Listed non-bank financial services firm Sanlam Kenya has posted a Kshs 413.6 million loss before tax in its full-year financial results released today.
Topline, the Group reported a Gross Premium Income of KShs 12 billion representing a 38% improvement over the previous year’s KShs 8.7 billion. However, the earnings were a loss after tax of KShs 542 million (restated 2020: loss after-tax of KShs 628 million).
The firm has been undertaking revenue growth strategies for both its Life and General insurance subsidiaries and has attributed its performance to a challenging market.
Speaking when he confirmed the release of the results’, Sanlam Group CEO Dr Patrick Tumbo noted that the life insurance subsidiary had performed significantly well and helped sustain the Group’s resilient performance.
“After the successful implementation of revenue growth strategies in both short- and long-term insurance business, management’s efforts have been redirected at ringfencing Sanlam Life successes to date while improving future results. Sanlam General will translate its notable revenue growth into a profitable result going forward,” he said.
The firm’s net written premium also registered a 34% growth to close at Kshs 9.2 billion, up from Kshs 6.8 billion, while total assets improved by 12% to KShs 34.7 billion. The Group’s total earnings closed at a Kes 542 million after-tax loss (restated 2020: loss after-tax of KShs 628 million).
Sanlam Life Insurance recorded a Gross Premium Income of KShs 7.4 billion which is a 41% growth over the prior year and posted an after-tax profit of KShs 642 million (2020: Kshs 498 million) represents a 29% growth over the previous year.
As part of a recovery strategy, Sanlam Kenya, Dr Tumbo assured, will continue emphasizing innovation to improve the Group’s insurance offering to the market with a positive return to profitability prospects.
Sanlam General Insurance’s performance, he said, had been impacted by the application of more prudent provisioning of claims reserves and insurance counterparty balances in its general insurance subsidiary. He disclosed that a restatement of prior year accounts was also undertaken to align the additional provisioning to the relevant accounting period.
Sanlam General Insurance reported a Gross Premium Income of KShs 4.9 billion representing a 19% growth over prior year. However, the business reported an after-tax loss of KShs 501 million on account of prudent provisioning of claims reserves and insurance counterparty balances. A restatement was undertaken by the business to align the provisioning to the relevant accounting period (restated 2020: after-tax loss of KShs 412 million).
At the group level, Sanlam Kenya’s net paid out benefits and claims increased to Kshs 8.6 billion within the year under review, up from Kshs 5.7 billion. Despite slower business growth and higher claims lodged, Sanlam has maintained sufficient reserves to facilitate the timely settlement of claims.
The company continued to maintain a solid trading foundation as its total assets grew 11% to close at Kshs 34.6 billion, up from Kshs 31 billion recorded the previous year.
The firm, he said, will continue focusing on accelerated organic business growth while pursuing a market leadership position through high quality and differentiated service provision. Sanlam Kenya subsidiaries, he added, will also leverage emerging market opportunities advanced by its continental equity partners, such as the recent Sanlam-Alliance joint venture.
Last year, Sanlam Life’s total revenues increased 30% to Kshs 8.8 billion, up from Kshs 6.8 billion posted the previous year. The subsidiary’s revenue growth lifted its profit before tax to Kshs 931 million, up from Kshs 599 million registered in the prior year.
“At Sanlam Kenya and through our Sanlam Life Insurance Limited and Sanlam General Insurance Limited, we are resilient and remain well positioned to continue meeting the unique client needs in the General and Life Insurance space as we embark on an accelerated business recovery journey,” Dr Tumbo said.
He added that “The recent global and local developments, including the Covid Pandemic, have negatively affected the insurance industry. It now requires us to build back better by banking on information technology systems and market-driven products’ that are efficient and cost-effectively delivered.”
As part of the build back better agenda by Sanlam Kenya, Dr Tumbo confirmed that the firm had aligned its growth plans to the new continental business plan envisioned in the recently announced joint venture between Sanlam and Allianz.
While welcoming and celebrating the joint venture announced by Sanlam and Allianz to create the largest Pan-African non-banking financial services entity on the continent, Dr Tumbo confirmed that the firm’s local operations would be actively optimized to provide value for the clients in Kenya.
Sanlam Kenya, he said, would continue providing life insurance and non-medical general insurance services.
“In Kenya, like the rest of Africa, Sanlam and Allianz will leverage each other’s strengths to unlock synergies and provide customers with best-in-class, innovative insurance solutions and technical excellence,” Dr Tumbo said while celebrating the joint venture.
Combining Sanlam’s expertise in Africa with Allianz’s global capabilities and insurance solutions, particularly for multinational businesses, the partnership aims to increase life and general insurance penetration, accelerate product innovation and drive financial inclusion in high-growth African markets.
![Canon (www.Canon-CNA.com) today announces the Colorado XL-series, a new platform of 3.4m printers that extends the proven advantages of Canon's UVgel technology to the 3.2m graphics market. Available in hybrid and roll-to-roll configurations, the modular, field upgradable platform powered by UVgel technology delivers great versatility and exceptional productivity for both flexible and rigid media applications from signage and décor to point of sale and packaging. The Colorado XL-series comprises two easy-to-operate models: the Colorado XL7 roll-to-roll printer and Colorado XL7 hybrid printer. The new series brings the benefits of UVgel to a new market segment with exceptional application versatility across a comprehensive range of media – from banner, paper, vinyl and films to soft signage, heat-sensitive materials, foam board, fluted polypropylene, acrylic, aluminium composite boards and cardboard – providing the flexibility to tackle diverse customer requirements. 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And with its hybrid capabilities, users can print both roll-to-roll and rigid applications on the same device, using the same ink, the same colour profiles and the same unique features and finishes. For brands, for example, this translates to seamless campaigns that span the full spectrum of applications, ensuring perfect consistency across campaign assets whether they're roll-fed graphics, rigid signage, packaging, or décor elements. This is particularly valuable when these different applications appear side by side in-store, where maintaining that consistent quality and finish elevates the entire brand experience that today's brands demand." The Colorado XL-series will be available from the beginning of 2026 via Canon’s direct sales organisations as well as from accredited partners. For more information about the Colorado XL-series, please visit: https://apo-opa.co/3WltKtM](https://businessinsights.africa/wp-content/uploads/2025/10/canon_prograf-100x70.png "Canon expands large format graphics production portfolio with new 3.4m Colorado XL-series")
