Sanlam Allianz Kenya net profit up fourfold to Sh124.6 million
Sanlam Allianz Holdings (Kenya) Plc has posted a net profit of Sh124.6 million for the half-year ended June, up from Sh30.9 million in a similar period last year, helped by a 32 per cent jump in gross written premiums.
Insurance revenue for the listed non-bank financial services provider rose to Sh2.2 billion in the period, even as the industry grappled with higher claims and lower investment returns.
Group chief executive Dr Nyamemba Patrick Tumbo said the business had sustained ongoing development efforts geared towards accelerating growth while reducing operating costs.
“The business is fundamentally stronger and better capitalised than it was eighteen months ago, with our balance sheet surpassing Sh40 billion for the first time and our solvency ratio closing at 266 percent, significantly above regulatory minimum requirements,” said Dr Tumbo.
He added that the company’s focus for the rest of the year is to grow quality insurance revenue, hold the line on costs, and convert its new capital base into profitable growth.
The Group continued to strengthen its retirement and goal-based savings propositions during the period. In February, it launched the Sanlam Allianz Income Drawdown Fund, extending its retirement offering into income drawdown and complementing the annuities it pioneered in the market.
This was backed by the expansion of its savings range through Flexi Future Plus, reinforcing the Group’s focus on solutions that help customers plan, save and draw income across different life stages.
The business said it remains focused on product and process innovation, capital efficiency and digitalisation as it works to build a resilient business with a competitive customer value proposition and sustainable shareholder returns.
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