Net Profit of UAP Old Mutual increased from KSh 299.8 Million to KSh 1.2 Billion, an increase of 316 per cent.
The firm attributes the growth to increase in Investment Income which grew from KSh 735.2 Million to KSh 1.2 Billion while claims remained flat at KSh 6.4 Billion during the period under consideration.
The underwriter’s balance sheet grew from KSh 15.6 Billion to KSh 15.9 Billion in 2019 while the insurer earned a total income of KSh 9.7 Billion from KSh 8.8 Billion. Net earned premiums increased from KSh 8.3 Billion from KSh 8.1 Billion.
Net claims increased slightly from KSh 5.4 Billion to KSh 5.5 Billion. Shareholders’ funds declined from KSh 7.4 Billion to KSh 7.1 Billion.
Gross underwritten premiums increased from KSh 9.3 Billion to KSh 9.4 Billion as insurance firms compete for the small market that has low insurance penetration levels.
Three years ago,Old Mutual acquired a 60.66 percent shareholding in UAP Holdings. It later consolidated all its investments under UAP Old Mutual Group.