
Sanlam’s inflows surge as product-mix shift puts pressure on new business margins
Growth was led by investment and life business, with a continued shift towards capital-light solutions reducing short-term new business margins.

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.

Currency movements, bond market distortions, reinsurance losses, and strategic investment spending combined to weigh on Sanlam’s reported results.

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

The group recorded double-digit earnings, robust new business volumes, and an increased dividend, all underpinned by its tri-regional focus.