Sanlam plans to scale its digital ecosystems in partnership with the online GoTyme Bank to drive cross-sell, acquisition and retention across customer segments.
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Sanlam reported a record R496 million in new business for its 2025 financial year, up 22%, from strong growth in new business and earnings across its diversified assurance and financial services businesses.
The share price slipped 2.25% to R93.25 on Thursday afternoon, a price only slightly higher than the R93.25 a year ago.
The dividend was raised 9% to 485 cents per share from 445 cents, reflecting strong cash flow, resilience, and board confidence in the business. Net client cash flows more than doubled to R127 billion, supported by strong life insurance inflows, living annuity sales, and improved client retention.
“Record new business, robust cash flows, and strong profit growth were once again possible… across the group’s operations,” CEO Paul Hanratty said.
The increase in new business was driven by strong inflows into the South African asset management business and solid contributions across life and general insurance.
The net result from financial services (NRFFS) increased 20% on a like-for-like basis, supported by strong contributions from life, health, general insurance, investment management, and credit and structuring activities. Group net income of R10.05bn increased by 10.8%.
NRFFS benefited from favourable mortality experience and stronger asset-based fee income in the South African and Pan-African life businesses.
Underwriting experience was positive across the South African and Indian general insurance operations, supported by positive underwriting experience and partly offset by higher claims in the Pan-African general insurance operations.
Net operational earnings grew at a lower rate than NRFFS as they were affected by lower investment returns than in 2024 and foreign exchange losses arising from the strengthening of the rand towards the end of 2025.
Hanratty said the results reaffirm Sanlam’s financial strength and support its Vision 2030 strategy, which aims to drive faster growth and generate more cash in the years ahead.
Corporate actions in 2025 included the smooth integration of Assupol, with all agents transitioned to Sanlam.
Productivity and policy persistency improved in the retail mass market.
The group intends to scale its digital ecosystem - leveraging credit, banking, and loyalty rewards capabilities - in partnership with GoTyme Bank to drive cross-sell, acquisition, and retention across customer segments.
To further unlock the pan-African insurance frontier, Allianz increased its stake in SanlamAllianz to 49%. Integration across 10 of 11 countries is complete, with Morocco expected to follow in 2026.
Strategic exits from Zimbabwe, Niger, and the Zambian general insurance business streamlined operations, resulting in the group being present in 25 African countries.
Sanlam strengthened its position in the Shriram ecosystem in India, increasing stakes in Shriram Wealth, Shriram Asset Management, Shriram Insights Share Brokers, as well as regulatory approval on increases in Shriram General and Life Insurance shareholdings.
By early 2026, effective holdings in both entities exceeded 50%, while a strategic capital injection from Mitsubishi UFJ Financial Group into Shriram Finance supported long-term growth capital, enabling faster expansion and creating additional opportunities for Shriram General Insurance Company and Shriram Life Insurance Company, through cross-sell initiatives.
On the asset management front, the Ninety-One transaction progressed, with the UK portion completed in June 2025 and the South African portion becoming unconditional and closed on 2 February 2026. Sanlam now holds approximately 12.5% in Ninety-One on a dual-listed company basis post-completion, focusing on higher-growth investment opportunities.
Over the medium term, strategic investments, completed projects, and operational efficiency improvements were expected to strengthen earnings and cash generation, gradually increasing return on equity.
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