Kenya's Sanlam reported a Sh1.98 billion loss for the 2018 fiscal year, citing impairments in debt instruments and equity stakes in Kaluworks, Real People, and Athi River Mining. The insurer attributed Sh1.14 billion in losses to these investments, while regulatory adjustments reduced earnings by an additional Sh650 million. The company noted that financial distress across sectors contributed to the challenges, referencing a 2017 write-off of Sh1 billion from non-redeemable bank bonds.
Sanlam's board chairman, John Simba, outlined plans to address the losses through investment policy reforms, management restructuring, and technology integration. The 2018 results followed a 2017 incident where the firm wrote off Sh1 billion from Chase Bank and Imperial Bank bonds, highlighting ongoing sector-wide financial instability.
