
Momentum lifts earnings as new business volumes rise across key divisions
Broad-based earnings growth was accompanied by tighter new business margins as the group contended with product-mix pressure across parts of the business.

Broad-based earnings growth was accompanied by tighter new business margins as the group contended with product-mix pressure across parts of the business.

Growth was led by investment and life business, with a continued shift towards capital-light solutions reducing short-term new business margins.

A breakdown of the results shows how the group’s main business clusters performed as it continues repositioning for growth across South Africa, Africa, and India.

Sanlam reported record new business volumes and strong client inflows in 2025, but several weaker headline indicators drew investor attention following the results release.

The group is keeping its discretionary capital well above target amid concerns over potential tariff-driven inflation, supply-chain shocks, and credit defaults.