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CONTENTS Group Profile Financial Highlights Salient CONTENTS YOUR FUTURE IN GOOD HANDS PAG E i Group Profile PAG E 1 Financial Highlights PAG E 2 Salient Features PAG E 3 Business Structure PAG E 4 Five-Year Review PAG E 6 Executive Committee PAG E 7 Chairmans Statement PA G E 14 Non-Executive Directors PA G E 16 Financial Review and Corporate Governance PA G E 22 Business Review Sanlam Personal Finance Sanlam Employee Benefits Sanlam Health Gensec New Business Development, Support Services, Corporate and Namibia PA G E 48 Human Resources PA G E 50 Corporate Social Involvement PA G E 52 Annual Financial Statements PA G E 87 Financial Review and Corporate Governance PA G E 92 Definitions and Glossary of Technical Terms PA G E 93 Notice of Annual General Meeting PA G E 97 Shareholder Information 1999 SANLAM ANNUAL REPORT G R O U P P R O F I L E The Sanlam Group is one of the longest-established financial serv i c e s g roups in South Africa with its head office in Bellville near Cape Town. The gro u p’s main activities are conducted by four c o re businesses, namely: • Sanlam Personal Finance (“SPF”) is a major provider of life insurance, retirement annuities, savings products, unit trusts, linked products and trust services to individuals through Sanlam Life, Sanlam Unit Trusts, Sanlam Personal Portfolios and Sanlam Trust. • Sanlam Employee Benefits (“SEB”) is the second largest provider of investment and risk products to group funds and schemes in South Africa. It also provides administration, actuarial and consulting services to the group retirement industry and payroll administration and money transfer services. • Sanlam Health provides underwriting and risk management to medical schemes. Its scheme administration services to the members of medical schemes were successfully outsourced during the year. • Gensec is a leading investment bank and South Africa’s second largest asset manager, measured by assets under management. Its operations also include equity-related activities, investment banking and property services. A new business, New Business Development, was established at the end of 1999 to increase Sanlam’s focus on structured growth. It will explore opportunities for investment and launch new initiatives for the development of new business in the Sanlam group. The Sanlam group also ow n s : • 56,9% of Santam, the largest short-term insurance company and the market leaders in the motor and personal insurance sector in South Africa after the acquisition of Guardian National Insurance Company Limited on 30 December 1999. This acquisition is subject to approval by the regulatory authorities; and • 23,7% of Absa, one of the largest commercial banks in South Africa. FINANCIAL HIGHLIGHTS • Business base established • Launching new initiatives • Exploring opportunities • 39% increase in operating profit • 65% increase in headline earnings • 26% increase in headline earnings per share • 26% adjusted attributable return on equity • 24% return on embedded value • Turnaround of Sanlam Health achieved • Final dividend of 15 cents per share. Total annual dividend of 25 cents per share p a g e 1 1999 SANLAM ANNUAL REPORT SALIENT FEAT U R E S 1999 1998 S A N L A M L I M I T E D G R O U P Funds received from clients R million 34 144 37 733 Headline earnings R million 1 955 1 186 Diluted headline earnings per share cents 73,4 58,4 Operating profit R million 1 722 1 237 Embedded value of new business R million 101 57 Embedded value per share cents 1 004 827 Total assets under management and administration R million 215 924 176 792 S A N L A M L I F E I N S U R A N C E L I M I T E D Shareholders’ funds to total policy liabilities % 12% 12% Shareholders’ funds to non-market-related policy liabilities % 20% 20% Capital adequacy requirement covered(1) times 2,7 1,7 F I N A N C I A L R AT I O S Returns • Headline return on equity(2) 13% 12% • Attributable return on equity(3) 23% 4% • Adjusted return on equity(4) 26% 27% • Five-year average return on equity(5) 23% 22% • Return on embedded value(6) 24% -2% (9) Group administration cost ratio(7) 30% 28% Group operating margin(8) 18% 13% Notes (1) Represents the times which the shareholders’ funds of Sanlam Life Insurance Limited covers the capital adequacy requirements (refer to definitions on page 92). (2) Headline earnings as a percentage of shareholders’ funds at the beginning of the year. (3) Attributable earnings as a percentage of shareholders’ funds at the beginning of the year. (4) Adjusted return is the attributable return after adjusting the interest of the shareholders’ fund in Gensec and Santam from net asset value to market value. (5) Five-year average return is the adjusted return using the average investment return over the past five years. (6) Growth in embedded value (before dividends paid) as a percentage of embedded value at the beginning of the year. (7) Administration cost as a percentage of income earned by the shareholders less sales remuneration. (8) Operating profit as a percentage of income earned by the shareholders less sales remuneration. (9) Based on the pro-forma embedded value calculated in 1997 and which reflected the demutualisation and restructuring of Sanlam and the sale of Sanlam’s asset management activities to Gensec in 1998. p a g e 2 1999 SANLAM ANNUAL REPORT BUSINESS STRU C T U R E S A N L A M G R O U P C o r e B u s i n e s s 100% 100% 100% 65,1% 100% S a n l a m S a n l a m G e n s e c Ne w S a n l a m Pe r s o n a l E m p l oy e e B u s i n e s s He a l t h 49,5% held by shareholders F i n a n c e B e n e f i t s 15,6% held by policyholders D e ve l o p m e n t • Risk underwriting • Group risk • Underwriting and • Equity activities • Development of new • Unit trusts underwriting risk management • Asset management businesses in the Sanlam group • Personal portfolio • Investment products • Scheme • Investment banking management • Growth opportunities administration • Retirement fund • Property services • Trust services administration • New initiatives and alliances • Savings products • Actuarial and consulting services • Innovative products • Payroll administration and services • Money transfer services 56,9% S A N TA M 23,7% 32,2% held by shareholders 24,7% held by policyholders A B S A • Short-term insurance 13,8% held by shareholders 9,9% held by policyholders • Retail banking • Wholesale banking • Other financial services p a g e 3 1999 SANLAM ANNUAL REPORT F I V E-YEAR REV I EW Average annual 1999 1998 1997(1) 1996(1) 1995(1) growth R million R million R million R million R million rate % S U M M A R I S E D G R O U P I N C O M E S TAT E M E N T Funds received from clients 34 144 37 733 34 180 27 375 22 632 11% Operating profit 1 722 1 237 1 026 1 070 1 079 12% Investment income 1 186 893 723 685 513 23% Headline earnings before taxation 2 908 2 130 1 749 1 755 1 592 16% Income tax on earnings (386) (427) (449) (321) (162) 24% Headline earnings after taxation 2 522 1 703 1 300 1 434 1 430 15% Minority shareholders’ and policyholders’ interest (567) (517) (153) (124) (108) 51% Headline earnings 1 955 1 186 1 147 1 310 1 322 10% Headline earnings per share (cents) 73,4 58,4 58,0 66,3 66,9 2% FUNDS RECEIVED FROM CLIENTS Insurance business Long-term insurance • Individual insurance 13 148 11 603 13 812 12 157 11 823 3% • Recurring premiums 8 344 8 496 8 354 7 781 6 961 5% • Single premiums 4 804 3 107 5 458 4 376 4 862 0% • Employee benefits 5 523 7 850 8 154 6 461 4 831 3% • Recurring premiums 3 029 2 740 3 000 2 958 2 579 4% • Single premiums 2 494 5 110 5 154 3 503 2 252 3% Total long-term insurance 18 671 19 453 21 966 18 618 16 654 3% Short-term insurance 3 303 4 093 3 307 2 927 2 374 9% Total insurance business 21 974 23 546 25 273 21 545 19 028 4% Other business 12 170 14 187 8 907 5 830 3 604 36% Unit trusts 8 154 8 266 2 957 1 164 890 74% Managed assets 2 310 4 498 5 519 4 666 2 714 -4% Linked products 1 706 1 423 431 — — — Total funds received from clients 34 144 37 733 34 180 27 375 22 632 11% (1) Pro-forma figures to reflect the demutualisation and restructuring of Sanlam in 1998. p a g e 4 1999 SANLAM ANNUAL REPORT F I V E - Y E A R R E V I E W ( CO N T I N U E D ) Average annual 1999 1998 1997(1) 1996(1) 1995(1) growth R million R million R million R million R million rate % A N A L Y S I S O F N E W B U S I N E S S Long-term insurance business Individual business 6 144 4 502 7 056 6 151 6 649 -2% • Recurring premiums – indexed growth 591 565 559 474 421 9% – other 749 830 1 039 1 301 1 366 -14% • Single 4 804 3 107 5 458 4 376 4 862 0% Employee benefits 2 600 5 247 5 154 3 503 2 252 4% • Recurring premiums 106 137 — (2) — (2) — (2) — • Single premiums 2 494 5 110 5 154 3 503 2 252 3% Total long-term insurance business 8 744 9 749 12 210 9 654 8 901 0% Other business 15 473 18 280 12 214 8 757 5 978 27% • Unit trusts 8 154 8 266 2 957 1 164 890 74% • Managed assets 2 310 4 498 5 519 4 666 2 714 -4% • Linked products 1 706 1 423 431 — — — • Short-term insurance 3 303 4 093 3 307 2 927 2 374 9% Total new business 24 217 28 029 24 424 18 411 14 879 13% Annual premium equivalent (APE)(3) • Individual business 1 820 1 706 2 144 2 213 2 273 -5% E X T R AC TS F R O M G R O U P B A LANCE SHEET Shareholders’ funds 17 677 14 904 10 172 9 005 7 182 25% Policy liabilities 134 319 114 176 119 506 114 647 107 839 6% Total assets under management 215 924 176 792 166 382 147 969 135 984 12% Net tangible asset value per share (cents)(4) 771 630 528 466 376 20% P E R S O N N E L Office staff (excluding marketing staff) 10 159 11 669 12 756 12 635 12 406 -5% (2) Figures not readily available as the definition of new business was only introduced in 1999.
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