This archive report was first published on 27 April 2020.
GA Insurance has achieved a significant milestone in its financial performance, posting an 11pc growth in net profit to Sh1.05 billion for the year ended December 2019.
According to the company's financial reports, the growth in net profit was driven by increased income and a muted rise in operating costs.
The insurer's gross written premium grew by 10.6pc to Sh6.92 billion, while investment income rose by 34pc to Sh2.04 billion, boosting the top line.
GA Insurance's total income rose by 14pc to Sh6.27 billion, with claims and policy holder benefits being the key driver for the rise in expenses incurred by the insurer.
Despite total expenses rising by Sh539 million or 12pc to hit Sh4.86 billion during the period, the insurer's net profit remained strong.
GA Life, a subsidiary of GA Insurance, also posted a significant growth in net profit, more than doubling to Sh112.4 million from Sh50 million posted in the preceding similar period.
GA Insurance operates in Kenya, Uganda, and Tanzania, and its financial performance is a testament to the company's commitment to providing quality insurance services to its customers.
Published on April 27, 2020, 22:09.
