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SNT
SNT
SNT - Santam Limited - Audited Abridged Financial Report for the year ended 31
December 2008 and dividend declaration
SANTAM LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1918/001680/06)
(Share Code: SNT ISIN: ZAE000006854)
Santam Limited and its subsidiaries
Audited Abridged Financial Report
for the year ended 31 December 2008
Highlights
- Core business performing well
- Net underwriting margin of 6.4%
- Exceptional float income returns
- Strong cash flows generated
- Solvency ratio of 44%
- Total dividend of 430 cents per share
Consolidated balance sheets
Audited Audited
At 31 Dec 08 At 31 Dec 07
Notes R million R million
ASSETS
Non-current assets
Property and equipment 42 38
Intangible assets 155 135
Deferred income tax 81 40
Investments in associates 195 175
Financial assets - at fair value
through income
Equity securities 3 3 111 4 454
Debt securities 3 2 688 2 901
Derivatives 3 136 -
Current assets
Reinsurance assets 1 981 2 026
Deferred acquisition costs 271 239
Loans and receivables including
insurance receivables 3 2 688 1 947
Income tax assets 73 27
Cash and short-term money market
instruments
Cash and cash equivalents 1 938 1 171
Short-term money market instruments 3 089 2 274
Non-current assets classified as held
for sale - 2 060
Total assets 16 448 17 487
EQUITY
Capital and reserves attributable to
the company`s equity holders
Share capital 107 105
Treasury shares (680) (726)
Other reserves 1 251 1 147
Distributable reserves 3 586 3 448
Amounts recognised directly in equity
relating to non-current assets
classified as held for sale - 71
4 264 4 045
Minority interest 138 133
Total equity 4 402 4 178
LIABILITIES
Non-current liabilities
Deferred income tax 12 91
Financial liabilities - at fair value
through income
Debt securities 5 972 908
Investment contracts 393 525
Derivative 3 - 47
Financial liabilities - at amortised
cost
Cell-owners` interest 447 336
Collateral guarantee contracts 93 84
Current liabilities
Insurance liabilities 8 156 7 630
Deferred reinsurance acquisition
revenue 82 99
Provisions for other liabilities and
charges 25 87
Trade and other payables 1 828 1 408
Current income tax liabilities 38 488
Liabilities directly associated with
non-current assets classified as held
for sale - 1 606
Total liabilities 12 046 13 309
Total shareholders` equity and
liabilities 16 448 17 487
Consolidated income statements
Audited Audited
Year ended Year ended
31 Dec 08 31 Dec 07 Change
Notes R million R million %
Continuing operations
Gross written premium 14 179 13 173 8%
Less: Reinsurance premium 2 306 2 254
Net premium 11 873 10 919 9%
Less: Change in unearned premium
Gross amount 94 330
Reinsurers` share 63 (127)
Net insurance premium revenue 11 716 10 716 9%
Investment income 6 949 666 42%
Income from reinsurance contracts
ceded 340 306
Net (losses)/gains on financial
assets and liabilities at fair
value through income (721) 454
Net income 12 284 12 142 1%
Insurance claims and loss
adjustment expenses 9 422 8 552
Insurance claims and loss
adjustment expenses recovered
from reinsurers (1 415) (1 250)
Net insurance benefits and claims
8 007 7 302 10%
Expenses for the acquisition of
insurance contracts 2 014 1 794
Expenses for marketing and
administration 1 296 1 262
Expenses for asset management
services rendered 26 27
Amortisation of intangible assets
7 2
Expenses 11 350 10 387 9%
Results of operating activities
934 1 755 (47%)
Finance costs (152) (45)
Share of (loss)/profit of
associates (8) 76
Profit before tax 774 1 786 (57%)
Tax 7 (54) (542)
Profit for the year from
continuing operations 720 1 244 (42%)
DISCONTINUED OPERATIONS
Profit/(loss) for the year from 4
discontinued operations 25 (168)
Profit for the year 745 1 076 (31%)
Attributable to:
- equity holders of the company 724 1 050
- minority interest 21 26
745 1 076
Earnings attributable to equity
shareholders
Earnings per share (cents)
Basic earnings per share 9 644 924 (30%)
Diluted earnings per share 640 914 (30%)
Headline earnings per share 586 906 (35%)
Diluted headline earnings per
share 582 897 (35%)
Weighted average number of shares
- millions 112.50 113.67
Weighted average number of
ordinary shares for diluted
earnings per share - millions 113.10 114.81
Dividend per share (cents) 430 410
Special dividend per share
(cents) - 2 200
Consolidated statement of changes in equity
Attributable to equity holders of the company
Amounts
recog-
nised
directly
in
equity
relating
to non-
current
assets
held for
Distri- sale
Share Treasury Other butable Minority
capital shares reserves reserves interest Total
R R R R R R R
million million million million million million million
Balance as at
1 January
2007 71 - 1 119 5 437 - 123 6 750
Share issue 34 - - - - - 34
Net purchase
of treasury
shares - (726) - - - - (726)
Profit for
the year - - - 1 050 - 26 1 076
Transfer to
reserves - - 93 (93) - - -
Share-based
payments - - - 14 - - 14
Currency
translation
differences - - 6 - - - 6
Dividends
paid - - - (2 960) - (17) (2 977)
Interest
acquired by
minorities - - - - - 1 1
Amounts
recognised
directly in
equity
relating to
non-current
assets
classified as
held for sale
- - (71) - 71 - -
Balance as at
31 December
2007
105 (726) 1 147 3 448 71 133 4 178
Share issue 2 - - - - - 2
Purchase of
treasury
shares - (29) - - - - (29)
Sale of
treasury
shares - 75 - - - - 75
Profit for
the year - - - 724 - 21 745
Transfer to
reserves
- - 99 (99) - - -
Share-based
payments - - - 39 - - 39
Loss on sale
of treasury
shares - - - (66) - - (66)
Currency
translation
differences - - 5 - - - 5
Dividends
paid - - - (460) - (16) (476)
Amounts - - - - (71) - (71)
recognised
directly in
equity
relating to
non-current
assets
classified as
held for sale
Balance as at
31 December
2008 107 (680) 1 251 3 586 - 138 4 402
Consolidated cash flow statements
Audited Audited
Year ended
Year ended
At 31 Dec 08 At 31 Dec 07
Notes R million R million
Cash generated from operations 1 527 2 139
Interest paid (152) (45)
Income tax paid (669) (288)
Net cash from operating activities 706 1 806
Cash flows from investing activities
Cash generated in investment activities 921 12
Acquisition of subsidiary, net of cash
acquired 8 (3) (61)
Cash (sold)/acquired through the sale /
acquisition of subsidiary (1 139) 52
Purchases of equipment (48) (32)
Proceeds from sale of equipment 1 3
Acquisition of associated companies (55) -
Proceeds from sale of associated companies - 21
Acquisition of book of business (10) (2)
Proceeds from sale of business operations 61 -
Net cash from investing activities (272) (7)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 2 34
Purchase of treasury shares (29) (726)
Proceeds on sale of treasury shares 10 -
Increase in debt securities - 964
Increase in investment contract liabilities
(138) 230
Dividends paid to company`s shareholders (460) (2 960)
Dividends paid to minority interest (16) (17)
Increase in cell-owners`interest 111 8
Net cash used in financing activities (520) (2 467)
Net decrease in cash and cash equivalents (86) (668)
Cash and cash equivalents at beginning of
year 1 983 2 659
Exchange gains/(losses) on cash and cash
equivalents 41 (8)
Cash and cash equivalents at end of year 1 938 1 983
Non-current assets classified as held for
sale - (812)
Cash and cash equivalents at end of year -
Continuing operations 1 938 1 171
Cash flows relating to discontinued
operations
Included in the above are the following
cash flows from discontinued operations:
Operating cash flows (453) 233
Investing cash flows (400) (25)
Financing cash flows (1) (197)
Net (decrease)/increase in cash and cash
equivalents (854) 11
Cash and cash equivalents at beginning of
year 812 808
Translation gains/(losses) on cash and cash
equivalents 42 (7)
Cash and cash equivalents at end of year - 812
Notes to the abridged financial report
1. Basis of presentation and accounting policies
The consolidated financial statements for the year ended 31 December
2008 are prepared in accordance with International Financial Reporting
Standards (IFRS), IAS34 - Interim Financial Reporting and in
compliance with the Listing Requirements of the JSE Limited. The
abridged consolidated financial statements do not include all of the
information required by IFRS for full annual financial statements.
The principal accounting policies used in preparing the audited
results for the year ended 31 December 2008 are consistent with those
applied in the annual financial statements for the year ended 31
December 2007 in terms of IFRS, except for short-term liquid
instruments with a maturity of less than 12 months, previously
disclosed as part of cash and cash equivalents, but now disclosed
separately as short-term money market instruments.
In the balance sheet and income statement, the European insurance
operations are presented in terms of IFRS 5 - Non-current Assets Held
for Sale and Discontinued Operations.
2. Segment report
To ensure more meaningful disclosure, only the continuing activities
are reported on a segmented basis.
2.1 For the year ended 31 December 2008
Insurance Investment
activities activities Total
Business activity R million R million R million
Revenue 14 179 (472) 13 707
Gross written premium 14 179 14 179
Net written premium 11 873 11 873
Net earned premium 11 716 11 716
Claims incurred 8 007 8007
Net commission 1 674 1 674
Management expenses 1 283 13 1 296
Underwriting result 752 (13) 739
Investment return on insurance
funds 540 540
Net insurance result 1 292 (13) 1 279
Investment income net of
management fee and finance costs (490) (490)
Income from associates (8) (8)
Amortisation of intangible asset (7) - (7)
Income before taxation 1 285 (511) 774
Total assets 10 318 6 130 16 448
Total liabilities 11 050 996 12 046
Gross Under-
written writing Total Total
premium result assets liabilities
Insurance class R million R million R million R million
Accident and health 378 37 30 135
Alternative risk 1 726 (31) 549 2 014
Crop 575 74 151 321
Engineering 539 121 76 288
Guarantee 20 13 16 30
Liability 1 130 410 684 2 038
Miscellaneous 23 8 5 20
Motor 5 535 275 50 1 217
Property 3 859 (172) 606 1 864
Transportation 394 17 86 313
Unallocated - (13) 14 195 3 806
Total 14 179 739 16 448 12 046
Comprising:
Commercial insurance 7 176 649 1 684 5 289
Personal insurance 5 277 134 20 937
Alternative risk 1 726 (31) 549 2 014
Unallocated - (13) 14 195 3 806
Total 14 179 739 16 448 12 046
2.2 For the year ended
31 December 2007
Insurance Investment
activities activities Total
Business activity R million R million R million
Revenue 13 173 832 14 005
Gross written premium 13 173 13 173
Net written premium 10 919 10 919
Net earned premium 10 716 10 716
Claims incurred 7 302 7 302
Net commission 1 488 1 488
Management expenses 1 262 1 262
Underwriting result 664 - 664
Investment return on
insurance funds 319 319
Net insurance result 983 - 983
Investment income net of
management fee and
finance costs - 729 729
Income from associates - 76 76
Amortisation of
intangible asset (2) - (2)
Income before taxation 981 805 1 786
Total assets 7 897 7 530 15 427
Total liabilities 10 724 979 11 703
Gross Under-
written writing Total Total
premium result assets liabilities
Insurance class R million R million R million R million
Accident and health 331 12 33 138
Alternative risk 1 780 50 456 1 880
Crop 436 (87) 114 254
Engineering 508 201 64 240
Guarantee 20 30 22 37
Liability 1 068 301 891 1 994
Miscellaneous 27 (1) 9 26
Motor 4 941 164 60 1 135
Property 3 719 (10) 542 1 769
Transportation 343 4 74 258
Unallocated - - 13 162 3 972
Total 13 173 664 15 427 11 703
Comprising:
Commercial insurance 6 600 558 1 798 4 978
Personal insurance 4 793 56 11 873
Alternative risk 1 780 50 456 1 880
Unallocated - - 13 162 3 972
Total 13 173 664 15 427 11 703
Audited Audited
At 31 Dec 08 At 31 Dec 07
R million R million
3. Financial assets
The group`s non-current financial assets
are summarised below by measurement
category.
Financial assets at fair value through
income 5 935 7 308
Loans and receivables 2 688 1 947
Total financial assets 8 623 9 255
Financial assets at fair value through
income
Equity securities
- quoted 2 764 4 434
- unquoted 347 20
3 111 4 454
Derivatives 136 (47)
Debt securities
- quoted
government and other bonds 1 369 1 322
Long-term money market instruments 776 851
- unquoted
bonds - 1
redeemable preference shares 543 727
2 688 2 901
Total financial assets at fair value
through income 5 935 7 308
4. Non-current assets held for sale and
discontinued operations
Santam Europe Limited and Westminster Motor
Insurance Association were disposed of on
15 September 2008 and 22 December 2008,
respectively. The following are the results
for these companies until the date of
disposal included as "Discontinued
operations" on the income statement.
Analysis of the result of discontinued
operations
Gross written premium 250 932
Net premium 26 872
Net insurance premium revenue 447 641
Net investment and reinsurance income 56 82
Release of translation reserve 71 -
Net profit on sale of business operations 13 -
Net insurance benefits and claims 425 725
Expenses 113 188
Profit/(loss) before tax 49 (190)
Income tax (24) 22
Profit/(loss) for the year from
discontinued operations 25 (168)
Audited
Audited
At 31 Dec 08 At 31 Dec 07
R million R million
5. Debt securities - at fair value through
income
Debt securities
At the beginning of the year 908 -
Debentures issued - 955
Fair value adjustment 64 (47)
972 908
During 2007 the company issued unsecured
subordinated callable notes to the value of
R1 billion in two tranches. The fixed
effective rate for the R600 million issue
was 8.6% and 9.6% for the second tranch of
R400 million, representing the R203
companion bond plus an appropriate credit
spread at the time of the issues. The fixed
coupon rate, based on the nominal value of
the issues, amounts to 8.25% and for both
tranches the optional redemption date is 15
September 2017. Between the optional
redemption date and final maturity date of
15 September 2022, a variable interest rate
(JIBAR-based plus additional margin) will
apply.
Per the conditions set by the Regulator,
Santam is required to maintain liquid
assets equal to the value of the callable
notes until maturity. The callable notes
are therefore measured at fair value to
minimise undue income statement volatility.
6. Investment income
Dividend income 342 262
Interest income 466 402
Foreign exchange differences 141 2
949 666
7. Tax
South African normal taxation
Current year 153 716
Charge for the year 127 464
STC 26 252
Prior year 3 30
Foreign taxation 16 18
Income taxation for the year 172 764
Deferred taxation (118) (222)
Current year (114) (206)
STC (1) (16)
Prior year (3) -
Total taxation as per the income statement 54 542
8. Business combinations
On 9 April 2007 the group increased its
shareholding in Admiral Professional
Underwriting Agency (Pty) Ltd from 28.9% to
70% and on 8 November 2007 to 100%. During
2008 an additional amount of R3 million was
paid as part of the purchase agreement.
Purchase consideration paid 3 61
Less: Net asset value acquired - (16)
Investment in associated share previously
acquired - 7
Goodwill 3 52
Audited Audited
At 31 Dec 08 At 31 Dec 07
9. Earnings per share
Basic earnings per share
Profit attributable to the company`s
equity holders (R million) 724 1 050
Weighted average number of ordinary shares
in issue (million) 112.50 113.67
Earnings per share (cents) 644 924
Earnings per share - Continuing operations
(cents) 621 1 071
Earnings per share - Discontinued
operations (cents) 23 (147)
Diluted earnings per share
Profit attributable to the company`s
equity holders (R million) 724 1 050
Weighted average number of ordinary shares
in issue (million) 112.50 113.67
Adjusted for share options 0.60 1.14
Weighted average number of ordinary shares
for diluted earnings per share (million) 113.10 114.81
Diluted basic earnings per share (cents) 640 914
Diluted basic earnings per share -
Continuing operations (cents) 618 1 061
Diluted basic earnings per share -
Discontinued operations (cents) 22 (147)
Headline earnings per share
Profit attributable to the company`s
equity holders (R million) 724 1 050
Adjusted for:
Profit/(loss) on sale of subsidiaries and
associates 8 (20)
Profit on sale of business operations (2) -
Translation reserve released on sale of
European operations (71) -
Headline earnings (R million) 659 1 030
Weighted average number of ordinary shares
in issue (million) 112.50 113.67
Headline earnings per share (cents) 586 906
Headline earnings per share - Continuing
operations (cents) 621 1 054
Headline earnings per share - Discontinued
operations (cents) (35) (148)
Diluted headline earnings per share
Headline earnings (R million) 659 1 030
Weighted average number of ordinary shares
for diluted earnings per share (million) 113.10 114.81
Diluted headline earnings per share
(cents) 582 897
Diluted headline earnings per share -
Continuing operations (cents) 618 1 043
Diluted headline earnings per share -
Discontinued operations (cents) (36) (146)
Comments
After a difficult first half the Santam Group experienced an excellent second
half, resulting in a pleasing overall performance for 2008 against the backdrop
of the difficult economic climate.
From an underwriting perspective the group did very well in its Southern African
operations, showing a substantial increase in both underwriting profit and net
insurance result over 2007. Overall earnings for the group were below 2007,
attributable to lower investment returns as a result of the continued turmoil
and substantial decline in equity markets. Headline earnings of R659 million
were 35% lower than 2007, equating to headline earnings per share of 586 cents
compared to 906 cents in 2007.
The Southern African operations achieved an 8% increase in gross written
premiums, experiencing growth across most classes of business. This was
pleasing, given the softer market and the corrective action taken by Santam to
procure and retain quality business, especially in the corporate business unit.
Santam experienced a substantially improved second half of the year mainly due
to fewer large industrial accident and fire-related claims in the corporate
business unit, compared to the first half. Nevertheless, the underwriting margin
of the property class ended negative for the year. The current reinsurance
programme did provide sufficient protection. The personal and commercial
business classes outperformed 2007, despite several catastrophic flooding events
in KwaZulu-Natal and Southern Cape and continued pressure on premium rates.
Despite fewer large industrial accident and fire-related claims during the
second half of the year, the underwriting margin of the property class ended
negative for the year. The current reinsurance programme did provide sufficient
protection. Of the specialist classes, the liability and engineering businesses
performed well while the crop business experienced a return to profitability.
The net acquisition cost ratio of 25.2% ended below the 25.7% for 2007 as focus
on cost efficiencies continued.
The net underwriting result of R739 million for the continuing operations ended
11% higher than the R664 million for 2007. The net underwriting margin of 6.4%
improved slightly from the 6.2% in 2007.
As reported previously, the European operations are treated as "Discontinued
operations" as defined by IFRS 5 - Non-current Assets Held for Sale and
Discontinued Operations. In total the discontinued operations showed an after-
tax profit of R25 million for the year against a loss of R168 million for 2007.
In two separate transactions Santam managed to successfully dispose of Santam
Europe and Westminster Motor Insurance Association before year-end for a pre-tax
profit of R13 million after goodwill write-off, effectively concluding its
disinvestment from the European insurance operations. Both transactions involve
a deferred compensation mechanism whereby Santam shares in potential release of
excessive claims reserves. The discontinued results also include R71 million of
realised translation reserve due to the sale of the international entities.
As reported with our interim results, subsequent to the payment of the special
dividend of R2.5 billion at the end of 2007 the deployment of the company`s
float (funds generated by insurance activities) changed from only being invested
in interest-bearing instruments to also include an equity component. Although
equity returns were negative for the first half of the year, these losses were
recovered early into the third quarter, while the company also eliminated its
equity exposure in the float in this period as part of its overall strategy of
reducing its equity exposure. Higher interest rates and average float levels had
a favourable impact for most of the year. Consequently the investment return on
insurance funds of R540 million ended significantly higher than the R319 million
reported in 2007. Cash generated by continuing operations amounted to R1.98
billion, a marginal increase from the R1.91 billion generated in 2007. The
winding down of the discontinued operations decreased the group`s cash generated
from operations to R1.53 billion.
The combined effect of the insurance activities of the continuing operations
resulted in a net insurance margin of 10.9% for the year compared to 9.2% for
2007.
Performance of the remainder of the investment portfolio remained under
considerable pressure for the year, continuing the negative trend since the last
quarter of 2007, but showed some improvement in the second half. Although higher
interest rates had a positive impact on cash-related investments, the equity
portfolio performed significantly below the performance of 2007 largely due to
the spill-over effect the global financial and economic crisis had on the South
African financial markets. The company took some decisive steps to decrease its
equity exposure by disposing of R1 billion of equities as well as hedging
downside risk on a further effective R0.5 billion, steps which were very
significant in preserving shareholder value. Cognisance should also be taken of
the fact that the investment portfolio, equities in particular, reduced
substantially due to the buy-back of shares and payment of the special dividend
in December 2007.
Earnings from associated companies were negative for the year and thus well
below 2007, mainly due to lower earnings from key associates and start-up losses
in new ventures.
The tax charge of R54 million for the year was affected by the large dividend
income as well as differences between realised accounting and capital gains tax
losses on the equity and bond investment portfolio.
The group solvency ratio of 44% at 31 December 2008 was at the higher end of the
long-term target range of 35% to 45%, a slight increase from the 42% reported at
the end of 2007.
Santam`s Broad-based Black Economic Empowerment Scheme was finalised during
2008. The initial bridging finance was refinanced and allocations were made to
strategic black business partners during the second half of the year. The next
allocation to black staff is expected in 2009.
The board would like to extend its gratitude to Santam`s management, staff,
brokers and other business partners for their efforts and contributions during
the past year.
Prospects
Underwriting margins are expected to be under pressure due to the softer market,
both in commercial and personal lines, as well as the challenges faced by the
industry due to the deterioration in global and domestic economic conditions.
Although general consensus indicates lower inflation, disposable income will
remain low and businesses are under earnings pressure. Economic growth is
expected to be subdued, impacting adversely on industry growth. Having the
benefit of diversification, Santam is well positioned to face these challenges
and can benefit from moves by clients to place business with insurers with sound
financial standing.
The continuing financial and economic climate could impact capital growth on our
investment portfolio during 2009. Indications are that the market will be less
volatile but with limited overall growth. Further reduction in interest rates
will negatively impact our cash-related investment returns.
Declaration of dividend (Number 110)
Notice is hereby given that the board has declared a final dividend of 264 cents
per share (2007: 244 cents). Shareholders are advised that the last day to trade
cum dividend will be Friday, 13 March 2009. The shares will trade ex dividend
from the commencement of business on Monday, 16 March 2009. The record date will
be Friday, 20 March 2009, and the payment date will be Monday, 23 March 2009.
Certified shareholders may not dematerialise or rematerialise their shares
between Monday, 16 March 2009, and Friday, 20 March 2009, both dates inclusive.
Auditors` report
PricewaterhouseCoopers Inc, have audited the results for the year and their
unqualified audit reports on the 31 December 2008 annual financial statements
are available on request at the company`s registered office.
On behalf of the board
DK Smith IM Kirk
Chairman Chief Executive Officer
Non-executive Directors
BTPKM Gamedze, DCM Gihwala, JG le Roux, NM Magau, JP Moller, RK Morathi, P de V
Rademeyer, JP Rowse, GE Rudman, DK Smith (Chairman), J van Zyl, BP Vundla
Executive Directors
IM Kirk (Chief Executive Officer),
MJ Reyneke (Financial Director)
Company secretary
Sana-Ullah Bray
Santam head office and registered address
1 Sportica Crescent
Tyger Valley, Bellville, 7530
PO Box 3881, Tyger Valley, 7536
Tel: 021 915 7000
Fax: 021 914 0700
www.santam.co.za
Registration number 1918/001680/06
ISIN ZAE000093779
JSE share code: SNT
NSX share code: SNM
Transfer secretaries
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg, 2001
PO Box 61051, Marshalltown, 2107
Tel: 011 370 5000
Fax: 011 688 7721
www.computershare.com
Sponsor
Investec Bank Limited
24 February 2009
Date: 24/02/2009 14:00:03 Produced by the JSE SENS Department.
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