirements) at an appropriate risk-adjusted discount rate. Significant unobservable input used in the DCF models As at 30 June 2026 As at 31 December 2025 Discount rate 14.6% – 15.7% 14.4% – 15.9% Rand/Indian rupee exchange rate1 0.173 0.185 Average net insurance margin over a 10 year period 17.1% – 34.2% 17.1% – 35.2% As at 30 June 2026 As at 31 December 2025 Impact on profit or loss before tax of a 10% change in: Increase R million Decrease R million Increase R million Decrease R million Discount rate (645) 974 (530) 799 Rand/Indian rupee exchange rate1 274 (274) 222 (222) Average net insurance margin over a 10 year period 317 (317) 275 (275) 1 The rand/Indian rupee exchange rate only impacts the SGI target shares. Investment funds The fair value of investment funds classified as level 3 approximates the group’s share of the net asset value of the funds. The value is determined based on valuation techniques where the input is determined by management and is not readily available in the market, or where market observable inputs are significantly adjusted. 6.2 Debt securities The condensed consolidated interim financial statements do not include all information and disclosures relating to debt securities required in the annual financial statements, and should be read in conjunction with the group’s annual financial statements for the year ended 31 December 2025. There has been no new issuance or redemption of debt securities since 31 December 2025. AM Best issued an international credit rating of A- to Santam in December 2024, which was reaffirmed as at December 2025. This is in addition to the national credit rating of zaAAA issued by Standard and Poor’s in December 2024 and reaffirmed in December 2025. No reviewed credit rating has been issued since. The movement in the fair value of the unsecured subordinated callable notes is considered immaterial and mainly represents the market movement.
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SANTAM LIMITED 26 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 6. Financial assets and liabilities at fair value (continued) 6.3 Derivative liabilities At 30 June 2026, the group had exchange-traded futures with an exposure value of R188 million (December 2025: R284 million) that is carried at the fair value of R1 million (December 2025: Rnil). The exchange-traded futures relate to interest rate derivatives used to manage interest rate risk in the group’s fixed income portfolios. The fair value of the futures is disclosed on a net basis in the statement of financial position as well as the statement of comprehensive income due to the contractual right to settle the instruments on a net basis. On 16 March 2026, Santam entered into a forward exchange contract that expired on 22 May 2026. This derivative financial instrument managed the group’s exposure to the foreign currency movements from anticipated euro- denominated transactions and cash flows. Final settlement resulted in a R8 million fair value loss. On 22 May 2026, Santam Ltd entered into a second forward exchange contract that expires in September 2026. At 30 June 2026, the contract is carried at the fair value of R14 million with an underlying exposure value of R861 million. These instruments are classified as level 1 per the fair value hierarchy. 6.4 Contingencies and uncertainties On 9 March 2026, Santam Ltd entered into an unsecured letter of credit (LOC) facility agreement that it utilises to provide Funds at Lloyd’s (FAL) to support the FAL requirements of Santam Syndicate 1918. The FAL LOC facility of USD50 million expires on 10 March 2027. The facility bears a commission fee of 123 basis points on the secured amount per annum. The group has recognised an interest expense related to the above credit facility of R11 million for the period ended 30 June 2026 (June 2025: Rnil).
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SANTAM LIMITED 27 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 7. Insurance and reinsurance contracts Notes As at 30 June 2026 R million As at 31 December 2025 R million Insurance contract assets (214) (334) Reinsurance contract assets (6 249) (5 412) Insurance contract liabilities 44 956 42 665 Reinsurance contract liabilities 4 892 5 216 Net insurance contract liabilities 7.1 43 385 42 135 7.1 Insurance and reinsurance contracts analysis As at 30 June 2026 As at 31 December 2025 Assets R million Liabilities R million Net R million Assets R million Liabilities R million Net R million Insurance contracts issued General insurance Premium allocation approach (209) 39 801 39 592 (300) 37 820 37 520 General measurement model – 532 532 – 591 591 (209) 40 333 40 124 (300) 38 411 38 111 Life insurance Premium allocation approach – 474 474 (31) 356 325 General measurement model (5) 4 149 4 144 (3) 3 898 3 895 (5) 4 623 4 618 (34) 4 254 4 220 Insurance contract (assets)/liabilities (214) 44 956 44 742 (334) 42 665 42 331 Expected to be settled after 12 months (12) 8 618 8 606 (2) 8 196 8 194 Expected to be settled within 12 months (202) 36 338 36 136 (332) 34 469 34 137 Reinsurance contracts held General insurance Premium allocation approach (6 193) 83 (6 110) (5 356) 82 (5 274) (6 193) 83 (6 110) (5 356) 82 (5 274) Life insurance Premium allocation approach (50) 1 (49) (56) – (56) General measurement model (6) 21 15 – 18 18 (56) 22 (34) (56) 18 (38) Third party cell insurance contracts General insurance Premium allocation approach – 1 557 1 557 – 1 588 1 588 General measurement model – 2 006 2 006 – 1 979 1 979 – 3 563 3 563 – 3 567 3 567 Life insurance Premium allocation approach – 391 391 – 443 443 General measurement model – 833 833 – 1 106 1 106 – 1 224 1 224 – 1 549 1 549 Reinsurance contract (assets)/liabilities (6 249) 4 892 (1 357) (5 412) 5 216 (196) Expected to be recovered after 12 months (1 111) 61 (1 050) (1 188) 212 (976) Expected to be recovered within 12 months (5 138) 4 831 (307) (4 224) 5 004 780
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SANTAM LIMITED 28 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 8. Investment income and net fair value gains on financial assets and liabilities Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Investment income 2 222 1 690 Interest income derived from 2 118 1 978 Financial assets measured at amortised cost 384 342 Financial assets mandatorily measured at fair value through profit or loss 1 734 1 636 Other investment income/(losses) 104 (288) Dividend income 166 81 Foreign exchange differences (62) (369) Net fair value gains on financial assets and liabilities at fair value through profit or loss 838 1 079 Net fair value gains on financial assets mandatorily at fair value through profit or loss 907 1 145 Net realised fair value gains on financial assets excluding derivative instruments 133 364 Net unrealised fair value gains on financial assets excluding derivative instruments 780 786 Net realised/fair value losses on derivative instruments (6) (5) Net fair value losses on financial liabilities designated as at fair value through profit or loss (69) (66) Net fair value gains/(losses) on debt securities 7 (2) Net fair value losses on investment contracts (76) (64) 3 060 2 769 9. Income tax Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Normal taxation Current period 1 125 1 052 Prior period overprovision (19) (6) Other taxes 8 4 Foreign taxation – current period 54 39 Total income taxation for the period 1 168 1 089 Deferred taxation Current period 195 262 Prior period underprovision 97 – Total deferred taxation for the period 292 262 Total taxation as per statement of comprehensive income 1 460 1 351 Income tax allocated to cell owners and structured products (547) (604) Total tax expense attributable to shareholders 913 747 Profit before taxation per statement of comprehensive income 4 213 3 825 Adjustment for income tax allocated to cell owners and structured products (547) (604) Total profit before tax attributable to shareholders 3 666 3 221
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SANTAM LIMITED 29 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 9. Income tax (continued) Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Reconciliation of taxation rate (%) Normal South African taxation rate 27.0 27.0 Adjusted for: Disallowable expenses – 0.1 Foreign tax differential (3.1) (2.8) Exempt income1 (0.7) (0.6) Investment results2 (0.7) (0.3) Income from associates (0.4) (0.5) Prior periods under/(over) provision 2.1 (0.2) Other permanent differences 0.7 0.5 Net reduction (2.1) (3.8) Effective rate attributable to shareholders (%) 24.9 23.2 1 Exempt income consists mainly of dividends received. 2 Investment results consists mainly of gains/losses taxed at capital gains tax rate. 10. Material corporate transactions For the period ended 30 June 2026 There have been no material corporate transactions in the Santam group for the period ended 30 June 2026. For the year ended 31 December 2025 Refer to note 14 of the group’s annual financial statements for the year ended 31 December 2025.
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SANTAM LIMITED 30 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 11. Earnings per share Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Basic earnings per share Profit attributable to the company’s equity holders (R million) 2 192 2 045 Weighted average number of ordinary shares in issue (millions) 109.27 109.17 Earnings per share (cents) 2 006 1 873 Diluted earnings per share Profit attributable to the company’s equity holders (R million) 2 192 2 045 Weighted average number of ordinary shares in issue (millions) 109.27 109.17 Adjusted for share incentive schemes (millions) 0.85 1.05 Weighted average number of ordinary shares for diluted earnings per share (millions) 110.12 110.22 Diluted earnings per share (cents) 1 991 1 855 Headline earnings per share Profit attributable to the company’s equity holders (R million) 2 192 2 045 Headline earnings (R million) 2 192 2 045 Weighted average number of ordinary shares in issue (millions) 109.27 109.17 Headline earnings per share (cents) 2 006 1 873 Diluted headline earnings per share Headline earnings (R million) 2 192 2 045 Weighted average number of ordinary shares for diluted headline earnings per share (millions) 110.12 110.22 Diluted headline earnings per share (cents) 1 991 1 855 12. Dividend per share Six months ended 30 June 2026 Six months ended 30 June 2025 Interim dividend per share (cents)1 650 590 1 2026: Approved (June 2025: Paid).
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SANTAM LIMITED 31 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 13. Related-party transactions Major shareholders Sanlam Ltd (incorporated in South Africa) is the ultimate holding company with a 62.3% (December 2025: 62.3%) effective interest shareholding in Santam Ltd excluding Santam Ltd treasury shares held within the group, and a 59.1% (December 2025: 59.1%) shareholding including treasury shares held. The balance of the shareholders (37.7% (December 2025: 37.7%)) do not have significant influence and thus no other shareholder is treated as a related party. The shares are widely held by public, non-public, individual and corporate shareholders. Transactions with the Sanlam Group The group transacts with the Sanlam Group on various levels, predominantly insurance-related cover, provided to Sanlam Group companies. Sanlam Investments (Pty) Ltd (SIM) acts as an investment fund manager for the group with its fees negotiated on a regular basis. During the period, a transaction was concluded between SIM and Ninety One Ltd which will see the majority of the group’s investment assets being transferred to Ninety One Ltd (planned for the second half of 2026). Santam also subscribed to target shares in a Sanlam subsidiary as described in note 6.1. The following is a summary of material transactions with Sanlam-related parties for the period: Six months ended 30 June 2026 R million Six months ended 30 June 2025 R million Insurance contracts and other services – Sanlam Ltd and related parties (for IT infrastructure costs) (270) (225) – SanlamAllianz Reinsurance Ltd (for inward reinsurance revenue) 224 290 – SanlamAllianz Reinsurance Ltd (for inward reinsurance claims) (18) (52) Dividends paid – to Sanlam Group (739) (668) Investment income, other finance cost and net realised/unrealised gains received from – Sanlam Ltd and related parties 650 229 14. Subsequent events There were no material changes in the affairs or financial position of the group since the statement of financial position date.
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SANTAM LIMITED 32 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 15. Analysis of policyholder/shareholder financial position and results This note provides information on policyholder/cellholder versus shareholder statement of financial position and statement of comprehensive income. Policyholder/cellholder activities relate mainly to alternative risk transfer insurance business written on insurance licences of Centriq and SSI. 15.1 Analysis of policyholder/shareholder statement of financial position As at 30 June 2026 Group R million Shareholder R million Policyholder/ cellholder R million ASSETS Intangible assets 973 973 – Property and equipment 824 824 – Investment in associates 698 698 – Strategic investments in unlisted shares 3 728 3 728 – Deferred income tax 200 153 47 Financial assets at fair value through profit or loss 63 615 24 947 38 668 Insurance contract assets 214 151 63 Reinsurance contract assets 6 249 5 571 678 Loans and receivables 2 590 2 031 559 Current income tax 147 147 – Cash and cash equivalents 6 498 4 340 2 158 Total assets 85 736 43 563 42 173 EQUITY Capital and reserves attributable to the company’s equity holders Share capital 103 103 – Treasury shares (892) (892) – Other reserves (74) (74) – Distributable reserves 16 759 16 759 – 15 896 15 896 – Non-controlling interest 1 545 643 902 Total equity 17 441 16 539 902 LIABILITIES Deferred income tax 719 642 77 Lease liabilities 818 818 – Financial liabilities Debt securities 4 098 4 098 – Repo liabilities 1 120 – 1 120 Investment contracts 7 259 60 7 199 Collateral guarantee contracts 128 – 128 Derivative liabilities 15 15 – Insurance contract liabilities 44 956 17 376 27 580 Reinsurance contract liabilities 4 892 100 4 792 Provisions for other liabilities 102 102 – Loans and payables 3 955 3 580 375 Current income tax 233 233 – Total liabilities 68 295 27 024 41 271 Total shareholders’ equity and liabilities 85 736 43 563 42 173
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SANTAM LIMITED 33 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 15. Analysis of policyholder/shareholder financial position and results (continued) 15.1 Analysis of policyholder/shareholder statement of financial position (continued) As at 31 December 2025 Group R million Shareholder R million Policyholder/ cellholder R million ASSETS Intangible assets 985 985 – Property and equipment 861 861 – Investment in associates 733 733 – Strategic investments in unlisted shares 3 179 3 179 – Deferred income tax 311 260 51 Financial assets at fair value through profit or loss 61 904 25 138 36 766 Insurance contract assets 334 262 72 Reinsurance contract assets 5 412 4 827 585 Loans and receivables 2 584 1 945 639 Current income tax 6 6 – Cash and cash equivalents 6 083 3 903 2 180 Total assets 82 392 42 099 40 293 EQUITY Capital and reserves attributable to the company’s equity holders Share capital 103 103 – Treasury shares (866) (866) – Other reserves (29) (29) – Distributable reserves 15 839 15 839 – 15 047 15 047 – Non-controlling interest 1 532 670 862 Total equity 16 579 15 717 862 LIABILITIES Deferred income tax 541 458 83 Lease liabilities 834 834 – Financial liabilities Debt securities 4 088 4 088 – Repo liabilities 1 025 – 1 025 Investment contracts 7 277 188 7 089 Collateral guarantee contracts 127 – 127 Insurance contract liabilities 42 665 17 197 25 468 Reinsurance contract liabilities 5 216 94 5 122 Provisions for other liabilities 124 124 – Loans and payables 3 440 2 923 517 Current income tax 476 476 – Total liabilities 65 813 26 382 39 431 Total shareholders’ equity and liabilities 82 392 42 099 40 293
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SANTAM LIMITED 34 Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 15. Analysis of policyholder/shareholder financial position and results (continued) 15.2 Analysis of policyholder/shareholder statement of comprehensive income Six months ended 30 June 2026 Group R million Shareholder R million Policyholder/ cellholder R million Insurance revenue 27 956 21 440 6 516 Insurance service expense (22 540) (18 403) (4 137) Net expense from reinsurance contracts held (2 470) (1 078) (1 392) Insurance service result 2 946 1 959 987 Finance expense from insurance contracts issued (1 201) (391) (810) Finance income from reinsurance contracts held 15 102 (87) Net insurance service result 1 760 1 670 90 Interest income on amortised cost instruments 384 263 121 Interest income on fair value through profit or loss instruments 1 734 990 744 Other investment income 104 31 73 Net fair value gains on financial assets and liabilities at fair value through profit or loss 838 701 137 Other revenue 204 204 – Investment management services fees (68) (57) (11) Net investment income and other revenue 3 196 2 132 1 064 Other operating expenses (394) (386) (8) Investment return allocated to structured products (167) – (167) Amortisation and impairment of intangible assets (18) (18) – Total other operating expenses (579) (404) (175) Result of operating activities 4 377 3 398 979 Other finance costs (304) (271) (33) Net income from associates 61 61 – Income tax recovered from structured products 79 – 79 Profit before tax 4 213 3 188 1 025 Total tax expense (1 460) (913) (547) Tax expense allocated to shareholders (913) (913) – Tax expense allocated to cell owners and structured products (547) – (547) Profit for the period 2 753 2 275 478 Profit attributable to: - equity holders of the company 2 192 2 192 – - non-controlling interest 561 83 478 2 753 2 275 478
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Notes to the condensed consolidated interim financial statements Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 35 15. Analysis of policyholder/shareholder financial position and results (continued) 15.2 Analysis of policyholder/shareholder statement of comprehensive income (continued) Six months ended 30 June 2025 Group R million Shareholder R million Policyholder/ cellholder R million Insurance revenue 27 497 20 817 6 680 Insurance service expense (20 470) (15 890) (4 580) Net expense from reinsurance contracts held (3 459) (2 278) (1 181) Insurance service result 3 568 2 649 919 Finance expense from insurance contracts issued (1 384) (571) (813) Finance (expense)/income from reinsurance contracts held (339) 157 (496) Net insurance service result 1 845 2 235 (390) Interest income on amortised cost instruments 342 206 136 Interest income on fair value through profit or loss instruments 1 636 888 748 Other investment (losses)/income (288) (292) 4 Net fair value gains on financial assets and liabilities at fair value through profit or loss 1 079 331 748 Other revenue 184 184 – Investment management services fees (69) (55) (14) Net investment income and other revenue 2 884 1 262 1 622 Other operating expenses (469) (460) (9) Investment return allocated to structured products (418) – (418) Amortisation and impairment of intangible assets (24) (24) – Total other operating expenses (911) (484) (427) Result of operating activities 3 818 3 013 805 Other finance costs (251) (217) (34) Net income from associates 59 59 – Income tax recovered from structured products 199 – 199 Profit before tax 3 825 2 855 970 Total tax expense (1 351) (747) (604) Tax expense allocated to shareholders (747) (747) – Tax expense allocated to cell owners and structured products (604) – (604) Profit for the period 2 474 2 108 366 Profit attributable to: - equity holders of the company 2 045 2 045 – - non-controlling interest 429 63 366 2 474 2 108 366
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Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026SANTAM LIMITED 36 Unaudited interim report and ordinary dividend declaration for the six months ended 30 June 2026 Administration Non-executive directors CD da Silva, MP Fandeso, M Fleming, PB Hanratty, DEH Loxton, MM Mahlangeni, NT Moholi (chairperson), AM Mukhuba, JJ Ngulube, RA Stuchbery, LA Swartz, RJ Wainwright Executive directors TC Madzinga (group chief executive officer), ML Olivier (group chief financial officer) Sponsor Equity and Debt sponsor: Investec Bank Ltd NSX sponsor Simonis Storm Securities (Pty) Ltd Transfer secretaries Computershare Investor Services (Pty) Ltd 15 Biermann Avenue, Rosebank 2196 Private Bag X9000, Saxonwold 2132 Tel: 011 370 5000 Fax: 011 688 5216 www.computershare.com Group company secretary R Eksteen Santam head office and registered address 1 Sportica Crescent Tyger Valley Bellville 7530 PO Box 3881, Tyger Valley 7536 Tel: 021 915 7000 Fax: 021 914 0700 www.santam.co.za Registration number 1918/001680/06 ISIN ZAE000093779 JSE share code: SNT (primary listing) NSX share code: SNM (secondary listing) A2X share code: SNT (secondary listing) Debt company code: BISAN LEI: 37890092DC55C7D94B35 A copy of the set of condensed consolidated interim financial statements with the signatures of the directors is available at the company’s registered office and through a secure electronic manner at the election of the person requesting inspection. Santam is an authorised financial services provider (licence number 3416).
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Santam Ltd Registered address 1 Sportica Crescent, Tyger Valley, Bellville (Cape Town), 7530 PO Box 3881, Tyger Valley 7536 Tel: 021 915 7000 Fax: 021 914 0700 www.santam.co.za Contact Santam is an authorised financial services provider (FSP 3416), a licensed non-life insurer and the controlling company for its group of companies.