Sanlam has reported strong earnings growth across all its markets for the year ending 31 December 2024, bolstered by strategic acquisitions and partnerships. The insurance and financial services giant recorded a 26% rise in operational earnings per share, with return on equity reaching 19.8%. New business volumes climbed to R420 billion, and net cash from financial services increased by 17% per share. Sanlam’s management remains optimistic about 2025, citing favourable economic conditions in key markets. The company increased its dividend by 11% to 445 cents per share, reflecting its confidence in continued financial strength and expansion opportunities.
Key to Sanlam’s growth strategy has been a series of significant partnerships and acquisitions. In 2024, the group strengthened its relationship with major shareholder Ubuntu-Botho by swapping its 25% stake in African Rainbow Capital Financial Services Investments for an equivalent share in ARC Financial Services Holdings. This move allows Sanlam to leverage Tyme Bank’s capabilities, expanding its financial services offerings. Additionally, the Sanlam-Allianz joint venture has made substantial progress, completing integrations and delivering strong financial results. Sanlam has also transferred its Namibian operations into the joint venture, while Allianz has exercised its option to increase its shareholding to 49%.
Sanlam’s expansion efforts continued with its R6.6 billion acquisition of Assupol in September 2024, with full integration set for completion in 2025. The company has also moved into healthcare, partnering with Fedhealth as its single open medical scheme provider. This follows Sanlam’s investment in Afrocentric in 2023, further solidifying its position in the healthcare sector. With these strategic moves, Sanlam is positioning itself as a dominant player in Africa’s insurance and financial services market. The company’s ability to execute large-scale acquisitions while delivering consistent earnings growth underscores its long-term vision for sustainable expansion and market leadership.