Sanlam Life Insurance Limited 
                                                Annual Financial Statements 
                                                             31 December 2021 
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                                                                                                         SANLAM LIFE INSURANCE LIMITED 
                                                                                                                                                                                                                                                                                                               
                                                                                                                       REGISTRATION NO. 1998/021121/06 
                                                                                                                                                                        
                                                                                                                   Company incorporated in South Africa 
                                  
                                  
                                 Directors at 31 December 2021 
                                  
                                  
                                 Independent Non-Executive                                                                                                                                                                   
                                 E Masilela (Chair)  
                                 AS Birrell 
                                 E Essoka (appointed 18 June 2021) 
                                 NAS Kruger 
                                 N Manyonga (appointed 6 December 2021)    
                                 M Mokoka 
                                 JP Möller (Chair of the audit committee)                                                                                                                                                                       
                                 KT Nondumo 
                                 W van Biljon (appointed 13 August 2021)                                                                                                                                  
                                 S Zinn                                 
                                                                                                                                                                                                                                                                  
                                                                                                                                                                                                                                                                                      
                                 Non-Executive 
                                 J van Zyl 
                                                                                                        
                                 PT Motsepe (Deputy Chair)                                                                                                                              
                                 AD Botha 
                                 SA Nkosi 
                                 RV Simelane 
                                                                                                                                                                     
                                 Executive (full time employees) 
                                 PB Hanratty (ex officio) 
                                 AM Mukhuba (ex officio) 
                                                           
                                 HC Werth
                                 J Modise                                                                                                                                                                                                        
                                                                                  
                                                               
                                  
                                   
                                 Company Secretary 
                                 S Bray  
                                  
                                 Registered office                                                                                                                  Postal address 
                                 2 Strand Road                                                                                                                      PO Box 1 
                                 Bellville                                                                                                                          Sanlamhof                                                                                                        
                                 7530                                                                                                                               7532   
                                  
                                 Auditors 
                                 Ernst & Young Inc.                                                                                                                 KPMG Inc. 
                                 Waterway House                                                                                                                     KPMG Crescent 
                                 3 Dock Road                                                                                                                        85 Empire Road 
                                 Cape Town                                                                                                                          Parktown 
                                 South Africa                                                                                                                       South Africa 
                                  
                                  
                                 Pages 20 to 190 of the financial statements have been audited. Refer to the Independent Auditors’ report 
                                 on page 11. The preparation of the consolidated and separate financial statements was supervised by the 
                                 Finance Director, AM Mukhuba CA (SA). 
                                  
                                  
                                  
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                                                  SANLAM LIFE INSURANCE LIMITED 
                                                      Annual Financial Statements  
                     
                    CONTENTS                                                                              PAGE 
                     
                    Directors’ Responsibility for Financial Reporting                                      3 
                                                      
                    Certificate by Company Secretary                                                       3 
                                                                                       
                    Directors’ Report                                                                      4  
                                                                               
                    Independent Auditor’s Report                                                             11     
                     
                    Basis of Presentation and Accounting Policies                                            20 
                                              
                    Statement of financial position                                                          34      
                     
                    Statement of comprehensive income                                                        35 
                                                                     
                    Statement of changes in equity                                                           36 
                     
                    Cash flow statement                                                                      38     
                     
                    Notes to the Annual Financial Statements                                                 39 
                                                             
                    Principal Subsidiaries                                                                  134 
                                                             
                    Related Parties                                                                         137 
                     
                    Capital and Risk Management Report                                                      140 
                     
                    Actuarial notes                                                                         190 
                     
                    Employment Equity Report                                                                191     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
                     
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                              DIRECTORS’ RESPONSIBILITY FOR FINANCIAL REPORTING 
                               
                              The Board of Sanlam Life Insurance Limited takes responsibility for the integrity, objectivity and 
                              reliability  of  the  group  and  company  Annual Financial Statements of Sanlam Life Insurance 
                              Limited in accordance with International Financial Reporting Standards.  Adequate accounting 
                              records have been maintained.  The Board endorses the principle of transparency in financial 
                              reporting.  The  responsibility  for  the  preparation  and  presentation  of  the  Annual  Financial 
                              Statements has been delegated to management. 
                              The responsibility of the joint external auditors, Ernst & Young Inc. and KPMG Inc., are to express 
                              an independent opinion on the fair presentation of the financial statements based on their audit 
                              of Sanlam Life Insurance Limited and the Group. The Audit, Actuarial and Finance committee has 
                              satisfied itself that the joint external auditors were independent of the company during the period 
                              under review. 
                              The Audit, Actuarial and Finance committee has confirmed that effective systems of internal 
                              control and risk management are being maintained. There were no breakdowns in the functioning 
                              of the internal financial control systems during the year, which had a material impact on the 
                              Sanlam Life group or company Annual Financial Statements. The Board is satisfied that the 
                              annual financial statements fairly present the financial position, the results of operations and cash 
                              flows in accordance with International Financial Reporting Standards (IFRS) and supported by 
                              reasonable and prudent judgements consistently applied. 
                              A full description of how the Audit, Actuarial and Finance Committee carried out its functions is 
                              included in the directors’ report. 
                              The Board is of the opinion that Sanlam Life Insurance Limited is financially sound and operates 
                              as a going concern. The Annual Financial Statements have accordingly been prepared on this 
                              basis. 
                              The Annual Financial Statements were approved by the Board and signed on its behalf by: 
                                                                                                                                                                   
                                                                                                                                                              
                              PB Hanratty                                                                                      E Masilela               
                              CEO                                                                                              Chair 
                              9 March 2022                                                                                     9 March 2022 
                      
                      
                              CERTIFICATE BY COMPANY SECRETARY 
                              In my capacity as Company Secretary, I hereby certify, in terms of the Companies Act, that for 
                              the year ended 31 December 2021, the company has lodged with the Registrar of Companies all 
                              such returns as are required of a public company in terms of this Act, and that all such returns 
                              are, to the best of my knowledge and belief, true, correct and up to date.  
                                                              
                              S Bray 
                              Company Secretary  
                              9 March 2022 
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