SanlamAllianz Holdings Kenya Plc closed the first half of 2026 with a net profit of Kshs 124.6 million, a fourfold jump from the Kshs 30.9 million the group posted in the same period last year.
The insurer released its unaudited results Wednesday, pointing to premium growth and tighter cost control as the drivers behind the turnaround.
Insurance revenue rose to Kshs 2.2 billion for the six months to June 2026, up from Kshs 2.17 billion a year earlier. The insurance service result fell to Kshs 241.3 million from Kshs 368.4 million, as claims and service expenses climbed faster than revenue. Investment returns also softened sharply, dropping to Kshs 479.6 million from Kshs 2.87 billion, largely because other investment revenue swung from a Kshs 1.5 billion gain to an Kshs 863.9 million loss.
Despite those headwinds, profit before tax reached Kshs 201 million, down from Kshs 279.7 million last year. The bottom line still improved because the 2025 comparative carried a Kshs 103.7 million loss from discontinued operations that did not repeat this year.
Key Half Year Numbers
| Metric | H1 2026 | H1 2025 | Change |
|---|---|---|---|
| Insurance revenue | Kshs 2.2 billion | Kshs 2.17 billion | Up 1% |
| Insurance service result | Kshs 241.3 million | Kshs 368.4 million | Down 35% |
| Investment return | Kshs 479.6 million | Kshs 2.87 billion | Down 83% |
| Profit before tax | Kshs 201 million | Kshs 279.7 million | Down 28% |
| Total comprehensive profit | Kshs 124.6 million | Kshs 30.9 million | Up 303% |
| Total assets | Kshs 40.3 billion | Kshs 39.4 billion* | Up 2% |
*December 2025 audited figure, shown for balance sheet comparison.
Premiums Grow And Balance Sheet Crosses Kshs 40 Billion
Group Chief Executive Officer Dr Nyamemba Patrick Tumbo linked the results to a deliberate push to grow the business while trimming costs.
“The business has seen a significant growth of 32 percent in Gross Written Premiums compared to the same period last year,” Tumbo said. “Most importantly, the business is fundamentally stronger and better capitalised than it was eighteen months ago, with our balance sheet surpassing Kshs 40 billion for the first time and our solvency ratio closing at 266 percent, significantly above regulatory minimum requirements.”
Total assets stood at Kshs 40.3 billion at the end of June, up from Kshs 39.4 billion in December 2025. Shareholders funds rose to Kshs 4.75 billion from Kshs 4.63 billion over the same window, while total liabilities climbed to Kshs 35.4 billion from Kshs 34.6 billion, driven mainly by growth in insurance and reinsurance contract liabilities.
Tumbo set out priorities for the remainder of the year. “Our focus for the rest of the year is to grow quality insurance revenue, hold the line on costs, and convert our new capital base into profitable growth,” he said.
New Products Target Retirement Savers
Sanlam Allianz used the period to widen its retirement and savings lineup. In February 2026 it launched the Sanlam Allianz Income Drawdown Fund, a product that lets retirees draw a regular income from their savings rather than lock the full balance into an annuity. The fund extends a business the group already leads in Kenya through its annuity products, giving customers a second path to convert savings into retirement income.
The group also expanded Flexi Future, its flexible savings plan, through a new variant called Flexi Future Plus. Combined with the drawdown fund, the additions push the group deeper into a market segment built around helping customers save steadily and draw income across different life stages, from early career saving through to retirement.
What The Numbers Mean For The Rest Of 2026
Sanlam Allianz enters the second half of the year with more capital and a wider product shelf than it had eighteen months ago, but its investment book remains exposed to the kind of swings that cut this half’s returns by more than 80 percent. The group’s own targets for the coming months, growing quality revenue and holding costs steady, suggest management expects underwriting discipline, not investment markets, to carry earnings through the rest of 2026.
For context on how Sanlam Allianz compares with peers, Kenyan insurers have faced a mixed first half in 2026, with several large players reporting similar pressure on investment income even as premium volumes hold up. Readers can track how this result stacks up against other insurers’ half year filings as they land over the coming weeks.
