UAP Insurance has reported a 13% growth in gross premium of Ksh. 10.61 billion in 2020 compared to Ksh. 9.37 billion in 2019, while the net premiums increased by 8%. Claims ratio improved from 67% in prior year to 65% in 2020. This growth is attributed to the company’s focus on profitable business growth as well as transformative claims cost management initiatives undertaken.

UAP Insurance Kenya recorded a Ksh. 720 million profit before tax compared to Ksh. 1.249 billion from the previous year. This was a 42% decrease compared to 2019, driven largely by poor performance from equities. During the year, equities recorded one of the worst performances worldwide as foreign investors withdrew capital flows from the market fearing a market collapse, leading to significant reduction in the securities prices traded at the Nairobi Securities Exchange (NSE).

Commenting on the results, David Kuria, Managing Director, UAP Insurance Kenya said, “This strong performance, despite the impact of COVID-19, is attributed to our strategic focus on profitable growth and providing differentiated customer experiences through digitization of our solutions and innovative offerings, underwriting excellence and enhancing our discipline in operation excellence. In addition, we implemented prudent risk selection, innovation in claims value chain and cost control which are key strategic initiatives geared towards enabling us to achieve these great results.”

UAP Insurance Company has continued to post improved performance resulting in a strong balance sheet with a total asset base of Ksh. 16.7 billion and total equity of Ksh. 6.7 billion.

The company also won the Claims Settlement award during the 2020 Think Business Awards.