Absa Life Assurance's revenue increased by 29 percent to Kes 5.9 billion, attributed to introducing new product lines for the full year ending December 2023.
Further, Absa Group’s subsidiary added an endowment plan to provide financial solutions to clients in 2023.
Similarly, investment income increased by 27 percent to Kes 1.1 billion, attributed to investments in high-yield options.
The headline earnings grew by 90 percent to Kes 862 million, driven by investments in product diversification, digital capability expansion, and enhanced distribution channels.
“Absa Life continues to maintain a healthy quality of portfolio in the products we provide to the market and the policies that we underwrite, which is a clear testimony to the value we continue to drive both for our policyholders and the shareholders, and these results serve as a clear demonstration to this,” Absa Life’s Principal Officer and Managing Director, Githanji Waiguru, said.
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Additionally, insurance contract liabilities increased by 21 percent year over year to Kes 8.6 billion, owing to the acquisition of more policyholders.
Total assets closed the year at Kes 11.5 billion, up 26 percent from the previous year, thanks to increased investments.
Absa Life’s return on equity (ROE) stood at 50.3 percent, up 18 percent year over year. The company distributed Kes 450 million in total dividends to shareholders.
“It is important to note that the current financial statements are based on IFRS17, the new global reporting standards for insurance companies that replaced IFRS4 on January 1, 2023,” Waiguru said.
