Africa-Press – Tanzania. SANLAM Tanzania life insurance pre-tax profit has tremendously increased by over 80 per cent last year, thanks to growing life business.
The life insurer firm, opened doors in Tanzania over a decade and half ago, posted a pre-tax profit of 10.9bn/- last year compared to 6.01bn/- in 2019.
Sanlam, the first specialist life insurer in the country, attributed the stellar profit mainly to net premiums that recorded an increase of 17.5 per cent.
The largest life insurer in the country said in its financial statements that the net premiums rose to 85.05bn/- last year from 72.4bn/- in the previous year.
Also, the firm, with six branches in the country, noted that investment and other incomes have increased by almost three times to rake in 14.64bn/- compared to 6.24bn/- in the previous year.
The firm total income, life business plus other incomes, came to 99.69bn/- up from 78.65bn/- while earnings from policy benefits recovered from reinsurers almost doubled to 4.06bn/-.
However, the total income for the year was eaten by total expenses which rose to 88.79bn/- from72.63bn/-.
The firm, which is said to be controlling over 50 per cent of life insurance market share, doubled its net profit to 8.12bn/- from 4.11bn/-.
The firm said its life business Insurance had grown to become the number one life insurer, holding a 70 per cent market share of corporate business.
“We are also the leading insurer by profitability among all 28 insurance companies in Tanzania, and cover more than 3, 000, 000 lives,” the firm wrote in its website.
Last December, Sanlam and CRDB bank, partnered to offer farewell and body repatriation covers to its active account holders of the lender without additional costs.
The product, Kava Assurance, offers a funeral cover, a permanent disability cover and body repatriation.
Kava Assurance provides tokens to CRDB account holder or spouse once a customer passes away or in case of a permanent disability of between 2m/- and 5m/-.
Sanlam has six branches in Dar es Salaam, Mwanza, Arusha, Unguja, Pemba and Mbeya. It is the leading life insurer in the country with an A+ rating by Global Credit Rating Company (GCR).
In addition to life cover, the insurer offers, a group funeral— last expense—policy which may cover employees, their spouses and children depending on the employer’s preference.
The policy enables employers, co-operative societies, welfare societies, and other affinity groups to provide means of financing funeral expenses when a member passes away.
