Sanlam Allianz Holdings (Kenya) PLC · NSEKE:SLAM
Sanlam Allianz Holdings (Kenya) — Sanlam — H1 2026 Earnings Presentation
44 slides from Sanlam Allianz Holdings (Kenya)'s earnings presentation, Sep 14, 2026
Slide 1: Interim Results
. Sanlam — ; confidence ; 4 > : Interim Results
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: Contents
CONTENTS 1 Overview and strategy Paul Hanratty 2 Reporting framework Click to edit Abigail Mukhuba Master title 3 Financial results Abigail Mukhuba style Business performance 4 Abigail Mukhuba 5 Priorities and outlook Abigail Mukhuba 6 Additional information 3
Slide 4: Overview and strategy
Overview and strategy 01
Slide 5: Key messages
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Key messages Strong growth in most businesses Severe weather impacts Earnings as expected (ex-weather) Improved cash efficiency Excellent strategic progress Outstanding valu
Slide 6: Financial results
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Financial results +1% 18,4% 15,5% 177% Core earnings(1,2) growth Adjusted RoE(3) Adjusted RoGEV(3) Group solvency +7% before period-specific impacts(4) On track for medium-t
Slide 7: Strong growth from market-leading positions
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Strong growth from market-leading positions New business volumes R224 billion Earnings 1 +22% Net client cash flow Life insurance General insurance(1) Investment management
Slide 8: India | strengthened platform
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information India | strengthened platform Moving to higher RoE and MUFG(1) – a step-change for Shriram Finance cash-generative businesses Materially strengthened capital base and balanc
Slide 9: Asset management | simpler, solutions-led business
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Asset management | simpler, solutions-led business Simplified and refocused Value unlocked Quality growth retained Exited single-manager active R3,2 billion IFRS disposal ga
Slide 10: Pan-Africa | entering new phase of growth
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Pan-Africa | entering new phase of growth Inaugural dividend of R500 million(1) declared - 3 years after inception Platform moving from integration to cash generation and re
Slide 11: Santam Syndicate 1918 | scaling ahead of profitability
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Santam Syndicate 1918 | scaling ahead of profitability Resourced and operational Building traction Disciplined growth Live at Lloyd's, systems in place Consortia and facilit
Slide 12: SA ecosystem | gearing up
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information SA ecosystem | gearing up Retail credit JV established Banking services approved BUI LD & P I LOT AP P ROV E D Joint venture established Regulatory approval secured SanlamGo
Slide 13: Reporting framework
y Saniam Live with confidence Reporting framework
Slide 14: Framework evolution
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Framework evolution NEW FRAMEWORK → INVESTOR EXPERIENCE → FEEDBACK → 1H26 ENHANCEMENTS What investors told us How we responded Define the purpose of each earnings measure an
Slide 15: Three earnings measures, three distinct purposes
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Three earnings measures, three distinct purposes Operating profit Core earnings Adjusted headline earnings Business performance Sustainable performance Shareholder outcome U
Slide 16: Core earnings closely aligned to historic earnings base
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Core earnings closely aligned to historic earnings base R billion 0,2 R million 1H22 1H23 1H24 1H25 1,0 (0,1) Net result from financial (0,9) 4 895 6 177 7 056 8 076 7,8 7,7
Slide 17: Financial results
results © Saniam = confidence h\ nancial
Slide 18: Delivering performance and retaining strength amid short-term earnings pressure
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Delivering performance and retaining strength amid short-term earnings pressure Value creation Earnings Returns Capital strength 15,5% +1% 18,4% 177% Adjusted RoGEV(1) Compa
Slide 19: Sustainable earnings
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Sustainable earnings R million 1H26 1H25 %∆ Increase Decrease Total 7% Core earnings before period- 8 291 7 735 7 specific impacts General insurance extreme (728) (110) (8)
Slide 20: Navigating weather headwinds
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Navigating weather headwinds Life and health Core earnings Reported Comparable Favourable mortality experience, stronger asset- R million 1H26 1H25 %∆ %∆ based fee income an
Slide 21: Market volatility impacts on shareholder returns
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Market volatility impacts on shareholder returns (R million) 1 933 Increase Decrease Total (1 047) 410 452 (663) 67 66 (314) 1H25 Pan-Africa Ninety One India markets I
Slide 22: Adjusted RoGEV above hurdle
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Adjusted RoGEV above hurdle (%) Increase Decrease Total 15,5% per share 1,8 15,5 1,4 Group hurdle of 12,5% 3,1 (2,4) 1,2 (2,6) 8,0 3,7% per share (4,5) 3,7 (2,3) Expe
Slide 23: Strong solvency and funding capacity
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Strong solvency and funding capacity Increase Decrease Total Group economic solvency cover ratio (%) Discretionary capital (R billion) Target range: 150% – 190% Targe
Slide 24: Business performance
@ Sanlam Live with confidence Business performance
Slide 25: Life and health | strong growth, VNB held back by mix
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Life and health | strong growth, VNB held back by mix New business (PVNBP) Net client cash flow Value of new business VNB margin Core earnings R58,1 billion* R19,3 billion*
Slide 26: Revised hedging reduces interest-rate sensitivity
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Revised hedging reduces interest-rate sensitivity 31 Dec 2025 30 Jun 2026 Previous ALM approach IFRS Liabilities IFRS Liabilities Revised ALM approach RANFR Fixed rate expo
Slide 27: General insurance | elevated weather claims impact
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information General insurance | elevated weather claims impact New business volumes Net client cash flow Core earnings Santam underwriting margin Pan-Africa net insurance margin R26,4 b
Slide 28: Investment management | sharper focus, strong flows
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Investment management | sharper focus, strong flows Core earnings Net client cash flow New business volumes Asset manager AUM R0,7 billion* R48 billion* R156 billion* R1,3 t
Slide 29: Credit & structuring | India drives growth; SA invests to scale
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Credit & structuring | India drives growth; SA invests to scale Core earnings Shriram Finance loan book SA retail credit JV completed R1,1 billion* +15% 50 | 50 +6% comparab
Slide 30: Priorities and outlook
© Sanlam Live ~ confidence Priorities and . outlook -
Slide 31: Well positioned for growth
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Well positioned for growth Entering second half with strong client activity and cash generation South Africa - milestone achievement for retail credit business and banking,
Slide 32: Full-year guidance maintained
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Full-year guidance maintained Full-year outlook intact despite a more challenging first half, with disciplined cash generation and improved remittances underpinning confiden
Slide 33: Thank you
Thank you
Slide 34: Additional information
© Sanlam Live with confidence Additional information
Slide 35: Basis for normalisation of financial results for comparability
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Basis for normalisation of financial results for comparability Corporate activity and one-off items Constant currency impact (+1,5% on core earnings) (+3,5% on core earnings
Slide 36: Earnings reconciliation
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Earnings reconciliation 1H26 1H25 Reported Comparable Core earnings principles R million %∆ %∆ Clearly defined and consistently applied Operating profit 7 289 7 864 (7) (2)
Slide 37: CSM and RA – positive core growth
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information CSM and RA – positive core growth (R billion) Increase Decrease Total 1,6 2,0 42,2 39,6 (3,2) (2,9) (0,1) Core growth: +R400 million Opening balance New Interest Expec
Slide 38: Unpacking our store of value
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Unpacking our store of value At 30 June 2026 Increase Decrease Total (R billion) 2,0 48,8 3,5 18,7 28,1 24,6 (3,5) IFRS 17 CSM VIF IFRS 17 IFRS 9 PAA India/other Gross
Slide 39: Investment variances for life business | ALM strategy summary
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Investment variances for life business | ALM strategy summary Stable Stable except for non-hedgeable risks Investment Core Operating Assets Exposure Dividends Capital Notes
Slide 40: GEV uplift relative to listed prices
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information GEV uplift relative to listed prices Shriram Finance Limited (SFL) Ninety One – South Africa 30 Jun 26 110% 30 June Potential DCF VWAP 2026 listed price GEV uplift R3,5 bill
Slide 41: India structure post transactions
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information India structure post transactions SHRIRAM OWNERSHIP Sanlam 32% TRUST SHRIRAM Wealth 59,30% 40,70% 23% SHRIRAM SHRIRAM Asset Management Capital 14,27% 40,95% 42,57% 33,66% SH
Slide 42: Glossary of terms
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Glossary of terms Technical terms and definitions Adjusted headline earnings represents operating profit plus shareholder net investment returns. Adjusted headline earnings
Slide 43: Glossary of terms
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Glossary of terms Technical terms and definitions The aggregate of the following components: • The embedded value of covered business; • The fair value of other group operat
Slide 44: Glossary of terms
Overview Reporting Financial Business Priorities Additional and strategy framework results performance and outlook information Glossary of terms Technical terms and definitions Present value of new business premiums from covered business. Expected new business premiums’ cash flows are present valued