Sanlam reported growth across most of its business lines for the nine months to end-September, supported by strong cash inflows and gains across its insurance, investment management and credit operations.
However, some areas remained under pressure, the company said in a statement on Thursday. New business growth in life insurance was modest, with operating profit weighed down by market volatility and integration costs related to acquisitions in Africa and Asia.
The group’s net result from financial services rose 19% year on year on a normalised basis. Net operational earnings increased 16%, while new business volumes (NBV) grew 13% normalised.
Net client cash inflows nearly doubled to R74bn. Despite the broader growth, life insurance new business rose 6% normalised, with a value of new business margin steady at 2.25%. The company said product mix changes, such as a shift from guaranteed to living annuities, and weaker group sales in the mass market weighed on the segment.
Life insurance benefited from favourable mortality experience, while investment management reported higher fees from stronger asset growth, particularly in retail and alternative investments. The group’s credit and structuring business expanded in India and SA, but higher funding costs reduced net interest margins, the company said.
Regionally, Pan-Africa delivered strong new business growth, with normalised NBV up 36%, supported by bancassurance and individual life sales. Asia’s volumes improved but were offset by higher development costs. SA’s normalised NBV fell 10% due to product mix changes and slower group sales.
The company said it had completed eight of 11 planned integrations across its Pan-African operations. The process added to short-term costs.
Sanlam said it remains optimistic about its long-term outlook, citing “favourable structural trends across its key markets”. The group pointed to Africa’s young population and growing middle class, ongoing reform efforts in SA and resilient domestic demand in India as supportive factors for future growth.
The company’s share price gained 0.62% to R95.62 on Thursday.
Correction: November 14 2025
Business Day incorrectly said Sanlam had integrated several recent acquisitions, including Ninety One’s SA asset management business. However, Ninety One is acquiring Sanlam Investment Management. Furthermore, the transaction is not yet completed.
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