Heritage Insurance reports Sh577m profit
NAIROBI, Kenya, Apr 30 – Heritage Insurance Company Kenya Limited has announced an after-tax profit of Sh577 million for the year ended December 31, 2017.
This is an increase of15.8 percent compared to Sh498 million reported at the end of 2016.
Total assets increased by 22 percent from Sh7.2 billion in 2016 to Sh8.8 billion last year.
“This performance has been achieved as a result of encouraging innovation, prudent management procedures, increased efficiency, accountability and cost-cutting measures implemented during the year,” said Heritage Insurance Chairman Peter Gethi.
The earnings per share increased by 15.8 percent from Sh19.93 in 2016 to Sh23.08 last year.
Claims and policy holder benefits increased by 8 percent from Kshs 2.5 billion in 2016 to Kshs 2.7 billion by the end of last year.
The adoption of emerging technology trends was a key area of focus for the company last year. The business has been aggressive in automating core areas of business including bank payment through a host to host system that has not only quickened payments but also reduced from a two-stage process to a one-stage process.
In addition, the insurer made it easier for customers to pay premiums by offering multiple online payment options.
“Customers can now pay premiums from the comfort of their homes or offices via M-PESA or credit cards (Visa) by simply going to our website and selecting E-Pay. Payment reference will be required for instantaneous receipting and allocating to a customer account,” said Gethi.
During the year, the company successfully introduced Trade Credit policy that covers businesses that supply goods on credit against loss of revenue from buyers who do not honour their payment obligation. The company hopes to rides on this momentum to further entrench its offering and position in the market.