Santam Ltd. expected its earnings per share (EPS) as well as its headline earnings per share (HEPS) for the year ended 31 December 2014 to be between 35% (EPS 1,326 cents; HEPS 1,395 cents) to 45% (EPS 1,424 cents; HEPS 1,498 cents) above those reported for the prior period (EPS 982 cents; HEPS 1,033 cents). The increase in HEPS and EPS has been driven by a significant improvement in underwriting results compared to the comparative period in 2013. The improvement in underwriting results was influenced by improved contributions from all business units including a substantial turnaround in the crop insurance business.

However, underwriting conditions remain challenging in South Africa, with continued pressure on claims costs, low GDP growth and a very competitive landscape. The Group's net underwriting margin is expected to be above 8%, exceeding the long term target range of 4% to 6%.