During 2011, our gross earned premium income in the year reduced marginally by 4% to Shs 1.66 billion from 1.74 billion recorded in 2010, while our net earned premium remained steady at Shs. 1.23 billion. Investment income improved by 8% to Shs. 83 m while commissions earned in the year went up by 3% to Shs. 123 million. Net income earned for the year under review remained in tandem with 2010 at Shs. 1.43 billion.
As a result, net claims incurred reduced by 10% to Shs. 631 million down from Shs. 704 million recorded in 2010. Commission’s payable reduced by 12% from Shs. 163 Million to Shs. 143 Million in 2011. Our operating and other expenses grew marginally by 8% from Shs 529 million in 2010 to Shs 572 million in 2011. [/history][history date=”2012″ title=”Insights for the year 2012″ start=”yes”]The company balance sheet remained healthy during the year under review. The total assets at Shs. 2.135 billion compare reasonably well with 2010 whose asset base was Shs. 2.09 billion. In the year 2012, the company will focus on collecting receivables so as to further improve the cash position.
The shareholders increased paid up capital of the company through additional capital of Kshs 60 Million thereby increasing it to Kshs 500 million. The company continues to operate with share capital that is higher than the minimum capital requirement set by Finance Minister in June 2009 budget.[/history]
FIVE YEAR PERFORMANCE ANALYSIS
|TABLE||FINANCIAL HIGHLIGHTS - 5 YEARS|
|Ksh Millions||Ksh Millions||Ksh Millions||Ksh Millions||Ksh Millions|
|Net Earned Premium||1,223||1,323||1,611||1,936||2,279|
|Profit before Tax||82||96||145||143||177|
|Profit after Tax||43||67||133||103||139|
|Cash from operations||-13||191||135||284||264|
|Expenses of Management||533||494||582||800||833|