• News
    • Business
    • Economy
  • Technology
    • BioTech
    • Emerging Health Tech
    • Fintech
    • Innovation
  • Investors
    • Corporate Titans
    • Smart Women
    • SMEs
  • Smart Planet
    • Climate Champion
    • Critical Minerals
    • E-mobility
    • Green Energy
  • Media
    • Entertainment
    • Gaming
  • Reviews
    • Apps
    • Gadgets
  • Opinion
  • Africa
    • Rest of World
Menu
  • News
    • Business
    • Economy
  • Technology
    • BioTech
    • Emerging Health Tech
    • Fintech
    • Innovation
  • Investors
    • Corporate Titans
    • Smart Women
    • SMEs
  • Smart Planet
    • Climate Champion
    • Critical Minerals
    • E-mobility
    • Green Energy
  • Media
    • Entertainment
    • Gaming
  • Reviews
    • Apps
    • Gadgets
  • Opinion
  • Africa
    • Rest of World
Home Corporate

Absa Life Assurance Kenya net profit surges 84% to KES 245 million

A 45 percent growth in gross written premiums- from government scheme, Education policy and corporate business-was biggest driver

by Reporter
May 4, 2022
in Corporate
Reading Time: 1 min read
A A
23
SHARES
69
VIEWS
Share on FacebookShare on Twitter

Absa Life Assurance Kenya (Absa Life), a subsidiary of Absa Group Limited, has recorded an 84% growth in profit after tax to KES 245 million for the period ended December 31, 2021, driven by strong growth in premiums.

For the period, Absa Life’s gross written premium of KES 5.5 billion was 45% higher, on the account of business from the Government scheme, Education policy and growing Corporate Business.

Assets grew from KES 6 billion in 2020 to KES 7.6 billion in 2021, a 25% increase. The largest increase was in investments closing at KES 5.9 billion from KES 4.6 billion in 2020, a 29% growth. Absa Life continues to maintain a strong capital position.

Similar Stories You May Like

Young homeowners snap up modern, affordable units as Rocksand Homes Launches Plains View Phase 2

Why Kenya is selling stakes in 35 state-owned companies?

Kenyan chef Maliha sets Guinness World Record for longest solo cooking

While commenting on the financial results, Absa Life’s Managing Director Githanji Waiguru said:
“We believe that every Kenyan should have access to insurance services, as they help them to secure a better future for themselves and their loved ones. We, therefore, continue to introduce innovative and diverse channels of delivery, including banc-assurance, agents, intermediaries, microfinance partners, SMS and USSD.”

Operating expenses grew slightly by 3% to KES 560 million on the account of premium levies & taxes, training as well as marketing & advertising.

These overruns were offset by savings in employee costs resulting from delayed replacements of staff.

“Looking ahead, IFRS 17 remains the most significant development for the insurance industry and is slated for implementation on 1st January 2023. The rollout of the standard will demand robust new systems and data capture processes, upskilling of our people and involvement of multiple stakeholders beyond those finance roles. As a business, we are on track towards the implementation of this major new standard,” Mr Waiguru added.

Share9Tweet6SendShare2ShareSend
Previous Post

Google taps Microsoft’s Nairobi boss Jack Ngare as its Technical director for cloud business

Next Post

Bamburi Cement full-year net profit hits KES 2.2 billion

Related Posts

Young homeowners snap up modern, affordable units as Rocksand Homes Launches Plains View Phase 2

November 28, 2024

VFS Global appoints new Chief Financial Officer

November 23, 2023

Skincare brand, CeraVe introduces acne treatment range in Kenya

November 9, 2023

Bluebird Aviation: We are ready to ease flight disruptions with charter flights

November 7, 2022
Next Post

Bamburi Cement full-year net profit hits KES 2.2 billion

From Left: LBank Chief Executive Officer, Allen Wei and Adanian Lab Chief executive and Co-Founder, John Kamara, during a live panel discussion to demystify Blockchain and Crypto technology in Africa

LBank, Adanian Labs partner to nature next generation of crypto-block chain developers

ADVERTISEMENT

GET UPDATED ON TWITTER

MOST READ STORIES

East African economy seen growing by 7% in 2024

November 9, 2023

Why Africa needs strong domestic corporate banks?

November 9, 2023

Kenya’s first low-cost smartphone plant roars to life

October 4, 2024

Bluebird Aviation: We are ready to ease flight disruptions with charter flights

November 7, 2022

FIND A STORY

No Result
View All Result

© 2023 Smart Investor

Site by Mark & Ryse

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.