Sanlam Group has posted a full year pre-tax profit of Sh. 317 million. This came as the group withdrew an earlier profit warning that had indicated it to would be returning lower profits or losses for the year 2016.
The firm’s net profit stood at Sh. 71 million, way below the high of Sh. 1.25 billion posted in 2013.
According to the financial statement, Sanalam’s pre-tax profit improved by Sh. 54 million from the 2015 full year.
Sanlam attributed the profit growth to improved performance by the firm’s General Insurance Business-Sanlam General Insurance.
The insurance arm had grown its gross written premium by 58 percent to Sh1b up from Sh633m achieved in 2015, with loses reducing by 92 percent to Sh. 24 million.
At Sanlam Investments, the operating profit increased from Sh24 million posted the previous year to stand at Sh46m in a move attributable to the growth in revenues. Fee income from Sanlam Investment also jumped 31 percent to Sh156 million up from Sh119m on account of satisfactory growth in assets under management and performance fees earned
