NAIROBI, Feb 21 (Reuters) – Sanlam Kenya SLAM.NR on Friday reported a full-year pretax revenue of 550 million shillings ($5.44 million), swinging from a lack of 2.1 billion shillings within the prior interval, the insurance coverage firm stated.
Sanlam Kenya, a part of South African insurer Sanlam Group SLMJ.J, attributed the return to revenue to a 50% progress in income from gross premiums and investments. Its life insurance coverage enterprise additionally returned to revenue through the 12 months.
Patrick Tumbo, Sanlam Kenya’s CEO, stated the corporate anticipated additional enchancment this 12 months, citing a drive to chop prices and enhance income together with by alliances with unspecified companions.
Its life insurance coverage enterprise made a revenue of 964 million shillings, versus a lack of 853 million shillings in 2018.
Sanlam’s life enterprise is ranked seventh largest in Kenya, out of a complete of 25 insurers, whereas its basic insurance coverage enterprise is ranked quantity 18 out of 37 corporations, knowledge from the insurance coverage regulator confirmed.
Kenya, like many different African nations, has a really low insurance coverage penetration price, estimated at beneath 10% of the inhabitants. The figures have attracted worldwide companies like Prudential Plc PRU.L and Swiss Re SRENH.S, which have entered the market lately.
($1 = 101.1000 Kenyan shillings)
(Reporting by Duncan Miriri. Enhancing by Jane Merriman)
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