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Insurance companies in the life cover business saw their net profits triple in 2016 to Sh5.9 billion. The growth was driven by a jump in premiums, which grew from Sh61 billion in 2015 to Sh73 billion in 2016.
This is according to the 2016 industry performance report by the Insurance Regulatory Authority (IRA) that was released yesterday. However, companies offering the general insurance cover recorded a steep dip in net profits which went down by a third, from Sh7.6 billion in the previous year to Sh5 billion in the period under review.
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