Sanlam (SLM) Q4 2024 earnings summary

Executive summary

• Achieved strong operational and strategic delivery in 2024, with robust performance across all business clusters and continued organic growth, supported by successful integration of acquisitions and partnerships.

• Strategic partnerships, notably with Ubuntu-Botho Investments and Allianz, underpin growth and market leadership in South Africa and Pan-Africa, with the SanlamAllianz joint venture progressing well.

• Capital allocation and integration initiatives are progressing well, supporting future growth and operational synergies.

Financial highlights

• Net result from financial services increased by 14% to over ZAR 14.1 billion, with operational earnings per share up 26% and net operational earnings at ZAR 17.1 billion.

• Attributable earnings surged 54% to ZAR 22.2 billion, and net client cash inflow grew 52% to ZAR 54 billion year-over-year.

• Dividend per share increased by 11%, supported by strong cash earnings growth.

• Return on Group Equity Value (RoGEV) per share exceeded 20%, with adjusted RoGEV at 18%, both above 2024 targets.

• Life insurance new business volumes (PVNBP) grew 3% to ZAR 103 billion; value of new business (VNB) reached ZAR 2.9 billion.

Outlook and guidance

• Focus for 2025 on consolidating South African leadership, completing integrations, expanding digital and banking services, and implementing transactional banking.

• Anticipated 2025 cash net result from financial services in the ZAR 15–16.5 billion range, up from ZAR 14.2 billion in 2024 (excluding Capitec fee).

• Expectation to exceed long-term return and dividend hurdles, with continued strong growth in all business clusters, barring major geopolitical disruptions.