Santam Ltd. announced that it expects its headline earnings per share (HEPS) for the year ended 31 December 2018 to be between 1,994 cents per share and 2,204 cents per share, which will be between 40% and 55% higher than the HEPS reported for the comparative period. Earnings per share (EPS) is expected to be between 2,085 cents per share and 2,302 cents per share which is between 38% and 53% higher. The increase in HEPS and EPS has mainly been driven by significantly improved underwriting results compared to that of the previous year. The net underwriting margin is expected to be above the long-term target range of 4% to 8% of net earned premium.