
Santam has announced a strong financial performance and business growth, with a notable increase in revenue. This is a significant achievement for the company, demonstrating its ability to adapt and thrive in a competitive market.
Santam's revenue has grown significantly, with a notable increase of 11% year-on-year. This growth is a testament to the company's successful business strategies and its commitment to delivering value to its customers.
The company's strong financial performance is also reflected in its improved operating profit margin, which has increased by 10% year-on-year. This improvement is a result of Santam's focus on operational efficiency and cost management.
Santam's business growth is not limited to its financial performance, but also extends to its expansion into new markets and the introduction of new products and services.
Financial Performance
Santam's underwriting profit surged by 82% in 2024, achieving a margin of 6.5% within the group's target range of 5% to 10%.
The property class was heavily impacted by weather-related events, resulting in a net loss of R203m.

Enhanced risk selection and geo-coding technology helped prevent losses of more than R150m.
Motor insurance showed a strong recovery, with net profit surging from R130m to R829m.
The group's approach to managing claims inflation kept costs under control.
Engineering class delivered robust growth in underwriting results, with net profit growing by 71.7%.
The liability class declined from R373m to R127m, but achieved margins in line with expectations.
Transportation profits declined from R60m to a loss of R16m due to several large claims in Marine.
Crop insurance fell into a loss of R26m after a profit of R52m in the prior period due to an increase in hail-related claims.
Sales and Operations
Santam's sales performance is a key indicator of the company's success. In 2023, the company's sales reached a significant milestone, with Insurance - Conventional sales totaling 32.16B.
The company's diversification strategy is also evident in its sales figures. In 2023, Santam's international operations contributed 18% to the group's total GWP, with a growth of 11% to R3.4bn.

The breakdown of Santam's sales by activity is as follows:
Activity | 2023 Sales |
---|---|
Insurance - Conventional | 32.16B |
Insurance - Alternative Risk Transfer | 7.98B |
Investment | 3.06B |
Unallocated Foreign Currency on Technical Reserves and Investment Return on Insurance Funds | 871M |
Unallocated Tax Recovered from Cell Owners | 753M |
Insurance - Santam's Share of Sanlam General Insurance Businesses | 728M |
Unallocated Other Income and Expenses | 323M |
Unallocated ART Investment Return | -36M |
Unallocated Inward Reinsurance Commission | -1.37B |
Unallocated Sanlam Target Shares and Investment Revenue | -2.69B |
Underwriting Performance
Santam's underwriting performance was a highlight in 2024, with a significant surge in profit. The company achieved a margin of 6.5%, within its target range of 5% to 10%.
The property class was heavily impacted by weather-related events, resulting in a net loss of R203m. This was largely mitigated by the group's enhanced risk selection and geo-coding technology.
Motor insurance showed a strong recovery, with all business units contributing to the positive performance. Net profit surged from R130m to R829m.
The engineering class delivered robust growth in underwriting results, benefiting from a decline in the frequency of large losses. Net profit grew by 71.7%, from R138m to R237m.
The liability class declined, but achieved margins in line with expectations.
Business Unit Growth
All business units contributed to the growth in GWP, except for Specialist Solutions, which experienced a marginal decline in business volumes.
The property class experienced a 12% increase, driven by rate strengthening in the Broker Solutions and Client Solutions portfolios and the MTN partnership in Partner Solutions.
MiWay, a key component of Santam’s growth strategy, reported a 7% overall growth, a notable improvement from the 4% growth in the first half of 2023.
MiWay’s business insurance segment, in particular, benefited from the company’s new inbound and tied agency strategies, achieving growth of more than 30%.
The motor insurance class grew by 5%, but the broader growth potential was tempered by weak new vehicle sales trends in South Africa, reflecting ongoing economic pressures in the local market.
The Partner Solutions division showed strong growth from a low base, buoyed by the transfer of the MTN in-force book to the Santam licence.
Sales by Activity
In Santam Ltd's sales by activity, we see a significant increase in sales from 2022 to 2023.
The company's insurance business is a major contributor to its sales, with a notable jump in conventional insurance sales from 2022 to 2023, reaching 32.16 billion.
Alternative risk transfer insurance sales also saw a substantial increase, reaching 7.98 billion in 2023.
Investment sales were steady, with 3.06 billion in 2023.
A closer look at the numbers shows that Santam Ltd's sales by activity are diversified, with multiple revenue streams contributing to its overall sales.
Here's a breakdown of Santam Ltd's sales by activity for 2023:
Activity | Sales (2023) |
---|---|
Insurance - Conventional | 32.16B |
Insurance - Alternative Risk Transfer | 7.98B |
Investment | 3.06B |
Unallocated Foreign Currency on Technical Reserves and Investment Return on Insurance Funds | 871M |
Unallocated Tax Recovered from Cell Owners | 753M |
Insurance - Santam's Share of Sanlam General Insurance Businesses | 728M |
Unallocated Other Income and Expenses | 323M |
Unallocated ART Investment Return | -36M |
Unallocated Inward Reinsurance Commission | -1.37B |
Unallocated Sanlam Target Shares and Investment Revenue | -2.69B |
Sales Geographical Breakdown
Santam Ltd's sales are dominated by the South African market, accounting for 82% of total GWP in 2023.
The South African market had a significant increase in business, growing by 7% to R15.7bn in 2023.
Santam's international operations also contribute to the group's growth, with GWP from outside South Africa increasing by 11% to R3.4bn in 2023.
The international expansion is in line with Santam's strategy to diversify its revenue base and reduce its reliance on the South African market.
Here's a breakdown of Santam's geographical sales in 2023:
Fiscal Period: December | 2023 |
---|---|
South Africa | 41.15B |
Southeast Asia, India and Middle East | 3.98B |
Rest of Africa | 2.53B |
Other | 153M |
Unallocated | -937M |
The partnership with SanlamAllianz across Africa in specialist business delivered positive results, with GWP growth of 33% to R379m in 2023.
Latest Company Sets Minimum Pay at R15,000

Santam, SA's largest short-term insurer, has set its minimum wage at R15,000 per month, joining Old Mutual in this move.
This decision is a significant step towards fair pay, as it ensures that employees are paid a living wage of at least R15,000 per month or R180,000 per annum.
The financial services industry has long been criticized for paying low wages, with the national minimum wage being R4,350 per month. Santam's decision to adopt the principle of not paying employees below the living wage of R15,000 per month is a bold move.
Old Mutual was the first company to set its minimum wage at R15,000 per month, doing so with effect from April. Santam has now followed suit, increasing its minimum wage to R15,000 per month with effect from September.
By setting a minimum wage of R15,000 per month, Santam is effectively paying employees three times the legislated minimum wage. This move is expected to put pressure on other financial services companies to reconsider their minimum wages.
Santam's decision to adopt a living wage is a commitment to fair pay, and the company has ensured that its remuneration policy remains competitive against market salaries.
Shareholders and Holdings

Santam Ltd has a notable presence in the market, and its shareholders are a significant part of that.
According to the available data, Santam Ltd has a notable stake in its own company, holding 6.53% of its equities. The company has a total of 7,518,081 equities held by its shareholders.
One of the most interesting aspects of Santam Ltd's holdings is the valuation of its equities, which stands at $147,494,525.
Composition of the Board of Directors
The Composition of the Board of Directors is a crucial aspect of any company, and Santam Ltd is no exception. The Board of Directors is responsible for overseeing the company's overall strategy and direction.
As of the latest data, the Board of Directors consists of 10 members, each with a unique background and expertise.
Nombulelo Moholi serves as the Chairman of the Board, bringing 64 years of experience to the table.
The Board also includes several Directors, each with their own title and level of involvement. These include Preston Speckmann, Junior Ngulube, Monwabisi Fandeso, Paul Hanratty, Abigail Mukhuba, Caroline da Silva, Deborah Loxton, Tavaziva Madzinga, and Makhenkodwa Mahlangeni.
Here's a breakdown of the Board members:
Director | Title | Age | Since |
---|---|---|---|
Preston Speckmann | Director/Board Member | 66 | 2017-02-07 |
Junior Ngulube | Director/Board Member | 67 | 2018-04-22 |
Monwabisi Fandeso | Director/Board Member | 66 | 2011-10-12 |
Paul Hanratty | Director/Board Member | 64 | 2020-08-10 |
Abigail Mukhuba | Director/Board Member | 46 | 2020-11-15 |
Nombulelo Moholi | Chairman | 64 | - |
Caroline da Silva | Director/Board Member | 60 | 2021-06-02 |
Deborah Loxton | Director/Board Member | 61 | 2021-06-02 |
Tavaziva Madzinga | Director/Board Member | - | 2022-03-31 |
Makhenkodwa Mahlangeni | Director/Board Member | 45 | 2022-12-11 |
Holdings

Sanlam is the majority shareholder of the group, owning 62.3% of the company as of December 31, 2022. This significant stake gives Sanlam considerable influence over the company's decisions.
Public shareholders own 30.85% of the company, making them a substantial group as well. This shows that the company has a diverse range of owners.
The Government Employees Pension Fund owns 5.14% of the company, which is a notable stake. This indicates that the fund has invested in the company for the long term.
Sanlam is a financial services company established in 1918, and it's listed on the Johannesburg Stock Exchange. This company has a rich history dating back over a century.
Here's a breakdown of the top shareholders:
Majority shareholders | Percentage owned |
---|---|
Sanlam | 62.3% |
Public shareholders | 30.85% |
Government Employees Pension Fund | 5.14% |
Santam Ltd is also a significant holder of equities, owning 6.53% of the company.
Shareholders:
Shareholders play a crucial role in a company's success, and understanding their holdings can provide valuable insights.
Santam Ltd, a leading insurance company, has a significant presence among its shareholders.

The largest shareholder of Santam Ltd is Sanlam Limited, holding 62.6% of the company's equities. This is a substantial stake, indicating a strong partnership between the two companies.
Public Investment Corporation (SOC) Ltd. is the second-largest shareholder, owning 5.27% of Santam Ltd's equities. This suggests a significant investment in the company's growth and development.
Here's a breakdown of the top shareholders of Santam Ltd:
Name | Equities | % |
---|---|---|
Sanlam Limited | 72,072,266 | 62.6% |
Public Investment Corporation (SOC) Ltd. | 6,067,426 | 5.27% |
News and Ratings
Santam Re writes on A- rated paper, which is a testament to the company's financial strength and operational discipline.
AM Best has assigned an A- rating to the Santam Group, indicating that it's an excellent credit rating.
Santam's A- rating reflects the company's strategic relevance in the market.
The A- rating is a recognition of Santam's hard work and dedication to its business operations.
This rating is a great achievement for Santam and demonstrates its ability to manage risk effectively.
p.article.sections.frequentlyAskedQuestions
What does Santam do?
Santam is a leading general insurer in South Africa, providing a wide range of insurance products and services to individuals, businesses, and corporations. With 106 years of experience, we help protect what matters most to our customers.
What companies are under Santam?
Santam has several subsidiaries, including Santam Client Solutions, MiWay, and Sanlam Emerging Markets (SEM) partner businesses, among others. These companies offer a range of insurance and financial services products and solutions.
p.article.sections.sources
- https://en.wikipedia.org/wiki/Santam
- https://www.marketscreener.com/quote/stock/SANTAM-LTD-5498360/company/
- https://www.moonstone.co.za/santam-reports-34-net-income-growth-despite-rising-weather-related-claims/
- https://www.businesslive.co.za/bd/companies/financial-services/2024-03-12-santam-latest-company-to-set-minimum-pay-at-r15000/
- https://www.santamre.com/home
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