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Sanlam Kenya
2012
#1 Posted : Tuesday, March 05, 2019 9:17:26 AM
Rank: Elder


Joined: 12/9/2009
Posts: 6,591
Location: Nairobi
Did this Sanlam just report a loss of Ksh 2b?!

BBI will solve it
:)
Ericsson
#2 Posted : Tuesday, March 05, 2019 9:21:43 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,158
Location: NAIROBI
2012 wrote:
Did this Sanlam just report a loss of Ksh 2b?!


Where paste link here.
Mastermind
#3 Posted : Tuesday, March 05, 2019 9:56:16 AM
Rank: Veteran


Joined: 1/25/2012
Posts: 1,619
Location: Langley
Ericsson wrote:
2012 wrote:
Did this Sanlam just report a loss of Ksh 2b?!


Where paste link here.


Magazetini and there is a thread http://wazua.co.ke/forum...s&t=37324#post864379
If you have built castles in the air, your work need not be lost; that is where they should be. Now put the foundations under them.
Ericsson
#4 Posted : Friday, February 21, 2020 10:22:07 AM
Rank: Elder


Joined: 12/4/2009
Posts: 8,158
Location: NAIROBI
Sanlam FY19
SANLAM FY19

Net earned premium +5.1% to Sh5.6bn

Total income +50% to Sh8.9bn, mainly on FV losses reducing from -Sh1.9bn to a gain of Sh422m.

FY18 v. FY19

Claims ratio 95% v. 86%

Expense ratio 54% v. 62%

Combined ratio 150% v. 148%

While PBT improved to Sh550m from a loss of Sh2bn, the tax rate was a whopping 79% with no explanation given. As a result, EPS was just Sh0.79 from a whopping -Sh14.01 in FY18.

Total assets remained largely flat at Sh29bn. Book value is Sh12 & share likely to trade BELOW THAT.
Cash resources at the end of the period collapsed by 55% to Sh1.195bn due to loan repayments & increased investing activities.

Despite loan repayments of Sh1bn, total liabilities decreased by slightly above Sh200m, which is pretty insignificant.

https://pbs.twimg.com/me...rmat=jpg&name=large

https://pbs.twimg.com/me...mat=jpg&name=medium

https://pbs.twimg.com/me...rmat=jpg&name=large

https://pbs.twimg.com/me...rmat=jpg&name=large

https://pbs.twimg.com/me...mat=jpg&name=medium

https://pbs.twimg.com/me...ormat=jpg&name=large
Ebenyo
#5 Posted : Friday, February 21, 2020 11:12:32 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,798
Location: Kitale
investment income- kshs 2,350,289,000.
Net claims and policy holders benefits- kshs 4,836,423,000


If they work hard at increasing their investment income,they will make enough to clear claims and policy holders benefits hence increase their net profit.
Towards the goal of financial freedom
Angelica _ann
#6 Posted : Monday, February 24, 2020 10:35:37 AM
Rank: Elder


Joined: 12/7/2012
Posts: 11,287
Ebenyo wrote:
investment income- kshs 2,350,289,000.
Net claims and policy holders benefits- kshs 4,836,423,000


If they work hard at increasing their investment income,they will make enough to clear claims and policy holders benefits hence increase their net profit.


I guess their aggressiveness in investment must have been slowed down by CP and CB that burned them over the last 3 years. So the MD during the results briefing/presentation say that they are taking a cautious approach to investment as they review their policy on investment and risk management. They will recover going forward - next results will be hugely improved.
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
Ericsson
#7 Posted : Thursday, February 27, 2020 12:25:10 PM
Rank: Elder


Joined: 12/4/2009
Posts: 8,158
Location: NAIROBI
Insurer Sanlam sold off a property (Sanlam House) worth Ksh.450 million in December 2019 as it sought to cut its exposure to the struggling real estate industry.

https://citizentv.co.ke/...million-property-323848/
sparkly
#8 Posted : Thursday, February 27, 2020 2:06:35 PM
Rank: Elder


Joined: 9/23/2009
Posts: 7,650
Location: Enk are Nyirobi
[quote=Ericsson]Insurer Sanlam sold off a property (Sanlam House) worth Ksh.450 million in December 2019 as it sought to cut its exposure to the struggling real estate industry.

https://citizentv.co.ke/...illion-property-323848/[/quote]


Ati struggling real estate? They sold to prop up their numbers, otherwise they would have reported losses of over 300m.
Life is short. Live passionately.
VituVingiSana
#9 Posted : Thursday, February 27, 2020 5:22:51 PM
Rank: Chief


Joined: 1/3/2007
Posts: 16,869
Location: Nairobi
sparkly wrote:
Ericsson wrote:
Insurer Sanlam sold off a property (Sanlam House) worth Ksh.450 million in December 2019 as it sought to cut its exposure to the struggling real estate industry.

https://citizentv.co.ke/...illion-property-323848/



Ati struggling real estate? They sold to prop up their numbers, otherwise they would have reported losses of over 300m.
Unless the "profit" on the property was 300mn+, it would have done little to help them.

Sale Price - Cost + Depreciation - any prior "FV Gains" - Costs to sell = Profit in the current year

Isn't real estate, especially office space, suffering?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
sparkly
#10 Posted : Thursday, February 27, 2020 8:56:50 PM
Rank: Elder


Joined: 9/23/2009
Posts: 7,650
Location: Enk are Nyirobi
VituVingiSana wrote:
sparkly wrote:
Ericsson wrote:
Insurer Sanlam sold off a property (Sanlam House) worth Ksh.450 million in December 2019 as it sought to cut its exposure to the struggling real estate industry.

https://citizentv.co.ke/...illion-property-323848/



Ati struggling real estate? They sold to prop up their numbers, otherwise they would have reported losses of over 300m.
Unless the "profit" on the property was 300mn+, it would have done little to help them.

Sale Price - Cost + Depreciation - any prior "FV Gains" - Costs to sell = Profit in the current year

Isn't real estate, especially office space, suffering?



If the building in question is Sanlam House, then the residual value of the building is nominal and almost all the proceeds were capital gain.
Life is short. Live passionately.
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