SLM Trading Statement Bullish
SANLAM LIMITED - Operational update and trading statement for the year ended 31 December 2025
Sanlam Limited
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What this filing means
Sanlam's 2025 update shows record operational volumes and strong 15-25% normalised earnings growth, despite a technical double-digit decline in reported headline earnings due to prior-year disposal gains.
Bull case
- Normalised net result from financial services (NRFFS), the dividend-driving metric, is expected to grow by a robust 15% to 25%.
- The group achieved record annual new business volumes with 22% normalised growth and more than doubled net client cash flows.
Bear case
- Reported HEPS is expected to contract by 15% to 25%, while EPS is down 25% to 35% due to high 2024 disposal bases.
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