Santam Limited, South Africa’s largest general insurer, reported improved underwriting profitability in 2025, with a combined ratio of 88.7%, while its Santam Re and Specialist Solutions businesses also performed well, with its non-South African gross written premium (GWP) increasing by 11% to R6.8 billion.
In 2024, GWP for the entire group increased from R41.31 billion to R43.96 billion, and net earned premiums (NEP) increased from R32.19 billion to R36.92 billion.
South Africa remains the largest contributor to Santam’s GWP, accounting for 81% of the total, with international operations contributing the remaining 19%.
However, the group said international growth and diversification remained “key strategic pillars” that enhance future growth prospects and strengthen the investment case.
These ambitions will be further supported in 2026 by Santam Syndicate 1918, headquartered at Lloyd’s, and the recent establishment of a reinsurance branch in GIFT City, India.
The company’s combined ratio will improve to 88.7% by 2025, but is below its long-term target range of 90% to 95%, driven by strong underwriting performance across all insurance classes, including significant growth in property profitability.
Santam’s net profit in 2025 will be R4.06 billion, up 10% from R3.68 billion in 2024, and revenue before tax and non-controlling interests will increase by 13% to R5.80 billion.
The group’s net insurance results increased by 61% to R5.26 billion, compared with R3.26 billion in the previous year, reflecting the improvement in underwriting margins and premium growth noted above.
Tavaziva Madzinga, Santam Group CEO, commented: “2025 is a decisive year for Santam. Our FutureFit 2030 strategy is delivering results; we delivered strong financial results and our underwriting discipline and portfolio actions across the personal, commercial and professional sectors delivered outstanding results.
“We remain firmly committed to our middle business model while investing in direct channels and partnerships to expand our footprint in underpenetrated consumer segments.”
“Perhaps most importantly, 2025 marks a transformational milestone in our 107-year history with the successful launch of Lloyd’s of Santam Syndicate 1918.
“International growth and diversification are core pillars of our FutureFit 2030 strategy, and Lloyd’s provides us with the most efficient and scalable platform to deliver this.
“We look forward to working with London market brokers and clients to bring new business to Lloyds and build a truly global Santam.”
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