Through improved underwriting standards and solid investment returns, UAP Holdings was able to reduce the number of claims and expenses, enabling the insurer to record a 46.5% increase in net profit to KES 1.2 billion.
To increase insurance penetration, UAP is looking to launch new digital channels and baccasurance, as well as merge the UAP and Old mutual life business within the course of this year.
UAP Holdings has proposed a dividend payout of one shilling and 70 cents per share.
Cut throat competition among insurance companies has resulted in price under cutting as each firm looks to gain more clients, UAP Holdings says improving underwriting procedure instead could go a long way into enabling insurance firms get more business.
According to Group CEO Peter Mwangi, UAP was able to raise its underwriting standards which led to a reduction in the number of claims and expenses.
This propelled the insurer record a 46.5% increase in net profit KES 1.2 billion.
The company believes the planned merger of UAP and Old Mutual Life business this year as well as leveraging on new digital channels and baccasurance will drive its growth.
Despite hyper inflation in South Sudan impacted negatively on its business, the company is on an expansion mission in the East African region.
The company has proposed a dividend payout of one shilling and 70 cents per share.