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Sanlam Limited (SLM) investor relations material
Sanlam Limited Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary13 Nov, 2025
Executive summary
Maintained strong operational momentum with double-digit growth in key earnings and new business metrics for the nine months ended 30 September 2025, despite challenging macroeconomic and geopolitical conditions.
Net results from financial services increased 19% year-over-year on a normalized basis, with net operational earnings up 16% normalized.
Transitioned to a new IFRS 17-aligned reporting framework, with operating profit as a new KPI, introducing more volatility but enhancing transparency.
Strategic initiatives progressed well, notably the integration of overlapping countries in the Sanlam Alliance JV and Assupol, with most integrations completed and further closures expected by year-end.
Financial highlights
Net result from financial services grew 19% year-over-year on a normalized basis, and group new business volumes rose 13% normalized.
Normalized operating profit (excluding one-offs and investment variances) increased by 18% year-over-year.
Reported operating profit decreased by 3% for the nine months compared to 2024, while adjusted headline earnings decreased 6% (up 4% normalized).
Group net client cash inflows surged 87% to just under ZAR 75 billion, with strong contributions across all regions and business lines.
Discretionary capital decreased from ZAR 9.2 billion to ZAR 8.6 billion, mainly to support Pan-African portfolio credit ratings.
Outlook and guidance
Confident in achieving full-year net result from financial services target of ZAR 15–16.5 billion, reiterating through-the-cycle targets.
Positive long-term outlook for Africa, supported by demographic trends and recent exits from the FATF grey list in key markets.
South Africa's economic prospects are improving due to easing inflation, structural reforms, and increased private investment.
India remains a robust growth vector, with ongoing reforms and resilient domestic demand.
If long bond yields remain at current levels, expect ongoing pressure on life annuity volumes, while living annuities benefit from strong equity markets.
Explain divergence in current vs future earnings
Future VNB margin outlook given product mix shift
Impact of integration costs on future earnings
Detail ZAR 500m Pan-Africa capital use.
What caused the SA VNB decline in Q3?
How does derisked bond position affect IFRS 17 volatility?
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Next Sanlam Limited earnings date
Q4 20255 Mar, 2026
Next Sanlam Limited earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Sanlam Limited is a South African financial services group established in 1918, making it one of the continent's oldest and most established insurance companies. Originally founded as a life insurance company, Sanlam has diversified over the years into a broad-based financial services provider. The company's offerings now span a wide range of financial solutions to both individual and institutional clients, including life, disability, and severe illness insurance, income protection, funeral and credit life insurance, health and short-term insurance, as well as medical and group risk benefits. Sanlam also provides financial planning and retirement solutions, investment products, wealth management, and banking services across various markets. The company is headquartered in Bellville, South Africa, and its shares are listed on the Johannesburg Stock Exchange.
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