Santam Limited, South Africa’s largest general insurer, reported improved underwriting profitability in 2025 with a stronger combined ratio of 88.7%, while its Santam Re and Specialist Solutions businesses also performed well, increasing their non-South African gross written premiums (GWP) by 11% to R6.8 billion.
Across the group, GWP rose to R43.96 billion from R41.31 billion, while net earned premium (NEP) increased to R36.92 billion from R32.19 billion in 2024.
South Africa remained the largest contributor to Santam’s GWP, accounting for 81% of the total, while international operations contributed the remaining 19%.
However, the group said international growth and diversification remain a “key strategic pillar” in enhancing future growth prospects and strengthening its investment case.
These ambitions are set to be further supported in 2026 by the Lloyd’s-based Santam Syndicate 1918 and the recent establishment of a reinsurance branch at India’s Gujarat International Financial Services Centre (GIFT City).
The firm’s improved combined ratio of 88.7% in 2025, supported by strong underwriting performance across all insurance classes, including a notable increase in property profitability, came in below its long-term target range of 90% to 95%.
Santam generated net income of R4.06 billion in 2025, up 10% from R3.68 billion in 2024, while income before tax and non-controlling interests increased 13% to R5.80 billion.
The group’s net insurance result rose 61% to R5.26 billion, compared with R3.26 billion in the prior year, reflecting the aforementioned improved underwriting margins and premium growth.
Tavaziva Madzinga, the Santam Group CEO, commented, “2025 has been a defining year for Santam. Our FutureFit 2030 strategy is bearing fruit; we delivered strong financial results, and our underwriting discipline and portfolio actions across personal, commercial and specialist lines yielded outstanding results.
“We have remained resolute in our commitment to our intermediary business model while simultaneously investing in direct channels and partnerships to grow our footprint in underpenetrated consumer segments.”
“Perhaps most significantly, 2025 marks a transformational milestone in our 107-year history, the successful launch of Santam Syndicate 1918 at Lloyd’s.
“International growth and diversification are a central pillar of our FutureFit 2030 strategy, and Lloyd’s provides us with the most efficient and scalable platform to pursue this ambition.
“We look forward to collaborating with London market brokers and clients, bringing new business to Lloyd’s, and building a truly global Santam.”
