Resolution Insurance recorded a 21 per cent increase in its total income for the 12 months ended December 31, 2015.
The audited results released by the insurer shows that gross written premiums increased from Sh2.5 billion to Sh2.9 billion. This was on the strength of a growing SME and retail portfolio.
The General Insurer’s total assets went up 37 per cent to stand at Sh6.3 billion from Sh4.6 billion.
Resolution Insurance main shareholder, LeapFrog Investments intends to inject Sh1.1 billion new capital in support of the diversification strategy as a fully-fledged general insurance business. This financing is part of Sh2.5 billion investment due to be completed by the end of the year.
The company has carved out a niche in serving the SME sector, reaching almost 30,000 emerging consumers though provision of health insurance to employees of SMEs and individual retail clients.
“In December last year, the shareholders approved an injection of Sh1.1 billion additional capital which is part of Sh2.5 billion investment to be completed by the end of the year in order to comply with the Risk-Based Capital requirements by the regulator that takes effect in June 2016,”
the firm’s Group CEO Peter Nduati said.
This is the second time that the group will be raising new capital as part of a four-year strategy to move it to the top tier of the industry. The firm raised Sh1.67 billion (US$ 18.7 million) in November 2014.
Resolution Insurance is Kenya’s fourth largest health insurer.