Sanlam : Debt Capital Market Offering

‌Debt Capital Market Offering

‌CONTENTS

1

Overview and strategy

2

Financial results

3

Priorities and outlook

4

Capital management

5

Debt programme

‌01 Overview and strategy

‌Overview and strategy

Financial results

Capital management

Priorities and outlook

Debt programme

Key messages

Track record of consistent, high-quality growth

Robust new business growth, underpinned by Sanlam's strong competitive positioning

Completed key strategic transactions, creating a stronger, simpler and more resilient business

Strong financial performance and cash generation, enabling a 9% increase in the dividend

‌Overview and strategy

Financial results

Capital management

Priorities and outlook

Debt programme

Vision 2030

Our vision

To be a leading emerging markets financial services group, delivering sustainable long-term growth through our operations in high potential markets

Our growth vectors

Shriram financial services

ecosystem in India

Accelerating specialist capability via Lloyd's

Unlocking the Pan-African

insurance frontier

Winning as 'one Sanlam' in South Africa

Building a solutions-led, emerging markets asset manager

Operating profit growth

Return on equity

Adjusted RoGEV

Dividend growth

Group economic

Sustainability index

Delivering

solvency ratio

> RSA CPI + 6%

> 20%

> RSA RFR1

+ 4%

> RSA CPI

+ 4%2

150% to 190%

4 out of 5

Enabled by

Client experience excellence

High quality strategic partnerships

Technology transformation & AI

Integrated ESG & investing for good

Talented

& engaged staff

Our purpose

To empower generations to be financially confident, secure and prosperous

‌Overview and strategy

Financial results

Capital management

Priorities and outlook

Debt programme

Consistent track record

Adjusted RoGEV (%)

Adjusted RoGEV per share

19,5

18,0

Hurdle rate

14,6

14,9

15,7

2021

2022

2023

2024

2025

New business (R billion)

600

New business volumes

Net client cashflows

200

500

496

127

150

397

420

400

356

78

100

335

60

54

300 36

50

200

0

2021 2022 2023 2024 2025

+ 14% CAGR

NRFFS (R billion)

15,41

15,9

12,4

9,5

10,5

2021 2022 2023 2024 2025

+ 10% CAGR

Dividend paid (cps)

334

360

400

445 485

2021 2022 2023 2024 2025

‌Overview and strategy

Financial results

Capital management

Priorities and outlook

Debt programme

Strong underlying results

Growth

1 +22%

Group new business volumes

R127 bn

Net client cash flows

(11%)

Value of covered new business

Earnings1

+20%

NRFFS

+5%

Net operational earnings

Return on GEV

13,4%

RoGEV per share

15,7%

Adjusted RoGEV per share

Economic

solvency ratio

183%

Dividend

485

Cents per share

+10,4%CAGR2

>RSA CPI2 + 4%

‌02 Financial results

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Earnings

R million	2025	2024	Actual% change	Normalised% change
Life insurance and health	9 257	9 3331	(1)	25
General insurance	3 577	3 047	17	17
Investment management	1 508	1 403	7	14
Credit and structuring	2 266	2 142	6	15
Corporate expenses and other	(669)	(482)	(39)	(47)
NRFFS	15 939	15 443	3	20
Net investment return	1 962	3 542	(45)
Project expenses	(747)	(441)	(69)
Net operational earnings	17 154	18 544	(7)	5

(4)

14

10

Line of

business (%)

58

22

Life and health

General insurance

Investment management Credit and structuring

Corporate expenses & other

South Africa (SA) Pan-Africa (ex-SA) Asia

14 1

9

Geography

(%)

76

Life insurance and health

Favourable mortality experience and stronger higher-asset fee income

Ongoing operational pressures in the South Africa health portfolio

General insurance

Lower attritional and large weather-related claims in South Africa

Pan-Africa affected by higher tax settlements, increased tax provisions and elevated corporate claims

Investment management

Solid performance from South African asset management and Glacier

Credit and structuring

Continued strong growth in India and solid contribution from South African structuring

Investment return

Impacted by foreign exchange translation losses and higher funding costs

Corporate expenses

Includes investment in client experience system modernisation

Project expenses

Costs related to establishing Syndicate 1918 and progressing the SFL/MUFG transaction

International

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Rand strength drives investment returns (R million)

3 542

(492)

(265)

(266)

Forex - most of which was in

4Q2025

(150)

1 962

(354)

(53)

⯀ Increase ⯀ Decrease ⯀ Total

2024	INR hedge	Santam forex	India	Lower returns	Assupol funding	Other	2025
		translation	Investment return	in Pan-Africa	costs

Net investment return	3 542	1 962
Net investment income	1 940	1 847
Net investment surplus	2 220	1 156
Finance cost	(618)	(1 041)

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Return on group equity value (RoGEV) (%)

⯀ Increase ⯀ Decrease ⯀ Total

Group hurdle of 14,7%

15,7% per share

13,4% per share

1,5

15,7

2,7

2,9

13,4

1,5

1,3

(0,7)

(0,3)

9,6

(0,9)

(4,2)

Expected return

VNB Operating experience

variances and assumption changes

Impairments Santam operational

return

NAV expected return and other earnings

Adjusted RoGEV

Currency translation impacts

Investment variance and economic assumption changes

Santam market return

Other Actual RoGEV

11

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Capital and solvency

Discretionary capital (R billion) Group economic solvency cover ratio (%)

Target range

8,1

5,3

4,1

R5,7 billion

ring-fenced for India

2,9

2,7

188

183

2021 2022 2023 2024 2025 2024 2025

i

R5,7 billion of 2025 discretionary capital balance ring-fenced for India life and general insurance transactions

Group solvency remains stable and well within target range

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

New reporting framework | Indicative 2025 performance on future metrics

2030 through-the-cycle targets

Illustrative 2025

Earnings1

+20%

NRFFS

Return on equity

17,1%

Actual

+16%

Operating profit ex investment variance3

18,1%

Adjusted

Return on GEV

13,4%

RoGEV per share

15,7%

Adjusted RoGEV per share

Dividend

485

Cents per share

+10,4%CAGR

>RSA CPI + 4%2

Economic Solvency ratio

Sustainability index

183%

3,84

>20%

>RSA RFR + 4%

>RSA CPI + 4%

performance

>RSA CPI + 6%

Achieving target

On track for 2030

150% to 190%

4 out of 5

1. Normalised

2. On a three-year rolling basis

3. Investment variances from the investment activities associated with contractual service margin (CSM) and risk adjustment for non-financial risk (RANFR) margins in guaranteed liabilities written in the insurance operations 13

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

New reporting framework | Bridging NRFFS to adjusted headline earnings

		Actual			Normalised
R million	2025	2024	% change	2025	2024	%change
NRFFS	15 939	15 443	3	16 102	13 418	20
Release from AMR into NRFFS	(721)	(621)	(16)	(721)	(621)	(16)
Pre-funded modernisation project spend	(424)	5	(100)	(424)	5	(100)
Project expenses	(747)	(441)	(69)	(749)	(441)	(69)
Other	80	5	>100	80	5	>100
Operating profit ex investment variances	14 127	14 391	(2)	14 288	12 366	16
Investment variances	(405)	823	(100)	(403)	823	(100)
Operating profit	13 722	15 214	(10)	13 885	13 189	5
Net investment return on shareholder capital ex shareholders' fund reserves	1 962	3 542	(45)	1 973	3 542	(44)
Net investment return on shareholders' fund reserves	1 435	1 799	(20)	1 445	1 799	(2)
Adjusted headline earnings	17 119	20 555	(17)	17 303	18 530	(7)

i

Operating profit reflects full investment market movements resulting in greater period-to-period volatility

Dividend policy remains unchanged, continued smoothing of investment variances and project costs funded by established reserves

1. Includes investment return on AMR, FFF, pandemic, asset backing insurance contracts and other reserves 14

‌03 Priorities and outlook

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Well positioned

Growth platform is established and fully settled

Growth vectors receiving inorganic investment

Resilience in turbulent environment

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Strong momentum

Anticipate continued growth in new business - risks from Middle East conflict

South Africa supported by investment in ecosystem

Pan-Africa moved beyond restructuring; India remains a key near-term growth engine

2026 is a deliberate growth vectors investment

Margin normalisation in SA (general insurance and group risk)

Earnings growth moderates in 2026, but RoGEV and dividend growth

remain on track

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Focus areas

Launch banking in RSA

Launch a group-wide rewards programme in RSA

Complete integration of the Morocco businesses

Turnaround general insurance performance in SanlamAllianz and SanlamAllianz Re

Santam Syndicate 1918 in London

India growth

Technology investment

‌04 Capital management

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Capital management framework

The group emphasises responsible capital management and allocation as a key enabler of its strategic objective of shared value creation for all stakeholders, including the maximisation

of shareholder value.

The group uses group equity value (GEV) as its primary measure of financial performance. Managing the capital base involves continuously reviewing the optimal level of capital, assessing opportunities to use alternative funding sources, and ensuring that returns on GEV (RoGEV) are maximised. An appropriate level of solvency is maintained to safeguard clients, regulators, and broader society.

The group has an integrated capital and risk management approach. The amount of capital required by each business is linked to its exposure to financial and operational risks, making risk management central to responsible capital allocation.

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Solvency History of Sanlam Group (Dec 20 - Dec 25)

200%

180%

160%

140%

120%

Sanlam Group Economic

Sanlam Group Economic Target Range

Solvency History of Sanlam Life (Dec 20 - Dec 25)

300%

260%

220%

180%

140%

Sanlam Life Solo

Sanlam Life Solo Minimum Limit

Solvency Cover

Solvency Cover

Dec-20

Dec-20

Jun-21

Jun-21

Dec-21

Dec-21

Jun-22

Jun-22

Dec-22

Dec-22

Jun-23

Jun-23

Dec-23

Dec-23

Jun-24

Jun-24

Dec-24

Dec-24

Jun-25

Jun-25

Dec-25

Dec-25

Sanlam Group and Sanlam Life solvency | Within risk appetite

Sanlam Group Economic solvency
at 31 December 2025
Sanlam Limited
R million
2025	Own Funds	SCR	Surplus	SCR cover
Sanlam Life	155,245	86,189	69,056	180%
Other Group entities	76,230	36,260	39,970	210%
SA Insurance	35,378	13,650	21,728	259%
SA Other	5,920	3,621	2,299	163%
Non-SA Insurance	23,450	12,584	10,866	186%
Non-SA Other	11,482	6,405	5,077	179%
Sanlam Life consolidation entries1	(108,597)	(55,401)	(53,196)
Total Sanlam Group Own Funds eligible to meet SCR	122,878	67,048	55,830	183%
Tier 1	112 273
Tier 2	8 593
Tier 3	2 012
Total Sanlam Group Own Funds eligible to meet SCR	122 878
1 Elimination of Sanlam Life Insurance Limited participations.

The group introduced economic solvency as its primary internal solvency metric. This metric provides a better reflection of the group's risk profile than regulatory solvency.

For regulatory purposes, capital adequacy for the South African insurance operations is measured with reference to the regulatory standard formula.

Sanlam Group and Sanlam Life remained financially sound at 31 December 2025.

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Main contributors to SCR are market risk and life risk.

Main drivers of market risk are exposure to financial instruments (especially resulting from future product fee income being linked to policyholder investment portfolios) and participations, interest rate movements and the value of investment guarantees.

Main drivers of life risk include lapse assumptions, the level of interest rates as well as mortality/longevity assumptions.

The increase in market risk compared to prior years is driven by higher prescribed stresses, Equity Symmetric Adjustments, and increased exposure to corporate credit.

Sanlam life solo solvency capital requirement

31 December 2025 SCR (R million)

22 894

13 022

86 189

2 156

80 253

(14 049)

71 408

(9 242)

100,000

⯀ Increase ⯀ Decrease ⯀ Total

90,000

80,000

70,000

60,000

50,000

40,000

Market Risk Life Risk Market Risk/

Life Risk Diversification

Basic SCR Operational Risk

Loss absorbing capacity of tax

Participation Risk

SCR

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Solvency sensitivity analysis | SCR cover resilience

Sanlam group	Own funds eligible to meet SCR		SCR		Surplus		SCR Cover
R million	2025	2024(1)	2025	2024(1)	2025	2024(1)	2025	2024(1)
Base position	122 878	121 758	67 048	64 635	55 829	57 123	183%	188%
Equities -30%(2)	115 118	112 622	63 274	62 719	51 845	49 903	182%	180%
Interest rates -1%	122 724	123 570	68 345	65 323	54 379	58 247	180%	189%
Credit spreads +1%	121 411	120 218	66 975	64 663	54 437	55 555	181%	186%
ZAR appreciation 10%	120 808	119 419	66 687	64 298	54 122	55 120	181%	186%
Shock scenario(3)	107 838	104 901	63 652	61 890	44 186	43 011	169%	169%

Sanlam Life	Own funds eligible to meet SCR		SCR		Surplus		SCR Cover
R million	2025	2024(1)	2025	2024(1)	2025	2024(1)	2025	2024(1)
Base position	155 245	152 233	86 789	65 885	69 056	86 348	180%	231%
Equities -30%(2)	118 047	113 479	50 671	45 269	67 376	68 210	233%	251%
Interest rates -1%	154 171	153 613	87 064	66 579	67 107	87 034	177%	231%
Credit spreads +1%	154 277	151 424	86 396	66 098	67 881	85 326	179%	229%
ZAR appreciation 10%	153 350	150 438	86 016	65 774	67 334	84 664	178%	229%
Shock scenario(3)	114 939	112 897	52 933	47 193	62 006	65 704	217%	239%

(1) The group introduced economic solvency as its primary solvency metric at its Capital Markets Day in 2025. The 2024 numbers have been re-presented on the economic basis.

(2) For the equity sensitivity, the value of participations in Sanlam Life is also assumed to decline by 30%, while the Sanlam group result considers the actual equity exposure within these participations.

(3) Equities decline by 30% and implied equity volatility increases by 25%, property values decline by 15%, fixed interest yields and inflation-linked real yields increase or decrease by 25% of the nominal or real yields, emerging market currencies decline by 25% against developed market currencies, and credit spreads widen by 1%.

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Capital adequacy quality

High quality of capital, with over 90% of eligible Own Funds to meet the capital requirement comprised of Tier 1 capital At least 50% of SCR must be covered by Tier 1 Own Funds as per regulatory requirement

Strategic use of Tier 2 capital instruments, such as subordinated debt issuances to support capital and business needs

Group economic				Sanlam Life Solo
	Dec-24	Sep-25	Dec-25	Dec-24	Sep-25	Dec-25
Tier 1	91%	91%	91%	96%	96%	96%
Tier 2	7%	7%	7%	4%	4%	4%
Tier 3	2%	2%	2%	0%	0%	0%
Tier 1 as percentage of SCR	152%	152%	148%	222%	179%	173%

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Financial leverage and debt capacity

Financial Leverage Ratio and Debt Capacity (%)

40%

35%

30,000

25%

.67%

16

Financial Leverage Ratio (%)

Debt Capacity (Rm)

30% 22,500

20% 15,000

Financial leverage ratio1of 16.67% (R18.6bn) is comfortably within the board approved risk appetite limit of 35% (equivalent to a R39bn external debt limit).

The remaining debt capacity stands at R20.4 billion.

10% 7,500

Dec-20

Mar-21

Jun-21

Sept-21

Dec-21

Mar-22

Jun-22

Sept-22

Dec-22

Mar-23

Jun-23

Sept-23

Dec-23

Mar-24

Jun-24

Sept-24

Dec-24

Mar-25

Jun-25

Sept-25

Dec-25

0% 0

Remaining debt capacity (Rm) Financial Leverage (%) Maximum Financial Leverage (%)

1. Financial leverage ratio is calculated as total debt divided by total equity which is a more conservative methodology 25

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Dividend policy

Sanlam group declared a dividend of 485 cents per share (2024: 445 cents), above target of 4% real growth, without compromising group's financial strength.

The group dividend policy is implemented in terms of the group capital management strategy.

The policy aims to deliver stable real growth dividends for shareholders, subject to:

• Available cash operating earnings

• Allocated capital requirements

• Working capital requirements

• Liquidity and solvency requirements

• Targeted credit ratings and approved gearing limits

• Other internal risk appetites.

The Sanlam practice is to pay a single annual dividend to minimise the cost and administrative effort of distributing payments to its large shareholder base.



‌05 Debt programme

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Key features of the programme

Issuer	Sanlam Life Insurance Limited
Guarantor	Sanlam Limited
Programme Type	Unsecured Subordinated Note Programme
Programme Size	R12.5 billion
Deferral of Principal	The Issuer is required to defer payment of any principal (or portion thereof) if a Regulatory Deficiency Redemption Deferral Event has occurred, subject to conditions as prescribed by the Regulator.
Deferral of Interest	If on any Interest Payment Date a Regulatory Deficiency Interest Deferral Event has occurred or would occur, the payment of interest in respect of the Notes otherwise falling due on such date shall be deferred.
Early Redemption or Substitution following Capital Disqualification Event	If confirmed by the Auditors that a Capital Disqualification Event has occurred, the Issuer may at its option (but subject to the prior written consent of the Regulator): Redeem all of the Notes; or Substitute all of the Notes with new notes, or vary the terms of the Notes that it will become or remain Qualifying Tier 2 Securities (subject to approval by noteholders by Extraordinary Resolution)
Redemption for Tax Reasons	Notes may be redeemed at the option of the Issuer (subject to the prior written approval of the Regulator), if as a result of changes in laws or regulations the Issuer would be required to pay additional tax (relating to the Notes) and these additional amounts cannot be reasonably avoided.
Events of Default	Non-payment (other than Deferred Payments) Insolvency

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Sanlam Life's credit rating

Sanlam Life Insurance Limited is currently rated by S&P

S&P will release a statement relating to the upcoming notes issuance:

S&P
Issuer South Africa National Scale Rating	zaAAA (stable)
Subordinated notes	[zaAA-]

Current notes in issue:

Instrument	Amount	Call Date / Maturity Date	Rating
SLI5	977,000,000	16-Aug-2026	zaAA-
SLI6	584,000,000	16-Aug-2028	zaAA-
SLI7	439,000,000	16-Aug-2028	zaAA-
SLI8	972,000,000	05-Apr-2029	zaAA-
SLI10	820,000,000	08-Apr-2030	zaAA-
SLI9	1,028,000,000	05-Oct-2030	zaAA-
SLI11	1,180,000,000	08-Apr-2032	zaAA-

29

‌Overview and strategy

Financial results

Priorities and outlook

Capital management

Debt programme

Indicative terms

	TERM SHEET
Issuer	Sanlam Life Insurance Limited
Guarantor	Sanlam Limited
DMTN Programme Size	R12.5bn
Issuer Rating (National Scale)	zaAAA
Instrument	Unsecured and subordinated
Notes Listing & Settlement	The Interest rate market of the JSE
Instrument Note Rating	zaAA-
JSE Instrument Code	SLI12	SLI13
Tenor	5-years	7-years
Targeted Issue Size	R2bn with the option to upsize to R2.5bn
Interest Rate Profile	Floating rate notes
Pricing Benchmark	3m Jibar (to be set on Auction Date)
Price Guidance	TBD	TBD
Coupon Payment dates	20 Jan, 20 Apr, 20 Jul, 20 Oct
Trade/ Auction Date	15 April
Settlement/Issue Date	20 April (T+3)
Maturity Dates	20 April 2031	20 April 2033
Auction Times	09h00 to 11h00
Auction Methodology	Dutch Auction (Sealed bid without feedback)
To bid - Contact Details	Absa Fixed Income Sales: [phone] [e-mail]

‌Thank you