Integrated Report

Integrated Report Full integrated report

2018 Integrated report

This integrated report reviews Santam’s financial year for the 12 months ended 31 December 2018. It covers general insurance and investment operations, and applies to Santam Ltd and its subsidiaries: Santam Commercial and Personal, Santam Specialist, MiWay, Santam re and Santam Emerging Markets Investments.

Welcome to our report

This integrated report reviews Santam’s financial year for the 12 months ended 31 December 2018. It covers general insurance and investment operations, and applies to Santam Ltd and its subsidiaries: Santam Commercial and Personal, Santam Specialist, MiWay, Santam re and Santam Emerging Markets Investments.

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Key data about Santam

Who we are, what we do and where we operate: Santam is a multinational general insurance group. It is the leading general insurer in South Africa and writes insurance business in the rest of Africa, India, Asia and other emerging markets.

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Investment case

Santam is a leading general insurer. Through diversity we deliver on our brand promise of Insurance good and proper.

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Our role as insurance provider

A description of general insurance: How general insurance companies transform the capitals of value creation, through their business activities, to create value in the short, medium and long term. This section includes the specific impacts that Santam has on the capitals of value creation; on transformation in South Africa, and on the group’s stakeholders.

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Our strategy

Santam’s strategy and the material matters that influence and drive the group’s value creation activities towards its long-term goals.

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2018 performance and progress against strategy

Santam’s leadership is confident of the group’s ability to create shared value for our stakeholders through our five strategic focus areas.

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Chief executive officer’s report

“Santam’s performance normalised in 2018 following a challenging 2017. The group remains in good shape, but shares the collective concern about the global and South African economy, and the challenging conditions under which our current and potential policyholders want to safeguard their assets and businesses.” – Lizé Lambrechts

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Chief financial officer’s report

“The Santam group reported gross written premium growth of 11% (9.5% excluding the impact of the Santam Structured Insurance acquisition in March 2017), and delivered excellent underwriting results under difficult economic circumstances.” – Hennie Nel

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Chairman’s report

“Although there has been much turmoil in Santam’s external environment over the past five years, our resilience has safeguarded the group in trying conditions. Through strategic partnerships and improved products, we can help our clients and communities mitigate risks in small as well as large ways every day, while at the same time strengthening the Santam group.” – Vusi Khanyile

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Corporate governance report

The Santam board views governance as being key to the long-term success of the group and is ultimately responsible for ensuring that corporate governance standards are set and implemented throughout the group. Santam regularly reviews its governance structures and processes to reflect best practice and to facilitate effective leadership, corporate citizenship and sustainability, thereby supporting the group’s business strategy.

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Remuneration report summary

The Santam board is responsible for the governance of remuneration. Santam’s remuneration philosophy and policy support the group strategy by incentivising the behaviour required to meet and exceed predetermined strategic goals.

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Summary consolidated financial statements

The report provides a summary consolidated financial statements for the year ended 31 December 2018.

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About this report

The report provides information targeted at Santam’s providers of financial capital, although the interests of other stakeholders were also considered in determining what is material and appropriate to include.

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Seven-year review

A comparative view of Santam’s financial performance over seven years.

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Glossary

Click on read more for definitions of the terms used in this report.

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