Sanlam Allianz Holdings Kenya has remained profitable for a third consecutive first half in 2026, extending its turnaround after four straight H1 losses between 2020 and 2023.
The insurer posted net profit of KSh 124.6 million, compared with KSh 31 million a year earlier. However, the year-on-year comparison was influenced by a KSh 103.7 million loss from discontinued operations recorded in H1 2025.
Profit from continuing operations declined 7.4% to KSh 124.6 million, while profit before tax fell 28.1% to KSh 201 million. Insurance revenue increased only 1.1% to KSh 2.20 billion, while insurance service expenses rose 9.2% to KSh 1.87 billion, resulting in a 34.5% decline in the insurance service result.
Investment performance also weakened, with investment returns falling 83.3% to KSh 479.6 million. The net financial result moved to a KSh 147.5 million loss, although finance costs declined 90% to KSh 18.1 million.
The company’s balance sheet, however, continued to strengthen. Total assets increased to KSh 40.31 billion, while shareholders’ funds rose to KSh 4.75 billion. Borrowings stood at KSh 1.44 billion, down significantly from KSh 4.37 billion in June 2024.
Sanlam Allianz’s solvency ratio closed at 266%, with management highlighting the company’s stronger capital position as an important foundation for future growth. Gross written premiums increased 32% year-on-year.
The insurer is also expanding its retirement and savings offering, including the Sanlam Allianz Income Drawdown Fund launched in February and the Flexi Future Plus savings product.
Management’s focus for the remainder of 2026 will be on growing quality insurance revenue, controlling costs and converting the stronger capital base into sustainable profitable growth.
