Mugo Kibati has communicated his imminent departure to the company’s staff.
Sanlam had hired Mr Kibati to replace Tom Gitogo who resigned in September 2014 and was later appointed chief executive of rival CIC Insurance Group.
Mr Kibati’s term has been marked by increased competition in Sanlam’s mainstay life business where it used to be one of the biggest players.
Sanlam Kenya’s #ticker:PAFR chief executive Mugo Kibati is set to leave the insurer at the end of this month after serving for three years.
Mr Kibati, who has held multiple executive roles in the government and the private sector, joined the Nairobi Securities Exchange-listed firm in February 2015. The outgoing CEO has communicated his imminent departure to the company’s staff, the Business Daily has learnt.
Mr Kibati declined to comment on the matter which was yet to be communicated officially by Friday evening.
Sanlam had hired Mr Kibati to replace Tom Gitogo who resigned in September 2014 and was later appointed chief executive of rival CIC Insurance Group #ticker:CIC.
Mr Kibati’s term has been marked by increased competition in Sanlam’s mainstay life business where it used to be one of the biggest players.
The company has since been overtaken by Britam and Jubilee in the segment in gross premiums, according to industry statistics.
Mr Kibati also sought to grow the company’s market share in general insurance, a segment Sanlam exited in 2011 only to re-enter by acquiring Gateway Insurance in 2015.
The acquisition has not paid back as expected, with the insurer writing off 61 per cent of the cumulative Sh914 million it spent to acquire a 68 per cent stake in the subsidiary. Gateway currently contributes about five per cent of the group’s pre-tax earnings.
Sanlam reported a net profit of Sh90.5 million in the half year ended June 2017, reversing a net loss of Sh128.3 million the year before.
The performance benefited from higher fair value gains in its investment portfolio and lower insurance liabilities.
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Note: The results are not exact but very close to the actual.
