General insurers’ net profit for the financial year ended December 2023 grew 35 percent to Sh13.33 billion as increased investment income helped offset the poor performance from the underwriting business in the review period.
The latest data from the Insurance Regulatory Authority (IRA) shows the net profit rose from Sh9.88 billion posted in the prior period, marking the third straight year of increasing profitability. Net profit had dropped by 45 percent to Sh4.9 billion in 2020 on the back of Covid-19 pandemic disruptions.
