Sanlam Kenya appoints first woman CEO for listed insurer

Sanlam-Life-CEO-Stella-Njunge-flanked-by-Sanlam-Kenya-Group-CEO-Mugo-Kibati Sanlam Kenya appoints first woman CEO for listed insurer
Newly appointed Sanlam Life Chief Executive Officer Ms Stella Njunge consults with Sanlam Kenya Group CEO Mugo Kibati at the company’s offices in Nairobi. Photo / BUSINESS TODAY

Local non-bank financial solutions provider Sanlam Kenya has confirmed the appointment of Ms Stella Njunge as the Chief Executive Officer for its life business. The appointment is part of the Sanlam Kenya Group efforts to enhance its human capital profile to guarantee sustained growth.

The appointment also marks a historical milestone as she becomes the first professional lady to ascend to the helm of one of the six publicly listed life insurance companies in Kenya.

Sanlam Kenya Group CEO Mugo Kibati said Ms Njunge was picked following a highly competitive executive selection process.

“We are positive that Ms Njunge will play a key leadership role at Sanlam Life as part of our efforts to enhance our capacity to meet the prevailing market needs and opportunities,” Mr Kibati said, adding that, “As an equal opportunity employer, Sanlam Kenya is committed to fostering women in leadership as part of a salient corporate value.”

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A Fellow of the Life Management Institute (FLMI) Ms. Njunge, joins Sanlam Life from Liberty Life, where she has been serving as the firm’s General Manager in charge of Retail business. With a wealth of experience gained over a 16-year professional career having served in ICEALION as well as Senior Accounting positions in GA Insurance and CFC Life.

A Master of Business Administration (MBA) degree holder from Strathmore University, Ms Njunge is a Certified Public Accountant and Secretary (CPA (K) and CPS (K) qualifications) and also a B.Sc. degree in International Business Administration (Accounting) from the United States International University.

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Last year, Sanlam Life Insurance realised Ksh4.4 billion gross written premium as its investment portfolio earnings increased by 50% from Ksh1.4 billion in 2015 to Ksh2.1 billion in 2016 driven by good investment return from the interest bearing exposure.

Policyholder benefits increased from Ksh4 billion to Ksh4.3 billion attributable to maturities as well as an increase in annuity payments following strong new annuity business sales.