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2020 Integrated Report

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2020 Integrated Report 2020 INTEGRATED REPORT Navigating the road to recovery 2020 will go down in history as a year unlike any other. It brought about extraordinary change in our world, our country and our lives. Coronavirus Disease 2019 (COVID-19) was declared a pandemic by the World Health Organization in March 2020. Governments took unprecedented measures to limit the spread of the virus, bolstering health systems and restricting the movement of citizens. On 27 March, South Africa started a phased lockdown. As a leading general insurer, we have always been inspired to reimagine the future. This is what risk management means and it is what our stakeholders expect us to do. With the advent of COVID-19, we adapted to the changing circumstances while serving our clients and intermediaries and keeping our employees safe. Santam’s plan to address current economic challenges is captured in our Building a FutureFit Santam strategy (see page 36). This strategy was reassessed following the COVID-19 outbreak: - To ensure there is a clear plan to achieve profitable growth - To realise long-term shareholder value - To focus on effective implementation and execution Where relevant throughout this report, we explain: - The impacts of COVID-19 on the Santam group - How short-term concerns were addressed - How we supported stakeholders - How we are adapting to a new world to safeguard medium- and long-term sustainability through our strategy The Santam group’s collective COVID-19 relief efforts equated to R400 million. Contingent business interruption (CBI) claims and provisions of R3 billion negatively impacted the underwriting results. Information regarding CBI claims can be found in the chairman’s message on page 8 and the chief executive officer’s report on page 38. CONTENTS 01 ABOUT OUR REPORT 4 SANTAM IN 2020 – FUTUREFIT 6 02 FOR A CHANGING WORLD 03 A MESSAGE FROM OUR CHAIRMAN 8 04 THE SANTAM GROUP Our insurance activities 10 Our business portfolio 11 05 SANTAM IN A CHANGING WORLD Santam’s value creation model 14 Our external environment 15 Our capital inputs, trade-offs and outcomes 23 The value we create for our stakeholders 26 STRATEGY – BUILDING 36 06 A FUTUREFIT SANTAM 07 SANTAM’S PERFORMANCE IN 2020 Chief executive officer’s report 38 Chief financial officer’s report 41 Business unit reports 50 2 Santam 2020 Integrated Report 08 GOVERNANCE AT SANTAM Board of directors 56 Board profiles 58 Executive management 60 Executive management profiles 62 Governance report 64 Social, ethics and sustainability committee report 74 Risk management report 79 Remuneration report summary 84 SUMMARY CONSOLIDATED 88 09 FINANCIAL STATEMENTS 10 SUPPLEMENTS Seven-year review 123 Glossary 127 Administration 129 Santam 2020 Integrated Report 3 01 WE ARE PLEASED TO PRESENT ABOUT OUR 2020 INTEGRATED REPORT Our integrated report (the report) provides a concise and transparent assessment of our ability to create sustainable OUR REPORT value for all our stakeholders. It is our primary report targeted at Santam’s providers of financial capital. Santam Ltd (Santam or the group) The interests of other stakeholders were also considered in determining what is material and appropriate to was founded in 1918. We are a leading include. Santam’s material stakeholder groups are: South African general insurer with a Clients Employees Providers of presence in select emerging markets. capital Our head office is in Cape Town, Suppliers Intermediaries Communities South Africa. The group listed on the Industry Government The media regulators JSE in 1964 under the insurance Refer to page 26 for a summary of the value we create per (non-life) sector and has secondary stakeholder group. listings on the Namibian Stock The report was reviewed by the audit committee and the Exchange and A2X Markets Exchange. social, ethics and sustainability (SES) committee. The reviewed report was recommended to the board of Santam is a subsidiary of the South directors (board), who approved it on 3 March 2021. The board is satisfied that the report addresses all material African financial services group matters, whether positive or negative, and offers the Sanlam, which holds 61.9% of necessary substance for the providers of financial capital and other stakeholders to make considered evaluations Santam’s shares. about the performance and sustainable value creation ability of the group. OUR SUITE OF PUBLICATIONS This report is part of a suite of results publications we produce to best meet our stakeholders’ information needs: This integrated report, Our complete The annual general including our summary annual financial meeting (AGM) notice consolidated financial statements, a and proxy form, which statements. This is our comprehensive provide information primary report to report of the to enable shareholders stakeholders group’s financial to participate in the performance for AGM. the year. The group’s remuneration report. The full remuneration report Our King IV application register to confirm our alignment will be published before the end of April 2021. (A summary is with the 17 governance principles. included in this report.) These publications are available at https://www.santam.co.za/investor-relations/integrated-report/financial-results-and-reports/. READERS’ REFERENCES AND FEEDBACK Please share your experience of reading this report by emailing our head of investor relations at Santam’s performance over seven years, by key [email protected]. Readers can also performance indicator, is set out on page 123. interact with us on the following social media platforms: A glossary of insurance and financial terms, as well as abbreviations are on page 127. For more information, please visit www.santam.co.za. 4 Santam 2020 Integrated Report ABOUT OUR REPORT REPORTING SCOPE AND BOUNDARY This report covers the 12 months ended 31 December 2020 (reporting period or year). The reporting boundary applies to both financial and non-financial information. It includes our general insurance and investment operations, and applies to Santam Ltd and its subsidiaries, which make up the Santam business portfolio: Insurance Sanlam Emerging operating Alternative Risk markets (SEM) segments: Conventional insurance Transfer (ART) partner businesses Business units: Santam Santam Santam Re MiWay Centriq and Santam’s Commercial Specialist Santam Structured investments and Personal Insurance and strategic partnerships including Sanlam Pan-Africa OUR APPROACH TO REPORTING Santam’s 2020 integrated report is the result of combined material input from across the group’s business units. Santam does not produce a separate sustainability report. Since our group-level environmental, social and governance (ESG) strategic focus areas are integrated into our Building a FutureFit Santam strategy, this report contains information regarding the management and disclosure of our impacts and performance against a range of ESG criteria. Reporting frameworks, guidelines How our reporting elements Timeframes and forward-looking and standards are assured statements This report was developed with • PricewaterhouseCoopers Inc This report is intended to enable due consideration of the following (PwC) provided assurance of the stakeholders to make informed reporting requirements and summary consolidated financial assessments of our ability to create principles: statements (see page 88) value in the short term (the next • Companies Act, 71 of 2008, as • Deloitte reviewed our annual 12 months), medium term (2 – 5 years) amended (the Companies Act) ClimateWise report as part of the and long term (more than 5 years). It contains statements with respect • International Financial Reporting global ClimateWise assurance to Santam’s financial position, Standards (IFRS) process results, operations and businesses. • Ernst & Young (EY) provided • International Integrated Reporting These statements represent our assurance on carbon emission Council’s (IIRC) Integrated judgements and future expectations. data as part of Sanlam’s CDP Reporting <IR> Framework Risks, uncertainties and other (formerly the Carbon Disclosure • JSE Listings Requirements, factors could cause actual results Project) assurance process JSE Debt Listings Requirements to differ materially from our • Data relating to broad-based • King IV Report on Corporate expectations. Forward-looking black economic empowerment Governance™ for South Africa, statements apply only as of the date (BBBEE) was verified by AQRate 2016 (King IV)1 on which this report was approved • Non-financial indicators were by the board (3 March 2021). reviewed by an internal process that included approval by the executive committee and the board 1 COPYRIGHT AND TRADEMARKS ARE OWNED BY THE INSTITUTE OF DIRECTORS IN SOUTH AFRICA NPC AND ALL OF ITS RIGHTS ARE RESERVED. Santam 2020 Integrated Report 5 OUR PURPOSE, VISION AND VALUES Santam’s purpose is to safeguard what is important to our clients in a manner that enables wealth creation and 02 protection for all our stakeholders. Our vision is to narrow the risk protection gap in the markets SANTAM IN 2020 where we do business through collaborative, proactive risk management activities and the provision of reliable, inclusive FutureFit for a risk solutions. changing world Our values are encapsulated by “The Santam Way”: Being honest and having strong Santam has played a valuable role in INTEGRITY moral principles the economic and social development Being engaged and interested in of South Africa for 102 years. Our PASSION what we do brand positioning – Insurance good Being understanding
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