Sanlam cuts half-year loss to Ksh.288 million on lower costs

Regional underwriter Sanlam Kenya Plc has marginally cut its half-year loss to Ksh.287.7 million from Ksh.291.9 million at the same time last year.

The moderate loss reduction is attributable to a marginal decline in expenses in the six months to June 2022 which helped offset a deceleration in operating income.

Sanlam’s total benefits, claims and other expenses fell by 4.8 per cent to Ksh.5.9 billion from Ksh.6.2 billion previously.

Operating and other expenses outside of net claims and policyholder benefits contributed largely to the costs fall.

Meanwhile, total income for the Group eased by 3.4 per cent to Ksh.5.7 billion from Ksh.5.9 billion on lower investment and other income.

The investment income fell to a flat Ksh.1 billion from Ksh.1.5 billion last year while gross written premiums (GWPs) were down at Ksh.5.4 billion from Ksh.5.9 billion in June 2021.

Subsequent to the loss contraction, Sanlam’s loss per share has narrowed to Ksh.1.71 from Ksh.2.09 per share previously.