News Summary

• Santam Ltd (STU:RXWA) reported a robust financial performance for the first half of 2025, with net income up 19% and an annualized return on capital at 32.2%.
• The company's conventional insurance business delivered a gross return premium growth of 10%, indicating strong market strength and pricing capability.
• The South African economy faces structural and socioeconomic challenges, with growth remaining underwhelming and consumer confidence at an all-time low.
• The macroeconomic environment remains challenging, with high interest rates and trade policy developments introducing new risks to global supply chains.