SANTAM LIMITED - Trading Statement for the six months ended 30 June 2024

Trading Statement for the six months ended 30 June 2024

SANTAM LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
LEI: 37890092DC55C7D94B35
JSE share code: SNT & ISIN: ZAE000093779
NSX share code: SNM
A2X share code: SNT
Bond company code: BISAN
("Santam" or the "Group")

TRADING STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2024

Shareholders and noteholders are herewith advised that Santam is currently in the process of
compiling its interim financial results for the six months ended 30 June 2024. This Trading
Statement provides guidance for Headline Earnings Per Ordinary Share (HEPS) and Earnings
Per Ordinary Share (EPS) attributable to equity holders of Santam in terms of paragraph 3.4(b)
of the JSE Limited Listings Requirements.

Shareholders and noteholders are, furthermore, advised that Santam expects its HEPS and
EPS for the six months ended 30 June 2024 to fall within the following ranges:

                                Six months to             Six months to           Six months to
                                 30 June 2024              30 June 2024            30 June 2023
                            Expected increase            Expected range      Comparative period
                           on the comparative
                                       period
                                            %            Cents per share        Cents per share
HEPS                               25% to 45%             1 462 to 1 695                  1 170
EPS                                25% to 45%             1 462 to 1 695                  1 170

The increase in HEPS and EPS is attributable to improved underwriting results for conventional
insurance business as well as earnings growth at the alternative risk transfer businesses. The
net underwriting margin for conventional insurance business is expected to be within the long-
term target range of 5% to 10% of net earned premiums(1), despite significant weather-related
catastrophes and other large losses.

Satisfactory gross written premium growth is anticipated.

The Group's economic capital solvency position is expected to be well within the target range
of 145% to 165%.

The financial information on which this Trading Statement is based has not been reviewed or
reported on by Santam's external auditors. Santam will release its reviewed results for the six
months ended 30 June 2024 on or about 29 August 2024.

(1) Net earned premiums as defined in the segmental information disclosed in the Group's 2023 Annual
    Results.


CAPE TOWN
13 August 2024
Sponsor: Investec Bank Limited
Debt Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited)

Date: 13-08-2024 12:00:00
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