Absa Life Assurance Kenya Limited has posted a 70.2 percent rise in net profit for the year ended December 31, 2022, to Sh416.64 million from Sh244.85 million.
The growth in the profitability of the underwriter is largely attributable to improved business with the firm’s gross premiums topping Sh6.39 billion from Sh5.55 billion previously.
“Over the past five years, Absa Life has the highest cumulative annual growth rate at 33 percent in terms of gross written premium and a 15 percent growth for the 2022 financial year driven by increased sales," the company said in a trading statement on Tuesday.
Absa Life Assurance's gross written premium has grown from a base of just Sh1.8 billion in December 2018.
Equally, the underwriter has registered growth in both commissions earned and investment income with the pair closing the year at Sh343.2 million and Sh849 million respectively from Sh227.4 million and Sh594 million previously.
