It reported headline earnings per share - the country's main profit measure - of 191.4 cents in six months to June 30, compared to 185.8 cents a year earlier, when using a measure that excludes shares held in policyholder portfolios or special purpose vehicles.
The insurer benefited from factors including a recovery in equity markets and growth in new business as people looked to save money and take out life coverage during the pandemic, it added.
Its South African life and savings business did, however, register 1.4 billion rand ($98.60 million) in excess claims net of items including reinsurance, and released 1.25 billion rand in reserves to offset this.
The impact of a worse-than-expected third wave of infections in South Africa would mostly be felt in the second half of its financial year, it said.
Sanlam has taken steps including increasing premium prices in response, and would begin to take vaccination into account for pricing of some products later in the year.
The insurer was also on course to make vaccination mandatory for all staff, aside from a small handful that can work entirely from home, from next year, Chief Executive Officer Paul Hanratty told Reuters.
That follows a similar move from peer Discovery.
Sanlam said it was in an advanced stage of discussions to sell its British life insurance business as well as disposing of its wealth management business in the country.
($1 = 14.1983 rand)
(Reporting by Emma Rumney; Editing by Shri Navaratnam and Rashmi Aich)
