Key indicators for the Sanlam Group

In 2020, the Sanlam Group worked in a very challenging operating environment. Thanks to its strong financial foundation and stable profile, it was able to withstand the health crisis without large losses and business disruptions in South Africa and several countries where it operates.

SanlamDespite this difficult environment, the group's 2020 results remained strong, with life premiums growing by 4% and non-life by 3%. At the same time, the investment activity increased by 37%.

In addition to more than satisfactory results in a time of global health crisis, the group has allocated significant technical and financial resources to support its clients, partners and other solidarity funds.

This solidarity has played out through:

  • Exemption of insurance premiums payments for its clients,
  • Financial support to intermediaries,
  • A 2.25 billion ZAR(153 million USD) aid to employment support funds,
  • Payment of 1 billion ZAR (68 million USD) to its customers in the hotel and leisure sector,
  • The setting up of a provision of 3 billion ZAR (205 million USD) to face possible business interruption claims,
  • A 1 billion ZAR (68 million USD) grant to various organizations and communities in Africa.

Sanlam Group in 2020

  • the leading insurance company in the South African life and non-life market,
  • the largest African group in terms of market capitalization, non-bank financial services. It is also the largest group in terms of geographical presence in Africa,
  • top-ranking subsidiaries in life and non-life insurance in several African markets,
  • a workforce of 147 541 employees in 44 countries, up from 105 000 in 2019,
  • revenues of 310.875 billion ZAR (21.212 billion USD) against 249.323 billion ZAR (17.732 billion USD) in 2019,
  • a net income of 8.382 billion ZAR (572 million USD) against 9.674 billion ZAR (688 million USD) in 2019,
  • a shareholders' equity worth 64.712 billion ZAR (4.412 billion USD),
  • a solvency ratio of 191% against 211% in 2019, - assets amounting to 943.796 billion ZAR (64.395 billion USD),
  • a Standard & Poors’ rating of A+ for Sanlam Ltd and AAA for Sanlam Life Insurance.

Sanlam Group: main technical and financial indicators

Figures in billions
Shareholder’s equity53.393.90457.424.63769.5064.81267.3174.78864.7124.415
Net result7.9690.5838.5490.698.890.6159.6740.6888.3820.572
Net assets672.55949.184733.58359.244815.57656.462900.22964.024943.79664.395

(1) Evolution in local currency

Sanlam Group’s turnover by type of activity

Nearly 69% of 2020 Sanlam’s revenue comes from the investment business. Insurance premiums account for only 31% of the group's revenues. The latter are up two points compared to 2016.

The insurance business is dominated by life class of business, which accounted for 58% of the total insurance revenues in 2020. The life business’ share in the group’s portfolio has declined significantly compared to 2016 when it accounted for 65% of insurance business.

The increase in non-life underwriting is explained by the acquisition of Saham Finances, which is mainly focused on property damage risks.

Figures in billions
Life insurance activity43.5993.18844.6153.60353.8153.72653.9273.83556.1113.828
Non-life insurance activity23.8391.74327.5572.22632.6852.26339.8312.83341.1392.807
Investment activity165.7412.12114912.033136.5299.452155.56511.064213.62514.576
Group total233.17817.052221.17217.862223.02915.441249.32317.732310.87521.211

Sanlam’s life insurance activity

Life insurance recorded a premium volume of 56.111 billion ZAR (3.828 billion USD) in 2020, that is, 18% of the group's total business. Sanlam Life and Savings, Sanlam Emerging Markets, Sanlam UK, Sanlam Employee Benefits are among the most active entities in this line of business.

Figures in billions
Turnover (2)43.5993.18844.6153.60353.8153.72653.9273.83556.1113.828
Net result4.6090.3375.2930.4275.1170.3545.3010.3775.0140.342

(1) Evolution in local currency
(2) Including SA Retail Affluent, SA Retail Mass and Sanlam Corporate (Sanlam Health and Sanlam Employee Benefits)

Sanlam’s non-life insurance activity

In 2020, non-life insurance contributed 13% of the Group's revenues. The turnover is mainly underwritten by two entities: Santam with 24.660 billion ZAR (1.683 billion USD) of premiums* and Sanlam Emerging Markets with 16.479 billion ZAR (1.124 billion USD) of which 12.601 billion ZAR (860 million USD) are contributed by Sanlam Pan-Africa.

In original currency, the growth of the non-life insurance is 72% between 2016 and 2020.

* Earned premiums

Figures in billions
Turnover (2)23.8391.74327.5572.22632.6852.26339.8312.83341.1392.807
Net result--2.5350.2052.8550.1983.7180.2642.6670.182

(1) Evolution in local currency
(2) Including Santam and Sanlam Emerging Markets' non-life business

Sanlam’s investment activity

The investment business is Sanlam's main source of revenue, accounting alone for nearly 69% of the group's revenue in 2020.

It is noteworthy that, over the last five years that is, from 2016 to 2020, the 29% growth rate of the investment activity is significantly lower than that achieved by the insurance business, which stands at 44%.

Figures in billions
Net result--0.7210.0580.9180.0640.6550.0470.7010.048

(1) Evolution in local currency
Exchange rate as at 31/12/2020: 1 ZAR = 0.06823 USD ; 31/12/2019 : 1 ZAR = 0.07112 USD ; at 31/12/2018 : 1 ZAR = 0.06923 USD ; at 31/12/2017 : 1 ZAR = 0.08076 USD ; at 31/12/2016 : 1 ZAR = 0.07313 USD

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