Equity Insurance Agency has posted a Ksh 600 million gross profit in the financial year ending December 31, 2020 leading in profit before tax as compared to other market leaders.
The insurers performance in the review period is proof of its resilience and stability despite a challenging operating environment as dictated by the ongoing Covid -19 pandemic.
Commenting on this performance while announcing Equity Group Holdings 2020 full year financial results EGH CEO and Managing Director Dr. James Mwangi said , “ Our corporate purpose of ’Transforming lives, giving dignity and expanding opportunities for wealth creation’ became the guiding compass of the organization’s essence on how to navigate through the crisis and the challenging environment. Our results and performance became a human story of resilience and determination to live an ethical human purpose.”
Industry players such as KCB Insurance agency came close second, recording Ksh 435 million in gross profit, followed by Sanlam General which recorded Ksh.137 million. CIC insurance recorded Ksh 79 million gross loss for the same review period mainly attributed to the impact of the ongoing pandemic.
Over the reporting period, EIA also recorded a Year on Year 50% growth in its Asset base to Ksh 500 million.
The agency was incorporated in December 2006 and was licensed in May 2007 by the Insurance Regulatory Authority to offer both life and non-life business. It is a fully fledged subsidiary (100% owned) of Equity Group Holdings.
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