(NAIROBI, KENYA) – Sanlam Allianz Holdings Kenya has posted a net profit of KES 124.6 million for the half year ended June. The figure is equal to about $770,000 or £606,000. Earnings nearly quadrupled from the same period last year when the company incurred one off costs linked to business reorganisation.
The latest net earnings rose from KES 30.96 million posted in the previous half year. The earlier figure is equal to about $191,000 or £151,000. Last year’s result included a KES 103.67 million loss from discontinued operations. That loss is equal to about $641,000 or £504,000.
Sanlam Allianz Holdings houses the life business known as Sanlam Allianz Life Insurance Kenya. It is listed on the Nairobi Securities Exchange. The entity arose from the transaction between Sanlam Kenya, Jubilee Allianz and the parent companies Sanlam Group and Allianz SE.
Sanlam Kenya was formerly the entity listed on the Nairobi Securities Exchange. It transferred its general insurance business to Jubilee Allianz. That non listed entity now trades as Sanlam Allianz General Insurance Kenya.
Sanlam Allianz Holdings chief executive Patrick Tumbo said the shareholder transactions concluded last year have strengthened the firm’s capital and solvency position. He said the business is fundamentally stronger and better capitalised than it was 18 months ago. The balance sheet has surpassed KES 40 billion for the first time. This is equal to about $247 million or £195 million. The solvency ratio closed at 266 percent, well above regulatory minimum requirements.
Tumbo said the focus for the rest of the year is to grow quality insurance revenues, hold the line on costs and convert the new capital base into profitable growth.
The transactions led to a one off KES 103.67 million loss from discontinued operations in the half year ended June 2025. Without this cost this year, the net earnings of the holding company have risen despite a drop in underwriting and investment returns.
The insurance service result is revenue left after settling claims, reinsurance and other expenses. It dropped 34.5 percent to KES 241.25 million. This is equal to about $1.5 million or £1.2 million.
Investment returns fell 83.2 percent to KES 479.55 million from KES 2.86 billion. The latest figure is equal to about $3 million or £2.3 million. The earlier figure is equal to about $17.7 million or £13.9 million. The fall came during a period when returns on government securities were declining.