Sanlam Kenya Set On A Sustained Recovery In 2023

Local non-bank financial services provider Sanlam Kenya projects a return to profit following its sustained business efforts. Sanlam Life Insurance Limited, is projected to pay dividends to its shareholder, Sanlam Kenya Plc in 2023. In addition, Sanlam General Insurance Limited projects to attain an after-tax profit in 2023.

The Nairobi Securities Exchange (NSE) listed firm, has been on a sustained recovery path that saw it report a profit before tax of KShs.328 million as compared to a loss before tax of KShs.414 million in 2021.

Speaking at the firm’s 77th Annual General Meeting (AGM) held virtually, Sanlam Kenya Chairman Dr John Simba expressed confidence in the future of the business, which has now adopted sustainability and ESG in the conduct of business.

“Our business model is guided by sustainable practices that allow for our entire ecosystem to thrive. Going forward, we will increase our stakeholder engagements and give visibility on our sustainability initiatives.” Dr Simba said.

He added that “I remain confident about our future, bolstered by the strategies we have implemented to grow the business profitably.”

On his part, Sanlam Kenya Group CEO Dr. Nyamemba Patrick Tumbo noted that the leadership has in place strategies to improve performance and management is confident that the Group is on a trajectory of sustainable growth.

He added that “The disruption of traditional insurance models and advancements of digitalization has informed the Group strategy ensuring we remain relevant, competitive, customer-centric profitable, and agile. In terms of numbers, we are happy that the projections indicate that the business will continue to generate operating profits and positive Value of New Business.”

“Our strategic aspirations are enabled by business partnerships, alternative distribution channels, expense optimization, culture transformation, governance, innovation and technology.” Dr. Tumbo concluded.