Corporate News
UAP Group Managing Director Dominic Kiarie. Photo/FILE
By BD Reporter
In Summary
- The insurer said the strong financial performance was driven by profitable growth of its core insurance business and execution of its regional diversification strategy.
UAP Holdings Ltd Friday said its net profit rose
to Sh1.8 billion last year, a 27 per cent increase from Sh1.4 billion
recorded in 2013.
The insurer said the strong financial performance
in the year ended December 2013 was driven by profitable growth of its
core insurance business and execution of its regional diversification
strategy.
"This is the highest profit ever reported by UAP,
which evidences that our growth and diversification strategy is bearing
results," said UAP managing director Dominic Kiarie.
Gross insurance premium revenue grew by 41 per
cent to Sh12.7 billion, while general and life insurance expanded by 39
per cent and 55 per cent respectively.
Total income increased by 35pc to Sh12.7 billion due to strong performance by the insurance and property businesses.
Mr Kiarie said the firm's property business
revenues grew by 30 per cent following the completion of UAP Nakawa
Business Park in Kampala, Uganda.
"We expanded our geographical coverage from five to six countries through the acquisition of a 60 per cent stake in Century Insurance Tanzania Ltd and the business has since been rebranded to UAP Insurance Tanzania Ltd," said Mr Kiarie.
Directors of the company have recommended a first and final dividend of Sh1.70 per share from Sh1.50 paid in 2012.
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