Sanlam (SLM) Q4 2025 TU earnings summary

Executive summary

• Achieved strong operational execution and strategic delivery despite macroeconomic and geopolitical challenges, with scalable and resilient business platforms.

• Record annual group new business volumes, driven by asset management and insurance growth.

• Transitioning to a new financial reporting framework effective 2026, with 2025 results presented on both actual and normalised bases for comparability.

Financial highlights

• Group new business volumes increased 18% actual and 22% normalised year-over-year.

• Life new business volumes up 10% actual and 17% normalised; net client cashflows more than doubled.

• Value of new business declined 21% actual and 11% normalised, mainly due to product mix shifts and one-off items.

• Net result from financial services per share expected between 694–767 cents (down -5% to +5%); net operational earnings per share 745–833 cents (down -15% to -5%).

• Headline earnings per share expected to decrease by 15–25%; EPS to decrease by 25–35% year-over-year.

Outlook and guidance

• New reporting framework to be adopted from 2026, with enhanced transparency and comparability.

• Results for 2025 to be released on 12 March 2026, with a live webcast for stakeholders.