NCBA IG Insurance, formerly AIG Kenya, has posted a net profit of KSh 186.7 million, up from KSh 32.4 million a year earlier, for the year ended 31 December 2024.
- •Insurance revenue rose modestly by 1.7% to KSh 3.45 billion, but the insurer delivered strong underwriting gains, with its insurance service result surging 204% to KSh 486.8 million.
- •This was attributed to better claims management, reinsurance optimization, and a strategic realignment of risk pricing models.
- •On investments, net financial results improved by 47.8% to KSh 545.3 million, boosted by higher returns from government securities and structured reinsurance finance income.
The operational gains translated into a significant bottom-line improvement with profit before tax rising over sixfold to KSh 273.8 million, and net profit after tax jumping by 476.5% to KSh 186.7 million.
Total comprehensive income, including fair value gains, hit KSh 280 million, compared to a loss of KSh 31.6 million in 2023.
NCBA IG Insurance – FY2024 Key Financial Metrics
| Metric | 2024 | 2023 | YoY Change (%) |
|---|---|---|---|
| Insurance Revenue | KSh 3.45 B | KSh 3.39 B | ▲ 1.7% |
| Insurance Service Result | KSh 486.8 M | KSh 160.1 M | ▲ 204% |
| Net Financial Result | KSh 545.3 M | KSh 368.9 M | ▲ 47.8% |
| Profit Before Tax | KSh 273.8 M | KSh 37.2 M | ▲ 635% |
| Net Profit | KSh 186.7 M | KSh 32.4 M | ▲ 476.5% |
| Total Comprehensive Income | KSh 280.0 M | (KSh 31.6 M) | ↗ Turnaround |
| Earnings Per Share (EPS) | KSh 6.22 | KSh 1.08 | ▲ 476% |
While total assets declined slightly to KSh 5.14 billion, primarily due to a strategic reduction in government securities, shareholders’ equity expanded by 14.4% to KSh 2.22 billion. The company also improved its capital adequacy ratio to 328% from 279% in the previous year.
Key financial ratios for FY2024 include:
- •Return on Equity (ROE): 9% (2023: 2%)
- •Return on Assets (ROA): 5% (2023: 1%)
- •Current Ratio: 118% (2023: 108%)
The insurer plans to scale its bancassurance model, deepen its presence in motor, health, SME, and digital insurance lines, and enhance customer experience through technology investments.
The insurer has proposed a final dividend of KSh 150 million.
