Equity insurance unit nearly triples nine-month profit to Sh1bn

Equity CEO James Mwangi

Equity Group CEO James Mwangi.

Photo credit: File | Nation Media Group

Equity Group life insurance subsidiary's pre-tax profit for nine months ended September, rose 2.8 times to Sh1.07 billion on increased revenue, beating some of its banking operations.

At Sh1.07 billion, the pre-tax profit of Equity Life Assurance Kenya, which Equity Group owns fully, through Equity Group Insurance Holdings, has overtaken Equity Bank Tanzania (Sh0.9 billion) and Equity Bank South Sudan (Sh0.8 billion) on gross profits.

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Note: The results are not exact but very close to the actual.