You are currently viewing our desktop site, do you want to download our app instead?
Moneyweb Android App Moneyweb iOS App Moneyweb Mobile Web App
Join our mailing list to receive top business news every weekday morning.

Insurance group Sanlam Kenya swings to full-year profit

The company attributes the increase to a 50% growth in revenue from gross premiums and investments.
Image: Moneyweb

Sanlam Kenya on Friday reported a full-year pretax profit of 550 million shillings ($5.44 million), swinging from a loss of 2.1 billion shillings in the prior period, the insurance company said.

Sanlam Kenya, part of South African insurer Sanlam Group, attributed the return to profit to a 50% growth in revenue from gross premiums and investments. Its life insurance business also returned to profit during the year.

Patrick Tumbo, Sanlam Kenya’s CEO, said the company expected further improvement this year, citing a drive to cut costs and boost revenue including through alliances with unspecified partners.

Its life insurance business made a profit of 964 million shillings, versus a loss of 853 million shillings in 2018.

Sanlam’s life business is ranked seventh largest in Kenya, out of a total of 25 insurers, while its general insurance business is ranked number 18 out of 37 companies, data from the insurance regulator showed.

Kenya, like many other African countries, has a very low insurance penetration rate, estimated at below 10% of the population. The figures have attracted international firms like Prudential and Swiss Re, which have entered the market in recent years.

Get access to Moneyweb's financial intelligence and support quality journalism for only
R63/month or R630/year.
Sign up here, cancel at any time.

COMMENTS   0

You must be signed in to comment.

SIGN IN SIGN UP

LATEST CURRENCIES  

USD / ZAR
GBP / ZAR
EUR / ZAR

Podcasts

NEWSLETTERS WEB APP SHOP PORTFOLIO TOOL TRENDING CPD HUB

Follow us:

Search Articles:Advanced Search
Click a Company: