Sanlam Kenya Plc, a non-bank finance solutions provider, loss after tax grew 52.6% to Ksh 0.13 billion in FY 2023.
The loss was driven by a significant 417.6% increase in reinsurance expenses to Ksh 1.2 billion and a decline in insurance revenue totalling Ksh 6.9 billion.
Due to lower expenses, Sanlam’s net insurance service results increased by 803.9%, resulting in a Ksh 0.7 billion profit compared to a Ksh 0.1 billion loss in FY 2022.
On the other hand, Sanlam Life Insurance Limited recorded a profit after tax of Kshs 0.53 billion, representing a 15.0% growth from the Kshs 0.46 billion restated profit after tax recorded in FY 2022.
Sanlam Kenya Plc’s Income Statement |
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| Income Statement (Kshs bn) | FY’2022 | FY’2023 | y/y change |
| Insurance Revenue | 8.3 | 6.9 | (16.5%) |
| Insurance Service Expense | (8.2) | (5.0) | (38.2%) |
| Net Expense from reinsurance contracts held | (0.2) | (1.2) | 417.6% |
| Insurance Service Result | (0.1) | 0.7 | 803.9% |
| Insurance Investment Revenue | 2.0 | 1.1 | (48.1%) |
| Net Insurance Finance expenses | (0.7) | (0.8) | 23.7% |
| Profit before tax | 0.3 | 0.2 | (15.0%) |
| Income tax expense | (0.4) | (0.4) | 0.2% |
| Profit after tax | (0.08) | (0.13) | 52.6% |
| Core Earnings/(Loss) Per Share | (0.5) | (1.1) | 124.0% |
Similarly, Sanlam General Insurance Limited recorded a profit after tax of Kshs 0.1 billion, an improvement from the prior year’s restated loss after tax of Kshs 0.03 billion.
No dividend was declared for the 10th consecutive year.
