![[Kenya] Pan African insurance rebrands to Sanlam Kenya as it seeks targets more market share](Sanlam Kenya.jpg)
[Kenya] Pan African insurance rebrands to Sanlam Kenya as it seeks targets more market share
Kenya’s first insurer to be listed in the Nairobi Securities Exchange Pan Africa Insurance Holdings has joined the Sanlam Group changing name to Sanlam Kenya as it seeks new and innovative ways to penetrate the Kenyan market.
Sanlam Group is Africa’s largest non bank financial services firm and is listed on Johannesburg and Namibian stock exchanges with a market capitalisation of $9billion as at close of last year.
Speaking after the rebrand, Sanlam Kenya CEO Mugo Kibati said the rebranding decision was based on company’s last year's performance and industry trends. “Sanlam group has been a major shareholder in PAIHL for several years. We have decided to entrench this partnership. Rebranding will help us better leverage on the expertise, experience and network of Sanlam group,” said Kibati.
Sanlam group has footprints in 33 countries across Africa and it first acquired a stake in PAIHL in 2006, when it acquired one of PAIHL’s subsidiaries. Kibati said even though insurance penetration in Kenya is high relative to its neighbours, overall, the uptake is low in absolute terms with many players concentrated on similar products.
The insurer will now be shifting gears to be able to offer a wide range of products and services to clients, secured at high end with the partnership. Kibati said the business will soon launch financial business services on general and discretionary wealth management fronts. Sanlam Group CEO Ian Kirk said there are immense opportunities on Kenyan market and in the East African region.
“We have to respond to customer needs. We have a lot of products to offer seamless services in areas such as property insurance, marine, liability, transport of goods and projects insurances. The life insurance will also benefit,” he said.
The decision means that all its four subsidiaries - Pan Africa Life, Pan Africa Asset Management, Gateway Insurance and Pan Africa Securities - will now be called Sanlam Life Insurance, Sanlam Investments, Sanlam General Insurance and Sanlam Securities respectively.
Last year was a rocky period for insurers, with PAIHL bidding farewell to its 53-year-old name with bad memories of 97 per cent reduction in its profit.
