This archive report was first published on 23 April 2020.
Mayfair Insurance has expanded its operations to the Democratic Republic of Congo, as part of its vision to be a Pan African financial services leader.
According to the company's chairman, Vishal Patel, the move is in line with the company's goal to increase its footprint across the continent.
Mayfair Insurance already operates in Kenya, Zambia, Rwanda, Uganda, and Tanzania.
For the year ended December 2019, the company posted a Sh359.5 million net profit, relatively flat compared with Sh361.8 million registered a year earlier.
However, the company's total income grew by 18 percent to Sh2.4 billion, lifted by higher written premiums and commissions earned.
Despite this growth, expenses rose by 22.8 percent to Sh1.95 billion, slowing down the bottom-line in the year the net claims and policyholders' benefits rose from Sh717.8 million to Sh941 million.
Mayfair's total profit and comprehensive income rose to Sh380.5 million from Sh367.8 million, supported by a rise in valuation of stock market investments.
Fair value gains on equity investment more than tripled to Sh17.3 million during the period.
Thursday, April 23, 2020
