Sanlam Continues Positive Momentum in Operational Update for the Nine Months Ended 30 September 2025
Sanlam today reported in its nine-month operational update that it continues to deliver positive results across key lines of business, despite a challenging environment.
Performance highlights in the nine months ended 30 September 2025 included:
Resilient operational performance: Core businesses across life insurance, investments, and general insurance performed strongly, supported by robust new business flows and retention levels. Net results from financial services (NRFFS) and cash NRFFS increased 17%.
Strong cash generation: Operating cash flows remained healthy, with strong capital management enabling continued investment in strategic initiatives and returns to shareholders
Growth momentum maintained: Group new business volumes increased by 11%
Solid balance sheet: The Group maintained a strong capital position, well above regulatory requirements, reinforcing its ability to weather external volatility while pursuing strategic growth. The group solvency cover ratio remained well within target ranges.
Operational performance was bolstered by favourable mortality experience and higher asset-based fee income in the African life insurance business, lower general insurance claims in Africa, robust asset management fee income in South Africa, and strong credit and structuring growth in both India and South Africa. While investment variances remained positive, they were lower than the prior year due to adverse movements in the yield curve, causing operating profit growth to lag the increase in net results from financial services.
New business volumes increased by 13% on a normalised basis, while group net client cash flows were up 87% to over R74.7 billion, with substantial contributions across all regions and lines of business.
The group maintains a healthy discretionary capital of R8.6 billion at 30 September 2025, providing flexibility to support strategic growth initiatives and manage emerging risks.
Strategy
The group continues to execute its strategy effectively. Integration of Assupol is progressing well, with teams and systems aligning as planned, enabling the strategic and operational benefits anticipated at the time of acquisition.
The South African leg of the Ninety One transaction received competition tribunal approval on 19 September 2025. The transaction remains on track for completion subject to regulatory approval and the finalisation of the reorganisation of Sanlam Investment Management (Pty) Ltd (SIM) to transfer out all business activities and associated costs not forming part of the active asset management business.
Across Pan-Africa, integration of Sanlam and Allianz businesses is advancing steadily, with eight of the 11 targeted countries now fully integrated. Kenya and Mauritius are expected to complete integration by year-end, while Morocco’s integration, subject to regulatory approvals, is anticipated to be completed during 2026.
Outlook
The group remains confident in Africa’s long-term fundamentals which underpin resilience and long-term investment potential.
In October 2025, four countries in which Sanlam operates, namely South Africa, Nigeria, Mozambique and Burkina Faso, exited the Financial Action Task Force grey list. This marks an important milestone that restores credibility and removes a significant drag on investor confidence in these regions.
India’s position as a growth vector remains robust, underpinned by ongoing reforms, resilient domestic demand and stable inflation.
Sanlam group CEO, Mr Paul Hanratty said, “We remain positive about the medium outlook of the emerging and frontier markets where we operate and we are confident in achieving our through-the-cycle targets, as outlined at the Sanlam Capital Markets Day. We expect continued demand for our solutions, driven by demographic trends and evolving consumer needs. Our diversified portfolio and strong solvency position provide a sound and high-quality base for sustained delivery.”