Foundation Sanlam Foundation Annual Report 2024 Shaping our future with confidence
01 Sanlam Foundation Annual Report 2024 Contents 02 About the Sanlam Foundation 03 Message from the Group Executive: Corporate Affairs and Sustainability 04 Message from the Head of the Sanlam Foundation 05 Our strategy 06 Our theory of change 07 Highlights for 2024 08 Our contribution to the United Nations Sustainable Development Goals 09 Socio-Economic Development 09 Education 10 Nutrition 11 Special Projects 13 Small Grants Fund 14 Consumer Financial Education 15 Enterprise and Supplier Development 17 Staff Volunteerism 18 SanlamAllianz 19 Income and expense report About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
The key responsibilities of the Sanlam Foundation are to: About the Sanlam Foundation Since our founding in 2011, the Sanlam Foundation has invested a total of R858 million in the communities in which the Sanlam group operates to help future generations live with confidence. The Foundation leads corporate social investment (CSI) initiatives across the group, designing and funding programmes that empower communities to be sustainable and co-ordinating efforts to advance the group’s commitment to social responsibility and community development. Demonstrate Sanlam’s commitment to CSI: We demonstrate the group’s commitment to CSI by actively engaging with communities where it operates. Co-ordinate and support CSI initiatives: We co-ordinate, support and oversee all CSI initiatives in the group, ensuring alignment with its strategic objectives, goals and values. Ensure governance compliance: We ensure governance compliance by maintaining clear structures in line with our trust deed and best practices for non‑profit organisations, including aligning with King IV Report on Corporate GovernanceTM for South Africa, 2016* principles. Communicate impact: We collect and process monitoring, evaluation and learning data from our programmes to ensure accountability, transparency and alignment with our goals. Externally audited for accuracy and credibility, this data communicates outcomes, assesses impact and supports continuous improvement. Insights are shared with stakeholders and the public, fostering trust and informed decision-making. As part of the Foundation’s mandate as custodian of CSI across the group, we also support developmental work in other African countries, with a focus on Education and Consumer Financial Education (CFE). * Copyright and trade marks are owned by the Institute of Directors in South Africa NPC and all of its rights are reserved. 02 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Message from the Group Executive: Corporate Affairs and Sustainability Shadi Chauke The Sanlam Foundation continued evolving into a fit-for-purpose 21st-century foundation in 2024, building on its strategic shift from a welfarist to a developmental paradigm since 2020. The Foundation’s focus remains one of achieving a measurable impact in communities that delivers a social return on investment for the Sanlam group. This is in line with the decision of the trustees prior to 2024 that the Foundation will no longer fund sponsorship-type activities, but rather focus exclusively on public benefit activities that contribute meaningfully toward achieving the United Nations Sustainable Development Goals (SDGs) in South Africa and the SanlamAllianz territories across Africa. Of note, the Foundation’s work with SanlamAllianz country offices gathered pace during the year, with the staff volunteerism programme extending its digital platform into four SanlamAllianz territories and the advisory support provided to two offices in applying to the 2024 Global Allianz Social Impact Fund. I want to thank Nozizwe Vundla for her leadership and vision during her tenure as Head of the Sanlam Foundation. The team’s dedication and passion have been inspiring, and I am grateful for their efforts. As Nozizwe moves on to new challenges, I wish her continued success. At the same time, I am pleased to welcome Ray-ann Sedres as the new Head of the Sanlam Foundation, who will be leading the Foundation into its next chapter. Finally, I thank the trustees for their guidance, commitment and invaluable support. To our implementing partners, thank you for continuing to deliver on the Foundation’s commitments to the communities in which we work, despite the challenges you may have encountered. 03 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
In 2024, much of the Sanlam Foundation’s work centred on building and enhancing those programmes first implemented in 2023. I am pleased to report that we have been successful in this journey, with the following notable highlights: • The Sanlam Foundation’s Education programme, which was implemented in Gauteng, Western Cape, Eastern Cape and KwaZulu-Natal, was launched by the then Minister of Basic Education, Ms. Angelina Motshekga, at Sanlam’s Alice Lane offices in 2023. In 2024, significant progress was made in addressing gaps identified during the initial stages of the programme, in mathematics, literacy and nutrition support, across all four provinces. Our programmes have expanded substantially, reaching 16 228 children from low-income and rural backgrounds attending Early Childhood Development (ECD) centres and primary schools, while supporting teacher development training and providing nutritional support. We successfully concluded the elements of our Education programme in 2024, while continuing with our other Education initiatives such as the Matric Live app and the STEM-focused SciMathUS university preparation bridging programme at Stellenbosch University. • We continued to build on our Enterprise and Supplier Development (ESD) programmes during the year. These include the first ever ESD programme focused exclusively on women-owned small and medium enterprises (SMEs) – the Re Basadi ESD programme – implemented in 2023, as well as the Sanlam Leruo ESD programme focusing on stokvels, both of which made notable progress in supporting businesses and creating jobs, with a focus on sustainability and growth. • Through our various CFE initiatives, we have reached 66 394 beneficiaries across worksite and community-based programmes, high school learner financial literacy programmes, digital literacy programmes and training programmes for trustees of labour unions, to enhance financial literacy and resilience. • Our staff volunteerism programme, United for Impact, successfully rolled out its digital platform to four SanlamAllianz countries, namely Ghana, Kenya, Nigeria and Tanzania. This milestone marked the start of United for Impact’s expansion across the continent, through strong collaboration with our colleagues in the respective SanlamAllianz countries. The staff volunteerism programme continues to grow and is steadily weaving itself into the group’s culture, offering staff an opportunity to give their time and skills to non-governmental organisations that perform vital work in our communities. • Our long-standing partnership with the World Wide Fund For Nature (WWF South Africa), which aims to secure vital ecosystems and ensure the long-term sustainability of South Africa’s freshwater resources, encompassed 36 projects in 2024. This partnership is co-funded by Sanlam Group Sustainability. • Sanlam was awarded Top Empowered Company: Sustainable Business of the Year at the 2024 Oliver Top Empowerment Awards and was the runner-up in the Top Empowered Company: Enterprise and Supplier Development category, thanks in part to the contribution of the Foundation’s ESD programmes. • During 2024, the Foundation provided advisory support to two SanlamAllianz country offices, Kenya and Tanzania, in applying to the 2024 Global Allianz Social Impact Fund. Sanlam Kenya PLC was successful with their application and was awarded €40 000 toward the Gertrude’s Hospital Foundation project, titled Enabling Children with Disabilities for a Brighter Tomorrow. This initiative will empower over 300 children with special needs through therapy, sports and art activities, fostering independence and future employability. Overall, the Foundation increased the impact we make across all programmes and significantly exceeded our targets for CFE beneficiaries. As we reflect on the past year, I would like to thank the trustees as well as Shadi Chauke, Group Executive: Corporate Affairs and Sustainability, for their support and for providing us with strategic guidance as we execute on the Foundation’s mandate. The Foundation’s multiple successes would not be possible without collaboration with our implementing partners and the trust of the communities we partner with in addressing the challenges they face. Message to the Sanlam Foundation team The Foundation team continues their tireless efforts with passion – enthusiasm and drive for the work we do together. We remain united by the common purpose we share – to achieve meaningful developmental impact in the communities we serve. Message from the Head of the Sanlam Foundation Ray-ann Sedres 04 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Our strategy Our programmes aim to address inequalities, stimulate job creation, promote financial inclusion, foster social development and contribute to environmental protection. By addressing these challenges, we can contribute to creating shared value and driving meaningful change through high-quality programmes and strategic partnerships. To deliver on our mandate, the Foundation focuses on initiatives that create both direct and indirect opportunities in communities and sectors aligned with Sanlam’s interests. Our five strategic focus areas, against which we report our programmatic performance in this report, are: The Sanlam Foundation’s mandate is to be the custodian of Sanlam’s legitimacy as a responsible corporate citizen. We continuously drive Sanlam’s social impact and protect its reputation as a trusted, relevant organisation, which is part of the fabric of the societies within which it operates. We have evolved our strategy from a welfarist to a developmental paradigm to address the root causes that underlie societal challenges in the context of the global sustainable development agenda. To support the achievement of these strategic aspirations, our theory of change outlines the interventions that will achieve our desired outcomes, to ultimately drive meaningful impact. Socio-Economic Development (SED) Consumer Financial Education (CFE) Enterprise and Supplier Development (ESD) To address socio-economic development challenges including child and youth development, improving the quality of education, environmental protection and funding local community development projects. To improve individual financial behaviour, prevent over-indebtedness, ensure financial resilience and build prosperity. To support and empower the growth of black and women-owned SMEs that have the potential to become part of Sanlam’s supply chain network. Staff Volunteerism SanlamAllianz To tangibly demonstrate the brand’s purpose of helping others live with confidence through volunteering the time and skills of Sanlam’s staff, to meaningfully support the communities in which it operates. To support programmes across the African countries in which SanlamAllianz operates, as part of the Foundation’s mandate as a custodian of CSI activities across the Sanlam group. 05 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Our theory of change Impact Education Interventions at ECD, Foundation Phase and high school levels; school nutrition programmes and youth development. Access to quality education and lifelong learning and adequate nutrition for development. Financial Education Financial literacy programmes for adults, youth and trade unions, delivered face-to-face and digitally in communities and worksites. Financially literate and independent individuals, especially lower-income earners, supporting savings and financial inclusion. Alleviate inequality, stimulate job creation, drive financial inclusion, build social development and protect the environment. Enterprise and Supplier Development Programmes that support the development of black and womenowned SMEs focusing on providing mentorship, training and support to entrepreneurs and their businesses. Access to equitable quality services, sustainable economic opportunities and growth, including creating employment opportunities within SME communities. Staff Volunteerism Providing Sanlam’s people with opportunities to contribute positively to the communities in which it operates through payroll giving as well as skills-based and community-based volunteering. Support for the communities in which the group operates and an enhanced employee value proposition by providing opportunities for staff to contribute meaningfully to national developmental agendas. Special Projects Investing in developmental projects peripheral yet complementary to our strategic focus areas that contribute to the social impact we aim to achieve, including environmental protection and funding community development. Achievement of developmental objectives within the communities in which the group operates; further entrenching Sanlam’s reputation as a responsible corporate citizen; sustainable environmental resources; and more resilient communities. Interventions Outcomes Our theory of change specifies the interventions required to effectively address the most prevalent socio-economic challenges in our communities: vast inequality, high unemployment, poverty and negative impacts due to climate change. 06 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Highlights of 2024 413 256 beneficiaries supported through our Education initiatives (2023: 29 230) 66 394 beneficiaries reached through our CFE initiatives (2023: 38 934) 219 jobs created through the Foundation’s activities (2023: 54) 482 773 beneficiaries reached across all our initiatives (2023: 330 023) 441 beneficiaries impacted through our ESD programmes (2023: 207) 411 943 beneficiaries supported through our Special Projects programmes (2023: 281 767) Gertrude’s Hospital Foundation The Sanlam Foundation provided advisory services to Sanlam Kenya PLC in support of its partnership with Gertrude’s Hospital Foundation to support children with physical disabilities in Kenya. See page 18 for more information 07 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Beyond our commitment to mitigate our own impact on the environment and address climate change through targeted measures, we invest in strengthening the capacity of communities to adapt to climate and natural disaster-related risks. invested in our partnership with WWF-SA (2023: R6 339 179). R6 719 530 We support decent work and economic growth through our ESD initiatives, our investments in entrepreneurship and innovation, and working to formalise and grow black and women-owned SMEs. invested in entrepreneurship, innovation and promoting the formalisation and growth of SMEs through our ESD programmes (2023: R14 872 707). R18 022 193 invested in CFE for people classified under Living Standards Measure (LSM) 1-5, with a focus on rural communities (2023: R32 165 932). R38 019 622 The nutrition programme supports learners from ECD through to Grade 7 in Primary schools. Through our school nutrition programme we ensure that learners in our partner schools receive at least one meal a day at school. invested in our school nutrition programme (2023: R10 987 824). invested in Education initiatives (2023: R30 487 6614). R10 754 884 R39 686 218 SUSTAINABLE DEVELOPMENT G ALS Our contribution to the United Nations Sustainable Development Goals Aligned with Sanlam’s purpose of empowering generations to be financially confident and prosperous, the work of the Sanlam Foundation contributes directly to addressing the following four SDGs, where we can make the most significant impact: 08 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Socio-Economic Development Education We focus our support for education on early intervention, targeting ECD centres and quintile 1 to 3 primary schools in disadvantaged and rural communities. While prioritising science, technology, engineering and mathematics (STEM) subjects, we work to address language barriers in understanding complex subjects like science. In ECD (ages three to five), Grade R, and the Foundation Phase (Grades 1 to 3), we emphasise home-language literacy, mathematics, coding and robotics and incorporate nutrition to enhance in‑class learning. Foundation Phase Our support for children in the Foundation Phase includes home language literacy, mathematics, robotics and coding, as well as classroom resources such as electronic devices for teachers. The Sanlam Foundation advances socio-economic development through education interventions, youth and community programmes and environmental initiatives, guided by the group’s socio-economic transformation strategy, which seeks to drive empowerment in the regions and communities in which Sanlam operates. The Sanlam Foundation’s redesigned Education strategy and programme, in partnership with South Africa’s Department of Basic Education, focuses on ECD and primary school education in selected schools across four provinces. The programme aims to equip young learners with the developmental support they need to stay on track with their cognitive and/or physical development. Early Childhood Development The literacy element of the programme supports young learners aged three to five years across four provinces (Eastern Cape, Gauteng, KwaZulu-Natal and Western Cape) through teacher and learner development in early numeracy and literacy. This is achieved through structured play and the provision of play and learning resources to practitioners and caregivers. learners supported in 2024 (2023: 583 learners) 1 035 Early numeracy and literacy support We continued to offer our remedial intervention programme at ECD centres in KwaZulu-Natal. The programme focuses on learners who are at risk developmentally and includes interventions to address cognitive challenges. learners enrolled in 2024 (2023: 97 learners) 86 Remedial intervention Foundation Phase learners supported (2023: 5 200) 6 986 Foundation Phase teachers trained in pedagogy in home languages, mathematics, robotics and coding (2023: 105) 230 09 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Socio-Economic Development continued The Sanlam Foundation provides meals for children at ECD centres and primary schools (Grade R to Grade 7) across four provinces in South Africa. Since its launch in 2023, the programme has made significant gains in supporting learners and increasing daily learner attendance, as reported by school principals and ECD site managers. Nutrition meals served, reaching 16 228 learners (2023: 1 300 200 meals served reaching 8 391 learners) 3 176 736 “ The learners enjoy the porridge a lot. We used to have issues with learners getting sick quite often. Since we started providing breakfast at the school, we have had less of those cases. Some have gained weight.” Sanele Ntshuntsha, Administrator, Tembeni Primary Eastern Cape, Ngcobo District. 10 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
The Sanlam Foundation also invests in developmental projects, peripheral yet complementary to our strategic focus areas, contributing to the social impact we aim to achieve. Socio-Economic Development continued Special Projects The Matric Live app was awarded FNB App of the Year, highlighting the value and impact of the platform in transforming education. Matric Live educational app The Matric Live app is a multi-award-winning mobile application that includes a wide range of learning features to make education fun and intuitive for learners in Grades 10 to 12. Subjects on the app include maths, life sciences, physical science, maths literacy, geography, history, tourism, business studies, economics and English. 20 000 learners supported through the Matric Live app, with a 6 725,42% increase in learner engagement Sanlam’s Words Open Worlds (WOW) spelling festival Schools from across South Africa participate in the annual Sanlam WOW Spelling Festival, the biggest spelling festival in the country, hosted in all nine provinces. 377 000 learners 1 508 schools 7 540 teachers participated in the 2024 spelling festival (2023: 57 886 learners, 1 001 schools and 5 490 teachers) University preparation programme Sanlam Foundation and the Stellenbosch University Centre for Pedagogy’s SciMathUS university preparation programme aims to empower learners from low-income communities and bolster their journey into STEM fields. The programme provides a valuable opportunity for learners who have successfully completed their National Senior Certificate examination but did not meet the entry requirements for higher education or specific programmes. 9,3% in maths (2023: 15%) 11,5% in physical sciences (2023: 13%) Average improvement in SciMathUS students’ marks in 2024 11 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Socio-Economic Development continued Land reform programme With the support of the Sanlam Foundation, the non-profit organisation Vumelana Advisory Fund supports South African communities in the Land Reform Programme to develop their land. The programme funds advisory services to structure commercially viable partnerships between communities and investors that create jobs, income and skills. 14 800 beneficiaries (2023: 867) 26 local SMEs contracted in restoration projects (2023: six local SMEs) Protecting freshwater resources The Sanlam Foundation has a long-standing partnership with WWF South Africa that aims to secure vital ecosystems and ensure the long-term sustainability of South Africa’s freshwater resources. Co-funded with Sanlam Group Sustainability, the partnership encompassed 36 projects in 2024 (2023: 84 projects). The project’s rehabilitation initiatives have meaningful socio-economic impacts, including job creation, particularly for disadvantaged communities, and support for local institutions and SMEs. In total, nine local organisations were contracted for restoration projects, with over R72 million in funds accessed (2023: six local organisations and over R28,5 million in funds accessed). 3 865,15 hectares of foreign species cleared (2023: 1 710 hectares) 14 local SMEs contracted in restoration projects (2023: six local SMEs) 680 jobs created within the project (2023: 619 jobs) Special Projects continued Youth acrobatic skills programme 116 learners between the ages of seven and 23 were trained in acrobatic skills (2023: 103 learners) The Sanlam Foundation supports youth development through acrobatic skills training together with our implementing partner, Zip Zap Circus, which uses circus arts to inspire and empower beneficiaries from Cape Town’s surrounding township communities by promoting social cohesion, creating opportunities, unlocking potential and transferring skills for life. 12 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Socio-Economic Development continued The Sanlam Foundation’s Small Grants Fund supports local community development projects outside our strategic focus areas. We provide once-off funding of up to R100 000 to non-governmental organisations (NGOs) to address important social issues, focusing on youth, people with disabilities, orphans, abused, neglected and vulnerable children and gender-based violence causes. R2 000 000 was awarded to 20 beneficiary organisations, out of 183 applications (2023: R1 900 000 awarded to 19 beneficiary organisations) Small Grants Fund 13 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Consumer Financial Education The Sanlam Foundation’s CFE programmes target communities, worksites and labour unions to impact positively on financial literacy. The Foundation has partnered with various organisations to empower people with knowledge on financial concepts and their personal finances, to ultimately improve their financial decisions and enhance their future financial resilience. Workplace and community-based CFE The Sanlam Foundation, in partnership with the ASISA Foundation and Avocado Vision, provides adult CFE programmes (WageWise and Money Fo’ Sho!) that deliver vital financial education on budgeting, saving, debt management and retirement planning, both face-to-face and digitally in community and workplace settings. In 2024, the programme was expanded into more remote areas of South Africa, and special emphasis was placed on the Two-Pot retirement system. 44 987 beneficiaries reached in 2024 through 1 474 community and worksite workshops (2023: 33 158 beneficiaries through 1 008 workshops) Youth-focused CFE The Sanlam Foundation’s youth-focused CFE programme provides essential financial education to youth aged 18 to 35. This initiative leverages digital tools to increase financial literacy and improve beneficiaries’ financial management. The Foundation also sponsors a financial literacy speech competition for schools, which provides learners with financial literacy topics on which to prepare a speech. Learners then compete through different rounds (school, district, provincial and national level). The 2024 competition highlighted learners’ understanding of key financial literacy concepts. 6 692 users participated in our youth-focused CFE programme, which launched in 2024 4 079 Grade 11 learners from 205 schools participated in our 2024 financial literacy speech competition (2023: 5 461 learners from 277 schools) Trustee training The Sanlam Foundation trustee training programme provides financial education to trustees and shop stewards from various labour unions. In 2024, the workshops focused on crucial topics such as the Two-Pot retirement system, retirement fund governance fundamentals, death benefits and managing personal finances, all of which were identified as key areas of interest by attendees. 584 beneficiaries reached across five provinces through 15 interactive workshops (2023: 314 beneficiaries through four workshops) 340 beneficiaries reached through CFE awareness workshops 66 394 beneficiaries reached through our CFE programmes (2023: 38 934) 14 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Enterprise and Supplier Development The Sanlam Foundation aims to support and empower SMEs, focusing on market access, job creation, revenue growth and sustainability. Our ESD programmes provide mentorship, training and support to entrepreneurs and their businesses, helping them to overcome challenges and achieve growth. Women-owned SME ESD programme The Re Basadi ESD programme exclusively supports black women-owned SMEs across South Africa. The programme comprises three projects targeting businesses at different life stages: Masakhe (‘Let us build’), an entry-level programme for entrepreneurs in the early stages; Siyakhula (‘We are growing’), focused on SMEs in the growth stage; and Asindize (‘Let’s fly’), for businesses in the accelerate stage, to get them ready for funding. 33 black women-owned businesses onboarded to the programme and 15 new jobs created (2023: 31 women-owned businesses onboarded and 13 new jobs created) Stokvel-focused ESD programme The Leruo stokvel-focused ESD programme focuses on formalising stokvels, exposing them to various financial instruments, and growing their revenue as if they were businesses, as well as providing them with the tools and mentorship needed to scale their operations and achieve sustainable growth. Support also includes financial literacy training, investment solutions and strategies, governance and compliance. 12 stokvels with a total of 408 members onboarded to the programme (2023: five stokvels with 152 members) Sanlam supply chain-aligned ESD programme As our flagship ESD programme for the past 11 years, the Sanlam group ESD programme partners with internal business partners to ensure the programme effectively meets the unique needs and challenges of SMEs that form part of the group’s value chain. In 2024, we initiated a comprehensive review and overhaul of the programme to drive further improvements and will be implementing this renewed plan during 2025. 15 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
CASE STUDY Enterprise and Supplier Development continued Babalaz Sauce Babalaz Sauce, a dynamic and flavourful brand, has made significant strides in the South African market. Owned by the enterprising Nomasonto Moncho, Babalaz Sauce is a testament to the power of entrepreneurship and strategic support from developmental programmes. Babalaz Sauce was born out of Nomasonto’s passion for creating bold and unique flavours. Her entrepreneurial journey began with the vision of offering a product that not only tantalises taste buds but also represents South African culinary creativity. The business operates under TNOTSA (Teens’ Nest of Technology South Africa), an SME that has shown remarkable growth thanks to strategic partnerships and market access initiatives. Key milestones in Nomasonto’s journey include: 1. Market access: One of the most significant accomplishments for Babalaz Sauce was securing a service-level agreement with Shoprite Checkers, one of South Africa’s major retailers. This agreement enabled Babalaz Sauce to reach a wider audience, significantly boosting its market presence. 2. Product patent process: Nomasonto is currently in the process of patenting her product, ensuring the unique recipe and brand are legally protected, paving the way for sustainable growth and brand integrity. 3. Corporate support: The Corporate Affairs and Sustainability business unit demonstrated its support by procuring Babalaz Sauce for one of its events. This not only provided immediate business but also showcased the product within a corporate setting, opening doors for future opportunities. 4. Future prospects: Plans are underway to have Babalaz Sauce served in Sanlam’s cafeterias, further solidifying its presence within corporate South Africa and enhancing brand visibility. Babalaz Sauce’s journey from a small enterprise to a recognised brand in major retail outlets exemplifies the potential of South African SMEs when supported with the right resources and opportunities. Through strategic partnerships, corporate support and effective media exposure, Babalaz Sauce continues to thrive, bringing the heat to South African tables and beyond. More about Nomasonto Moncho and Babalaz Sauce: • Babalaz Sause website: https://www.babalaz.co.za • Bringing the Heat to the Northern Cape with Babalaz Chilli Watch Here 16 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Staff Volunteerism Staff Volunteerism programme R431 510 contributed through our payroll-giving programme since 2022, matched by the Foundation, resulting in a total contribution of R863 020 Our staff volunteerism programme aims to meaningfully support communities in which Sanlam operates, demonstrating the group’s purpose of helping others to live with confidence. Since the launch of United for Impact, the number of registrations on our digital platform continues to increase, now standing at 2 360 registered users. Sanlam employees receive one volunteering leave day per year. Employees can volunteer their skills to NGOs in need via this platform, in addition to other kinds of volunteering. The use of digital technology, such as virtual reading sessions during Literacy Month, has enhanced the implementation of volunteering initiatives where employees can offer their skills and time. The Sanlam Foundation manages the group’s Staff Volunteerism programme – United for Impact – which aims to provide a mechanism for all Sanlam staff members to contribute meaningfully to social development agendas in the territories in which we operate. Our Staff Volunteerism programme and payroll giving are managed in partnership with Group Human Capital. 121 872 baby care packs, food packs and dignity packs prepared for our communities since 2022 936 employees engaged in our skills-based volunteering initiative since 2022 17 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
SanlamAllianz The Sanlam Foundation supports programmes in countries across the SanlamAllianz footprint, with a focus on Education and CFE. The Foundation’s revised strategy for SanlamAllianz was approved by our board of trustees in 2024, setting the groundwork for the Foundation to execute our mandate more effectively across the continent. Botswana Botswana CASE STUDY The Sanlam Foundation hosted a delegation of trustees from the Botswana Insurance Holdings Limited (BIHL) Trust during the first half of the year, during which strategies and learnings were exchanged that further bolster our commitment to community and sustainable development. Staff Volunteerism Our staff volunteerism programme – United for Impact – was extended to four SanlamAllianz territories in the latter part of the year and will be formally launched in 2025. V Sanlam Kenya PLC, in collaboration with Gertrude’s Hospital Foundation (GHF), has launched a partnership worth over KES5,6 million to support children with physical disabilities in Kenya. GHF’s paediatric health programmes provide free diagnostic, treatment and care services, particularly in remote areas, which aim to improve access to quality healthcare and enhance children’s developmental prospects in Kenya and East Africa. Funded by the Allianz Group Social Impact Fund and with advisory support from the Sanlam Foundation, the initiative will benefit over 300 children and focuses on enhancing social and communication skills, promoting inclusion and improving functional abilities. More broadly, this initiative seeks to create a ripple effect that extends beyond directly supporting these children - by improving their social skills and independence, they are better positioned to access educational opportunities, which in turn improves their prospects for employment and economic empowerment in adulthood. “ The Sanlam Foundation drives positive social impact, supporting communities to live with confidence through empowerment initiatives like the Gertrude’s Hospital Foundation project.” Kenya Kenya 18 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
Income and expense report For the year ended 31 December 2024 2024* R’000 2023 R’000 Total income 127 524 120 517 Total programmatic expenses (113 261) (98 181) Socio-Economic Development (51 454) (44,116) Special Projects (23 801) (24 260) Education (27 653) (19 856) Enterprise and Supplier Development (18 022) (14 878) Consumer Financial Education (38 020) (31 930) Other programmatic expenses (5 765) (7 257) Operational expenses (14 263) (13 549) Net surplus – 8 787 * Unaudited. 19 Sanlam Foundation Annual Report 2024 About the Sanlam Foundation Message from the Group Executive: Corporate Affairs and Sustainability Message from the Head of the Sanlam Foundation Our strategy Our theory of change Highlights for 2024 Our contribution to the United Nations Sustainable Development Goals Socio-Economic Development Consumer Financial Education Enterprise and Supplier Development Staff Volunteerism SanlamAllianz Income and expense report
www.sanlam.comRkJQdWJsaXNoZXIy MTAwNDEy