South African executive Abigail Mukhuba earns $1.6 million from Sanlam in 2025

South African executive Abigail Mukhuba, group finance director of Sanlam, received total remuneration of R26 million ($1.6 million) in 2025, up from R22.1 million ($1.36 million) a year earlier, according to the insurer’s remuneration disclosure. The increase came from higher guaranteed pay and long-term incentives, even as the mix of her annual incentive changed from the previous year.

Mukhuba’s guaranteed package rose to R6.85 million ($422,400) in 2025 from R6.48 million ($400,000) in 2024. That included R6.5 million ($401,000) in salary and R350,000 ($22,000) in company contributions. Her annual incentive added another R8.5 million ($524,000) to her compensation. Of that amount, R5.95 million ($367,000) was paid in cash, while R2.55 million ($158,000) was awarded as deferred shares. The biggest part of Mukhuba’s 2025 remuneration was the R10.66 million ($657,200) attributable value of her long-term incentives.

A year earlier, Mukhuba received total remuneration of R22.14 million ($1.37 million). Her 2024 package consisted of a R6.13 million ($380,000) salary, R350,000 ($22,000) in company contributions, R6.86 million ($424,000) in cash annual incentives, R2.94 million ($181,340) in deferred shares, and R5.86 million ($362,000) in attributable long-term incentives. That means Mukhuba’s total remuneration increased by about 17 percent between 2024 and 2025, while her guaranteed package rose by about 6 percent.

Sanlam’s earnings and inflows strengthened

The composition of her annual incentive also changed. In 2024, she received R6.86 million ($424,000) in cash and R2.94 million ($181,300) in deferred shares. In 2025, the cash component was R5.95 million ($367,000), while deferred shares came to R2.55 million ($158,000). Her higher overall remuneration came as Sanlam reported growth in several parts of its business, including stronger new business volumes and a sharp increase in net client cash flows.

Net result from financial services rose 3 percent to R15.94 billion ($982 million) from R15.44 billion ($952 million) in 2024. On a normalised basis, the increase was 20 percent. Total new business volumes rose 18 percent to R495.9 billion ($30.58 billion) from R420.4 billion ($25.92 billion). Sanlam said the increase was supported by strong client inflows into its South African asset management operations and solid performance across its life and general insurance businesses.

Net client cash flows also rose sharply, reaching R126.75 billion ($7.81 billion), more than double the R54.14 billion ($3.33 billion) recorded a year earlier. Other earnings measures were weaker. Profit attributable to shareholders fell 28 percent to R15.94 billion ($980 million) from R22.24 billion ($1.37 billion) in 2024, while headline earnings declined 18 percent to R16.55 billion ($1.02 billion) from R20.08 billion ($1.23 billion).

Capital allocation favors sustainable advantages

Sanlam said the decline reflected a high comparison base in 2024. That year included one-off reinsurance recapture fees following the end of its Capitec partnership, as well as disposal gains from Namibia and Shriram Finance. Lower investment returns on shareholder funds also weighed on the 2025 result after the rand strengthened sharply against the Indian rupee and the U.S. dollar late in the year.

For Mukhuba, the results underline the way Sanlam is approaching investment and capital allocation across its businesses and markets. “We prioritise businesses and geographies where we have sustainable competitive advantages, where cash generation is strong and scalable and where growth can be achieved without margin dilution,” Mukhuba said. “We are disciplined in both where we invest and what we invest in, prioritising technology, client engagement and strategic partnerships that strengthen our market positions.”