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Investor
presentation
2015 annual
results
Notes
1Sanlam investor presentation 2015 annual results
Notes
The Sanlam strategy
Operating environment
Strategic delivery
Financial review
Priorities
Outlook
2 Sanlam investor presentation 2015 annual results
Notes
The Sanlam Strategy
Maximising shareholder value
3Sanlam investor presentation 2015 annual results
Notes
Strategic focus
Optimising value creationS
trate
gic
pilla
rs
TransformationDiversification
Optimal capital utilisation
Operational efficienciesEarnings growth
Sustainable value creation for shareholders
Maximising RoGEV
4 Sanlam investor presentation 2015 annual results
Notes
A strategy focused on growthDriving geographic, segment and product diversification
India/SE AsiaLower income
segments have similar
dynamics than SA ELM
and RoA
DevelopedNiche, solutions
for SA & RoA
clients
South AfricaSolid base & cash flows
Rest of AfricaDemographics, low
insurance penetration,
competitive
environment, Pan-Africa
opportunity
5Sanlam investor presentation 2015 annual results
Notes
Core regional focus areas
Differentiated approach per region
Large player in mature market with strong competition
Further diversifying distribution capability to drive
growth: ELM footprint, Reality, health, digital, outcome
based solutions, UB partnership, big data
Operational and capital efficiencies key in managing
legacy book
South AfricaDelivering growth
in mature market
Effe
ctiv
e c
ap
ital m
an
ag
em
en
t
6 Sanlam investor presentation 2015 annual results
Notes
Core regional focus areas
Differentiated approach per region
Large player in mature market with strong competition
Further diversifying distribution capability to drive
growth: ELM footprint, Reality, health, digital, outcome
based solutions, UB partnership, big data
Operational and capital efficiencies key in managing
legacy book
South AfricaDelivering growth in
mature market
Focus on accelerated organic growth to obtain
leadership position in all countries
Cross-border alliances and relationships; capitalise on
expanded footprint from Saham Finances transaction
Geographic expansion in line with client and
intermediary needs
Other
Emerging
MarketsBalance structural
and organic growth
Other
Emerging
MarketsBalance structural
and organic growth
Other
Emerging
MarketsBalance structural
and organic growth
Effe
ctiv
e c
ap
ital m
an
ag
em
en
t
7Sanlam investor presentation 2015 annual results
Notes
Core regional focus areas
Differentiated approach per region
Focus on accelerated organic growth to obtain
leadership position in all countries
Cross-border alliances and relationships; capitalise on
expanded footprint from Saham Finances transaction
Geographic expansion in line with client and
intermediary needs
Other
Emerging
MarketsBalance structural
and organic growth
Products and services for SA and Rest of Africa client
base
Sanlam UK consolidation; focus on efficiencies and
distribution under new CEO
Wealth and investment management focus
Developed
MarketsNiche approach
Effe
ctiv
e c
ap
ital m
an
ag
em
en
t
8 Sanlam investor presentation 2015 annual results
Notes
Operating EnvironmentEconomic, political and internal pressures
9Sanlam investor presentation 2015 annual results
Notes
External operating environmentGlobal events impacting on our key markets
Slower
growth in
China
US interest
rates
Government
& consumer
debt
Commodity
prices
Commodity-
based
economies
under pressure
10 Sanlam investor presentation 2015 annual results
Notes
External operating environment
Emerging market economies under pressure from global events
Robust economic growth in 2015
Macro-economic adjustment required to address wide
government budget and current account deficits
Currency weakened in line with ZAR
Strong competitive environment across all segments
Namibia
Macro environment and structural constraints limiting
capital investment and economic activity
Modest growth in employment and disposable income
Political events contributed to investment market and
currency volatility
Public/private sector engagement and cooperation to drive
economic and employment growth very necessary
South
Africa
11Sanlam investor presentation 2015 annual results
Notes
External operating environment
Emerging market economies under pressure from global events
Commodity prices and tight financial conditions impacting
on growth and currencies of a number of countries
Softer economic growth to persist in 2016
Low insurance penetration enables new business growth
despite short-term challenges
Longer term growth potential remains intact
Rest of
Africa
Best sovereign rating in Africa due to sound management
of government finances
Robust economic growth, but need to diversify economy
away from reliance on diamonds
BIHL maintains strong competitive advantage
Botswana
12 Sanlam investor presentation 2015 annual results
Notes
External operating environment
Emerging market economies under pressure from global events
Below-potential economic growth in 2015, but improving
Delays in roll out of infrastructure projects impacted on
credit businesses � activity picked up towards end of 2015
More stringent provisioning regulations implemented
during 2016 will not affect IFRS-based results
Robust long-term growth expectations
India
Relatively firm economic growth in 2015, some
moderation expected in 2016
Lower two-wheeler sales and competitive pressure
impacting on general insurance growth
Uncertainty around effect of de -tariffing in 2016
Malaysia
13Sanlam investor presentation 2015 annual results
Notes
SA economy
Growth in real retail sales, GDP and PDI
Modest growth in all key metrics
-10%
-5%
0%
5%
10%
15%
20%
Growth y-o-y in real retail sales Growth y-o-y in real GDP Growth y-o-y in real PDI
14 Sanlam investor presentation 2015 annual results
Notes
Regional economic growth
Higher growth outside of SA
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
South Africa Namibia Botswana Ghana Kenya India Malaysia
IMF
estimates
15Sanlam investor presentation 2015 annual results
Notes
4%
5%
6%
7%
8%
9%
10%
12-1
3
01-1
4
02-1
4
03-1
4
04-1
4
05-1
4
06-1
4
07-1
4
08-1
4
09-1
4
10-1
4
11-1
4
12-1
4
01-1
5
02-1
5
03-1
5
04-1
5
05-1
5
06-1
5
07-1
5
08-1
5
09-1
5
10-1
5
11-1
5
12-1
5
9-year 5-year Short-term Avg Short-term
+200bps
+40bps
Interest rates
SA bond yields and short-term interest rates
Higher SA rates; other regions stable
Impact on growth
VNB overall -12%
Sanlam Sky VNB -25%
Higher float income
16 Sanlam investor presentation 2015 annual results
Notes
SA equity and bond markets
Pressure on fee income in 2015 and 2016
Limiting growth in assets under management
95
100
105
110
115
120
125
12-1
3
01-1
4
02-1
4
03-1
4
04-1
4
05-1
4
06-1
4
07-1
4
08-1
4
09-1
4
10-1
4
11-1
4
12-1
4
01-1
5
02-1
5
03-1
5
04-1
5
05-1
5
06-1
5
07-1
5
08-1
5
09-1
5
10-1
5
11-1
5
12-1
5
All Share rebased All Bond rebased
7,6%
1,9%
10,1%
-3,9%
Average Alsi up 6%
Average Albi up 8%
17Sanlam investor presentation 2015 annual results
Notes
Rand exchange rate
Sharp depreciation in 2015 against most currencies
80
90
100
110
120
130
140
150
160
12-1
3
01-1
4
02-1
4
03-1
4
04-1
4
05-1
4
06-1
4
07-1
4
08-1
4
09-1
4
10-1
4
11-1
4
12-1
4
01-1
5
02-1
5
03-1
5
04-1
5
05-1
5
06-1
5
07-1
5
08-1
5
09-1
5
10-1
5
11-1
5
12-1
5
United Kingdom United States Botswana India Malaysia Rest of Africa
18 Sanlam investor presentation 2015 annual results
Notes
Average Rand exchange rate
Supported non-SA results
17.1%
8.6%
3.8%
-3.2%
11.7%
-1.4%
-5%
0%
5%
10%
15%
20%
USA UnitedKingdom
Botswana Rest of Africa India Malaysia
Contribution to growth
Net result from financial
services +R82m
New business +R1.5bn
Net VNB +R6m
RoGEV +4%
19Sanlam investor presentation 2015 annual results
Notes
Internal operating environment
2015 results impacted by internal challenges and one-offs
Bad debt provisioning at STFC equipment finance
One-off item in Shriram Capital 2014 base
System implementation challenges in Kenya
Actuarial reserving in Malaysia
Sanlam
Emerging
Markets
Loss of PIC funds in 2014 and 2015 impacting on SI
results
SI admin costs elevated by projects, regulatory
compliance and additional marketing spend
One-off items in 2014 base at SEB and SI International
(UK)
Sanlam
Investments
20 Sanlam investor presentation 2015 annual results
Notes
Strategic DeliveryExceeding overall targets despite headwinds
21Sanlam investor presentation 2015 annual results
Notes
Top-line earnings growth
Earnings per share
Net operating profit per share increased by 6% (11% excl one-offs)
Normalised headline earnings per share up 6%
Business volumes
New business volumes increased by 16% to R211bn
Net fund inflows of R19bn
Net life VNB up 6% on comparable basis & excl large SEB policy in �14
Net VNB margin of 2.91% on comparable basis
Group Equity Value
Group Equity Value of R50.57 per share
RoGEV per share of 12.8%
Financial performance in 2015
22 Sanlam investor presentation 2015 annual results
Notes
Diversification
International positioning focused on emerging markets
India
Malaysia
Philippines
Ghana
The Gambia
Kenya
Uganda
Rwanda
Burundi
Tanzania
Malawi
Zambia
Botswana
Namibia
Swaziland
South Africa
Switzerland
United Kingdom
USA
Australia
Ireland
Mozambique
Morocco
Algeria
Tunisia
Mali
Senegal
Guinea
Burkina Faso
Cote D�Ivoire
TogoBeninNigeria
CameroonGabon
Republic of the Congo
Angola
Zimbabwe
Madagascar
Mauritius
Lesotho
Emerging Markets - Indirect presence
Emerging Markets - Direct presence
Developed Markets
Saham Finances presence
Sanlam and Saham Finances presence
23Sanlam investor presentation 2015 annual results
Notes
SA Traditional58%SA Entry-level
18%
Namibia4%
Botswana9%
Rest of Africa7%
Other international4%
2015
R1 360m
SA Traditional67%
SA Entry-level11%
Namibia5%
Botswana5%
Rest of Africa2%
Other international10%
Diversification � better balanced portfolio
Geographic diversification
Net VNB Net operating profit
2015
R7 269m
24 Sanlam investor presentation 2015 annual results
Notes
Life business46%
General insurance15%
Investment management
14%
Credit & structuring10%
Admin, health & other15%
2015
R103 506m
Life business62%
General insurance14%
Investment management
12%
Credit & structuring11%
Admin, health & other1%
Diversification � better balanced portfolio
Line of business diversification
Group Equity Value Net operating profit
2015
R7 269m
25Sanlam investor presentation 2015 annual results
Notes
Capital efficiency
Balance 1 January 2015 3 300
Net investments (6 285)
Saham Finances (4 224)
Rest of Africa other (29)
Shriram Insurance (969)
Afrocentric (703)
Other (360)
Investment return & excess cover 1 285
Capital released from portfolios 4 000
Available for investment 2 300
Discretionary capital
Available for
strategic
initiatives
26 Sanlam investor presentation 2015 annual results
Notes
Financial Review
27Sanlam investor presentation 2015 annual results
Notes
Changes in presentation / key assumptions
Accounting policies & basis of presentation
No change from 2014
Changes in RDR:
Sanlam Life (10.1%): 200 bps up from December 2014
Sanlam Sky (9.6%): 200 bps up from December 2014
Negative impact on RoGEV and VNB
Weaker Rand exchange rate largely offset adverse impact of higher interest
rates in SA and Namibia, apart from VNB
28 Sanlam investor presentation 2015 annual results
Notes
Salient features
2015 2014
Group Equity Value cps 5 057 4 684 8%
RoGEV per share % 12,8 18,5
CAR cover (Sanlam Life) 5,8 4,5
Net operating profit R mil 7 269 6 879 6%
cps 355,2 336,2 6%
Normalised Headline earnings R mil 8 851 8 340 6%
cps 432,5 407,6 6%
New business volumes R mil 210 842 182 297 16%
Net fund flows R mil 19 049 41 994 -55%
New Life business EV (net) R mil 1 360 1 592 -15%
New Life EV margin % 2,62 2,92
29Sanlam investor presentation 2015 annual results
Notes
Sanlam Personal
Finance
30 Sanlam investor presentation 2015 annual results
Notes
Sanlam Personal Finance
R million 2015 2014
New business volumes 63 825 52 566 21%
Sanlam Sky 1 279 1 127 13%
Individual Life 12 829 12 443 3%
Glacier 49 717 38 996 27%
Net flows 22 895 19 580
Sanlam Sky 2 739 2 635
Individual Life (3 005) (1 372)
Glacier 23 161 18 317
31Sanlam investor presentation 2015 annual results
Notes
Sanlam Personal Finance
R million 2015 2014
Value of new life business 955 1 084 -12%
Sanlam Sky 241 361 -33%
Individual Life 502 551 -9%
Glacier 212 172 23%
Comparable economic basis 1 148 1 084 6%
New business margin 2,48% 3,12%
Sanlam Sky 5,86% 9,51%
Individual Life 2,59% 2,88%
Glacier 1,40% 1,45%
Comparable economic basis 2,89% 3,12%
32 Sanlam investor presentation 2015 annual results
Notes
Sanlam Personal Finance
R million 2015 2014
Gross operating profit 5 313 4 801 11%
Sanlam Sky 1 125 949 19%
Individual Life life and investments 3 378 3 162 7%
Glacier 426 339 26%
Personal loans 346 308 12%
Other 38 43 -12%
Net operating profit 3 831 3 476 10%
Group Equity Value 38 249 38 453
RoGEV 12,1% 17,9%
label
33Sanlam investor presentation 2015 annual results
Notes
Sanlam Emerging
Markets
34 Sanlam investor presentation 2015 annual results
Notes
Sanlam Emerging Markets
R million 2015 2014
New business volumes 11 913 9 259 29%
Namibia 2 780 3 322 -16%
Botswana 5 398 3 031 78%
Rest of Africa 2 099 1 560 35%
India/Malaysia 1 636 1 346 22%
Net fund flows (7 346) 3 971
Namibia 358 1 021
Botswana (9 781) 1 129
Rest of Africa 1 459 1 451
India/Malaysia 618 370
Value of new life business 448 431 4%
Margin 5,97% 7,60%
35Sanlam investor presentation 2015 annual results
Notes
Sanlam Emerging Markets
R million 2015 2014
Gross operating profit 2 248 2 213 2%
Namibia 618 534 16%
Botswana 858 706 22%
Rest of Africa 208 265 -22%
India/Malaysia 572 749 -24%
Corporate (8) (41) 80%
Net operating profit 1 197 1 241 -4%
Group equity value 18 047 14 571
RoGEV 29,9% 28,0%
36 Sanlam investor presentation 2015 annual results
Notes
Sanlam Investments
37Sanlam investor presentation 2015 annual results
Notes
Sanlam Investments
R million 2015 2014
Net investment business flows (3 251) 4 097
Investment management SA (753) 4 152
Wealth management 3 569 (29)
International (6 065) (246)
Capital management (2) 220
New life business 6 664 13 859 -52%
Employee benefits 2 913 10 154 -71%
Sanlam UK 3 751 3 705 1%
Net life business (261) 8 002
Value of new life business 111 228 -51%
Margin 1,34% 1,43%
38 Sanlam investor presentation 2015 annual results
Notes
Sanlam Investments
R million 2015 2014
Gross operating profit 1 877 1 927 -3%
Investment management 1 205 1 337 -10%
Employee benefits 501 325 54%
Capital management 171 265 -35%
Net operating profit 1 417 1 468 -3%
Group Equity Value 22 412 20 122
Covered business 7 210 7 833
Other 15 202 12 289
RoGEV 21,3% 20,4%
39Sanlam investor presentation 2015 annual results
Notes
Sanlam Investments
Percentage of SIM�s benchmark-managed funds exceeding hurdle
Investment performance
2011
2012
2013
2014
2015
Rolling 3 year Rolling 5 year
100% 80% 60% 40% 20% 0% 20% 40% 60% 80% 100%
40 Sanlam investor presentation 2015 annual results
Notes
Santam
41Sanlam investor presentation 2015 annual results
Notes
Santam
R million 2015 2014
Net earned premiums 18 522 17 222 8%
Gross operating profit 2 321 1 968 18%
Underwriting surplus 1 777 1 489 19%
Working capital & other 544 479 14%
Net operating profit 933 801 16%
Underwriting margin 9,6% 8,7%
Group Equity Value 12 850 14 593
RoGEV -8,4% 19,1%
42 Sanlam investor presentation 2015 annual results
Notes
Sanlam Group
43Sanlam investor presentation 2015 annual results
Notes
Business flows
Gross Net
R million 2015 2014 2015 2014
by business
Personal Finance 63 825 52 566 21% 22 895 19 580
Emerging Markets 11 913 9 259 29% (7 346) 3 971
Sanlam Investments 116 582 103 250 13% (3 512) 12 099
Santam 18 522 17 222 8% 7 012 6 344
by licence
Life insurance 39 976 42 290 -5% 12 081 18 430
Investment 150 670 121 383 24% (523) 16 853
General insurance 20 196 18 624 8% 7 491 6 711
Total 210 842 182 297 16% 19 049 41 994
44 Sanlam investor presentation 2015 annual results
Notes
Operational efficiencies
Persistency � SA middle-income market
Focus on quality supports net fund flows
4.8
3.9 3.9
3.6 3.4
3.8 3.9
3.0 2.9 2.9 2.8 2.9 2.9
4.2 4.0
3.8 3.7 3.6
4.2
3.4
2.9 2.8 2.7 2.9 2.8 2.8
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
5
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Lapses, surrenders & fully paid-ups as % of in-force per half year
H1 H2
45Sanlam investor presentation 2015 annual results
Notes
Operational efficiencies
Persistency � SA lower income market
Focus on quality supports net fund flows
9.6
8.7
10.6
9.8
8.5
9.6 9.2
9.9
0
2
4
6
8
10
12
2012 2013 2014 2015
Lapses, surrenders & fully paid-ups as % of in-force per half year
H1 H2
46 Sanlam investor presentation 2015 annual results
Notes
Value of new covered business
Value of New Business Margin
R million 2015 2014 2015 2014
Personal Finance 955 1 084 -12% 2,48% 3,12%
Emerging Markets 448 431 4% 5,97% 7,60%
Employee Benefits 85 198 -57% 1,96% 1,66%
Sanlam UK 26 30 -13% 0,66% 0,75%
Total 1 514 1 743 -13% 2,80% 3,09%
Net of minorities 1 360 1 592 -15% 2,62% 2,92%
Comparable economic basis 1 545 1 592 -3% 2,91% 2,92%
47Sanlam investor presentation 2015 annual results
Notes
Value of new covered business
Large SEB policy in 2014, Kenya and Zambia also affecting growth
Significant impact from higher long-term interest rates
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
South Africa Rest of AfricaOther International Margins - rhs
48 Sanlam investor presentation 2015 annual results
Notes
Net operating profit
R million 2015 2014
Personal Finance 3 831 3 476 10%
Emerging Markets 1 197 1 241 -4%
Sanlam Investments 1 417 1 468 -3%
Santam 933 801 16%
Corporate & other (109) (107) -2%
Total 7 269 6 879 6%
49Sanlam investor presentation 2015 annual results
Notes
Income statement
R million 2015 2014
Net operating profit 7 269 6 879 6% Per share 355,2 336,2 6%
Net investment return 1 946 1 794 8%
Other (364) (333) -9%
Normalised headline earnings 8 851 8 340 6% Per share 432,5 407,6 6%
Fund transfers 449 (15)
Headline earnings 9 300 8 325 12% Per share 459,5 411,6 12%
50 Sanlam investor presentation 2015 annual results
Notes
Group Equity Value
Equity Value RoGEV
R million 2015 2014 Rm %
Group operations 91 558 87 739 12 191 13,8%
Personal Finance 38 249 38 453 4 658 12,1%
Emerging Markets 18 047 14 571 4 369 29,9%
Investments 22 412 20 122 4 386 21,3%
Santam 12 850 14 593 (1 222) -8,4%
Discretionary & Other 11 948 8 197 35 0,5%
TOTAL 103 506 95 936 12 226 12,7%
cps 5 057 4 684 598 12,8%
Adjusted return 14,8% Return target 12,1%
51Sanlam investor presentation 2015 annual results
Notes
Group Equity Value earnings
R million 2015 2014
Net value of new business 1 360 1 592 -15%
Existing business 5 328 4 881 9%
Expected return on VIF 3 759 3 368 12%
Operating experience variance 1 081 991 9%
Operating assumption changes 488 522 -7%
6 688 6 473 3%
Inv variances in-force 320 551 -42%
Tax changes and goodwill (62) (168) 63%
Economic assumption changes (1 608) 86 >-100%
5 338 6 942 -23%
Return on net worth 1 699 1 297 31%
EV earnings 7 037 8 239 -15%
Non-life 5 189 7 344 -29%
GEV earnings 12 226 15 583 -22%
52 Sanlam investor presentation 2015 annual results
Notes
Experience variancesPositive experience persisting
241
142 138
277 288 278
636
468
681
555
1 021 991
1 081
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
5.0%
0
200
400
600
800
1 000
1 200
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
R'million % of VIF (rhs)
53Sanlam investor presentation 2015 annual results
Notes
Return on Group Equity Value
Out perform growth target of long-bond rate + 400bp
13.4 12.4 12.210.8
12.2 12.1 12.2
4.8
3.3
9.8
6.2
6.3
0.7
5.2
0
5
10
15
20
25
2010 2011 2012 2013 2014 2015 Avg
Target Out performance
54 Sanlam investor presentation 2015 annual results
Notes
2016 Priorities
55Sanlam investor presentation 2015 annual results
Notes
Challenges
South African life business
Maintaining new business and profit growth over the long term
New business margins
Sanlam Emerging Markets headwinds
Appropriate capacity and level of support
Sanlam Investments
Growing the base, in particular institutional net flows
Addressing challenges a key priority
56 Sanlam investor presentation 2015 annual results
Notes
Sanlam Personal Finance
Continue to anticipate evolving consumer needs and demands
Focus on profitable sales growth
Adapt and expand product range across entry-level, middle and affluent
market
Continued focus on risk business in middle and affluent markets
Expand and adapt distribution footprint
Enhance Glacier product set and intermediary support
Improve big data and advanced analytics capabilities
Focus on operational efficiencies in distribution and operations
Transforming with the high levels of regulatory change
Ensure that all business units are agile, cost efficient and market orientated
57Sanlam investor presentation 2015 annual results
Notes
Sanlam Emerging Markets
Shift in focus to accelerated organic growth through enhancing
partnerships, strategic alliances and expanding product range sensibly
Increased visibility of Sanlam brand as partnership brand for markets and
employees
Vest and integrate the Saham Finances acquisition
Deliver on corporate opportunities in Africa in line with client and broker
service needs to support the retail growth
Increased collaboration on human resource development across the cluster
Continued focus on governance, compliance and ethics
58 Sanlam investor presentation 2015 annual results
Notes
Sanlam Investments
Maintain consistent superior investment performance
Further leverage business model in SA to grow net inflows in retail
Enhance competitive positioning for institutional segments
Focus on implemented solutions for both retail and institutional clients
Further align UK businesses to enhance competitiveness in international
market
Continued focus on transformation and people development
Continue focus on passive (Satrix)
Grow Alternative Investments
Focus on operational efficiencies in low growth environment
59Sanlam investor presentation 2015 annual results
Notes
Santam
Focus on profitable growth � both in SA and emerging markets
Capital review to consider future regulatory requirements, pending SAM
implementation, review asset allocations
Technical support to SEM general insurance partners to unlock value
Improve operational efficiencies to optimise acquisition cost ratio
Implementation of new underwriting platform for intermediated business in
SA
Work with local municipalities to reduce risk on the ground
60 Sanlam investor presentation 2015 annual results
Notes
Outlook
61Sanlam investor presentation 2015 annual results
Notes
Outlook for 2016
Growth in most markets (particularly SA) to remain below longer term
potential � pressure on new business growth and margins
Investment market volatility to persist, adversely affecting fund -based fee
income and return on capital portfolio
Exceptional underwriting performance at Santam will be difficult to repeat
Conclude and embed AfroCentric and Saham Finances transactions
Investment opportunities will remain under consideration � primary focus on
Pan-African financial services positioning
Implementation of regulatory changes in SA and UK will continue to be a
challenge � strategic focus on managing risks and capturing opportunities
Difficult year ahead; medium to long-term prospects intact
62 Sanlam investor presentation 2015 annual results
Notes
thank you
63Sanlam investor presentation 2015 annual results
Notes
64 Sanlam investor presentation 2015 annual results
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