Sanlam Kenya to focus on growing its insurance services business in new strategy
Sanlam Kenya a non-bank financial services firm has outlined growth plans with a focus in its insurance business. The firm will seek to accelerate the growth of its Sanlam General Insurance and Sanlam Life Insurance subsidiaries by leveraging on local, regional and multinational opportunities.
In line with this, the Sanlam Group announced the US $ 1 Billion acquisition of the North Africa headquartered insurance firm Saham Finances. The acquisition allowed Sanlam Group to become a Pan-African insurance, investment and ancillary services group. This gave them the ability to service multi-national clients and their intermediaries more effectively.
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Under a unified business delivery model, Sanlam Kenya will be stepping up its efforts to explore and retain strategic partnerships with leading local institutions in the public and private sectors including Banking institutions, Savings and Credit organizations and Academic organizations among others. Also, as part of regulatory requirements and in readiness to comply with the 2020 Risk Based Capital deadline, Sanlam Kenya has continued to recapitalize both the Sanlam Life and Sanlam General business.
Sanlam Kenya PLC Group CEO Mr. Patrick Tumbo had this to say, “This year and moving on, Sanlam Kenya will be focusing purely on our insurance businesses as we pursue a consolidated group synergies strategy. We are well positioned and resourced to meet business needs and service clients locally and across the borders as part of Africa’s largest non-bank financial services firm; the Sanlam Group.” He also added that, “This strategy will seek to leverage sales and distribution synergies between Sanlam General Insurance and Sanlam Life Insurance through improved customer experience, while sustainably growing revenue profitably for the good of all stakeholders.