SANLAM LIFE INSURANCE LIMITED - BISLI - Sanlams Credit Rating Upgraded by S&P Global Ratings

BISLI - Sanlam’s Credit Rating Upgraded by S&P Global Ratings

SANLAM LIFE INSURANCE LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1998/021121/06)
Bond Company Code: BISLI
LEI: 378900E10332DF012A23
(the "Company")

SANLAM LIFE LIMITED
(Incorporated in the Republic of South Africa)
(Registration No. 1959/001562/06)
("Sanlam") (the "Guarantor")



SANLAM'S CREDIT RATING UPGRADED BY S&P GLOBAL RATINGS

In accordance with paragraph 6.28 of the JSE Limited Debt and Specialist Securities Listings Requirements, 
noteholders are hereby advised that on 18 November 2025, Sanlam received an updated credit rating from 
S&P Global Ratings ("S&P") following the recent upgrade of South Africa's sovereign rating. S&P has upgraded 
Sanlam's National Scale Credit Rating from zaA+ to zaAA+, reflecting the improved creditworthiness of the Sanlam's
group credit profile following the sovereign upgrade, as well as the structural subordination that comes from Sanlam's 
non-operating holding company status.

Sanlam Life Insurance Limited's National Scale Credit Rating was affirmed at zaAAA.

The outlook assigned to the ratings is positive.

The detailed credit rating report may be viewed on the following link:
https ://www.s anlam.com/pdf/debt-investors /SandP-global-ratings /SandP-global-ratings - 18112025.pdf

The directors of the Company accept responsibility for the information contained in this
announcement.

19 November 2025

Debt Sponsor
The Standard Bank of South Africa Limited

Date: 19-11-2025 09:35:00
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