Santam Ltd. provided earnings guidance for the six months ended 30 June 2016. For the period, the company expects its headline earnings per share and earnings per share to be between 26% to 31% below those reported for the comparative period in 2015. HEPS is expected to be between 612 cents per share and 656 cents per share (2015: 887 cents per share), while EPS is expected to be between 600 cents per share and 644 cents per share (2015: 870 cents per share). The decrease in HEPS and EPS has been driven by a normalization of the net underwriting results, compared to the exceptional performance of 2015, as well as significantly lower investment returns.