Tag: Sanlam Kenya

Sanlam Kenya launches flexible, tech-driven pension solution

Listed non-banking financial services firm Sanlam Kenya Plc has announced the launch of the Sanlam Akiba Plus Pensions product that will be primarily delivered and distributed on its digital platform.

The new mobile-first Sanlam Akiba Plus has been designed to boost life insurance product penetration and retirement savings growth, while allowing for self-service convenience and online onboarding for digitally savvy consumers.

The launch of the product aligns with recently released industry statistics issued by the Insurance Regulatory Authority (IRA), confirming that Kenya’s insurance industry had recorded robust growth in the second quarter of the year, driven by Digital Transformation initiatives and Regulatory Reforms. According to the IRA, during the period under review (Q2 2025), the long-term (Life) insurance business reported gross written premiums of Ksh 110.39 billion, representing a 17.7% growth compared to the same quarter in 2024.

Speaking when she confirmed the launch of the new Sanlam Akiba Plus, Sanlam Life CEO Jacqueline Karasha said the firm is investing heavily in Insurance Technology (InsurTech) innovation, research, and development to boost the uptake of digital Life Insurance products.

She further affirms, “Our goal with Akiba Plus is to close the pension gap in Kenya by offering a simple, credible and future-ready solution that works for everyone. This is about helping Kenyans save consistently and retire with dignity.”

Sanlam Life, a member of the Sanlam Kenya Group, is actively working to promote financial inclusion and accelerate national savings through pensions products in Kenya by delivering digital solutions that empower individuals and businesses to take control of their financial future.

“The development of Sanlam Akiba Plus underscores the wider commitment and investment by Sanlam Kenya to enhance the delivery and distribution of insurance products through robust digital platforms,” Dr. Patrick Tumbo EBS, Group CEO, Sanlam Kenya said.

He added, “With Sanlam AkibaPlus, our existing and potential clients will now enjoy convenient access to a platform that allows them to take charge of their savings, increase their wealth and grow their retirement savings.”

The mobile-first Sanlam Akiba Plus platform allows users to self-onboard into personal pension plans, while enabling employers and SME entrepreneurs to set up workplace pension schemes for their employees.

All Sanlam Akiba Plus contributions will be guaranteed against capital depreciation and will earn a guaranteed minimum return of 5%. The scheme’s assets will be managed in accordance with the Trust Deed and Rules, Investment Policy Statement (IPS) and the Retirement Benefits Act.

October 7, 2025
Sanlam Kenya prepares for proposed rebrand ahead of next month’s EGM

Listed non-banking financial services company Sanlam Kenya Plc has announced that it will hold a virtual Extra-Ordinary General Meeting (EGM) on Thursday, October 9, 2025 to seek shareholder approval for a formal name change to Sanlam Allianz Holdings (Kenya) PLC.

The proposed name change is part of a larger, continental business growth strategy following the newly formed joint venture between Sanlam and Allianz, called SanlamAllianz. This partnership combines the two companies’ operations across Africa to form the continent’s largest pan-African non-banking financial services entity.

“The proposed name change is a key step in our alignment with the new SanlamAllianz brand,” said Dr Patrick Tumbo, Group CEO of Sanlam Kenya PLC. “By formally establishing ourselves as Sanlam Allianz Holdings (Kenya) PLC, we are moving to leverage the combined expertise and financial strength of two respected and well-known global brands.”

Dr Tumbo said that, ahead of the proposed formal rebrand, which is subject to regulatory and shareholder approvals, Sanlam Kenya will continue to strengthen its foothold as a client-centric business that is both resilient and well-positioned for sustained growth.

“Across Africa, Sanlam and Allianz are leveraging their mutual strengths to unlock synergies and provide clients with best-in-class, innovative insurance solutions and technical excellence. This creates value for its stakeholders through greater economies of scale, broader geographic presence, larger combined market share, and a more diversified product offering,” he said.

SanlamAllianz operates in 26 countries and holds a combined total group equity value of over 33 Billion South African Rand (approximately 2 Billion Euros).

Ahead of the proposed formal rebrand, Sanlam Kenya has demonstrated steady insurance revenue growth in recent months.

As of 30 June 2025, the company reported an Insurance revenue growth reaching KShs 3.73 Billion, up from KShs 3.52 Billion; Sanlam Life Insurance and Sanlam General Insurance reported solvency rates of 220% and 194%, respectively, at the end of the period and an increased total assets rising to KShs 41.3 billion from KShs 39.2 billion as of December 31, 2024.

Additionally, a recent Rights Issue successfully raised the company’s issued share capital to Kshs 3.22 Billion, with shareholders’ funds more than doubling to Kshs 3.85 Billion. This has significantly strengthened the company’s capital base and solvency, positioning it for continued growth and innovation.

September 18, 2025
Sanlam Kenya posts Ksh 30.9M half-year profit

The results, released by the Sanlam Kenya Group CEO, Dr Patrick Tumbo, indicate that the firm accelerated its insurance revenues to Ksh 3.73 billion, up from Ksh 3.52 billion posted within the same period last year.

According to Dr Tumbo, the half-year results demonstrate a customer-centric business that is both resilient and well-positioned for sustained growth. While commenting on the divisional business fundamentals, Sanlam Life Insurance reported a 220pc solvency rate at the end of the half-year period, while Sanlam General Insurance’s solvency rate stood at 194pc, indicating sound business operations.

“Our financial strength is underscored by a robust balance sheet, with total assets rising to Ksh 41.3 billion from Ksh 39.2 billion at 31st December 2024, driven by strategic growth in financial assets and continued prudent management of capital,” he said.

He added, “The recent successful rights issue—raising issued share capital to Ksh 2.7 Billion—has significantly strengthened our capital base, enhanced solvency and enabled us to pursue growth opportunities with confidence. Shareholders’ funds more than doubled to Ksh 3.85 Billion, reflecting improved retained earnings and investor confidence in our strategic direction.”

At the operations level, Sanlam Kenya, a leading general and life insurance solutions provider, he explained, has continued to maintain strong insurance revenue growth, supported by disciplined underwriting and enhanced customer engagement.

“Our investment portfolio continues to deliver solid returns, with other investment revenue increasing by over 34pc year-on-year to Ksh 3.07 billion, demonstrating the effectiveness of our diversified asset allocation strategy in delivering shareholder value,” Dr Tumbo said.

With a reinforced capital structure, a high-quality investment book, and a commitment to operational excellence, Sanlam Kenya, he said, is well placed to navigate the evolving economic environment. Our focus remains on sustainable profitability, deepening customer relationships, and leveraging innovation to unlock value for all stakeholders.

“We move into the second half of 2025 with optimism, anchored by strong fundamentals, an experienced leadership team, and a clear growth strategy that prioritises market leadership, customer trust, and long-term value creation,” he assured.

The firm’s cost and liability management, he said, remains a key strength, with borrowings reducing sharply from Ksh 4.2 billion to Ksh 1.19 billion, further improving our leverage position and creating headroom for future strategic investments.

August 23, 2025
Sanlam Kenya adopts financial engineering strategy for growth

Listed local non-bank finance solutions provider Sanlam Kenya PLC has formulated a business plan to accelerate the firm’s growth and profitability.

The business recovery plan will provide a growth platform under a restructured financial management strategy.

Speaking during the firm’s 78th Annual General Meeting held on Wednesday, Sanlam Kenya PLC Group Managing Director Dr Nyamemba Patrick Tumbo said the business plan has been designed to mitigate and manage operating challenges.

In the financial year that ended December 2023, Dr Tumbo said, Sanlam Kenya PLC recorded a loss after tax of Kshs 127 million from a profit before tax of Kshs 243 million, necessitating the formulation of the business plan. The decline in earnings, he explained, was due to the prevailing high interest rates leading to increased finance costs.

However, the firm’s subsidiary Sanlam Life Insurance Limited recorded a profit after tax of Kshs 534 million, representing a 15% growth from the Kshs 464 million restated profit after tax recorded inthe prior year. Sanlam General Insurance Limited also recorded a profit after tax of Kshs 123 million, a significant improvement from the prior year’s restated loss of Kshs 36 million after tax.

“As part of the business recovery plan, Sanlam Kenya PLC was paid a dividend of Kshs 150 million in 2023 and a further dividend of Kshs 400 million paid in April 2024 from its subsidiary Sanlam Life Insurance Limited,” Dr Tumbo said.

Strategic efforts have also been activated to sustain Sanlam General Insurance Limited’s profitability. The subsidiary returned to profitability in 2023, posting Kshs.123 million in after-tax profits, affirming its ability to continue as a going concern. The subsidiary is now in a net asset position of Kshs 193 million, up from Kshs 71 million posted in 2022.

“At Sanlam Kenya, we are dedicated to improving capital efficiency and digitizing key business processes to build are silient business and provide a competitive customer value proposition to the satisfaction of all our stakeholders. This will increase financial inclusion and enhance access to our insurance products and services.”

Dr Tumbo also stated, “We are deliberate in our efforts to establish partnerships in order to achieve shared objectives of sustainability, financial inclusivity and responsible leadership practices.”

June 27, 2024