SLM Results Neutral

SANLAM LIMITED - Audited annual results for the year ended 31 December 2025 and dividend declaration

Sanlam Limited
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What this filing means

Sanlam's 2025 results show record new business volumes and a 9% dividend hike, but headline earnings fell 18% due to adverse currency movements, structural base effects, and weaker Pan-Africa underwriting.

Bull case

  • Total new business volumes reached a record R495.9 billion, representing an 18% increase year-on-year.
  • Net client cash flows more than doubled to R126.7 billion, demonstrating strong momentum across all business lines.

Bear case

  • Headline earnings declined by 18% and profit attributable to shareholders fell 28%, severely impacted by the non-repeat of 2024 disposal gains and adverse ZAR strength.
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Category
Results
Event posture
No Edge
Published
Mar 12, 2026

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