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​2016 Annual Results

The Kenya National Bureau of Statistics data indicates the economy grew by 5.7% in the third quarter of 2016, slower than the 2015 GDP growth rate of 6.0%. The decline in the GDP growth rate was reflected in slower growth in gross premiums in the insurance industry of 7.3% from 12.8% in 2015. Overall, the economy is expected to have expanded at a slower rate for the full year 2016.

The Group profit before tax of KShs. 317m increased from KShs. 54m reported in December 2015. This is mainly attributable to improved performance by the General insurance and investments businesses.

Highlights

“The group achieved numerous milestones despite a challenging year. The year saw us successfully rebrand to Sanlam, fully integrate the general insurance business to the group and complete restructuring of the rest of our businesses. Going forward, we will keep investing in our operational capacity to better serve our target customer needs and fully exploit growth opportunities we have identified and those that will emerge in future. We are confident that our efforts will be reflected in improved performance in the coming year.”
Dr. John PN Simba, OGW, MBS (Chairman)

Key Features

  • Profit before tax at KShs. 317m (2015: KShs. 54m)
  • Total assets up by 5% to KShs. 28.4b (2015: KShs. 27.1b)
  • Group Embedded Value is at KShs. 4.7b (2015: KShs. 5.2b)
  • Value of New Business is at KShs. 88m (2015: KShs. 108m)
  • Group Capital Adequacy Requirement (Solvency) covered 2.60 times (2015: 2.83 times)
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