NAIROBI, Kenya, Apr 26-The Apollo Group, profit before tax has increased by 9% to Sh947 million, reflecting improved operational performance.
The group registered a 14% increase in premiums from Sh9.6 billion to Sh11 billion and grew its asset base from Sh23 billion in 2017 to Sh24 billion in 2018.
This has led to the company now declaring a Sh 600 million dividend to its shareholders.
APA Insurance grew by 15% reporting significant growth in its Gross Written Premiums (GWP) in 2018 to Sh9.56 Billion from Sh 8.30 billion in 2017. This is a 15% year on year growth against the insurance industry estimated the growth of 4% and now makes APA the third largest General Insurer in Kenya. APA posted Sh677 million in profit before tax. The total claims settled by the APA Insurance during the year were Sh6.54 billion compared to Sh6.38 billion in 2017.
APA Life Assurance has declared 10.25% to pension contributors which is one of the highest in the industry.
Commenting on the results, Apollo Group Chief Executive Officer Ashok Shah said the group’s performance is stable despite a challenging business environment.
“In 2018 the Group has delivered concrete results against the backdrop of a difficult business environment. We have achieved a growth in premiums and in solid investment returns when many of our peers have shown losses in both operational and investment returns,” he said.
Shah added the company will continue with its plan to expand in the East Africa region.
“APA Insurance is still the flagship and continues to grow and provides healthy dividends to the group with very strong ratios. The Group will continue to focus on growing APA Life Assurance and expanding APA Insurance’s general business in Uganda,” he said.
“This indeed is a testimony of our commitment over the long haul in this market. It is our vision to continue being at the forefront in insurance and investments in Kenya and other chosen markets. The Board and Management have agreed that the refreshed strategy of Insuring Happiness, with a greater focus on customer centricity, will position the company for further significant growth,” he said.