Business

South African insurance giant pumping billions into new company in the UK

Luke Fraser

 ·9 Mar 2026

Santam says all its key financial performance indicators exceeded their longer-term targets for 2025, with the group pushing hard into international markets such as the UK.

In its 2025 financial results, the group said it continued to execute its FutureFit 2030 strategy, which it said laid a strong foundation for strong results.

The group said that its focus remains on profitable long-term growth, with international expansion and diversification key to future growth prospects and its investment case.

Santam Re and Specialist Solutions increased their non-South African gross written premium (GWP) by 11% to R6.8 billion over the year. Santam RE contributed around 80% to the new business.

The group added that the international growth will be augmented in 2026 by the official launch of Santam Syndicate 1918 in the UK.

This comes after Lloyd’s provided final approval for underwriting to commence from 1 January 2026, with the group stamping the first risks for the Syndicate in December 2025.

Santam also spent R2.2 billion for the capital ceding requirement from Lloyd’s in December.

The amount was included in investment in subsidiaries at year-end, as a long-term loan with no set repayment terms to a subsidiary, Santam UK Holdings (Pty) Ltd.

The capital was invested in funds at Lloyd’s of $118 million (around R2 billion), including deposits and similar securities, and a working capital loan to the Santam Syndicate 1918 of $13 million (R200 million), including cash and cash equivalents.

Lloyd’s is the world’s leading insurance marketplace, and brings together participants offering specialist insurance products from over 200 territories. 

Rob Vetch is leading the new syndicate as the company’s CEO and CFO. He brings 30 years of experience in the global (re)insurance market.

The initial underwriting focus will include the following classes of business: 

• Property – International and North America Open Market and Binders
• Marine
• Energy
• Political Violence and Terrorism
• Financial Institutions
• Professional Indemnity
• Cyber

Santam previously said that the planned Gross Written Premium for 2026 is expected to exceed £300 million (around R6.5 billion). 

The international focus is not limited to the UK, with the group’s share of Shriram General Insurance’s GWP in India rising by 27%.

In India, net insurance results increased by 28%, driven by premium growth and favourable investment returns on insurance funds.

Elsewhere, Santam said that its remaining underwriting actions implemented to fully restore the underlying profitability of the in-force book were successfully rolled out.

It said that investment markets in South Africa and globally had shrugged off initial fears caused by international trade decisions.

It said there was strong performance across equity and interest rate markets, benefiting investment returns across all portfolios.

That said, a strengthening of the rand against major currencies in 2025 led to foreign currency losses on non-South African assets.

Headline financials

The group said GWP increased by 6.4% over the period, while net earned premium increased by 14.7%. The group also achieved a net underwriting margin of 11.3%.

“A favourable attritional claims environment and a turnaround in the property portfolio further supported results,” it added.

Its performance also benefited from a long-term focus on volume and market share in specialist lines, Miway achieving record new business sales, and recent acquisitions making first-time contributions.

The group’s insurance revenue increased by 7% to R56.1 million in 2025.

The group’s basic earnings per share rose by 11% to 3,717 cents per share, while its headline earnings per share increased by 8% to 3,743 cents per share.

The group’s final dividend was also increased by 11% to 1,090.00 cents per share, having been declared from income reserves.