Sanlam Kenya Group CEO Patrick Tumbo The Nairobi Securities Exchange (NSE) listed firm, Sanlam Kenya PLC, a leading non-bank financial services firm in Kenya has posted a Kshs 43 million pretax profit in its just-released full-year 2020 trading results, a 92% decline against the Kshs 550 million in2019 primarily attributed to the Covid-19 pandemic impact on the local and international economies. Speaking when the firm’s approved and released the results, Sanlam Kenya Plc Group Chairman Dr. John Simba said the effects of the Covid-19 pandemic on the local economy and foreign exchange rates adversely impacted the Group’s net assets valuation.
In response to the challenging operating environment, the Group CEO, Dr Tumbo said, management focused on securing the employees’ health and jobs, cost saving, new product development, innovation and delivery of sales and services online.
As part of the business growth strategy, Sanlam Kenya’s Life insurance subsidiary, in conjunction with Minet Kenya recently unveiled an innovative post-retirement insurance plan branded Retire Med. This product is designed to assist Kenyans save for their medical expenses in retirement.
Clients under the two Sanlam Kenya subsidiaries (Sanlam Life and Sanlam General Insurance) are also enjoying benefits under the recently unveiled Sanlam Assistance and the Sanlam Premium Rewards Loyalty Programme. The clients are enjoying exclusive rewards, including monthly discounts at local supermarkets, restaurants and pharmacies, and free round-the-clock access to Emergency support services.
Further efforts to develop and deliver to the market new products, Dr Tumbo said, are ongoing, backed by enhanced digitization of the firm’s business processes to improve customer experience and satisfaction.
“The business retains a positive outlook for the year 2021 with all our operating ratios still robust. We remain committed to creating and protecting the wealth of our clients and other stakeholders through innovative product offerings and employing the most efficient processes,” Dr Tumbo said.
He added that “We will also continue to adapt to the evolving needs of our client base.”
He explained that, overall, Sanlam’s Gross premium income had increased by 24.4 %to Kshs 8.69 billion up from Kshs 6.99 billion posted the previous year due to growth in both the long and short-term insurance businesses.
The firm’s total income he added had accelerated to Kshs 9.42 billion up from Kshs 8.89 billion recorded in 2019, representing a 6% growth.
With increased claims and lower investment returns, the firm closed the year on a Kshs 78 million after-tax loss representing a decline from the prior-year after-tax […]