24 June 2005
	SA's Top 20 Companies 14 SANTAM Total score: 55,8 Historic score: 26,9 FM's score: 75

This short-term insurer became the market leader in total premium income when it acquired Guardian National four years ago. It boasts that it has consistently outperformed the market. In 2004 it had a 37% return on capital compared with 14% cost of capital. CE Steffen Gilbert says 20 percentage points of the return were from underwriting and 17% from the investment portfolio. Santam's international strategy also offers potential. Following the purchase of specialist UK taxi insurer Westminster, it launched Santam Europe in Dublin last year. That will introduce the Multiplex single insurance policy (covering motor, household, professional liability and other needs) into European markets.