Sanlam Limited (SLM) investor relations material

Strategic direction and growth priorities

• Focus on quality growth and accelerating expansion through digital and ecosystem models in Africa, India, and international markets, aiming for improved shareholder returns.

• Five growth vectors: South Africa, rest of Africa (with Allianz), India (Shriram ecosystem), Lloyd’s market entry, and asset management transformation.

• No changes to group structure, management, or prudent risk management; capital allocation and dividend policy remain consistent, prioritizing scalable, high-return businesses.

• Emphasis on compounding, conservatism, and commitment as guiding principles for sustainable value creation.

• Management incentives now closely aligned with targets, focusing on ROE, ROGEV, and dividend growth, with higher hurdles for new share awards.

Regional and business segment strategies

• India: Shriram partnership has built a leading rural financial ecosystem, leveraging digital platforms for >RSA CPI+10% operating profit growth and 15-20% ROE between 2025-2030.

• Africa: Sanlam Allianz JV is the continent’s largest insurance platform, targeting to more than double profits by 2030 and expand top-three market positions.

• South Africa: Ecosystem strategy integrates insurance, banking (Time Bank), health, and rewards, focusing on leadership, multi-channel distribution, and cross-sell opportunities.

• Lloyd’s: Entry via Syndicate 1918 accelerates international diversification, targeting GBP 300–400m GWP in 2026, >20% of group premiums from international business by 2030, and >24% return on capital.

• Asset management: Refocused on solutions, alternatives, and wealth, with a 12.3% stake in Ninety One and strong net client cash flows.

Financial guidance and targets

• Ambitious 2030 targets: operating profit growth above RSA CPI+6% p.a., ROE above 20% p.a., dividend growth above RSA CPI+4% p.a., and economic solvency ratio between 150%-190%.

• Enhanced disclosures and reporting simplification align with IFRS 17/9, focusing on operating profit, adjusted headline earnings, ROGEV, and group economic solvency ratio.

• New sustainability index to be published, integrating ESG into performance measurement.

• Segmental reporting now by line of business and geography, with detailed cash flow disclosures and reconciliations to embedded value.

• Dividend policy remains unchanged, with a raised growth target and continued focus on strong cash generation and disciplined capital allocation.