Sanlam Allianz Holdings, which houses the life business known as Sanlam Allianz Life Insurance Kenya, is the Nairobi Securities Exchange (NSE)-listed entity that arose out of the transaction between Sanlam Kenya, Jubilee Allianz and the parent companies, Sanlam Group and Allianz SE.

Sanlam Kenya, which was formerly the entity listed on the NSE, transferred its general insurance business to Jubilee Allianz, a non-listed entity that now trades as Sanlam Allianz General Insurance Kenya.

Sanlam Allianz Holdings CEO Patrick Tumbo said the shareholder transactions, which were concluded last year, have strengthened the firm’s capital and solvency position.

“The business is fundamentally stronger and better capitalised than it was 18 months ago, with our balance sheet surpassing Sh40 billion for the first time and our solvency ratio closing at 266 percent, significantly above regulatory minimum requirements,” said Tumbo.

“Our focus for the rest of the year is to grow quality insurance revenues, hold the line on costs, and convert our new capital base into profitable growth.”

The transactions led to a one-off Sh103.67 million loss from discontinued operations in the half-year ended June 2025. Without this cost this year, the net earnings of the holding company have risen despite a drop in underwriting and investment returns.

The insurance service result, which is revenue left after settling claims, reinsurance and other expenses, dropped 34.5 percent to Sh241.25 million.

Investment returns fell 83.2 percent to Sh479.55 million from Sh2.86 billion, during a period when returns on government securities were declining.