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Sanlam, Africa’s largest insurer and partly owned by South African billionaire Patrice Motsepe, delivered a solid first-half performance in 2025, with profit climbing to $654 million. The gains were driven by steady contributions from life insurance, general insurance, and investment management.
Regional performance paints a mixed picture
The company’s report shows profit rising 6.9 percent to R11.64 billion ($654.1 million), up from R10.89 billion ($612 million) a year earlier. The performance, however, varied across regions. Life insurance revenue grew 3.7 percent to R21.84 billion ($1.23 billion), anchored by stable demand in its South African base.
Outside its home market, results were less encouraging. Pan-African revenue fell 2.3 percent to R975 million ($54.8 million), while income from Asia remained flat at R956 million ($53.8 million). General insurance added R241 million ($13.6 million), a clear improvement from no contribution in the same period last year.
Net operational earnings rose 15 percent to R9.3 billion ($522.87 million), lifted by stronger investment returns and improved financial services. The group’s net result from financial services (NRFFS) climbed 14 percent to R8.1 billion ($455.53 million), or 15 percent per share, with contributions from all regions. Cash NRFFS also grew 14 percent to R8.2 billion ($461.16 million), while NRFFS per share rose to R3.82 ($0.215) from R3.33 ($0.187) in 2024.
Not all measures moved in the same direction. Headline earnings slipped 1 percent to R9.71 billion ($545.65 million), with headline earnings per share down 2 percent at R4.65 ($0.262). Sanlam explained that this was due to lower investment variances and the absence of a once-off Capitec reinsurance recapture fee, which had boosted last year’s results.
Business flows and product performance
Sanlam recorded stronger business flows overall, with new business volumes up 7 percent to R217.8 billion ($12.26 billion). Net client cash flows more than doubled to R48.5 billion ($2.73 billion), helped by inflows into South Africa’s investment management arm, alongside gains in life and general insurance.
Life insurance new business held steady at R51.2 billion ($2.88 billion). However, the value of new covered business dropped 18 percent to R1.14 billion ($64.14 million), reflecting structural changes such as the sale of Sanlam Namibia and a reduced stake in SanlamAllianz. General insurance volumes climbed 15 percent to R27.1 billion ($1.53 billion), while investment management advanced 7 percent to R153.1 billion ($8.62 billion).
Motsepe’s influence and long-term outlook
Patrice Motsepe, who holds a 7.8 percent stake in Sanlam through Ubuntu-Botho Investments, continues to play a central role as the group’s vice chairman. Sanlam's long-term plans still depend on his influence, especially its goal of becoming a stronger leader in African insurance and financial services.
The fact that the insurance company is focused on South Africa, other African markets, and Asia gives it a lot of room to grow in the future. Its ability to make steady profits in different areas shows that it can handle tough economic times. By the end of June, Sanlam’s total assets had risen 5.79 percent to R1.2 trillion ($67.47 billion), while retained earnings inched up 1.02 percent to R78.57 billion ($4.42 billion) from R77.78 billion ($4.37 billion) a year earlier.
