Sanlam Kenya projects recovery in 2023
Insurer Sanlam Kenya projects a return to profit following its sustained business initiatives. Sanlam Life Insurance Limited, is projected to pay dividends to its shareholder, Sanlam Kenya Plc this year while Sanlam General Insurance Limited projects to attain an after-tax profit.
The Nairobi Securities Exchange listed firm, has been on a recovery path that saw it report a profit before tax of Kes328 million as compared to a loss before tax of Kes414 million in 2021.
Speaking at the firm’s 77th Annual General Meeting 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.
Sanlam Kenya Group CEO Dr Nyamemba Patrick Tumbo said the firm has in place strategies to improve performance and management is confident that the Group is on a trajectory of sustainable growth.
Dr Tumbo said: “the disruption of traditional insurance models and advancements of digitalisation 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.”
