Sanlam Allianz Holdings (Kenya) PLC has closed its most profitable year since 2014 a result that confirms the group has turned the corner after a prolonged restructuring cycle that tested its balance sheet, eroded accumulated earnings, and pushed it into annual losses across multiple years between 2018 and 2023.
- • The insurance service result surged 45.7% to KSh 951.5 million, as insurance service expenses fell KSh 322.7 million year-on-year despite a modest 3.2% decline in insurance revenue to KSh 4.413 billion.
- •Profit from continuing operations, which strips out the discontinued general insurance business, rose 2.4% to KSh 838.0 million, the cleaner measure of underlying progress.
- •The pre-tax profit, while 7.6% below the KSh 1.424 billion recorded in 2024, reflects a normalization of investment conditions rather than operational deterioration.
Investment return fell KSh 1.06 billion to KSh 3.659 billion, unwinding gains from the elevated government securities yield environment that inflated the 2024 figure. The net financial result consequently swung to a loss of KSh 229.0 million from a gain of KSh 1.147 billion.
The 2025 results also reflect the completion of three interlocking strategic actions that fundamentally repositioned the group:
- •A KSh 2.5 billion rights issue, fully subscribed in May 2025 and underwritten by parent SanlamAllianz Africa, retired the group's Stanbic Bank facility and drove borrowings down 66.3% to KSh 1.420 billion.
- •That debt reduction, combined with rights issue proceeds, nearly tripled shareholders' funds to KSh 4.635 billion.
- •Separately, the transfer of the entire general insurance portfolio to Sanlam Allianz General Insurance Kenya on 1 November 2025 concentrated the listed entity on life insurance, pensions, and investments. The rebrand from Sanlam Kenya PLC formalized alignment with the broader SanlamAllianz continental joint venture, which operates across 26 African markets with a combined group equity value exceeding R33 billion.
The balance sheet repair is visible in the accumulated deficit, which narrowed to KSh 1.370 billion from KSh 2.320 billion, the first meaningful reduction in accumulated deficit since losses began building in 2019. The solvency ratio closed at 275%, well above regulatory minimums.
Pensions emerged as the group's clearest growth signal. The deposit administration fund expanded 20.1% to KSh 4.727 billion, with a 14% net return declared for the year.
The October 2025 launch of Akiba Plus, a mobile-first digital pension platform targeting individuals, SMEs, and corporates, positions the group to accelerate inflows in a segment where Kenya's coverage gap remains structurally wide.
