The Apollo Group, profit before tax, increased by 9 percent to 947 million shillings, reflecting improved operational performance.
The group registered a 14 percent increase in premiums from 9.6 billion shillings to 11.0 billion shillings and grew its asset base from 23 billion shillings in 2017 to 24 billion shillings in 2018.
APA Insurance grew by 15 percent reporting significant growth in its Gross Written Premiums (GWP) in 2018 to 9.56 Billion shillings from 8.30 billion shillings in 2017.
This is a 15 percent year on year growth against the insurance industry estimated the growth of 4 percent and now makes APA the third largest General Insurer in Kenya. APA posted 677 million shillings in profit before tax.
The total claims settled by the APA Insurance during the year were 6.54 billion shillings compared to 6.38 billion shillings in 2017.
APA Life Assurance has declared 10.25 percent to pension contributors which is one of the highest in the industry.
Commenting on the results, Apollo Group CEO Ashok Shah said: “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”
Mr. Shah added: “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. 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.”
Following the impressive results, APA has declared a 600 million shillings dividend to its shareholders.