Mayfair Insurance realized a modest rise in net earnings to KSh Sh359.5 Million down from KSh361.8 Million the previous year.
This is as net claims and policyholders’ benefits increased from KSh 717.8 Million to KSh 941 Million, slowing down its net profits. Total expenses increased by 22.8 per cent to KSh 2.4 Billion.
The underwriter’s total profit and comprehensive income increased to KSh 380.5 million from KSh 367.8 Million. Fair value gains on equity investment more than tripled to Sh17.3 million during the period.
The management said its financial performance was boosted by health growth in Kenya and other regional subsidiaries. Mayfair’s slowed growth comes at a time when the underwriter has entered the Democratic Republic of Congo(DRC), where it has been licensed to a non-life insurance underwriting business.
Mayfair Insurance is domiciled in Kenya with subsidiaries in Zambia, Rwanda, Uganda and Tanzania.
It joins a long list of corporates that have ventured into the mineral-rich DRC, considered a new frontier for Kenya blue-chip firms. Other Kenyan insurers boasting of a regional presence include Jubilee, Britam and CIC Insurance companies.
The most recent transaction involves Equity Bank which last year acquired a stake in Banque Commerciale du Congo (BCDC), DRC’s second largest bank.
Established 15 years ago, Mayfair Insurance specializes in general insurance in Kenya except providing cover for public buses and matatus.
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