Wrap Text
Unaudited Condensed Consolidated Interim Financial Statements for the six months ended 30 June 2026 and Declaration of Ordinary Dividend
Santam Limited
(Incorporated in the Republic of South Africa)
Registration number 1918/001680/06
ISIN: ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35
("Santam" or "the company" or "the Group")
UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2026 AND DECLARATION OF
ORDINARY DIVIDEND
KEY FINANCIAL RESULTS
Period ended Period ended Change
30 Jun 2026 30 Jun 2025 %
Group insurance revenue (R million) 27,956 27,497 2%
Ordinary dividend per share (R cents per share) 650.00 590.00 10%
Basic earnings per share (R cents per share) 2,006 1,873 7%
Headline earnings per share (HEPS) (R cents per share) 2,006 1,873 7%
SALIENT FEATURES
- Conventional insurance net earned premium (NEP) growth of 6% to R18.9 billion
- Conventional insurance net underwriting margin of 8.1% (11.3% in June 2025)
- Alternative risk transfer (ART) profit before tax of R466 million (R417 million in June 2025)
- Annualised return on shareholders' funds of 27.0% (33.2% in June 2025)
- Economic capital coverage ratio of 167% (169% in December 2025)
- Interim dividend of 650.00 cents per share
- Diluted headline earnings per share of 1 991 cents (1 855 cents in June 2025)
KEY PERFORMANCE HIGHLIGHTS
Santam delivered a strong first-half performance, remaining in line with or exceeding long-term targets for all key
financial performance indicators.
An interim dividend of 650 cents per share was declared, up 10.2% compared to the previous period. Earnings and headline
earnings per share both increased by 7%.
Strategy
We have made good progress in executing our FutureFit 2030 strategy. It continues to deliver positive results across our
segments, despite a challenging operating environment.
Our focus on international expansion and diversification accelerated with the launch of Santam Syndicate 1918
(the Syndicate) in London in January 2026 and the GIFT City office in India in April 2026.
Conventional insurance
An underwriting margin of 8.1% was achieved in the first half of 2026, with solid contributions from both personal and
commercial lines. However, claims experience deteriorated in 2026 from a particularly benign period in 2025.
Attritional claims experience remained favourable, supported by underwriting actions implemented over the past few years
in addition to diligent expense management.
While all insurance classes achieved good underwriting results, performance was adversely impacted by weather-related
catastrophe and other large losses (mostly fire), with losses of R1.5 billion compared to only R144 million in the
comparable period, highlighting the increasing frequency and severity of weather-related events.
Alternative Risk Transfer (ART) business
The ART business delivered another sterling performance, growing its profit contribution by 12% to R466 million. Earnings
were supported by good return on capital, with the other income lines broadly on par with the prior period.
International strategic investments
The Syndicate had a strong start, concluding new incremental business with an expected gross written premium (EPI) of
R1.3 billion up to 30 June 2026.
DECLARATION OF ORDINARY DIVIDEND (NUMBER 143)
Notice is hereby given that the board has declared a gross interim cash dividend of 650.00 cents (June 2025: 590.00
cents) per ordinary share for the six months ended 30 June 2026 to those members registered on the record date, being
Friday, 25 September 2026. The dividend has been declared from income reserves. A dividend withholding taxation of 20%
will be applicable to all shareholders who are not exempt, with a net dividend of 520.00 cents per ordinary share payable
to such shareholders.
Company tax reference number: 9475/144/71/4
LEI: 37890092DC55C7D94B35
Gross ordinary cash dividend amount per share: 650.00 cents
Net ordinary cash dividend amount per share: 520.00 cents
Issued shares at 03 September 2026: 115 131 417
Declaration date: Thursday, 03 September 2026
Last day to trade cum dividend: Monday, 21 September 2026
Shares trade ex-dividend: Tuesday, 22 September 2026
Record date: Friday, 25 September 2026
Payment date: Monday, 28 September 2026
To facilitate the dividend calculation, Santam's share register will be closed for all transfers, off-market
transactions, and dematerialisations or rematerialisations between Tuesday, 22 September 2026, and Friday, 25 September
2026, inclusive of both days.
In terms of the Dividends Tax legislation, the amount of dividends tax due will be withheld and paid over to the South
African Revenue Service (SARS) by a nominee company, stockbroker or Central Securities Depository Participant (CSDP)
(collectively, a Regulated Intermediary) on behalf of shareholders. Shareholders should seek their own advice on the tax
consequences associated with the dividend and are encouraged to ensure their records are up to date so that the correct
withholding tax is applied to their dividend.
SHORT FORM ANNOUNCEMENT
This short form announcement is the responsibility of the directors and has not been audited. This short form announcement
and the results contained in this short form announcement have been prepared in compliance with the JSE Limited's Listings
Requirements. The unaudited condensed consolidated interim financial statements are available on the JSE cloudlink:
https://senspdf.jse.co.za/documents/2026/jse/isse/SNT/HY2026.pdf and on the company's website at
https://www.santam.co.za/media/hh4mvig3/2026-interim-financial-statements.pdf.
Any investment decision by investors and/or shareholders and/or bondholders in relation to the company's shares or bonds
should be based on consideration of the unaudited condensed consolidated interim financial statements, as the information
in this announcement does not provide all of the details.
ADMINISTRATION
INVESTOR RELATIONS
T Rulashe
T: +27 21 915 7346
E: Thabiso.Rulashe@santam.co.za
NON-EXECUTIVE DIRECTORS
CD da Silva, MP Fandeso, M Fleming, PB Hanratty, DEH Loxton, MM Mahlangeni, NT Moholi (chairperson), AM Mukhuba,
JJ Ngulube, RA Stuchbery, LA Swartz, RJ Wainwright
EXECUTIVE DIRECTORS
TC Madzinga (group chief executive officer), ML Olivier (group chief financial officer)
COMPANY SECRETARY
R Eksteen
TRANSFER SECRETARIES
Computershare Investor Services (Pty) Ltd
15 Biermann Avenue, Rosebank 2196
Private Bag X9000, Saxonwold 2132
Tel: 011 370 5000
Fax: 011 688 5216
www.computershare.com
SANTAM HEAD OFFICE AND REGISTERED ADDRESS
1 Sportica Crescent
Tyger Valley, Bellville 7530
PO Box 3881, Tyger Valley 7536
Tel: 021 915 7000
Fax: 021 914 0700
www.santam.co.za
Registration number 1918/001680/06
ISIN ZAE000093779
JSE share code: SNT
NSX share code: SNM
A2X share code: SNT
Debt company code: BISAN
LEI: 37890092DC55C7D94B35
03 September 2026
SPONSOR
Equity and Debt sponsor: Investec Bank Ltd
Santam is an authorised financial services provider (licence number 3416).
Date: 03/09/2026 07:05:00
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