SLAM — Sanlam Allianz Holdings (Kenya) Plc

Graham's number is √(22.5 × EPS × BVPS): a P/E ceiling of 15 times a P/B ceiling of 1.5, applied to one year's earnings and book value. The Graham number primer works through it. It is a computation, not a recommendation.

Tests: Graham's criteria, with GrowingGrass insurer tests in place of financial strength. Sanlam Allianz Holdings, formerly Sanlam Kenya, owns Sanlam Allianz Life Insurance (Kenya) and, until the 2025 transfer of its general insurance business to Jubilee Allianz General, a general insurer. GrowingGrass tests its size by insurance revenue, and its strength by whether investments and cash cover insurance contract liabilities and by borrowings against shareholders' funds. The group reports insurance and reinsurance contract liabilities on one line, so the reserve-cover test reads the two together. A rights issue in 2025 took the shares from 144,000,000 to 543,420,000, which leaves the earnings per share of the two years on different share bases.

Fiscal year

six months to 30 Jun 2026

Interim: six months to 30 Jun 2026, unaudited. Earnings use the trailing twelve months to Jun 2026, built from reported half-year and full-year figures. Every test below is flagged interim and will be replaced when the full year is published.

√(22.5 × 1.98 × 8.75) = 19.74

The Graham number for the twelve months to Jun 2026, from trailing-twelve-month EPS and BVPS at the period end. Tap a figure below for its source and date.

Discount to Graham number: +52.9% at the results-day price of 9.30. Positive means the price was below the Graham number; negative means above.

The figures

Per share (KES)

Earnings (EPS) (6 months): 0.22
six-month figure as printed, not annualised; profit attributable to equity holders 118,008k over 543,420,000 shares. Diluted EPS is 0.18 over 644,000,000 shares. The trailing twelve months mixes share bases, because FY2025's basic EPS of 2.01 rests on a weighted average of about 411m shares: twelve-month attributable profit of 893,072k over the current 543.4m shares is 1.64 per share, which would put the Graham number at 17.97 and the discount at +48.2% · basic · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Book value (BVPS): 8.75
shareholders' fund, excluding the non-controlling interest of 122,195k · attributable · computed: shareholders' fund 4,752,954k ÷ 543,420,000 shares, Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Dividend (DPS): Not compiled
Price on results day: 9.30
NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no announcement date; the PDF was created on 11 Aug 2026 at 14:48, during trading · NSE daily price list 2026-08-11, p.1 · 11 Aug 2026

Size and balance sheet

Insurance revenue (6 months): 2,195.8
insurance revenue from continuing operations · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Total assets: 40,313.0
Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Investment assets: 37,332.1
financial assets 34,906.4m plus investment properties 2,425.7m · computed from Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Cash and bank balances: 1,320.0
cash and cash equivalents · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Insurance contract liabilities: 31,728.0
insurance and reinsurance contract liabilities, which the group reports on a single line · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Total borrowings: 1,437.6
Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Shareholders' equity: 4,753.0
shareholders' fund; total capital and reserves including the non-controlling interest were 4,875.1m · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
KES per US$: 129.38
CBK daily exchange rates (mean) · 11 Aug 2026

Computed

EPS, trailing twelve months: 1.98
attributable · computed: H1 FY2026 EPS 0.22 + FY2025 2.01 − H1 FY2025 0.25 · 21 Apr 2026
Insurance revenue, trailing twelve months: 4,437.0
computed: H1 FY2026 insurance revenue 2,195.8m + FY2025 4,413.2m − H1 FY2025 2,172.0m · 21 Apr 2026
EPS, three-year average: Not compiled
P/E on three-year EPS: Not compiled
P/B: 1.06
computed: price ÷ BVPS · 11 Aug 2026
Dividend yield: Not compiled
Borrowings ÷ equity: 0.30×
computed: total borrowings ÷ shareholders' equity · 11 Aug 2026
Return on equity: Not compiled
Price ÷ Graham number: 0.47×
computed: price ÷ Graham number · 21 Apr 2026
Discount to Graham number: +52.9%
computed: (Graham number − price) ÷ Graham number · 21 Apr 2026

Graham's tests

1
Adequate size
GrowingGrass adaptation
Graham's size test uses annual sales. GrowingGrass uses an insurer's insurance revenue in its place, against Graham's US$100m floor.
Insurance revenue of at least US$100m
Interim
Not met
Adequate sizeNot met
Insurance revenue of at least US$100m · Interim: earnings on trailing twelve months
- Insurance revenue KES 4,437.0m ÷ 129.38 KES per US$ = US$34.3m
- US$34.3m against a floor of US$100mfalls short
2
Reserve cover
GrowingGrass adaptation
Graham gave no financial-strength test for insurers (The Intelligent Investor, 1973, chapter 14). An insurer's first obligation is to its policyholders, so GrowingGrass tests whether the investments and cash it holds cover the liabilities on its insurance contracts.
Investments and cash at least equal to insurance contract liabilities
Interim
Met
Reserve coverMet
Investments and cash at least equal to insurance contract liabilities · Interim: earnings on trailing twelve months
- Investments 37,332.1m + cash 1,320.0m = 38,652.1m
- 38,652.1m against insurance contract liabilities of 31,728.0m: 1.22× covermeets
3
Borrowings
GrowingGrass adaptation
Graham gave no financial-strength test for insurers (The Intelligent Investor, 1973, chapter 14). Graham allowed a public utility debt of up to twice its equity. An insurer already carries policyholder liabilities, so GrowingGrass holds its borrowings to no more than its equity.
Borrowings no more than shareholders' equity at book value
Interim
Met
BorrowingsMet
Borrowings no more than shareholders' equity at book value · Interim: earnings on trailing twelve months
- Borrowings 1,437.6m against shareholders' equity of 4,753.0mmeets
Earnings stability
Positive EPS in each of the past 10 years
Interim
No result: data not compiled
Earnings stabilityNo result: data not compiled
Positive EPS in each of the past 10 years · Interim: earnings on trailing twelve months
EPS positive in 1 of 10 years
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2020
not held
not held
12m to Jun 2021
not held
not held
12m to Jun 2022
not held
not held
12m to Jun 2023
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
1.98
positive
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2020, EPS for 12m to Jun 2021, EPS for 12m to Jun 2022, EPS for 12m to Jun 2023, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
5
Dividend record
A dividend paid in each of the past 20 years
Interim
Not met
Dividend recordNot met
A dividend paid in each of the past 20 years · Interim: earnings on trailing twelve months
Dividend paid in 0 of 20 years (FY2007–FY2026)
- No dividend in FY2025falls short
Still needed: DPS for FY2007, DPS for FY2008, DPS for FY2009, DPS for FY2010, DPS for FY2011, DPS for FY2012, DPS for FY2013, DPS for FY2014, DPS for FY2015, DPS for FY2016, DPS for FY2017, DPS for FY2018, DPS for FY2019, DPS for FY2020, DPS for FY2021, DPS for FY2022, DPS for FY2023, DPS for FY2024, DPS for FY2026.
Earnings growth
EPS up at least one-third over 10 years, on three-year averages
Interim
No result: data not compiled
Earnings growthNo result: data not compiled
EPS up at least one-third over 10 years, on three-year averages · Interim: earnings on trailing twelve months
12m to Jun 2017
not held
not held
12m to Jun 2018
not held
not held
12m to Jun 2019
not held
not held
12m to Jun 2024
not held
not held
12m to Jun 2025
not held
not held
12m to Jun 2026
1.98
Still needed: EPS for 12m to Jun 2017, EPS for 12m to Jun 2018, EPS for 12m to Jun 2019, EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
Moderate P/E
Price no more than 15 × three-year average EPS
Interim
No result: data not compiled
Moderate P/ENo result: data not compiled
Price no more than 15 × three-year average EPS · Interim: earnings on trailing twelve months
Still needed: EPS for 12m to Jun 2024, EPS for 12m to Jun 2025.
8
Moderate P/B
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5
Interim
Met
Moderate P/BMet
Price no more than 1.5 × BVPS, or P/E × P/B no more than 22.5 · Interim: earnings on trailing twelve months
- Price 9.30 ÷ BVPS 8.75 = 1.06
- 1.06 against a ceiling of 1.5meets

Sources and notes

Book value (BVPS): attributable · computed: shareholders' fund 4,752,954k ÷ 543,420,000 shares, Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (shareholders' fund, excluding the non-controlling interest of 122,195k)
Price on results day: NSE daily price list 2026-08-11, p.1 · 11 Aug 2026 (NSE daily price list VWAP, the exchange's official end-of-day price. The results carry no announcement date; the PDF was created on 11 Aug 2026 at 14:48, during trading)
Total assets: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Investment assets: computed from Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (financial assets 34,906.4m plus investment properties 2,425.7m)
Cash and bank balances: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (cash and cash equivalents)
Insurance contract liabilities: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (insurance and reinsurance contract liabilities, which the group reports on a single line)
Total borrowings: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026
Shareholders' equity: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (shareholders' fund; total capital and reserves including the non-controlling interest were 4,875.1m)
KES per US$: CBK daily exchange rates (mean) · 11 Aug 2026
EPS, 6 months to 2026-06-30: basic · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (six-month figure as printed, not annualised; profit attributable to equity holders 118,008k over 543,420,000 shares. Diluted EPS is 0.18 over 644,000,000 shares. The trailing twelve months mixes share bases, because FY2025's basic EPS of 2.01 rests on a weighted average of about 411m shares: twelve-month attributable profit of 893,072k over the current 543.4m shares is 1.64 per share, which would put the Graham number at 17.97 and the discount at +48.2%)
EPS, same 6 months a year earlier: basic · Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (six months to 30 Jun 2025 as printed in the 2026 results, on 210,570,000 weighted average shares; re-presented for discontinued operations)
Insurance revenue, 6 months to 2026-06-30: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (insurance revenue from continuing operations)
Insurance revenue, same 6 months a year earlier: Unaudited group's financial results for the period ended 30 Jun 2026, p.1 · 11 Aug 2026 (insurance revenue; six months to 30 Jun 2025 as re-presented in the 2026 results)