UAP Insurance registers Ksh. 720M net profit in FY2020 results
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UAP Insurance has reported a 13% growth in gross premium of Ksh. 10.61 billion in 2020 compared to Ksh. 9.37 billion in 2019, while the net premiums increased by 8%. Claims ratio improved from 67% in prior year to 65% in 2020. This growth is attributed to the company’s focus on profitable business growth as well as transformative claims cost management initiatives undertaken.
UAP Insurance Kenya recorded a Ksh. 720 million profit before tax compared to Ksh. 1.249 billion from the previous year. This was a 42% decrease compared to 2019, driven largely by poor performance from equities. During the year, equities recorded one of the worst performances worldwide as foreign investors withdrew capital flows from the market fearing a market collapse, leading to significant reduction in the securities prices traded at the Nairobi Securities Exchange (NSE).
April 4th 2021 at 18:55:42 GMT +0300
Nine out of ten businesses in Kenya are family-owned. Most of them are small, table-top enterprises with family members as the only employees.
Available data shows that they contribute about 60 per cent of employment in Kenya, which is huge. Unfortunately, if a family owned business survives the problems associated with early deaths of Kenyan start-ups, they tend to die with the founder.
Many businesspeople prefer to bequeath their estates to their children expecting them to flawlessly pass on the baton to their grandchildren and great grandchildren, believing that only their bloodline will protect their vision. Most times, they are dead wrong.
THE STANDARD By
Economy Desk |
April 4th 2021 at 09:10:00 GMT +0300
Nine out of 10 businesses in Kenya are family-owned. Most of them are small, table-top enterprises with family members as the only employees.
Available data shows that they contribute about 60 per cent of employment in Kenya, which is huge. Unfortunately, if a family owned business survives the problems associated with early deaths of Kenyan start-ups, they tend to die with the founder.
Many businesspeople prefer to bequeath their estates to their children expecting them to flawlessly pass on the baton to their grandchildren and great grandchildren, believing that only their bloodline will protect their vision. Most times, they are dead wrong.
APA Insurance wins Insurance category in the FiRe Awards 2020
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APA Insurance has won the top prize in the insurance category in this year’s Financial Reporting (FiRe) Awards 2020. The theme for the awards was
Financial Reporting Excellence in a Disruptive Environment. This year’s award ceremony was held virtually, in line with the set COVID-19 health protocols.
The annual awards are aimed at promoting excellence in financial reporting. It highlights efforts in enhancing accountability, transparency and integrity. The FiRe Awards are the most prestigious and coveted Awards for financial reporting in East Africa.
APA Insurance’s Chief Finance Officer, John Kigochi, received the award from the Chief Executive Officer of the Capital Markets Authority, Mr. Wycliffe Shamiah during the 19th edition of the FiRe Awards 2020.
NSE sheds Sh89bn in the first week of fresh Covid curbs
Monday April 05 2021
The market capitalisation reduced by Sh89.38 billion, closing Thursday trading at Sh2.468 trillion.
NSE was on an upward, having hit a 15-month high of Sh2.598 trillion on March 23 but the roll-out of State restrictions hurt prospects of various sectors
Nairobi Securities Exchange (NSE) stocks posted the largest weekly loss since the start of the year as investors reacted to fresh lockdown and longer curfew hours introduced to stem the spread of Covid-19 infections.
The market capitalisation reduced by Sh89.38 billion, closing Thursday trading at Sh2.468 trillion as Safaricom #ticker:SCOM, East Africa Breweries Limited #ticker:EABL (EABL) and the big banks led in shedding value.