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Group Annual Results for the year ended
31 December 2019

Earnings
Net result from fi nancial services
 9% New business Capital management
Net value of new covered business Net capital raised through share inssuance
Dividend per share of  15% to R2,3 billion (up 11% on consistent R4,5 billion
334 cents,  7,1% (3% real growth)
economic basis) Surplus unlocked from operations
Group Equity Value Net new covered business margin R593 million
Group Equity Value per share 2,98% on consistent economic basis Investment in Group operations
R64,36 (2.67% in 2018) R2 billion
Return on Group Equity Value per share New business volumes Discretionary capital at 31 December 2019
6,4% (2018: 11,6%)  12% to R249 billion R220 million
Adjusted Return on Group Equity Value per share Net fund infl ows Sanlam Group SAM cover ratio
11,9% (2018: 19,4%) R57 billion (R42 billion in 2018) 211% (2018: 215%)
SALIENT RESULTS SHAREHOLDERS’ FUND INCOME STATEMENT
for the year ended 31 December 2019 2019 2018 % for the year ended 31 December 2019 2019 2018
R’m R’m
SANLAM GROUP
Earnings RESULT FROM FINANCIAL SERVICES BEFORE TAX 16 116 15 544
Net result from fi nancial services R million 9 674 8 890 9% Tax on result from fi nancial services (4 671) (4 116)
Net operational earnings R million 10 798 9 455 14% Result from fi nancial services after tax 11 445 10 428
Headline earnings R million 7 481 9 162 (18%) Non-controlling interests (1 771) (1 538)
Weighted average number of shares million 2 090,0 2 077,3 1%
(1)
Adj. weighted average number of shares (1) million 2 208,5 2 098,8 5% Net result from fi nancial services 9 674 8 890
Net result from fi nancial services per share cents 438,0 423,6 3% Net investment income 1 044 638
Net operational earnings per share cents 488,9 450,5 9% Net investment surpluses 210 63
Diluted headline earnings per share cents 357,9 441,1 (19%) Project Expenses (130) (136)

Business volumes Net operational earnings 10 798 9 455
New business volumes R million 249 323 223 029 12% Net amortisation of value of business acquired
Net fund infl ows R million 56 766 41 539 37% and other intangibles (766) (400)
Net new covered business Equity participation costs (596) (5)
(1)
Value of new covered business R million 2 280 1 985 15% Net non-operational equity-accounted earnings 19 3
Covered business PVNBP (2) R million 76 446 74 378 3% Net profi t/(loss) on disposal or subsidiaries and
New covered business margin % 2,98 2,67 associated companies (6) 2 773
(3)
Group Equity Value Impairments (339) (305)
Group Equity Value R million 143 271 134 052 7%
Group Equity Value per share cents 6 436 6 341 1% Normalised attributable earnings 9 110 11 521
Return on Group Equity Value per share (4) % 6,4 11,6 Fund transfers (1 960) 106
(1)
Adj. RoGEV per share % 11,9 19,4
(5)
Attributable earnings per Group statement
SOLVENCY COVER of comprehensive income 7 150 11 627
Sanlam Group % 211 215 Note
Sanlam Life Insurance Limited % 253 264 (1) TThe B-BBEE transaction gives rise to a non-recurring share-based payment charge of R1,686 billion. The market-related discount of
Sanlam Life Insurance Limited R594 million is recognised as equity participation cost in the Shareholders’ fund income statement, with the remainder recognised in fund
transfers
covered business % 206 221
(6)
Notes SANLAM GROUP EARNINGS
(1) Weighted average number of shares excludes Sanlam shares held directly or indirectly through consolidated investment funds in policyholder
portfolios, as well as Sanlam shares held by the Group’s broad-based black economic empowerment special purposes vehicle (B-BBEE 11 521
SPV) that is consolidated in terms of International Financial Reporting Standards. These shares are treated as shares in issue for purposes
of adjusted weighted average number of shares in issue, which is the base to determine net result from fi nancial services per share and net 9 647
operational earnings per share. Diluted headline earnings per share is based on the weighted average number of shares. 8 890 9 110
(2) PVNBP = present value of new business premiums and is equal to the present value of new recurring premiums, at the relevant risk discount
rate for each business, plus single premiums.
(3) New covered business margin = value of new covered business as a percentage of PVNBP.
(4) Growth in Group Equity Value per share (with dividends paid, capital movements and cost of treasury shares acquired reversed) as a
percentage of Group Equity Value per share at the beginning of the year.
(5) Adjusted Return on Group Equity Value = Return on Group Equity Value excluding investment market and currency volatility, changes in
interest rates and other factors outside of management’s control.
(6) Excludes investments in subsidiaries and associated companies, discretionary capital, cash accumulated for dividend payments and the net
asset value of non-covered operations.
NEW BUSINESS VOLUMES
for the year ended 31 December 2019 2019 2018 Net result from fi nancial services Normalised attributable earnings
R’m R’m % 2019 2018
Sanlam Personal Finance 61 813 60 971 1%
Sanlam Emerging Markets 34 809 26 224 33% NET RESULT FROM FINANCIAL SERVICES 2019 2018
for the year ended 31 December 2019
Sanlam Investment Group 113 236 99 696 14% R’m R’m %
Santam 24 227 22 812 6%
Sanlam Corporate 15 238 13 326 17% Sanlam Personal Finance 4 265 4 033 6%
Sanlam Emerging Markets 2 632 2 038 29%
Total 249 323 223 029 12%
Sanlam Investment Group 1 070 1 152 (7%)
Covered business 53 927 53 815 – Santam 1 217 1 196 2%
Investment business 155 565 136 529 14% Sanlam Corporate 590 580 2%
General Insurance 39 831 32 685 22% Group Offi ce and other (100) (109) 8%

Total 249 323 223 029 12%
Net result from fi nancial services 9 674 8 890 9%
JSE R&E book AR2019 v20200503.indd 1 04.05.2020 15:08:22