Sanlam Reports Strong Growth in 2025 Interim Results
Sanlam today reported strong growth and operational performance in its 2025 interim results, despite a challenging operating environment marked by global trade tensions and shifting investor sentiment.
The robust performance was driven by solid execution, strategic positioning, and disciplined cost management.
Highlights included:
Group earnings (net result from financial services) grew strongly, increasing by 15% per share, demonstrating satisfactory performance across all operations
New business volumes grew by 7% in a challenging economic environment for customers, reflecting the benefit of the group’s diversified portfolio
Net client cash flow showed a positive trend, with net inflows more than doubling to R48.5 billion, demonstrating the attractiveness of Sanlam’s investment propositions and improved retention
The group delivered an annualised RoGEV (return on group equity value) of 18,2%, well above the hurdle rate of 14,7% and an annualised return on equity of 19,4%, reflecting strong value creation from sustained high levels of new business and ongoing positive experience variances
Discretionary capital on 30 June 2025 was R9.2 billion, on top of a continued strong solvency position
Sanlam Group CEO, Mr Paul Hanratty, said, “We are pleased with Sanlam’s performance which has been achieved against the backdrop of a turbulent global operating environment in the first six months of the year. The group’s balance sheet remains healthy, our operating businesses all have tremendous momentum, and we continue to gain market share. Once again, the strength and professionalism of our people in helping our clients navigate an uncertain world have made the difference. Sanlam remains focused on long-term value creation and delivering consistent results for shareholders and is positive about continued excellent results for the full financial year.”
Operational and Strategic Developments
In South Africa, the integration of Assupol has progressed well, with the retail mass segment now operating as one business, with one strategy, and with employee and agent harmonisation. Medium-term synergy projects have also commenced, focusing on realising further synergies.
Santam completed the transaction to acquire the 60% A1 ordinary shares in NMS Insurance Services South Africa Limited from Sanlam Life for R925 million, effective on 2 May 2025.
In Pan‑Africa operations, SanlamAllianz continues to successfully execute integrating the operations and realising revenue and cost synergies. On 7 April 2025, Allianz Europe BV (Allianz) concluded acquiring 8,59% in SanlamAllianz for an initial cash consideration of R4.5 billion, resulting in a final shareholding split in SanlamAllianz of 51% Sanlam and 49% Allianz.
In Asia, Shriram’s extensive reach in the expansive Indian finance market, and wide presence in underserved areas, offers Sanlam immense potential to drive insurance growth and financial inclusion. Sanlam completed its subscription for additional shares in Shriram Wealth in India, increasing its effective economic shareholding from 26% to 49,7%. The transaction to increase Sanlam’s effective economic shareholding in Shriram Asset Management Company from 16,3% to 35,5% has received all required approvals.
Approximately R5 billion of discretionary capital is currently ringfenced for the Shriram insurance transactions which remain subject to regulatory approvals.
On 16 June 2025, the UK component of the Ninety One transaction concluded, with Sanlam Investments UK transferring £1.9 billion in assets under management to Ninety One Plc.
Events Realised After the Reporting Period
Further to the strategy, Sanlam followed through on various important developments after the designated reporting period of the group. All align to and support the group’s strategy.
On 23 July 2025, Santam announced receiving in-principle approval from the Lloyd’s Council to launch a Santam syndicate, subject to meeting the predetermined start-up operational requirements of Lloyd’s. This aims to significantly enhance Santam’s international growth and diversification ambition.
On 30 July 2025, the Competition Tribunal unconditionally approved the credit joint venture between Sanlam Personal Loans and Tymebank. The transaction awaits approval from the Prudential Authority in South Africa.
The transaction for the acquisition of shares in Shriram Insights Stockbrokers for R206 million became effective on 22 August 2025, increasing the group’s effective economic shareholding from 26% to 49,7%.
Outlook
While geopolitical risks and global trade dynamics continue to influence world markets, Sanlam’s diversified product portfolio, strong capital position, and disciplined risk management enable the group to deliver sustainable growth. The group’s ongoing investments in technology and distribution channels will support growth in South Africa, Pan-Africa, and Asia. Management expects continued demand for Sanlam’s solutions driven by demographic trends and evolving consumer needs.
As Sanlam enters the second half of 2025, management is confident about the group’s strategic direction and operational execution. The group remains committed, delivering long-term value to shareholders through disciplined growth, innovation, and customer focus.