Insurance firm’s net profit up

A road crew installs drains during the expansion of Morogoro Road for the DART project. The Kikwete administration says it will also repair 190km of roads and 11 bridges across the country by next year. PHOTO | FILE

By The Citizen Reporter Dar es Salaam. All key financial parameters for African Life Assurance went northwards last year, the firm’s financial statement shows, indicating that the insurance company was on a sound economic situation. Operating profit grew by 68 per cent from Sh1.8 billion to settle comfortably at Sh3.8 billion as the net profit leapfrogged by 104 per cent to stand at Sh5.2 billion in 2012 from the 2011 level of Sh2.57 billion. Gross written premiums grew by 29 per cent as total assets went northwards by 28 per cent. The company’s management attributes the performance to quality services that have built mutual understanding between the firm and its clients. “African Life Assurance places great emphasis in quality excellence in all our operations and the above performance signifies this commitment and the confidence that our stakeholders have in us, to deliver to their expectation and satisfaction,” the company’s chief executive officer, Mr Julius Mugabe told journalists in Dar es Salaam yesterday.