Santam reported HEPS up 19% to 1,873c. Net earned premiums rose 16% to R17.9bn, well ahead of long-term targets. Results were lifted by stronger underwriting margins of 11.3% vs 6.5% in 2024, improved property portfolio performance, and lower catastrophe losses, though investment returns fell sharply due to Rand strength. Net income rose 19% to R2bn, supported by higher contributions from the alternative risk transfer business and MiWay. Interim dividend was hiked 10.3% to 590c.
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