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Kenya's CFC Insurance 2011 profit doubles

PublishDate:2012-06-11 Source: Author:

NAIROBI (Reuters) - Kenya's CFC Insurance's pretax profit more than doubled to just over 1 billion shillings last year helped by a 33 percent rise in its gross premium revenue, it said on Wednesday.

The company, which was separated from CFC Stanbic Holdings last year, said the results showed resilience for a sector which has faces high interest rates and inflation as well as sluggish share performance.

Gross premiums rose to 6.4 billion shillings from 4.8 billion shillings, while basic and diluted earnings per share increased to 1.84 shillings from 0.54 in 2010.

CFC Insurance, which was listed on the Nairobi Securities Exchange in April last year, said the 2011 results consisted of eight months of Heritage Insurance and 12 months of CFC Life, its constituent units.

South Africa's Liberty Holdings, majority-owned by Africa's biggest bank by assets, Standard Bank, has a controlling stake in the company.

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