Insurer grows premiums to Sh3b

Mayfair Insurance Company has reported growth in its local and regional operations for the period ending December 31, 2018.

Mayfair Kenya’s gross written premiums grew to Sh3 billion during the period under review, a 24 per cent growth compared to Sh2.4 billion in the previous year.

“Our performance underlines the continued loyalty of our customers in our products and services across the region which enabled us to record increased earnings in our Kenyan and regional businesses,” said Managing Director Joshua Chiira in a statement.

The company’s shareholders’ funds rose to Sh2.7 billion as of December 31, 2018, up from Sh2.2 billion in 2017, representing a 21 per cent growth.

Total assets, on the other hand, grew by 18 per cent to close at Sh6.3 billion during the period under review, up from Sh5.4 billion in 2017.

“In line with our vision to be recognised and distinguished as a reliable and innovative pan-African financial services leader, we are pleased with the results posted by our regional operations,” said Vishal Patel, the company’s chairman.

The insurer is the anchor shareholder of Mayfair Bank, Kenya, which commenced banking operations in August 2017.

During the period under review, South African credit rating firm Global Credit Ratings (GCR) upgraded the insurance company’s global credit rating to A (KE) outlook stable compared to the A (KE) rating in 2017.

The firm said the upgrade reflects its earnings capacity remaining at strengthened levels coupled with the maintenance of strong protection metrics.