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Thu 18 Sep 2025
Close: 8 690c 
Day's move: 53c (0.61%)
Volume: 10 950 163
Trades: 6 154
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Result from insurance operations for the interim period grew to R7.6 billion (2024: R6.5 billion) while result from other operations lowered to R6.1 billion (2024: R7.1 billion) and net operating result rose to R13.2 billion (2024: R12.8 billion). Profit for the period from continuing operations attributable to shareholders' fund went up to R10.2 billion (2024: R9.6 billion). Furthermore, headline earnings per share came in 2% lower at 465 cps (2024: 473 cps).
Company outlook
While geopolitical risks and increases to tariffs may create near-term volatility, our diversified product portfolio, strong capital position and disciplined risk management give us confidence in delivering sustainable growth. We expect continued demand for our solutions driven by demographic trends and evolving consumer needs. Our ongoing investments in technology and distribution channels will support growth across South Africa, Pan-Africa and Asia.
As we enter the second half of 2025, we are confident in our strategic direction and operational execution. Our commitment to delivering long-term value to shareholders through disciplined growth, innovation and customer focus remains steadfast. Our businesses and partnerships provide a unique ecosystem of leading, holistic, client-centred solutions and service options to advance our purpose of empowering generations to be financially confident, secure, and prosperous.
In South Africa, the integration of Assupol has progressed well, with the retail mass segment now operating as one business, with one strategy, and with employee and agent harmonisation. Across our South Africa operations, the consolidation, integration and renewal of our IT systems, alongside development of innovative digital and consolidated client loyalty programme offerings, will enable a holistic client engagement model that underpins organic growth.
In our Pan-Africa operations, SanlamAllianz continues to successfully execute integrating the operations and realising revenue and cost synergies. The operating environment in these frontier markets remains volatile, with likely impacts on inflation, interest rates and currencies. We however remain positive about the medium to long-term prospects for the African countries in which we operate.
In Asia, Shriram’s exceptional reach in the expansive Indian finance market, and its dominance in underserved areas, present us with virtually unrestricted ability to drive insurance growth and financial inclusion. Shriram’s strong market position, brand, and integrated offering in its chosen market segment position us very well to benefit from structural positives that include low insurance penetration and rapid advancements in digitalisation.
The group target for cash NRFFS for 2025 remains within a range of R15.0 billion to R16.5 billion off the 2024 base of R14.2 billion (excluding the Capitec reinsurance recapture fee). The Ninety One transaction is not expected to materially impact the group’s cash NRFFS for 2025. The group’s RoGEV and real growth in dividend are expected to be ahead of minimum hurdle for RoGEV and within range for annual dividend.
Ongoing geopolitical and trade tensions pose risk to the outlook for investment markets, interest rates and inflation. The group’s earnings remain sensitive to significant moves in global investment markets, as well as variations in experience.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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