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Kenya: Icea Pre-Tax Profit in 34 Per Cent Rise
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The Nation (Nairobi)
14 May 2008
Posted to the web 14 May 2008
Nairobi
Insurance Company of East Africa Limited pre-tax profit for the year ending December 2007 increased by 34 per cent, driven by growth of business across their product portfolio.
Compared to 2006, the group's profit reached Sh589 million from Sh439 million. According to consolidated financial statements signed by the chairman J. Ndegwa and managing director, J.Ndungu, the groups net assets also increased to Sh1.9 billion from Sh1.5 billion in the year under review.
Its gross earned premium significantly improved to top nearly Sh4 billion from Sh2.2 billion in 2006. The investment income jumped to Sh1.9 billion from Sh1.4 billion in the period.
The financial statements audited by Deloitte&Touche and approved by the board showed the company had radically cut its investment in government commercial paper to Sh54 million from Sh473 million in 2006. Government securities held to maturity reached Sh10 billion from Sh6 billion in 2006.
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The company's worth of shares quoted at Nairobi Stock Exchange slightly reduced to Sh1.5 billion from Sh1.7 billion.
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