27
2
3
5
Returns (ROGEV)
Focus Areas Themes Target
Growth/ Operational Efficiency
Operational Efficiency
Diversification
Net Business Flows
Capital Efficiency
Optimal Application
Return of Excess
Strategic Investments
6
Effective capital
manage-ment
Sourcing new growth opportunities
Identification of core markets for
growth and expansion
SOUTH AFRICA: Delivery of sustainable growth
Maximising return on investment in existing
businesses
Efficient & effective management
INTERNATIONAL: Creating a platform for future growth
8
Indirect presence via associate companies
9
2003
2013 Country Life
Assurance Short-term Insurance
Asset Management
Credit Other*
South Africa
Botswana
Ghana
India
Kenya
Malawi
Malaysia
Mozambique
Namibia
Nigeria
Philippines
Rwanda
South Sudan
Swaziland
Tanzania
The Gambia
Uganda
Zambia
Country Life Assurance
Short-term Insurance
Asset Management
Other*
South Africa
Namibia
Other* = consists of medical, funeral services, employee benefits etc.
Indirect presence via associate company
10
Group Equity Value (30-Jun-13)
Life business 52% Short-term
insurance* 19%
Investment management
13%
Credit & banking
8%
Admin, health &
other 8%
* General insurance
11
SA Traditional
65%
SA Entry-level 11%
Namibia 5%
Botswana 4%
Rest of Africa
2%
India/ Malaysia
7%
Other inter-
national 6%
SA Traditional 98%
Namibia 1%
Other inter- national
1%
SA Traditional 75%
SA Entry- level 7%
Namibia 5%
Botswana 5%
Rest of Africa 1%
Other inter- national
7%
1H03 – R756m 1H12 – R1 946m 1H13 – R2 409m
Contribution to group net operating profit
12
SA Traditional 57%
SA Entry-level 25%
Namibia 4%
Botswana 3%
Rest of Africa 7%
Other inter-national
4%
SA Traditional 98%
Namibia 2%
Net VNB – 1H03 (R100m) Net VNB – 1H13 (R587m)
14
15
-0.30%
0.20%
0.70%
1.20%
1.70%
2.20%
2.70%
3.20%
0
100
200
300
400
500
600
700
1H06 1H07 1H08 1H09 1H10 1H11 1H12 1H13South Africa Africa Other International Margins - rhs
16
SA middle-income market
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
4.8%
3.9% 3.9% 3.6%
3.4% 3.8% 3.9%
3.0% 2.9% 2.9% 2.8%
4.2% 4.0% 3.8% 3.7% 3.6%
4.2%
3.4%
2.9% 2.8% 2.7%
Lapses, surrenders & fully paid-ups as % of in-force per half year
H1 H2
17
2007 2008 2009 2010 2011 2012 2013
15.2% 17.5%
14.1% 12.7%
11.4% 11.1% 10.0%
27.6%
16.8% 14.5%
12.7% 11.1% 10.4%
Number of NTUs, lapses and surrenders as % of in-force
H1 H2
SA lower income market
18
45 32 96
241
142 138
277 288 278
636
468
681
555
471
0
100
200
300
400
500
600
700
800
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1H13
R'million Average
298
Focus on quality, costs + prudence = consistent positive experience
19
R28bn excess capital released Unproductive capital, excess investment return, sale of
businesses etc
R13bn share buy back / R1bn special dividend 28% of market cap
R11bn invested R6bn Rest of Africa, India & SE Asia
R3bn South Africa
R2bn Developed markets
R3bn discretionary capital available
Capital efficiency
21 25 28 30 30 34 34 35 39 42
24 28 26 27 30
29 30 32 32 32
55 47 46 43 40 37 37 33 29 26
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Non Life VIF Capital
20
Composition of Group equity value
22
23
Sanlam Emerging Markets
24
Sanlam Emerging Markets
Sanlam Group Partners
26
