Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
The company's Gross Written Premium increased to Sh1.1 billion compared to the Sh850 million recorded in 2011 - a 30 percent increase over the previous year/FELIX MAGARA

Kenya

ATI makes swapped loss for profit in 2012

The company's Gross Written Premium increased to Sh1.1 billion compared to the Sh850 million recorded in 2011 - a 30 percent increase over the previous year/FELIX MAGARA

The company’s Gross Written Premium increased to Sh1.1 billion compared to the Sh850 million recorded in 2011 – a 30 percent increase over the previous year/FELIX MAGARA

NAIROBI, Kenya, May 15 – The African Trade Insurance Agency (ATI) has announced a 342 percent jump in net profit at Sh51 million for the year ended 2012 marking a turnaround from a Sh21 million loss experienced in 2011.

The company’s Gross Written Premium increased to Sh1.1 billion compared to the Sh850 million recorded in 2011 – a 30 percent increase over the previous year.

Africa Trade Insurance Agency Chief Executive Officer George Otieno said that the financial improvements reflect the company’s efforts on cost containment, aggressive marketing and shrewd management of its investment portfolio.

“We are gratified that the cost containment strategy we implemented two years ago along with our new investment policy that emphasises diversification is now bearing fruit,” Otieno said.

The Gross Exposure (the sum insured) posted a figure of Sh60 billion ($706 million), a 19 percent increase over 2011.

ATI has also built into its balance sheet a Sh93.5 million ($1.1million) claims reserve.

“In the next 12 months the company plans to roll out a number of initiatives to help drive growth and increase its profitability,” he revealed.

Key among them is the implementation of an underwriting system, which allows the company to produce a greater amount of policies with a decrease in turn-around time and the ability to create a database of credible and accurate data.

ATI also plans to expand its credit insurance business by providing financial products to banks, local companies and the local branches of multinationals through stepped-up marketing efforts within its member countries.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...