NAIROBI, Kenya, May 19 – Kenya Orient Insurance Ltd has announced a 15 percent increase in after tax profit for the year ending December 2008.
The insurance company’s profit went up from Sh15 million in 2007 to Sh17 million in 2008 against a backdrop of internal and external shocks experienced in the country, most notably the post election violence and the global economic turmoil.
“The growth is as a result of our continuous innovation in product design and customer focus,” said Virginiah Magondu, CEO Kenya Orient Insurance Ltd.
Gross premium income grew by 55 percent from Sh283 million in 2007 to Sh439 million in 2008.
Investment income went up 27 percent despite the poor performance of the financial markets in the year.
Claims payable increased by 44 percent, in tandem with growth in premiums.
The company’s total assets increased by 25 percent from Sh443 million in 2007 to Sh552 million, a fact that was attributed to an increase mainly in investments in government securities and deposits in financial institutions, which grew by 137 percent and 43 percent respectively.