Santam

Santam group, a centenary company, has since its creation in 1918, endeavored for the development of the South African insurance. Thanks to its strong position on the local market, the group has recently expanded its reach beyond its traditional boundaries.

With interests in several African countries, the United Kingdom and Ireland, Santam is aiming at becoming a global group.

Following the average 2008 results, the insurer managed to bounce back in 2009, posting a turnover on the rise by 35.2% and good financial indicators. In May 2009, South Africa's Financial Intermediaries Association (FIA) granted Santam the award for the market's best non-life insurer.

The 2008 setback is a thing of the past now, and the group has been posting outstanding performances in tune with its status as an African giant.

Desmond Smith	Ian Kirk
Chairman	Chief Executive

Main technical highlights of Santam Group: 2005-2009

in USD

	2005	2006	2007	2008	2009
Gross written premiums	1 789 320 900	1 717 180 100	1 921 808 970	1 498 011 350	2 025 805 320
Written premiums net of reinsurance	1 472 427 520	1 432 140 960	1 592 972 910	1 254 382 450	1 738 369 080
Net earned premiums	1 397 892 180	1 368 074 480	1 563 357 240	1 237 795 400	1 738 638 720
Net incurred losses	912 860 940	938 318 800	1 065 288 780	845 939 550	1 226 862 000
Net loss ratios	65.3%	68.6%	68.1%	68.3%	70.6%
Management expenses	433 817 740	396 163 300	450 070 650	353 187 950	485 621 640
Technical results	349 197 280	324 868 080	256 036 950	98 677 100	214 228 980
Net results	283 801 580	264 628 580	156 977 640	78 709 250	150 459 120

Evolution of premiums, losses, management expenses and results

in millions USD

Th turnover's evolution of the Group per class of business: 2005-2009

in USD

	2005	2006	2007	2008	2009	2009 shares	08/09 growth
Motor	728 019 600	648 318 760	720 842 490	584 772 750	828 738 540	40,9%	41,7%
Health	49 637 700	44 789 840	48 289 590	39 935 700	51 501 240	2,5%	29%
Marine	42 861 760	41 104 600	50 040 270	41 626 100	53 658 360	2,7%	28,9%
Other damage	622 283 420	595 308 000	616 677 030	464 648 700	650 910 960	32,1%	40,1%
Misc. accident	234 321 460	272 991 240	330 149 070	247 643 600	289 188 900	14,3%	16,8%
TPL	112 196 960	114 667 660	155 810 520	119 384 500	151 807 320	7,5%	27,2%
Grand total	1 789 320 900	1 717 180 100	1 921 808 970	1 498 011 350	2 025 805 320	100%	35,2%

Breakdown per class of business in 2009

Ratios' evolution: 2005-2009

¹ Management expenses on gross written premiums

Exchange rate ZAR/USD as at 31/12	2005	2006	2007	2008	2009
	0.15758	0.14174	0.14589	0.10565	0.13482