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Sanlam Kenya has Issued a Profit Warning

Sanlam Kenya  has Issued a Profit Warning

By Basillioh Mutahi

Listed insurer Sanlam Kenya has issued a profit warning as it projects fall in net earnings by at least 25 per cent in 2016 compared to the previous year.

Sanlam is a global financial services company and the largest non-bank financial services provider in Africa. The company was founded in 1918 and is listed on the Johannesburg Stock Exchange Limited as well as the Namibian Stock Exchange.

Sanlam has a majority shareholding in Sanlam Kenya, formally Pan Africa Insurance Holdings Limited (PAIHL), a partnership that has enabled synergies between the two brands. Through the partnership, Sanlam Kenya has been able to harness the global capability of Sanlam.

The insurer attributed the anticipated profit drop to market-to market fair value on equity investments and government securities. It also cited lower income from sale of properties and increased cost associated with the implementation of a new strategy for growth.

"Implementation of the group strategy commenced in 2016 with realisation of the benefits expected to start in 2017 with a marked improvement in overall growth and profitability," the company noted in its announcement.

Sanlam Kenya posted a Sh129 million loss in the first six months of the year compared to a net profit of Sh284 million in the same period last year. The insurer blamed a slow property market for the losses.

It then said it had adopted a new five-year strategy that includes rebranding and changes to its distribution channel in the life insurance business.
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