Absa Life Assurance Kenya (Absa Life) profit after tax increased by 70 percent to Kes416.6 million in 2022, a significant increase from Kes244.8 million recorded during the same period in 2021, driven by double-digit growth in all key revenue lines.
The company’s digital transformation agenda paid dividend with gross written premium rising 15 percent to Kes6.3 billion in the year under focus, up from Kes5.5 billion the previous year. As a result, net premium income increased by Kes495 million or 13 percent, to Kes4.3 billion, while investment income increased by Kes255 million or 42 percent to Kes849 million.
The company ended the year with assets worth Kes9.3 billion, a 22 percent increase. Absa Life’s Managing Director, Githanji Waiguru, said that the impressive financial performance is underpinned by consistent growth in key products, including the Endowment Plan, which was launched in April last year, driving significant business momentum in the three months to December.
A sustained push in other existing products such as Absa Life’s flagship Education Plan and Group Risk Cover where the company has maintained market leadership further reinforced the performance.
“The electioneering period, escalating inflation driven by fuel and food prices, and a volatile exchange rate environment all presented headwinds to business prospects,” Mr Waiguru said.