Sanlam Emerging Markets (SEM) has announced that the firm is now training its corporate focus on organic growth opportunities across the sub-Saharan market.
Speaking in Kampala, Uganda, SEM CEO, Mr. Junior Ngulube noted that, although structural growth remains an important bottom-line contributor the firm is now aiming to adopt organic market prospects as its main growth driver.
“SEM’s broad strategy, which has remained the same over the years, has proven its worth. We’ll continue on this path, although we’re gradually shifting our focus even more towards organic growth as opposed to structural growth,” Ngulube said and added that, “Although structural growth remains an important contributor, our aim is for organic growth to become SEM’s main driver going forward,’ added Ngulube.
Sanlam Kenya Group CEO, Mugo Kibati noted that increasing Kenyans’ awareness of financial risks and opportunities offered by non-bank financial products will help drive the growth of the sector and the wider economy.
Kenya’s insurance penetration stands at 3 per cent compared to Africa’s insurance penetration rate average of 3.5 per cent. According to the Insurance Regulatory Authority, in 2016 insurance premiums registered a growth of 12.3 per cent largely driven by growth in the life sector.