SanlamAllianz Kenya Extends 3-Year Profit Run as H1 Premiums Grow 32%

Sanlam Allianz Holdings Kenya remained profitable for a third consecutive first half in 2026, extending a turnaround after four straight H1 losses between 2020 and 2023 as fresh capital strengthened its balance sheet and sharply reduced borrowing costs.

• The insurer has posted KSh 124.6 million in net profit, while assets have crossed KSh 40 billion for the first time and gross written premiums have grown 32%.
• The headline profit has increased from KSh 31.0 million a year earlier, but the comparison was boosted by a KSh 103.7 million loss from discontinued operations recorded in H1 2025.
• Profit from continuing operations has fallen 7.4% to KSh 124.6 million, while profit before tax has declined 28.1% to KSh 201.0 million.

Core insurance profitability also weakened with Insurance revenue edging up 1.1% to KSh 2.20 billion, but insurance service expenses increased 9.2% to KSh 1.87 billion. That pushed the insurance service result down 34.5% to KSh 241.3 million.

Investment performance provided another drag. Investment return fell 83.3% to KSh 479.6 million from KSh 2.87 billion, while the net financial result worsened to a KSh 147.5 million loss from KSh 69.1 million. Finance costs, however, dropped 90% to KSh 18.1 million from KSh 180.9 million.

The weaker underlying earnings contrast with a substantially stronger balance sheet. Total assets rose to KSh 40.31 billion from KSh 39.37 billion at December 2025, while shareholders' funds increased to KSh 4.75 billion. Borrowings stood at KSh 1.44 billion, down sharply from KSh 4.37 billion in June 2024.

The improvement marks a significant shift from the group's earlier position. Sanlam recorded first-half losses of KSh 99.1 million in 2020, KSh 291.9 million in 2021, KSh 287.7 million in 2022 and KSh 172.0 million in 2023 before returning to profitability in 2024.

Group Chief Executive Patrick Tumbo said Sanlam Allianz is better capitalised now than 18 months ago, with its solvency ratio closing at 266%, significantly above regulatory requirements. Management said gross written premiums increased 32% year-on-year and identified growing quality insurance revenue, controlling costs and converting the expanded capital base into profitable growth as priorities for the remainder of 2026.

Sanlam Allianz is also expanding its retirement and savings products. It launched the Sanlam Allianz Income Drawdown Fund in February and has added Flexi Future Plus to its savings range.