Sanlam Kenya Plc 1H18 Earnings Note
Sanlam Kenya Plc (NSE: PAFR) announced their 1H18 results posting a loss of KES 1.53Bn compared to a profit of KES 90.5Mn in 1H17. This was attributed to; i) a KES 1.15Bn impairment of deposits with financial institutions, ii) a 14.1% y/y decline in total income, iii) a 28% y/y increase in operating and administrative expenses and iv) a KES 77.31Mn finance cost. We highlight an 11% y/y improvement in net benefits and claims, improving the claims ratio by 2.8% y/y. The company trades at a P/B of 1.6x against the sector median P/B of 1.51x. The share price has lost 13.50% year-to date.
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