Absa Life Assurance Kenya (Absa Life), an Absa Group subsidiary, has reported an increase in gross profit to KSh 862 million in 2023.
- Insurance services revenues rose 29% to KSh 5.9 billion while investment income increased by 27% to KSh 1.1 billion.
- The firm’s return on equity (ROE) was up 18% to 50.3%.
- The firm’s balance sheet size grew by 26% to KSh 11.5 billion while insurance contract liabilities increased by 21% to KSh 8.6 billion, owing to the firm’s acquisition of more policyholders.
“Absa Life continues to maintain a healthy quality of portfolio in the products we provide to the market and the policies that we underwrite, which is a clear testimony to the value we continue to drive both for our policyholders and the shareholders,” Principal Officer and Managing Director, Githanji Waiguru said.
The firm offers several financial products including banking, investment, and insurance services to customers. The underwriter commenced operations in 2015, after approvals from the Insurance Regulatory Authority (IRA), and has fully adopted the bancassurance distribution model.