Sanlam records biggest mid-year loss after a decade of Profits

 

 

Sanlam declares a Ksh.99.1 million loss in 6 months of 2020, cleaning out a Ksh.639.8 million profit in a similar period in 2019.


The failure in profitability is mostly devoted to high operating costs lessened by escalating demands for compensation by policyholders.


Sanlam registered a slowdown in income as earnings from investment narrowed in the period.


The company’s total costs grew by 19 per cent to Ksh.4.4 billion from Ksh.3.7 billion while total income depreciated by 8.5 per cent to Ksh.4.3 billion from an essential Ksh.4.7 billion last year.

Sanlam’s investment and other earnings collapsed by 36.8 per cent to Ksh.1.2 billion while net cases ballooned by 25 per cent to Ksh.2.5 billion from a level Ksh.2 billion last year.


The loss contributed more high-priced indebtedness by the underwriter seen Sanlam’s net assets shrivel to Ksh.1.6 billion from Ksh.2.2 billion last year.