Sanlam Allianz Holdings (Kenya) PLC · NSEKE:SLAM
Sanlam Allianz Holdings (Kenya) — Sanlam — Investor Day (2026)
82 slides from Sanlam Allianz Holdings (Kenya)'s investor day presentation, Oct 20, 2026
Slide 1: Leveraging quality. Accelerating growth
CAPITAL MARKETS DAY 2026 Leveraging quality. Accelerating growth
Slide 2: Disclaimer
Disclaimer This presentation (“presentation”) includes information that management of Sanlam Limited (“Sanlam”) believes is material for the purposes of financial reporting and investor communications. The assessments of materiality are based on applicable financial reporting standards considering t
Slide 3: Agenda
Agenda Topic Presenter Welcome and introduction Head: Investor Relations (IR) Opening and Group narrative Group CEO Delivering on sustainable value creation Group FD Q&A Group CEO and Group FD Break Winning as ‘one Sanlam’ in South Africa CEO: Sanlam Life & Savings Asset management reimagined CEO: S
Slide 4: Leveraging quality. Accelerating growth
CAPITAL MARKETS DAY 2026 Leveraging quality. Accelerating growth Paul Hanratty Group Chief Executive Officer CAPITAL MARKETS DAY 2026 4
Slide 5: Confidence in Sanlam's investment case
Confidence in Sanlam’s investment case QUALITY GROWTH Trust Leadership Emerging markets Clear growth vectors Long-term compounding platform Capital discipline Sustainability of growth 5
Slide 6: Long-term compounding platform in core markets
Long-term compounding platform in core markets Life General insurance Asset management Credit and Banking New – credit, South Africa No.1 No.1 Leading banking2 & rewards Top 3 in 15/21 Top 3 in 17/23 Small exposure to Pan-Africa Leading markets¹ markets¹ credit India Rural niche leader Rural niche l
Slide 7: Disciplined capital allocation creates value
Disciplined capital allocation creates value Cumulative capital 2020–2025 RELEASED NET DEPLOYMENT RETURNED TO SHAREHOLDERS Total new capital deployed in M&A R17.9 R28.4 R51.3 billion billion billion • Strategic exits • Strengthened retail platform in SA • R4.2 billion share buybacks • Capital releas
Slide 8: Portfolio restructured for scale, returns and growth
Portfolio restructured for scale, returns and growth Metric 2016–19 (pre-Covid) 2020–25 (post-Covid) 2026–30 CAGR3 Life new business volume growth 7% 8% HIGHER Net earned premium growth1 7% 6% HIGHER Assets under management growth 8% 12% HIGHER Earnings2 7% 12% CONSISTENT Adjusted RoE (period avg.)
Slide 9: Driving long-term quality growth
Driving long-term quality growth Cash generative Leverage core businesses SA Life & Savings l Santam l Sanlam Investments Growth platforms Future revenue streams Grow Incubate & Grow Build SA ecosystem Credit, Banking & Rewards l SA Pan-African insurance franchise Lloyd’s l International Indian ecos
Slide 10: Strategic progress achieved in 2026
Strategic progress achieved in 2026 Strong progress to date, with deliberate near-term investment and earnings impact supporting long-term growth REPOSITIONING FOR GROWTH — 2026 MILESTONES 01 02 03 04 05 Winning as ‘one Building a solutions- Shriram financial Accelerating Unlocking the Pan- Sanlam’
Slide 11: Acquiring the Santam minority interest
Acquiring the Santam minority interest A natural next step in the relationship, simplifying the group and supporting long-term value creation Simplification of the Enhanced capital allocation Unlocking the final layer group structure & strategic flexibility of cost synergies Attractive Long-term Rea
Slide 12: Earnings and returns reflecting quality growth
Earnings and returns reflecting quality growth Our confidence in the fundamentals, translated into higher through-the-cycle earnings and returns 1 2 3 SCALE CREATES PREMIUM AND ASSET GROWTH VOLUME GROWTH COMPETITIVE POSITIONS IS ACCELERATING COMPOUNDS INTO PROFIT 4 5 CAPITAL-EFFICIENT PLATFORMS MACR
Slide 13: Our financial objectives
Our financial objectives The five things that drive the targets we have set for 2030 1 2 3 Expand RoE > Cost Grow premium Increase operational of equity and asset base leverage 4 5 Consistent organic Grow investment dividends 13
Slide 14: Delivering on sustainable value creation
Delivering on sustainable value creation Abigail Mukhuba Group Finance Director CAPITAL MARKETS DAY 2026 14
Slide 15: Confidence in our 2026 outlook
Confidence in our 2026 outlook Bridging the gap from 1H26 to FY2026 1H26 against the full year 2026 guidance What RSA CPI + 3% requires 2025 2026 guidance: 1H26 R million Comparable CPI2 + 3% 1 outcome Sustain underlying growth Deliver cost efficiencies Operating profit 13 431 No guidance3 7 289 and
Slide 16: A decade of consistency
A decade of consistency A stronger platform and a sustained record of delivery Premium growth to GDP (R billion) Sanlam Investments AuM (R billion) Core earnings (R billion)2 7% CAGR 8% CAGR 4% CAGR 8% CAGR 7% CAGR 12% CAGR 6% CAGR1 7% CAGR1 1,673 15.1 83 44 40 21 835 8.0 2016 2025 New business volu
Slide 17: A decade of consistency (cont'd)
A decade of consistency (cont’d) A stronger platform and a sustained record of delivery Cash remittance as % of core earnings Redeployment Pre-Covid avg 76% Covid pandemic to growth Reversion to Deployment into Saham reserve2 release opportunities3 through-the-cycle level 100% opportunity1 phase avg
Slide 18: Delivering Vision 2030 through six drivers
Delivering Vision 2030 through six drivers Volume-led growth plan supported by strong margins, a low-cost base and capital discipline LINE OF BUSINESS STABLE COST CAPITAL SCALE GROWTH & GEOGRAPHIC MARGINS DISCIPLINE EFFICIENCY DIVERSIFICATION How we will measure delivery to 2030 2025 2026 2027+ SET
Slide 19: Disciplined assumptions underpin 2030 targets
Disciplined assumptions underpin 2030 targets Projections are anchored on operational growth and capital allocation discipline BASE ASSUMPTIONS Macro assumptions RSA CPI: 4% | Nominal GDP – South Africa: 5 - 6% | Pan-Africa: 5% –9% | India: 8%-10% 2016–251 2026–30 2026–30 BUSINESS DRIVER 2016–251 AC
Slide 20: Strategic platforms supporting sustainable growth momentum
Strategic platforms supporting sustainable growth momentum Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets WINNING AS ‘ONE SANLAM’ SA ecosystem ✓ Improved new business mix and margin Insurance 10.0% 3.3% penetration Life Non-life ✓ Progr
Slide 21: Strategic platforms supporting sustainable growth momentum
Strategic platforms supporting sustainable growth momentum Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets WINNING AS ‘ONE SANLAM’ SA ecosystem ASSET MANAGEMENT REIMAGINED Sanlam Investments ✓ Higher AUM and asset flows AUM composition E
Slide 22: Strategic platforms supporting sustainable growth momentum
Strategic platforms supporting sustainable growth momentum Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets WINNING AS ‘ONE SANLAM’ SA ecosystem ASSET MANAGEMENT REIMAGINED Sanlam Investments SHRIRAM ECOSYSTEM India ✓ Increased insurance
Slide 23: Strategic platforms supporting sustainable growth momentum
Strategic platforms supporting sustainable growth momentum Diversified geographic presence with market-leading positions underpin our confidence in achieving our targets UNLOCKING THE PAN-AFRICAN FRONTIER SPECIALIST CAPABILITY VIA LLOYD’S Pan-Africa Santam ✓ Integration synergies (pre-tax R934 milli
Slide 24: Capital allocation – focus is on value-accretive growth
Capital allocation – focus is on value-accretive growth E AR N I N G S AN D C AS H S H AR E H O L D E R 1 WHERE WE INVEST FOR GROWTH 2 G E N E R AT I O N S T E P U P 3 RETURNS Customer value proposition attracting new business Life & Savings which earns returns above cost of capital Growth requires
Slide 25: Near-term adjusted RoE
Near-term adjusted RoE 2026 guidance reaffirmed >18% 2027 accounting rebase effect, not economic C O R P O R AT E AC T I V I T Y I N C R E AS E I N I F R S O P E N I N G THE 2027 EFFECT EQUITY MUFG & Ninety One R6 billion ~1% No cash or capital deployed in Value crystallised by executing Drop in rep
Slide 26: Adjusted RoE > 20% by 2030
Adjusted RoE > 20% by 2030 As corporate activity settles, adjusted RoE accretes naturally each year Credit & General Life Asset insurance insurance management CAPITAL INTENSITY1 High Moderate Low • Modest – broadly in line with investment return CAPITAL GROWTH2 In line with book growth • SAM capital
Slide 27: Returns above our cost of equity
Returns above our cost of equity Spread over cost of capital widens from ~6% to >8% by 2030 ADJUSTED ROE VS COST OF EQUITY WHY THE GAP IS EXPECTED TO WIDEN Adjusted RoE Cost of equity > 20% 18% Adjusted RoE uplift at 1% p.a. 12%1 12% from 2028 Cost of equity assumed constant June 2026 2030 despite i
Slide 28: Positioned to deliver long-term value
Positioned to deliver long-term value A uniquely diversified portfolio with multiple, complementary growth engines Leading market positions Uniquely diversified Strong capital & cash and strategic platforms and complimentary generation growth engines #1 or leading positions across key Supports growt
Slide 29: Firm commitment to our targets
Firm commitment to our targets Our 2030 through the cycle targets remain Operating profit & core Adjusted return on Adjusted return on earnings growth1 equity2 group equity value2 > RSA CPI + 6% > 20% > RFR + 4% Above inflation, through the cycle Improving returns over time Sustained above hurdle ra
Slide 30: Sanlam
Sanlam
Slide 31: Winning as 'one Sanlam' in South Africa
Winning as ‘one Sanlam’ in South Africa Ecosystem execution: from build to launch Anton Gildenhuys CEO: Sanlam Life and Savings 31
Slide 32: We are at an inflection point
We are at an inflection point We lead today, but the market has evolved, and we are adapting We start from strength… …and are adapting to #1 general insurer Broaden our franchise 23% market share in South Africa strength & reach #1 life insurer By new business volumes; a third of listed-sector value
Slide 33: The ecosystem keeps a strong franchise relevant
The ecosystem keeps a strong franchise relevant GoTyme banking, credit, rewards and the full Sanlam portfolio all in one app. Connected by best-of-breed technology and AI-driven insights whilst anchored in relationship-driven advice Life & savings MVP3 focuses on: Sanlam Life and Savings Fast secure
Slide 34: A competitive & differentiated proposition with GoTyme
A competitive & differentiated proposition with GoTyme Why we are confident World-class technology Unsurpassed transactional Established distribution partner in GoTyme banking proposition network Proven platform Value for money >9,400 tied advisers + + + Global scale & scope Frictionless customer jo
Slide 35: Modernising how the South African business operates
Modernising how the South African business operates Relationship will also drive shifts in our culture and capabilities Relentless focus on Leverage User experience Tech company DNA Data-driven Refresh and enhance Continuous evolution Brand relevance & experimentation Underpinned by human relationsh
Slide 36: What has changed since CMD 2025
What has changed since CMD 2025 Moving from build to launch Assupol integration SanlamGoTyme credit JO live 50/50 retail-credit joint operation with GoTyme now Integration is complete, adding scale and reach in the live retail market. Early cost efficiencies emerging Banking approved App & rewards D
Slide 37: An expectation timeline
An expectation timeline “Pilot before scale” across banking & credit 2026: Build & Test 2027: Launch 2028+ : Iterate & Scale KEY MILESTONES SOFT LAUNCH COMMERCIAL LAUNCH Credit JO live November 2026 2027 · MVP Expand solution set Distribution of banking regulatory approval received MANAGEMENT’S DASH
Slide 38: What investors should watch
What investors should watch Building the integrated ecosystem: banking breakeven expected in 2030 Retail credit loan book growth1 Unsecured lending 10 Targeting R billion 6 2 - 4 million 2025 2030 Banking customers by 2030 Almost doubling the loan book by 2030 1. Unsecured lending only and excludes
Slide 39: What investors should watch
What investors should watch Building the integrated ecosystem: banking breakeven expected in 2030 Where we are investing Transactional banking Credit Rewards R180m to date R100m IT migration R364m to date R150 - 200m p.a. to come R100 – R200m to come Breakeven from banking Moving to GoTyme platform;
Slide 40: Near-term investment, medium-term payoff
Near-term investment, medium-term payoff A deliberate investment phase today to lay the foundation for growth Near-term investment Where growth comes from • Platform build and technology investment • Data-driven cross-sell and multi-product penetration • Integration costs across the ecosystem • Ecos
Slide 41: Sanlam Investments
Sanlam Investments A solutions-led, emerging markets asset manager. Built to move your capital further. Carl Roothman CEO: Sanlam Investments 41
Slide 42: What changed since CMD 2025
What changed since CMD 2025 Strong earnings Completed Business base and Simplified Ninety One focused on core positive net operating model transactions strengths client cash flow Transferred R402 billion in AuM A scaled platform: multi- R1.3 trillion in AuM – Stranded cost reduction to Ninety One¹,
Slide 43: A business that has been reshaped for the future
A business that has been reshaped for the future From mass production to mass customisation with a solutions-led approach Multi-management Solutions We build relevant investment solutions for high net worth, retail and institutional clients… Private Wealth South Africa Sanlam Collective Structured S
Slide 44: Private markets
Private markets Visible fundraising, deployment and third-party momentum across alternative investment private-market platforms Climate Fund Managers Third-party credit R13 billion R46 billion Mid-market private equity R6 billion (US$2.8 billion) • Climate Investor One Meridian Capital Partners Fund
Slide 45: India partnership with Shriram
India partnership with Shriram Unlocking growth in Shriram Capital Markets S T R AT E G I C PA R T N E R S H I P Shriram ecosystem One of Sanlam's most successful long-term investments Stockbroking Private Asset Wealth Management Access to a unique financial services ecosystem 45
Slide 46: What Sanlam has retained
What Sanlam has retained Scaled franchises in structurally attractive markets Sanlam Investments AuM R1,3 trillion | Cost to Income Ratio 61% SANLAM SANLAM ALTERNATIVE SANLAM PRIVATE WEALTH SATRIX MULTI-MANAGEMENT INVESTMENTS (annuity client book) Largest indexation business Leading Africa and selec
Slide 47: Net client cash flow
Net client cash flow Strong flow momentum in the two years since we announced and executed the Ninety One transaction Sanlam Investments SI holds three spots in top YTD 2026 Net client cash flow (R billion) retail flows NCCF NCCF/Opening AuM Net inflows by manager, YTD 2026 60 4.0% 3.6% 3.5% 1st Sat
Slide 48: Stranded costs are temporary
Stranded costs are temporary A defined, time-bound programme: already largely delivered in 2026 Programme identified R770 million (before tax and minorities) cost-reduction Stranded costs programme identified Largely delivered Reduction in fixed cost base of c.R560 million completed in R770 2026 wit
Slide 49: Shriram financial services ecosystem in India
Shriram financial services ecosystem in India From foundation to ownership, control and value realisation David Marshall Group Executive: Strategy, M&A and Asia 49
Slide 50: India remains a scarce, structural growth opportunity
India remains a scarce, structural growth opportunity Near-term headwinds are being navigated... Currency Regulation Macro ~17% currency movement is impacting Labour codes, goods and services tax, Inflation, oil-price risk and reported results in Rand terms expected commission regulations geopolitic
Slide 51: India remains a scarce, structural growth opportunity
India remains a scarce, structural growth opportunity ...but growth conditions remain intact Population Long Financial inclusion and demographics growth runway and digitisation Young, growing population, large Low insurance penetration, Supportive regulation, rural market, expanding middle class ris
Slide 52: We have a scaled ecosystem
We have a scaled ecosystem Scale, distribution reach and growth ahead of the market ~29 million 4 245 Customer relationships1 Branches across the ecosystem deep physical reach THE ECOSYSTEM TODAY >219 000 ~R550 billion Agents Credit loan book community based distribution the credit platform SFL figu
Slide 53: We have a scaled ecosystem leading in chosen segments
We have a scaled ecosystem leading in chosen segments Scale, distribution reach and growth ahead of the market Shriram Shriram Shriram Finance General Life 10 million 3 225 >59 000 7 million 291 >110 000 12 million 729 >50 000 Customers Branches Agents Live policies Branches Agents Customers Branche
Slide 54: What changed since CMD 2025
What changed since CMD 2025 Material progress has been made, with strengthened participation Insurance transactions completed Diluted stake in stronger SFL2 Transactions to increase economic interest in Life $4.2 billion MUFG1 investment strengthens SFL’s capital insurance (41.83% to 68.72%) and Gen
Slide 55: What the ecosystem now looks like
What the ecosystem now looks like Higher ownership of higher-return businesses supports Group core earnings, RoE and cash generation Capital Markets Life insurance (SLIC) (SCM) General insurance (SGIC) Credit (SFL) Capital-light earnings and High-quality, fast-growing short- Protection and savings,
Slide 56: Significant value created, accelerating in recent years
Significant value created, accelerating in recent years India is a materially larger share of Group value, at returns above hurdle Group Equity Value Share of Group Equity Value Adjusted Return on GEV R33 bn 10-year average (annualised) 2016 H1 2026 19.4% H1 2026 (six monthly returns) 8% 19% 17.9% R
Slide 57: Where growth is coming from
Where growth is coming from Growth remains strong, but not uniform Credit (SFL) General insurance Life (SLIC) Capital Markets I N C U B AT E & L E V E R AG E GROW GROW GROW • Improved growth • Strong volume growth • Strong retail growth • Building stockbroking, outlook with MUFG • H1 2026 volume • H
Slide 58: What investors should watch
What investors should watch The markers that will evidence rising ownership, mix and returns Continued growth Building scale • Growth in SLIC and SGIC business volumes • Driving increased scale in the capital • Profitability as the insurance core scales markets franchise • Sustainable credit growth
Slide 59: What investors should watch
What investors should watch Progress against 2030 targets Life insurance1 General insurance1 Core earnings growth 20% – 25% 14% Below 15% – 20% 25% Achieved >RSA CPI + 10% 2% Below 2030 volume H1 On track 2030 volume H1 On track H1 On track for 2030 for 2030 2030 target for 2030 target 2026 target 2
Slide 60: Positioned for higher returns and cash generation
Positioned for higher returns and cash generation Stronger credit Increased ownership in Insurance-led Clear path platform capital-light positions value to value Capital position Majority positions in Earnings quality and cash Near-term dilution today; accelerates credit growth higher-RoE insurance
Slide 61: Accelerating specialist capability via Lloyd's
Accelerating specialist capability via Lloyd’s From ambition to execution Tavaziva Madzinga CEO: Santam
Slide 62: A diverse business with a consistent track record
A diverse business with a consistent track record South Africa’s leading and diversified general insurance group, delivering disciplined progress against our targets OUR DIVERSIFIED FRANCHISE OUR STRENGTH LIES IN OUR DIVERSIFIED MODEL TRACK RECORD Source: Santam H1 2026 Results GWP growth: +10% 3.6
Slide 63: Strategy anchored in three growth vectors, with clear targets to 2030
Strategy anchored in three growth vectors, with clear targets to 2030 Strengthening our SA leadership and driving international diversification, underpinned by data and analytics Strengthen • Shift to a multi-channel model leadership position • Maintain dominance in Broker OUR PURPOSE in South Afric
Slide 64: Long-term targets to 2030
Long-term targets to 2030 5% – 10% >24% 145% – 165% Net underwriting margin Return on capital Capital coverage ratio CPI+GDP >30% >30% +1% to 2% International GWP Direct GWP GWP growth rate 64
Slide 65: Why Lloyd's?
Why Lloyd’s? Lloyd’s is a large, diversified and highly rated platform; the base Santam Syndicate 1918 builds on Large, global marketplace Diversified risk portfolio¹ Sizable with superior ratings Size of the global (re)insurance market, $bn London Other 9% Market 7.8% 7.4% 7.6% 7.6% 7.6% 8.2% 8.7%
Slide 66: What changed since CMD 2025
What changed since CMD 2025 Clear pipeline visibility1 Scale from day one Team in place An existing specialist book transferred in to New CEO appointed, supported by the achieve scale and a ‘right to win’ appointment of senior underwriters Underwriting commenced Premium momentum building • Syndicate
Slide 67: Path to profitability
Path to profitability A planned, timing-driven investment R1.3bn R450 – R550m Mid 2027 2028+ new incremental business (EPI) planned operating loss in 2026 monthly breakeven expected Positive contribution concluded by 30 June 2026 R461 million GWP recognised in Timing-driven on incremental A clear tr
Slide 68: Capital, cash & dividends
Capital, cash & dividends International growth funded without compromising strength or returns Capital deployment remains staged and within Santam’s coverage targets of 145%–165% Coverage Maintained Subordinated debt supports international growth from a regulatory capital requirement perspective 145
Slide 69: Soft market today, hardening will be tailwind
Soft market today, hardening will be tailwind Disciplined underwriting into a softening cycle Softening rate Our Syndicate 1918 environment response Outlook • Global corporate property rates • Selective and disciplined • £67m additional capacity continue to soften from 2024 highs, underwriting appro
Slide 70: A transformational step in Santam's journey
A transformational step in Santam's journey With clear markers of success by 2030 Strategically Operationally Primed sound efficient for growth Accelerating the A lean, well-governed Scalable from day one, international ambition in model with top-tier with a clear path to value specialist lines we u
Slide 71: A transformational step in Santam's journey
A transformational step in Santam's journey Markers of success · 2027 – 2030 >10% 24%¹ >30% by 2030 by 2030 by 2030 Underwriting margin Return on capital International GWP contribution Tracking toward Lloyd's Remains intact in Rising contribution of mid-cycle expectations of ZAR terms international
Slide 72: Unlocking the Pan-African insurance frontier
Unlocking the Pan-African insurance frontier Hennie Nel CAPITAL MARKETS DAY 2026
Slide 73: Pan-Africa – solid foundation for growth
Pan-Africa – solid foundation for growth Largest non-bank financial services group on the continent (ex-SA) Leading Highly committed High-growth market positions shareholders market Life • JV pairs Allianz's global scale and • Presence in 25 countries across • Top 3 in 15/21 markets technical suppor
Slide 74: What changed since CMD 2025
What changed since CMD 2025 Good progress Integration complete SAZ Re reset • All 11 integrations in overlapping • New experienced management team countries completed • Controls strengthened and new system • Morocco rebranding to complete in Oct 2026 implemented and operational integration 1Q 2027 S
Slide 75: Integration complete and value accretive
Integration complete and value accretive Platform moving from integration to cash generation and profitable growth 11/11 regulatory integrations complete Integrations • Achieved in three years complete • Synergies now being realised Synergies R934m annual run-rate synergies Integrations are exceed c
Slide 76: The current reality: our scorecard
The current reality: our scorecard Strong life results subdued by below target general insurance performance Overall core earnings (R million)1 2024 2 041 2025 1 971 1H26 9012 2030 ambition 4 100 Earnings declined in 2025 as general insurance losses offset strong life growth Life ON TRACK General In
Slide 77: The plan to 2030: phased execution
The plan to 2030: phased execution Deliberate focus on GI growth and profitability, with continued Life momentum Immediate actions 0–6 months 01 02 03 04 05 Strengthen Review current Reprice unprofitable Enhance cooperation Embed strong teams underwriting and operating model and business including w
Slide 78: The plan to 2030: phased execution
The plan to 2030: phased execution Deliberate focus on GI growth and profitability, with continued Life momentum (continued) Short to medium term Longer term 6–12 months >12 months Grow retail general insurance through products Activate new partnership arrangements with and distribution platforms fo
Slide 79: What investors should track (2027–2030)
What investors should track (2027–2030) Separating the outcome, the drivers and the health indicators THE DRIVERS HEALTH I NDI CATORS THE OUTCOME Life Cost-to-income Trending to best-in- 12–15% 15–20% industry ratios Life volumes VNB growth Cash remittances Stronger returns and >2x General insurance
Slide 80: Sanlam
Sanlam
Slide 81: Wrap up and Takeaways
CAPITAL MARKETS DAY 2026 Wrap up and Takeaways Paul Hanratty Group Chief Executive Officer CAPITAL MARKETS DAY 2026 81
Slide 82: Thank you
SS ¥ » \, } 4 Thank you Sanlam he