S A N TA M I N T E G R AT E D R E P O R T 2014

2014 at
a glance

Key facts

2014 2013
Gross written premium R22.7 billion R20.6 billion
South African market share >22% >22%
Claims ratio 63.1% 69.3%
Return on shareholders’ funds 24.7% 20%
Headline earnings per share 1 446 cents 1 033 cents
Number of group employees 5 163 4 779
Sanlam BBBEE level 2 3
Black ownership percentage 30.0% 31.3%
Global Credit Rating AAA claims paid ability AAA claims paid ability
Fitch rating AA+ national insurer financial strength AA+ national insurer financial strength
Standard & Poor’s rating *BBB+ international rating A- international rating
AA+ national scale rating AA+ national scale rating
Value of claims incurred R10.9 billion R11.6 billion

* International rating lower due to sovereign downgrade

Key financial goals

Achieved in 2014 Long-term goal

Return on capital 24.7% 22.5%
Gross written premium growth Real GDP growth
(including cell insurance) 10.0%
Gross written premium growth
(excluding cell insurance) 12.0%
Acquisition cost ratio 28.2% 27%
Underwriting margin 8.7% 4 – 6% through the cycles
Investment return on insurance funds 2.5% 2.5% of NEP through the cycles
Solvency ratio 46% 35 – 45%

GDP = Gross domestic product

NEP = Net earned premium

4 About this 2014 at This is the Leadership Chief Strategy Strategic Governance
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