× Business BUSINESS MOTORING SHIPPING & LOGISTICS DR PESA FINANCIAL STANDARD Digital News Videos Health & Science Lifestyle Opinion Education Columnists Moi Cabinets Arts & Culture Fact Check Podcasts E-Paper Lifestyle & Entertainment Nairobian Entertainment Eve Woman Travelog TV Stations KTN Home KTN News BTV KTN Farmers TV Radio Stations Radio Maisha Spice FM Vybez Radio Enterprise VAS E-Learning Digger Classified Jobs Games Crosswords Sudoku The Standard Group Corporate Contact Us Rate Card Vacancies DCX O.M Portal Corporate Email RMS
×

GA Insurance weather Covid-19 storm to post marginal decline in profit

WORK LIFE
By Macharia Kamau | April 28th 2021
By Macharia Kamau | April 28th 2021
WORK LIFE

NAIROBI, KENYA: GA Insurance has reported a Sh1.02 billion profit after tax in the year to December 2020, a marginal decline from Sh1.05 billion the insurer made in 2019 - weathering the shocks caused by Covid-19.

The insurer’s gross written premiums increased 19.6 per cent to Sh8.35 billion in 2020 compared to Sh6.98 billion in 2019.

The increase in the revenues was however affected by higher operational expenses, which went up to Sh6 billion from Sh4.9 billion. The expenses include claims paid to policyholders that went up to Sh5.72 billion from Sh4.99 billion as well as commissions paid to agents.

The company in September last year launched a Covid-19 product, which offers Sh100 000 to holders who contract Covid-19. This was at a time when most insurers avoided offering products covering the disease or altering existing products to cover Covid-19.

Covid 19 Time Series

 

Share this story
Fisher folk to receive Sh1.76b compensation over Lamu Port
The process to compensate fishermen affected by the construction of the Lamu Port Sh1.76 billion has started after a long wait.
CS Najib Balala summoned over stalled project
There have been reports of cut-throat competition between agencies under the Ministry of Tourism.
.
RECOMMENDED NEWS
Feedback