EVERY PROMISE NEEDS A Keeper Annual Report and Financial Statements 2019 Statements Report and Financial Annual Annual Report and Financial Statements 2019 1 2 Annual Report and Financial Statements 2019 Statements Report and Financial Annual KEEPING OUR Annual Report and Financial Statements 2019 Statements Report and Financial Annual With our corePromise business being General and Life insurance our focus is to gain trust from our shareholders because they have entrusted us to take care of them. Our brand positioning is to make sure we keep all the promises we make to our clients so that they can be able to keep the promises they have made to others. 3 EVERY PROMISE NEEDS A Keeper We are determined We are solid We do it very, We do it and resolute and sensible very well for good For over 100 years, We take pride in our We do what we do We desire to we have been solid nature - we exceptionally well. make a real and Vision, Mission and Values doing business with choose functional Our approach is positive difference readiness, resolve over fancy and we methodical and - to create lasting and deep-rooted don’t do window thorough, we take value that enables conviction. We are dressing. When no shortcuts. It is people live their committed, resolute, it comes to our the only way we best possible lives. determined and customers, the know to show you Our work is never Annual Report and Financial Statements 2019 Statements Report and Financial Annual purposeful in what sensible thing is the the respect you done and we do it we do. right thing. deserve. for good. Purpose Vision Core Values (Mission) To be the leader in Lead with Courage and Serve with Pride client-centric wealth Sanlam Kenya Plc Respect, Nurture and Care creation, management Act with Integrity and Accountability is committed to help and protection. Guard our stakeholders’ Trust create a world worth living in and enable Drive Innovation and Superior Performance people to live the best possible life within it. 4 EVERY PROMISE NEEDS A Keeper We are determined We are solid We do it very, We do it and resolute and sensible very well for good For over 100 years, We take pride in our We do what we do We desire to we have been solid nature - we exceptionally well. make a real and Vision, Mission and Values doing business with choose functional Our approach is positive difference readiness, resolve over fancy and we methodical and - to create lasting and deep-rooted don’t do window thorough, we take value that enables conviction. We are dressing. When no shortcuts. It is people live their committed, resolute, it comes to our the only way we best possible lives. determined and customers, the know to show you Our work is never purposeful in what sensible thing is the the respect you done and we do it 2019 Statements Report and Financial Annual we do. right thing. deserve. for good. Purpose Vision Core Values (Mission) To be the leader in Lead with Courage and Serve with Pride client-centric wealth Sanlam Kenya Plc Respect, Nurture and Care creation, management Act with Integrity and Accountability is committed to help and protection. Guard our stakeholders’ Trust create a world worth living in and enable Drive Innovation and Superior Performance people to live the best possible life within it. 5 ABOUT US EVERY PROMISE NEEDS A Keeper To our investors and stakeholders anlam Kenya, formerly Pan Africa Insurance Holdings, Sanlam operates through a number of subsidiaries, associated companies and joint ventures. Sanlam Life is the Nairobi Securities Exchange that provides a the largest operating subsidiary and the holding company 44 S of most of Sanlam’s operations in emerging markets. Globally, Sanlam is the distinctive Kenyan market needs. one of the 50 largest Sanlam has a decentralised management structure and internationally active Through its subsidiaries Sanlam Life Insurance Limited and insurance groups Sanlam General Insurance Limited, Sanlam Kenya is well Personal Finance, Sanlam Emerging Markets, Sanlam in the world with E E C positioned to meet unique client needs in the General and Investment Group, Santam and Sanlam Corporate. The a presence in 44 X C E N E L L Customer Life Insurance space. countries. solutions to individual and institutional clients across all Founded on a rich heritage and good corporate citizenship, market segments. Sanlam’s areas of expertise include Sanlam Kenya currently features a branch network of 22 client experience centres across Kenya’s major towns. The investments and wealth. Excellence insurance industry in Kenya, serving 99,401 policyholders The Group also has stakes in operations based in under individual life and 236,507 under group life. Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, Globally, Sanlam is one of the 50 largest internationally active Kenya, Nigeria, Morocco, Angola, Algeria, Tunisia, Ghana, Annual Report and Financial Statements 2019 Statements Report and Financial Annual It has been our quest to transform into an 6% insurance groups in the world with a presence in 44 countries. Niger, Mali, Senegal, Guinea, Burkina Faso, Côte d’Ivoire, The firm enjoys an organisation that guarantees excellent client Our vision is to be the leader in client-centric wealth creation, Togo, Benin, Cameroon, Gabon, Republic of the Congo, estimated market management and protection, to be a leading player in Pan- Madagascar, Lebanon, Saudi Arabia, India, Malaysia and share of 6% in service and offers great products. Going forward, we the United Kingdom and has interests in the USA, Australia, the Kenyan life Burundi, Lesotho and the Philippines. insurance industry, will focus on accelerated organic business growth, serving 99,401 policyholders under while pursuing a market leadership position through individual life and 236,507 under group high quality and differentiated service provision. life. Through its subsidiaries Sanlam Life Insurance Limited and Sanlam General Insurance Limited, Sanlam Kenya is well positioned to meet unique client needs in the General and Life Insurance space. 6 ABOUT US EVERY PROMISE NEEDS A Keeper To our investors and stakeholders anlam Kenya, formerly Pan Africa Insurance Holdings, Sanlam operates through a number of subsidiaries, associated companies and joint ventures. Sanlam Life is the Nairobi Securities Exchange that provides a the largest operating subsidiary and the holding company 44 S of most of Sanlam’s operations in emerging markets. Globally, Sanlam is the distinctive Kenyan market needs. one of the 50 largest Sanlam has a decentralised management structure and internationally active Through its subsidiaries Sanlam Life Insurance Limited and insurance groups Sanlam General Insurance Limited, Sanlam Kenya is well Personal Finance, Sanlam Emerging Markets, Sanlam in the world with E E C positioned to meet unique client needs in the General and Investment Group, Santam and Sanlam Corporate. The a presence in 44 X C E N E L L Customer Life Insurance space. countries. solutions to individual and institutional clients across all Founded on a rich heritage and good corporate citizenship, market segments. Sanlam’s areas of expertise include Sanlam Kenya currently features a branch network of 22 client experience centres across Kenya’s major towns. The investments and wealth. Excellence insurance industry in Kenya, serving 99,401 policyholders The Group also has stakes in operations based in under individual life and 236,507 under group life. Namibia, Botswana, Swaziland, Zimbabwe, Mozambique, Mauritius, Malawi, Zambia, Tanzania, Rwanda, Uganda, Globally, Sanlam is one of the 50 largest internationally active Kenya, Nigeria, Morocco, Angola, Algeria, Tunisia, Ghana, It has been our quest to transform into an 6% 2019 Statements Report and Financial Annual insurance groups in the world with a presence in 44 countries. Niger, Mali, Senegal, Guinea, Burkina Faso, Côte d’Ivoire, The firm enjoys an organisation that guarantees excellent client Our vision is to be the leader in client-centric wealth creation, Togo, Benin, Cameroon, Gabon, Republic of the Congo, estimated market management and protection, to be a leading player in Pan- Madagascar, Lebanon, Saudi Arabia, India, Malaysia and share of 6% in service and offers great products. Going forward, we the United Kingdom and has interests in the USA, Australia, the Kenyan life Burundi, Lesotho and the Philippines. insurance industry, will focus on accelerated organic business growth, serving 99,401 policyholders under while pursuing a market leadership position through individual life and 236,507 under group high quality and differentiated service provision. life. Through its subsidiaries Sanlam Life Insurance Limited and Sanlam General Insurance Limited, Sanlam Kenya is well positioned to meet unique client needs in the General and Life Insurance space. 7 Company information Principal place of business Company secretary Sanlam Tower, Waiyaki Way, Westlands Emma Wachira P.O Box 44041 - 00100 Sanlam Tower Nairobi Waiyaki Way Westlands Registered office P.O. Box 44041 - 00100 LR No. 1870/V/72 Nairobi Sanlam Tower, Waiyaki Way, Westlands P.O. Box 44041 - 00100 Independent auditor Nairobi PricewaterhouseCoopers LLP PwC Tower, Waiyaki Way/Chiromo Road Principal Bankers Westlands Barclays Bank of Kenya Limited P.O. Box 43963 - 00100 Barclays Plaza Nairobi P.O. Box 46661 - 00100 Nairobi Legal advisers Kaplan & Stratton Advocates Standard Chartered Bank of Kenya Williamson House, 4th Ngong Avenue Annual Report and Financial Statements 2019 Statements Report and Financial Annual Limited Nairobi Kenyatta Avenue P.O. Box 30001 - 00100 Muriu Mungai Advocates Nairobi MMC Arches Spring Valley Crescent Co-operative Bank of Kenya Limited Nairobi Ukulima Branch P.O. Box 74956 - 00200 Simba & Simba Advocates Nairobi 6th Floor, Finance House Loita Street Family Bank Limited Nairobi Kenyatta Avenue Branch P.O. Box 74145 - 00200 Ayugi & Njonjo Advocates Nairobi 4th Floor, Capital Hill Square, Upper Hill Nairobi National Bank of Kenya Limited Kenyatta Avenue Waruhiu & Company Advocates P.O.