Kenindia profits increase

Kenindia Assurance, one of the country’s top composite insurers, has returned impressive results for the last financial year.

"According to the firm’s Managing Director, Mr Sadasiv Mishra, the firm’s General Insurance underwriting surplus rose to Sh136 million to register a growth of 135 per cent, while profit after tax rose to Sh262 million, reflecting a growth of 108 per cent. Overall, the company investment income registered a growth of 74.5 per cent.

In an interview with The Standard, Mishra said the firm’s investment income has grown substantially at Sh445 million, registering a growth of 90 per cent. On Life front, its long-term fund jumped to 22.39 per cent. The company declared a return on Retirement Benefit Scheme and Single Premium Plan at 11 per cent annually. It also declared reversionary bonus of Sh55 per thousand of Sum Assured on ‘with profit plan’ and Terminal Bonus of Sh20 per thousand on Sum Assured on ‘with profit plan’. The board, Mishra said, has proposed to issue bonus shares worth over Sh111 million in the ratio of 4:13 out of the company statutory reserves. The firm is also planning to expand into other African countries, especially in the East African region. It already operates in Tanzania by way of its subsidiary— Tanzindia Assurance Company Ltd.