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SNT
SNT
SNT - Santam Limited and its subsidiaries Audited Abridged Financial
Report for the Year Ended 31 December 2009
Santam Limited
(Incorporated in the Republic of South Africa)
Registration number: 1918/001680/06
(Share Code: SNT)
(ISIN: ZAE000093779)
Santam Limited and its subsidiaries Audited Abridged Financial Report for
the year ended 31 December 2009
- 55% increase in headline earnings per share
- Solid underwriting performance given challenging market conditions
- Significant improvement of investment returns
- Strong cash flows generated
- Healthy solvency ratio of 44%
- Total dividend of 466 cents per share, up 8.4%
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Audited Audited
At 31 Dec 09 At 31 Dec 08
Notes R million R million
ASSETS
Non-current assets
Property and equipment 47 42
Intangible assets 143 155
Deferred income tax 88 81
Investments in associates 198 195
Financial assets - at fair value through
income
Equity securities 4 3 191 3 111
Debt securities 4 3 146 2 688
Derivatives 4 - 1
Reinsurance assets 382 700
Current assets
Financial assets - at fair value through
income
Derivatives 4 - 135
Short-term money market instruments 4 4 554 3 089
Reinsurance assets 1 429 1 281
Deferred acquisition costs 259 271
Loans and receivables including 4 2 262 2 688
insurance receivables
Income tax assets 4 73
Cash and cash equivalents 1 379 1 938
Total assets 17 082 16 448
EQUITY
Capital and reserves attributable to the
company`s equity holders
Share capital 107 107
Treasury shares (660) (680)
Other reserves 1 268 1 251
Distributable reserves 4 080 3 586
4 795 4 264
Minority interest 144 138
Total equity 4 939 4 402
LIABILITIES
Non-current liabilities
Deferred income tax 129 12
Financial liabilities - at fair value
through income
Debt securities 6 839 972
Investment contracts - 142
Derivatives 4 9 -
Financial liabilities - at amortised
cost
Cell owners` interest 535 447
Collateral guarantee contracts - 93
Insurance liabilities 1 332 2 068
Provisions for other liabilities and 5 -
charges
Current liabilities
Financial liabilities - at fair value
through income
Debt securities 6 24 24
Investment contracts 333 251
Derivatives 4 108 -
Financial liabilities - at amortised
cost
Collateral guarantee contracts 101 -
Insurance liabilities 6 931 6 088
Deferred reinsurance acquisition revenue 53 82
Provisions for other liabilities and 27 25
charges
Trade and other payables 1 570 1 804
Current income tax liabilities 147 38
Total liabilities 12 143 12 046
Total shareholders` equity and 17 082 16 448
liabilities
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Audited Audited
Year ended Year ended
31 Dec 09 31 Dec 08
Change
Notes R million R million %
Continuing Operations
Gross written premium 15 026 14 179 6%
Less: Reinsurance premium 2 132 2 306
Net premium 12 894 11 873 9%
Less: Change in unearned premium
Gross amount (108) 94
Reinsurers` share 106 63
Net insurance premium revenue 12 896 11 716 10%
Investment income 7 707 949 (26%)
Income from reinsurance contracts 209 340
ceded
Net gains/(losses) on financial 479 (721)
assets and liabilities at fair
value through income
Net income 14 291 12 284 16%
Insurance claims and loss 10 241 9 422
adjustment expenses
Insurance claims and loss (1 141) (1 415)
adjustment expenses recovered
from reinsurers
Net insurance benefits and claims 9 100 8 007 14%
Expenses for the acquisition of 2 127 2 014
insurance contracts
Expenses for marketing and 1 425 1 296
administration
Expenses for asset management 25 26
services rendered
Amortisation of intangible assets 25 7
Expenses 12 702 11 350 12%
Results of operating activities 1 589 934 70%
Finance costs (114) (152)
Share of profit/(loss) of 49 (2)
associates
Impairment charge on net (6) (6)
investment in associate
Profit before tax 1 518 774 96%
Income tax expense 8 (402) (54)
Profit for the year from 1 116 720 55%
continuing operations
DISCONTINUED OPERATIONS
Profit for the year from 5 - 25
discontinued operations
Profit for the year 1 116 745 50%
Other comprehensive income
Currency translation differences (80) 5
Total comprehensive income for 1 036 750
the year
Profit attributable to:
- equity holders of the company 1 082 724
- minority interest 34 21
1 116 745
Total comprehensive income
attributable to:
- equity holders of the company 1 002 729
- minority interest 34 21
1 036 750
EARNINGS ATTRIBUTABLE TO EQUITY
SHAREHOLDERS
Earnings per share (cents) 10
Basic earnings per share 959 644 49%
Diluted earnings per share 942 640 47%
Weighted average number of 112.80 112.50
ordinary shares - millions
Weighted average number of 114.87 113.10
ordinary shares for diluted
earnings per share - millions
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders of the Minority Total
company interest
Share Trea- Other Distri- Amounts
Capi- sury Reser- butable Recog-
tal shares ves reser- nised
ves directly
in equity
relating
to
non-
current
assets
held for
sale
R R R R R R R
million million million million million million million
Balance as at 105 (726) 1 147 3 448 71 133 4 178
1 January 2008
Profit for the - - - 724 - 21 745
year
Other
comprehensive
income:
Currency - - 5 - - - 5
translation
differences
Total - - 5 724 - 21 750
comprehensive
income for the
year ended 31
December 2008
Proceeds from 2 - - - - - 2
shares issued
Purchase of - (29) - - - - (29)
treasury
shares
Sale of - 75 - - - - 75
treasury
shares
Loss on sale - - - (66) - - (66)
of treasury
shares
Transfer to - - 99 (99) - - -
reserves
Share-based - - - 39 - - 39
payments
Dividends paid - - - (460) - (16) (476)
Amounts - - - - (71) - (71)
recognised
directly in
equity
relating to
assets and
liabilities
held for sale
Balance as at 107 (680) 1 251 3 586 - 138 4 402
31 December
2008
Profit for the - - - 1 082 - 34 1 116
year
Other
comprehensive
income:
Currency - - (80) - - - (80)
translation
differences
Total - - (80) 1 082 - 34 1 036
comprehensive
income for the
year ended 31
December 2009
Purchase of - (53) - - - - (53)
treasury
shares
Sale of - 73 - - - - 73
treasury
shares
Loss on sale - - - (53) - - (53)
of treasury
shares
Transfer to - - 97 (97) - - -
reserves
Share-based - - - 47 - - 47
payments
Dividends paid - - - (485) - (28) (513)
Balance as at 107 (660) 1 268 4 080 - 144 4 939
31 December
2009
CONSOLIDATED STATEMENTS OF CASH FLOWS
Audited Audited
Year ended Year ended
31 Dec 09 31 Dec 08
Notes R million R million
Cash generated from operations 1 839 1 527
Interest paid (114) (152)
Income tax paid (115) (669)
Net cash from operating activities 1 610 706
Cash flows from investing activities
Cash (utilised)/generated in (1 477) 921
investment activities
Acquisition of subsidiary 9 (11) (3)
Net cash sold through the sale of (23) (1 139)
subsidiary
Purchases of equipment (37) (48)
Proceeds from sale of equipment 1 1
Acquisition of associated companies (7) (55)
Proceeds from sale of associated 33 -
companies
Acquisition of book of business (2) (10)
Proceeds from sale of subsidiary 9 56 -
Proceeds from sale of business - 61
operations
Net cash from investing activities 8 (1 467) (272)
Cash flows from financing activities
Proceeds from issuance of ordinary - 2
shares
Purchase of treasury shares (53) (29)
Proceeds on sale of treasury shares 20 10
Decrease in investment contract (101) (138)
liabilities
Dividends paid to company`s (485) (460)
shareholders
Dividends paid to minorities (28) (16)
Increase in cell owners` interest 87 111
Net cash used in financing activities (560) (520)
Net decrease in cash and cash (417) (86)
equivalents
Cash and cash equivalents at beginning 1 938 1 983
of year
Exchange (losses)/gains on cash and (142) 41
cash equivalents
Cash and cash equivalents at end of 1 379 1 938
year
Assets held for sale - -
Cash and cash equivalents at end of 1 379 1 938
year - Continuing operations
Cash flows relating to discontinued
operations
Included in the above are the
following cash flows from discontinued
operations:
Operating cash flows - (453)
Investing cash flows - (400)
Financing cash flows - (1)
Net decrease in cash and cash - (854)
equivalents
Cash and cash equivalents at beginning - 812
of year
Translation gains on cash and cash - 42
equivalents
Cash and cash equivalents at end of - -
year
NOTES TO THE ABRIDGED FINANCIAL REPORT
1. Basis of presentation
This condensed consolidated financial information for the year ended 31
December 2009 has been prepared in accordance with IAS 34 - Interim
Financial Reporting and in compliance with the Listing Requirements of
the JSE Limited. The condensed consolidated financial information does
not include all of the information required by IFRS for full annual
financial statements and should be read in conjunction with the annual
financial statements for the year ended 31 December 2009, which have been
prepared in accordance with IFRS.
In the 2008 statement of comprehensive income, the European insurance
operations are presented in terms of IFRS 5 - Non-current Assets Held for
Sale and Discontinued Operations.
2. Accounting policies
The principal accounting policies used in preparing the audited results
for the year ended 31 December 2009 are consistent with those applied in
the annual financial statements for the year ended 31 December 2008 in
terms of IFRS, as described in those annual financial statements.
The following new standards and amendments to standards are mandatory for
the first time for the financial year beginning 1 January 2009.
IAS 1 (revised) - Presentation of Financial Statements
The revised standard prohibits the presentation of items of income and
expenses (that is `non-owner changes in equity`) in the statement of
changes in equity, requiring `non-owner changes in equity` to be
presented separately from owner changes in equity. All `non-owner changes
in equity` are required to be shown in a performance statement. Entities
can choose whether to present one performance statement (the statement of
comprehensive income) or two statements (the income statement and
statement of comprehensive income). The group has elected to present one
performance statement: a statement of comprehensive income and to rename
the balance sheet to the statement of financial position. The abridged
financial statements have been prepared under the revised disclosure
requirements.
IFRS 8 - Operating segments
This standard requires a `management approach` under which segment
information is presented on the same basis as that used for internal
reporting purposes. Segments have been identified by business activity,
i.e. insurance activities and investment activities. The insurance
activities comprise commercial insurance, personal insurance and
alternative risks. Segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision-makers. The
chief operating decision-makers have been identified as the group
Executive committee (Exco), under the leadership of the Chief Executive.
3. Segment information
Exco reviews the group`s internal reporting in order to assess
performance and allocate resources. The operating segments identified are
representative of the internal structure of the group.
Exco reviews the two core activities of the group, i.e. insurance
activities and investment activities, on a monthly basis. Insurance
activities are all insurance underwriting activities undertaken by the
group and comprise commercial insurance, personal insurance and
alternative risks. Insurance activities are also further analysed by
insurance class. Investment activities are all investment-related
activities undertaken by the group.
Exco considers the performance of insurance activities based on gross
written premium as a measure of growth as well as underwriting result and
net insurance result as a measure of profitability. Investment activities
are measured based on net investment income and income from associated
companies.
Other information provided to Exco is measured in a manner consistent
with that in the financial statements.
3.1 For the year ended 31 December
2009
Insurance Investment
activities activities Total
Business activity R million R million R million
Revenue 15 026 695 15 721
Gross written premium 15 026 15 026
Net written premium 12 894 12 894
Net earned premium 12 896 12 896
Claims incurred 9 100 9 100
Net commission 1 918 1 918
Management expenses 1 412 13 1 425
Underwriting result 466 (13) 453
Investment return on 420 420
insurance funds
Net insurance result 886 (13) 873
Investment income net 627 627
of management fee and
finance costs
Income from associates 43 43
net of impairment
Amortisation of (25) - (25)
intangible assets
Income before taxation 861 657 1 518
Total assets 10 547 6 535 17 082
Total liabilities 11 271 872 12 143
Gross Underwriting Total Total
written result assets Liabilities
premium
Insurance class R R million R million R million
million
Accident and health 382 3 25 147
Alternative risk 1 638 16 306 1 740
Crop 472 83 140 302
Engineering 562 127 107 308
Guarantee 16 6 12 27
Liability 1 126 517 488 1 941
Miscellaneous 19 (4) 5 17
Motor 6 147 (29) 33 1 487
Property 4 266 (321) 890 2 082
Transportation 398 68 64 265
Unallocated - (13) 15 012 3 827
Total 15 026 453 17 082 12 143
Comprising:
Commercial insurance 7 489 657 1 692 5 341
Personal insurance 5 899 (207) 72 1 235
Alternative risk 1 638 16 306 1 740
Unallocated - (13) 15 012 3 827
Total 15 026 453 17 082 12 143
3.2 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 8 007
Net commission 1 674 1 674
Management expenses 1 283 13 1 296
Underwriting result 752 (13) 739
Investment return on 540 540
insurance funds
Net insurance result 1 292 (13) 1 279
IInvestment income (490) (490)
net of management fee
and finance costs
IIncome from (8) (8)
associates net of
impairment
Amortisation of (7) - (7)
intangible assets
Income before 1 285 (511) 774
taxation
Total assets 10 318 6 130 16 448
Total liabilities 11 050 996 12 046
Gross Underwriting Total Total
written result assets liabilities
premium
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
Audited Audited
At 31 Dec 09 At 31 Dec 08
R million R million
4 Financial assets
The group`s financial assets, net of
derivatives, are summarised below by
measurement category.
Financial assets at fair value through 10 774 9 024
income
Loans and receivables 2 262 2 688
Total financial assets 13 036 11 712
Financial assets at fair value through
income
Equity securities
- quoted 2 872 2 764
- unquoted 319 347
3 191 3 111
Derivatives (net) (117) 136
Debt securities
- quoted
government and other bonds 1 639 1 369
long-term money market instruments 756 776
- unquoted
redeemable preference shares 751 543
3 146 2 688
Short-term money market instruments 4 554 3 089
Total financial assets at fair value 10 774 9 024
through income
5. 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` in
the statement of comprehensive income.
Analysis of the result of discontinued
operations
Gross written premium - 250
Net premium - 26
Net insurance premium revenue - 447
Net investment and reinsurance income - 56
Release of translation reserve - 71
Net profit on sale of business - 13
operations
Net insurance benefits and claims - 425
Expenses - 113
Profit before tax - 49
Income tax - (24)
Profit for the year from discontinued - 25
operations
Audited Audited
At 31 Dec 09 At 31 Dec
08
R million R million
6. Debt securities - at fair value through
income
At the beginning of the year 972 908
Fair value adjustment (133) 64
839 972
Accrued interest 24 24
863 996
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 tranche 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 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.
7. Investment income
Dividend income 198 342
Interest income 612 466
Foreign exchange differences (103) 141
707 949
8. Tax
South African normal taxation
Current year 240 153
Charge for the year 213 127
STC 27 26
Prior year 25 3
Foreign taxation 27 16
Income taxation for the year 292 172
Deferred taxation 110 (118)
Current year 96 (114)
STC 14 (1)
Prior year - (3)
402 54
Audited Audited
At 31 Dec 09 At 31 Dec
08
R million R million
8. Tax (continued)
Reconciliation of taxation rate (%)
Normal South African taxation rate 28.0 28.0
Adjusted for
- Exempt income (4.1) (9.7)
- Investment results (2.6) (15.1)
- STC 2.7 3.3
- Other 2.5 0.5
Net reduction (1.5) (21.0)
Effective rate (%) 26.5 7.0
9. Business combinations
Disposals
Net asset value sold (3) -
Onerous contract as result of disposal (5) -
Proceeds on sale of subsidiaries 56 -
Profit on sale of subsidiaries 54 -
Acquisitions/Increases in shareholding
Purchase consideration paid 11 3
Less: Net asset value acquired (7) -
Investment in associated share previously 1 -
acquired
Goodwill 5 3
Audited Audited
At 31 Dec 09 At 31 Dec 08
R million R million
10. Earnings per share
Basic earnings per share
Profit attributable to the company`s 1 082 724
equity holders (R million)
Weighted average number of ordinary 112.80 112.50
shares in issue (million)
Earnings per share (cents) 959 644
Earnings per share - Continuing 959 621
operations (cents)
Earnings per share - Discontinued - 23
operations (cents)
Diluted earnings per share
Profit attributable to the company`s 1 082 724
equity holders (R million)
Weighted average number of ordinary 112.80 112.50
shares in issue (million)
Adjusted for share options 2.07 0.60
Weighted average number of ordinary 114.87 113.10
shares for diluted earnings per share
(million)
Diluted basic earnings per share (cents) 942 640
Diluted basic earnings per share - 942 618
Continuing operations (cents)
Diluted basic earnings per share - - 22
Discontinued operations (cents)
Headline earnings per share
Profit attributable to the company`s 1 082 724
equity holders (R million)
Adjust for:
Impairment charge on net investment of 6 -
associates
(Profit)/Loss on sale of subsidiaries and (76) 8
associates
Profit on sale of business operations - (2)
Translation reserve released on sale of - (71)
European operations
Tax charge 10 -
Headline earnings (R million) 1 022 659
Weighted average number of ordinary 112.80 112.50
shares in issue (million)
Headline earnings per share (cents) 906 586
Headline earnings per share - Continuing 906 621
operations (cents)
Headline earnings per share - - (35)
Discontinued operations (cents)
Diluted headline earnings per share
Headline earnings (R million) 1 022 659
Weighted average number of ordinary 114.87 113.10
shares for diluted earnings per share
(million)
Diluted headline earnings per share 889 582
(cents)
Diluted headline earnings per share - 889 618
Continuing operations (cents)
Diluted headline earnings per share - - (36)
Discontinued operations (cents)
11. Dividends per share
Dividend per share (cents) 466 430
COMMENTS
After a challenging first half, Santam experienced a significantly better
second half. This resulted in a pleasing overall performance for 2009
against the backdrop of the difficult economic climate and underwriting
conditions.
In line with the industry as a whole, underwriting margins came under
considerable pressure, particularly in the first six months. Investment
returns improved on firmer equity markets, especially when viewed against
the poor performance in 2008. The group delivered significantly improved
earnings, with headline earnings of R1 022 million up 55% on 2008. This
equated to headline earnings per share of 906 cents compared to 586 cents
in the prior year.
Growth of 6% in gross written premiums was a credible achievement in the
economic climate, comparing favourably with the industry. While positive
growth was achieved across most classes of business, achieving an
appropriate rate for the risk insured remained a challenge.
The improvement in the second half was mainly due to fewer large
industrial accident and fire-related claims in the corporate business
unit. The net underwriting result of R453 million for the year was lower
than the R739 million in 2008, but significantly up on the R88 million
recorded at the halfway mark.
The overall net underwriting margin of 3.5% was adversely impacted by
negative margins in the property and motor classes. Underwriting
performance in the personal and non-specialist commercial business came
under pressure from a marked increase in claims frequency and cost.
Although margins in commercial motor remained satisfactory, personal
lines motor posted negative results, in particular business sourced
through the portfolio management business unit. The company did not
escape the large industrial accident and fire-related claims experienced
across the industry, which affected underwriting margins as evidenced by
the negative result of the property class. Of the specialist classes, the
liability, engineering and crop businesses continued to perform well. The
net acquisition cost ratio of 25.9% increased slightly from 25.3% in
2008, mainly due to a higher net commission ratio as a result of reduced
reinsurance commission earned.
Investment return on insurance funds of R420 million reduced from R540
million in 2008, mainly as a result of lower interest rates and despite
higher float balances. The group`s operating activities generated healthy
cash flows of R1 839 million during the year, 20% higher than the R1 527
million in 2008.
The combined effect of insurance activities resulted in a net insurance
margin of 6.8% for the year compared to 10.9% in 2008.
Investment performance improved significantly during the year as equity
markets strengthened. This was in contrast to the losses sustained during
the prior year in which investment markets were severely depressed. The
company continued to employ its strategy of proactively hedging its
equity investments to minimise capital losses in the event of lower
market returns. As a result the company hedged R2 billion of its equity
exposure in June 2009 through a one-year derivative fence structure. The
fence has an attachment point of 4471 (SWIX40 index) with downside
protection of 10% from said attachment point as well as upside
participation of 20% from said point. At 31 December 2009, the SWIX40
index closed at 5244, 17% above the attachment point. On 31 December
2009, the structure had a negative fair value of R108 million which was
accounted for. This will effectively be released to income over the next
six months if the structure is maintained to maturity. Despite a
reduction in interest rates during the period, interest earnings were
higher in comparison to 2008 due to higher levels of interest-bearing
instruments.
Net earnings from associated companies of R49 million improved notably
compared to the negative returns in 2008. This was due to improved
earnings by key associates.
The group solvency ratio was a healthy 44% at 31 December 2009, on par
with 2008, and within our long-term target range of between 35% and 45%.
Santam sold its 35% stake in Lion of Africa Insurance Company during
December 2009. With this becoming a 100% black-owned business turning in
excellent results, our partners and Santam considered it appropriate for
Santam to exit at this point. Santam is proud of its partnership with
South Africa`s first black-owned insurance company that spanned more than
11 years. We wish the company and its management success with their
future endeavours.
Further unit allocations in the Emthunzini BEE Staff Trust were made to
black staff in terms of Santam`s Broad Based Black Economic Empowerment
(BBBEE) scheme.
The board would like to extend its gratitude to Santam`s management,
staff, brokers and other business partners for their efforts and
contributions in the past year, which underpinned a pleasing set of
results.
Prospects
We expect underwriting margins to remain under pressure, both in
commercial and personal lines, due to the softer market. The positive
sentiment in South Africa in anticipation of the 2010 FIFA World CupT, as
well as signs of a global recovery from one of the worst financial crises
since the great depression, should have a positive impact on industry
volumes. However, any economic recovery is likely to be gradual. We
remain concerned about the low levels of disposable income among
individuals and earnings pressure on businesses, which will continue to
make it difficult to achieve the appropriate rates for risks insured.
Santam`s diversified business lines position it well to face these
challenges. We will also continue our efforts to optimise profitability
across the business with a strong focus on risk management and
efficiencies.
We share the general consensus that financial markets are overvalued in
the short term, but remain optimistic over the medium to longer term.
While volatility in global and local financial markets will impact our
investment performance during 2010, the proactive hedging of our equity
exposure will lessen its effect over the short term. In line with general
consensus we see interest rates remaining at current levels for the
foreseeable future, limiting major growth in returns on cash-related
investments.
The company successfully concluded the acquisition of the entire
shareholding of Emerald Risk Transfer (Pty) Ltd, effective 1 January
2010. As a specialist corporate property underwriting manager, the
business will in future underwrite Santam`s corporate property business.
The group also concluded a transaction to acquire the minority
shareholding in Centriq Insurance, which will become a wholly owned
subsidiary. The transaction is subject to regulatory approval.
Declaration of dividend (Number 112)
Notice is hereby given that the board has declared a final dividend of
300 cents per share (2008: 264 cents). Shareholders are advised that the
last day to trade "cum dividend" will be Thursday, 18 March 2010. The
shares will trade "ex dividend" from the commencement of business on
Friday, 19 March 2010. The record date will be Friday, 26 March 2010, and
the payment date will be Monday, 29 March 2010. Certificated shareholders
may not dematerialise or rematerialise their shares between Friday, 19
March 2010, and Friday, 26 March 2010, both dates inclusive.
Auditors` report
The company`s external auditors, PricewaterhouseCoopers Inc, have audited
the condensed financial report. A copy of their unqualified audit opinion
is available on request at the company`s registered office.
On behalf of the board
DK Smith IM Kirk
Chairman Chief Executive Officer
3 March 2010
Non-Executive Directors
BTPKM Gamedze, DCM Gihwala, JG le Roux, NM Magau, JP M?ller, YG Muthien,
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 Officer)
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
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