This archive report was first published on 22 August 2019.
Sanlam Kenya, a Nairobi Securities Exchange (NSE) listed firm, has made a remarkable turnaround in its financial performance, posting a KShs 639.7 million after-tax profit for the six-month period ending June 2019.
This is a significant improvement from last year's KShs 1.5 billion after-tax loss, and confirms the viability of the company's turnaround strategy.
Sanlam Kenya Group Chief Executive Officer Patrick Tumbo attributed the growth to deliberate efforts to re-orient the Group's business growth strategy, which included strategic partnerships, human capital investment, revamped distribution strategy, and other sales and marketing initiatives.
'At Sanlam Kenya, we have been focusing on the growth of our core insurance business through these efforts, which have seen us enjoy a growth in core insurance revenues by 17% to KShs 3.65 billion up from KShs 3.11 billion reported over the same period last year,' said Tumbo.
The company's total income derived from net earned premiums, investment, and miscellaneous income improved by 84% to KShs 4.6 billion from KShs 2.5 billion last year, with investments reporting impressive market value gains on Sanlam's equity and treasury bond portfolios.
Sanlam Kenya remains focused on providing an excellent customer experience and is committed to recovering its impaired assets amounting to more than KShs 2.2 billion from institutions under financial distress.
