FINANCIAL HIGHLIGHTS
• Gross earned premium decreased by 5% from KShs.13.3 b in 2014 to KShs.12.6 b in 2015
• Total assets increased by 5% to KShs.24.9 b
• Shareholders’ funds were up by 9% to KShs.7.8 b
• Profit before tax declined by 4% to Kshs.1.3 b while profit after tax increased by 4%

The year 2015 started off on a promising note but the significant increase in interest rates and the notable depreciation of the East African currencies against the US dollar in the second half turned the year into an extremely challenging one. The twin devaluation of both equities quoted on the NSE and bonds marked to market also had an impact on previously expected investment income.

Our gross earned premium dropped by 5% largely because of a deliberate strategy to streamline our medical business as well as our group life business which saw a number of large loss making accounts exit our portfolio. This strategy has already started bearing fruit.

DIVIDENDS
The directors recommend the payment of a first and final dividend of 10.5% of paid up share capital totalling to Ksh 274,635,699 (2014 – Ksh 261,553,852). The dividend is subject to shareholders’ approval at the Annual General Meeting and payment will be subject to withholding tax at the applicable rate.
The payment will be made on or about 20th June 2016 to the shareholders registered at the close of business on 6 May 2016.