Sanlam Life Insurance Principal Officer Kevin Mworia, Group CEO Patrick Tumbo and Sanlam General Insurance CEO Caroline Laichena.

Insurer Sanlam Kenya half-year loss has swelled to Kes291.9 million from a much leaner loss of Kes99.1 million reported at a similar period last year owing to greater claims.

Sanlam total income has nevertheless increased in the six-month period to June closing at Kes5.9 billion from Kes4.3 billion recorded in 2020 in what the company said was due to an uptick in their written premiums.

In the trading period under review, the insurer’s net claims and policyholder benefits nearly doubled to Kes4.1 billion from Kes2.5 billion pushing up the underwriter’s total expenses by 40.9 per cent to Kes6.2 billion.

Read also: Pandemic pushes Sanlam Kenya into Sh78 million loss

Sanlam’s investment income went up by 23 per cent to Kes1.5 billion from Kes1.2 billion reported in June 2020.

At the same time, the Nairobi Securities Exchange-listed financial services firm has disclosed that it has swapped its local loan facility for a USD denominated debt to hedge against forex exposure while also preserving shareholder value.

The company has swapped its $27 million loan for a shilling denominated (Kes3 billion) facility with a local bank to hedge against Forex exposures.

The firm’s 2020 financial records show that Sanlam’s currency exposure on borrowings stood at Kes2.98 billion.

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