Sanlam Limited (SLM) investor relations material

Strategic direction and growth vectors

• Focus on quality growth, leveraging partnerships and diversified product lines across Africa, India, and international markets, with a strong emphasis on digital and ecosystem models to accelerate expansion and value creation.

• Strategic growth vectors include the Shriram financial ecosystem in India, specialist capability via Lloyd's, unlocking the Pan-African insurance frontier, winning as 'one Sanlam' in South Africa, and reimagined asset management.

• Ambitious group targets to 2030: operating profit growth above RSA CPI +6% p.a., return on equity above 20% p.a., dividend growth above RSA CPI +4% p.a., economic solvency ratio between 150%-190%, and a new sustainability index.

• Management incentives are now more closely aligned with these targets, with increased focus on ROE, ROGEV, and dividend growth.

• Capital allocation prioritizes businesses and geographies with sustainable competitive advantage and strong, scalable cash generation.

Regional and business segment strategies

• In India, the Shriram ecosystem leverages digital platforms and rural reach, aiming for >RSA CPI +10% operating profit growth and 15-20% ROE between 2025-2030.

• Pan-African strategy targets more than doubling earnings by 2030, achieving top 3 market positions, and driving integration, product innovation, and operational efficiency.

• South Africa strategy focuses on consolidating leadership, multi-channel distribution, and leveraging deep capital markets and institutional strength for sustained recovery.

• Asset management is being reshaped for growth, with a focus on custom solutions, transformation, and partnerships, including a 12.3% stake in Ninety One.

• International expansion is accelerated through the Lloyd's Syndicate 1918, targeting >20% of GWP from international business by 2030 and >24% return on capital.

Financial reporting and performance metrics

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

• New framework eliminates volatility absorption adjustments, increases transparency on sources and uses of cash, and introduces a sustainability index.

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

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

• Group economic solvency ratio is robust, with a target range of 150%-190% and strong sensitivity to market shocks.