Sanlam's half-year profit hits Sh124m

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Listed financial services provider Sanlam Allianz Holdings (Kenya) quadrupled its net profit to Sh124.6 million in the half-year period ended June 2026.

Insurance revenue increased to Sh2.2 billion, while net profit rose to Sh124.6 million, up from Sh30.9 million in the same period last year. This, the firm said, shows resilient performance amid higher claims and lower investment returns during the period.

Sanlam Allianz Holdings Kenya Group Chief Executive Dr Patrick Tumbo said the firm had sustained its business development efforts to accelerate growth while reducing its operating costs.

“The business has seen a significant growth of 32 per cent in Gross Written Premiums (GWP) compared to the same period last year,” he said.

Most importantly, he added, the business is fundamentally stronger and better capitalised than it was 18 months ago, with the balance sheet surpassing Sh40 billion for the first time.

Tumbo also pegged this on the solvency ratio closing at 266 per cent, significantly above regulatory minimum requirements.

“Our focus for the rest of the year is to grow quality insurance revenue, hold the line on costs, and convert our new capital base into profitable growth,” he said in a statement.

The statement detailed how the group continued to strengthen its retirement and goal-based savings propositions throughout the period.

In February 2026, it launched the Sanlam Allianz Income Drawdown Fund, extending its retirement offering into income drawdown and complementing the annuities it pioneered in this market.

This was further supported by the expansion of its savings range through Flexi Future Plus, strengthening the Group’s focus on solutions that help customers plan, save and draw income throughout various life stages.

“The business continues to centre on innovation in products and processes, capital efficiency, and digitalisation to build a strong business that offers a competitive customer value proposition while delivering sustainable benefit to its shareholders,” the statement said.