23rd September 2017
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Company Data
 
Sanlam Kenya Plc
http://www.pan-africa.com/
Par Value:                  5/-
Closing Price:           29.50
Total Shares Issued:          144000000.00
Market Capitalization:        4,248,000,000
EPS:             0.63
PE:                 46.825
 

H1 Gross premium income 3.362551b vs. 2.639297b +27.403%
H1 Outward reinsurance premium [637.757m] vs. [200.884m] +217.475%
H1 Net written premium 2.724794b vs. 2.438413b +11.745%
H1 Investment income 1.205769b vs. 1.250684b -3.591%
H1 Fair value gains 199.042m vs. [151.010m] +231.807%
H1 Fees and commissions earned 163.794m vs. 38.703m +323.208%
H1 Total income 4.295909b vs. 3.616845b +18.775%
H1 Gross benefits and claims paid [2.285688b] vs. [1.883908b] +21.327%
H1 Net change in contract liabilities [511.736m] vs. [765.969m] -33.191%
H1 Net claims and policyholder benefits [2.751422b] vs. [2.620053b] +5.014%
H1 Operating and other expenses [979.552m] vs. [735.246m] +33.228%
H1 Total expenses [4.143385b] vs. [3.761571b] +10.150%
H1 Profit before tax 152.524m vs. [144.726m] +205.388%
H1 Profit after tax 90.528m vs. [128.369m] +170.522%
Basic and diluted EPS 0.62 vs. [0.89] +169.663%
Total capital and reserves 4.022722b vs. 3.673678b +9.501%
Held to maturity financial assets 9.406658b vs. 8.366283b +12.435%
Fair value through profit or loss financial assets 10.136447b vs. 10.392802b -2.467%
Total assets 29.811254b vs. 27.994884b +6.488%
Insurance contract liabilities 13.234952b vs. 12.106609b +9.320%
Cash resources at the end of the year 3.044899b vs. 3.533967b -13.839%

Company Commentary

Key Features
Profit before Tax 153m versus [2016:-145m]
Total Assets +5% 29.8b
Group embedded Value increased to 5.2b [2016 4.7b] +10.3% over 6 months
The main regulatory development in the insurance sector was the gazettement of The Statute Law Act 2017 postponing the effective date of complying with the new capital requirements to June 2020
Life insurance
Gross written premiums increased by 1% to 2.3b
Investment portfolio earnings increased by 20% to 1.4b in 2017 driven by higher revaluation gains from mark to market investments
Life insurance business operating profit of 259m versus 106m in 2016
General Insurance
Gross written premiums grew by 225% to 1.3b
The loss ratio in H1 2017 was within expectations but slightly above the comparable period due to a higher claims experience in the medical line of business
Operating expenses were negatively affected by an increase in bad debt provisions
The integration of SEM asset management businesses in the region has commenced reference Pinebridge

Conclusions

making progress, remains rich on a classic PE Ratio basis.

Year End through 31st December 2016
FY Gross written premium 5.224546b vs. 5.181614b +0.829%
FY Outward reinsurance premium [329.341m] vs. [384.628m] -14.374%
FY Net written premium 4.832205b vs. 4.796986b +0.734%
FY Investment income 2.518645b vs. 2.388531b +5.447%
FY Fair value gains [450.341m] vs. [637.144m] -29.319%
FY Total income 7.154074m vs. 7.237184b -1.148%
FY Gross benefits and claims paid [4.193984b] vs. [3.620249b] +15.848%
FY Reinsurers share of claims 204.498m vs. 96.593m +111.711%
FY Net change in contract liabilities [488.981m] vs. [733.559m] -33.341%
FY Net claims and policy holder benefits [4.478467b] vs. [4.257215b] +5.197%
FY Operating and other expenses [1.669594b] vs. [1.466658b] +13.837%
FY Total benefits, claims and other expenses [6.836801b] vs. [7.186122b] -4.861%
FY Profit before tax 317.053m vs. 54.325m +483.623%
FY Profit for the year after tax 70.623m vs. 27.350m +158.219%
FY Comprehensive income attributable to equity holders of the parent 106.061m vs. [61.559m] +272.292%
EPS (Basic & diluted) 0.63 vs. [0.43] +246.512%
Total capital and reserves 3.932244b vs. 3.802047b +3.424%
Total assets 28.442590b vs. 27.109278b +4.918%
Insurance contract liabilities 12.704048b vs. 11.397467b +11.464%
Cash resources at the end of the year 2.497436b vs. 3.916168b -36.228%

Company Commentary

Life Insurance Gross written premium declined by 5% to 4.4b from 4.6b in 2015
retail business was impacted by the expected effects of streamlining the distribution channels and agency force aimed at improving productivity going forward
Investment Portfolio earnings increased by 50% to 2.1b in 2016 driven by good investment returns
General Insurance gross written premium grew by 58%
Income from property sales declined due to a depressed property market
Asset Management Fee income increased by 31%
No Dividend

Conclusions

much better than expected results.

H1 Gross written premium 2.639297b vs. 2.594647b +1.721%
H1 Outward reinsurance premium [200.884m] vs. [209.164m] -3.959%
H1 Net written premium 2.438413b vs. 2.385483b +2.219%
H1 Total income 3.616845b vs. 3.563330b +1.502%
H1 Gross benefits and claims paid [1.883908b] vs. [1.570386b] +19.965%
H1 Net change in contract liabilities [765.969m] vs. [542.484m] +41.197%
H1 Net claims and policy holders benefits [2.620053b] vs. [2.083221b] +25.769%
H1 Total benefits, claims and other expenses [3.761571b] vs. [3.151631b] +19.353%
H1 [Loss] profit before share of profit of an associate [144.726m] vs. 411.699m -135.153%
H1 [Loss] profit before tax [144.727m] vs. 411.699m -135.154%
H1 [Loss] profit for the year after tax [128.369m] vs. 263.963m -148.631%
H1 [Loss] profit attributable to equity holders of the parent [128.500m] vs. 267.243m -148.084%
EPS [0.89] vs. 1.86 -147.849%
Total assets 27.994882b vs. 27.077022b +3.390%
Cash resources at the end of the year 3.533967b vs. 4.655231b -24.086%
No interim dividend

Company Commentary

The Group recorded a loss before tax of -145m for the six months ended 30th June 2016, compared to a profit of 412m for the same period in 2015.
This is mainly attributable to lower income from property sales, marked to marketfair value losses on equity investments, an increase in expenses related to the implementation of the new Group strategy and negative persistency experience in the life book.
Portfolio earnings increased by 98% from 607m to 1.2b in 2016.

Conclusions

Tidying up and working through the digestion Phase.

FY Gross written premium 5.181614b vs. 5.246527b -1.237%
FY Outward reinsurance premium [384.628m] vs. [255.757m] +50.388%
FY Investment income 2.388531m vs. 1.993175b +19.835%
FY Fair value [losses] income [637.144m] vs. 648.386m -198.266%
FY Total income 7.237184b vs. 7.974995b -9.252%
FY Insurance outgo [4.257215b] vs. [5.053694b] -15.760%
FY Commission and operating expenses [2.301649b] vs. [1.751465b]
+31.413%
FY Total expenses [7.186122b] vs. [6.825007b] +5.291%
FY Profit before tax 0.054325b vs. 1.152598b -95.287%
FY Profit for the year after tax 27.350m vs. 871.190m -95.68%
FY Profit attributable to equity holders of the parent [61.559m] vs.
871.190m -107.066%
EPS [0.43] vs. 6.05 -107.107%

Dividends
Cash and cash equivalents at the end of the year 3.916168b vs. 3.981296b -1.636%

Company Commentary

-95% decline in FY Profit before Tax
The Asset Management and property businesses exceeded 2014 operating profit levels whilst the life insurance and Loans businesses
performance declined.
Newly acquired General Insurance business also under performed.
Life Insurance business was negatively impacted by challenges experienced with our distribution network from Q3 2014 to Q3 2015
No Dividend

Conclusions

Fair Value Losses will be a common theme across this Sector.
Average Price Over the last 5 Weeks
Average Price Over the last 5 Months
No. Of Shares Traded Over the last 5 Weeks
No. Of Shares Traded Over the last 5 Months
Market Capitalization Over the last 5 Weeks
Market Capitalization Over the last 5 Months
Data Source: Nairobi Stock Exchange
Trading Day: 22 Sep 2017
 
Downloads
 
  29-AUG-2017 ::  HALF YEAR RESULTS
  Unaudited Financial Statements for the Period Ended 30th June 2017.

Download N.S.E Announcement
   
  08-JUN-2017 ::  AGM Notice
  Notice of Annual General Meeting.

Download N.S.E Announcement
   
  09-MAY-2017 ::  AGM Resolutions
  Resolutions of the 71st Annual General Meeting.

Download N.S.E Announcement
   
  25-APR-2017 ::  Notice of an extraordinary general meeting.
  Notice of an extraordinary general meeting.

Download N.S.E Announcement
   
  12-APR-2017 ::  Notice of Annual General Meeting.
  Notice of the 71st Annual General Meeting.

Download N.S.E Announcement
   
  02-MAR-2017 ::  Full Year Results
  Audited Financial Statements for the Period Ended 31st December 2016.

Download N.S.E Announcement
   
  10-FEB-2017 ::  PUBLIC ANNOUNCEMENT
  Public Announcement

Download N.S.E Announcement
   
  30-DEC-2016 ::  Profit Warning Announcement
  Profit Warning Announcement

Download N.S.E Announcement
   
 
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