Mayfair Insurance’s net profit rose by more than a third to Sh362 million in the year ended December on the back of increased income.
Total income rose by 13 per cent to Sh2.1 billon. Gross written premium grew from Sh2.4 billion to Sh3 billion, sending net earned premium to Sh1.4 billion.
Investment income grew by 12 per cent to Sh244 million, mainly coming from investments in property and equities.
Mayfair Insurance’s net profit rose by more than a third to Sh362 million in the year ended December on the back of increased income.
Total income rose by 13 per cent to Sh2.1 billon. Gross written premium grew from Sh2.4 billion to Sh3 billion, sending net earned premium to Sh1.4 billion.
Investment income grew by 12 per cent to Sh244 million, mainly coming from investments in property and equities.
However, during the period, claims paid rose by 21 per cent to Sh1.1 billion from Sh875 million. The firm operates in Kenya, Zambia, Tanzania, Rwanda and Uganda.
Mayfair closed the year with insurance contract liabilities valued at Sh1.84 billion, up from Sh1.74 billion in the previous year.
Claims ratio, which is the percentage of claims costs incurred in relation to the premiums earned, improved from 36 percent to 35 percent.
The performance of the privately-held Mayfair bucks the results published by most Nairobi Securities Exchange-listed insurers that have reported a mix of losses and profit declines.
The weaker earnings have been caused by several factors, including the bear run on the NSE and investments in corporate bonds that went into default.
Britam returned a loss of Sh2.2 billion while Sanlam posted Sh1.97 billion loss. UAP sunk into a Sh518 million loss, the first in about 10 years.
Kenya Re’s profit dipped by 36.4 per cent to Sh2.27 billion. CIC, however, saw a 31 per cent rise in profits to Sh625 million.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
