NAIROBI, March 28 (Reuters) – Kenya’s CFC Insurance’s
pretax profit more than doubled to just over 1 billion
shillings ($12 mln) 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.
($1=83.0500 Kenyan shillings)
(Reporting by Kevin Mwanza; Editing by Duncan Miriri and Mike
Nesbit)
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