GA Insurance profit up 11 percent to Sh 1bn

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Increased income and muted rise in operating costs have seen GA Insurance up by 10.8 percent growth in net profit and a shot to Sh 1.05 billion for the general business. 

The gross premium growth is 10.6 percent to Sh 6.92 billion, while the investment income has an increase of 34 percent to Sh 2.04 billion. This has boosted the total revenue by 14 percent to Sh 6.27 billion.

The leading causes of the rise in expenses incurred are the claims and policyholder benefits that rose from Sh 4 billion to Sh 4.99 billion in all operations in Kenya, Uganda, and Tanzania.

There was a 55 percent to 59 percent growth in the gross claims ratio, which is a measure of all accumulated losses to total insurance premiums collected.

The total profits on financial assets moved from Sh 32 million to Sh 102.1 million, leaving the comprehensive income at Sh 118.9 million.

GA life posted during the same period a net profit of Sh 112.4 million from Sh 50 million posted earlier from a similar period, which is a clear more than double. 

The total income rose to Sh 1.2 billion from Sh 803 million, which is a 49 percent growth.

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About Author

Anthony Kiratu is the Founder of Finsolutions. He is a financial analyst with over 5 years experience in research, investment advisory, valuation and financial modelling. Anthony is a member of the Institute of Certified Investment and Financial Analysts and Institute of Certified Public Accountants of Kenya. He is passionate about development of African Capital Markets through training of investors and dissemination of information for sound financial and investment decision making process. He is also a part-time lecturer in the Certified Investment and Financial Analyst course in the subjects of International Finance, Portfolio Management, Equity Investment Analysis, and Fixed Income Securities. Email: anthony@finsolutions.co.ke Contact: +254 780216631

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