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Sanlam Kenya registers subdued growth in net profit

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Financial services provider Sanlam Kenya has recorded a full-year pre-tax of Sh50 million from the Sh2.1 billion pre-tax loss the firm reported in a similar period last year.

Sanlam Kenya Group CEO Dr. Patrick Tumbo attributed the firm’s full-year return to profitability on the consistent execution of a corporate turnaround strategy. The strategy, Tumbo said, had focused on improving the firm’s operating efficiencies while paying particular attention to client service.

During the period under review, the Sanlam Kenya group posted improved results posting a pre-tax profit of Kes 550 million compared to a prior year’s loss before tax of Kes 2.1 billion.

Total revenues from gross written premium and investment income improved by a remarkable 50% compared to the previous year, while total outflows from policyholder benefits and expenses increased by 4%. Gross written premium improved by 10% as a result of 30% growth in the short-term insurance business.

At the same time, investment income performance made a complete turnaround reporting Kshs 2.7 billion in revenues compared to Kshs 187 million that included the impact of impaired assets in the previous year.

Sanlam Life, the firm’s long term insurance business reported a complete turnaround to profitability posting a pre-tax profit of Kshs 964 million compared to prior year’s loss of Kshs 853 million. Sanlam General, the firm’s short-term business maintained its profitability score on the back of a 30% growth in gross written premiums.

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