Kenya insurance companies have been reporting their 2013 full year earnings. We expected impressive performance from the insurance companies considering a favorable environment in 2013 for good returns in investments especially in equities.
Most insurance companies posted good performance in both earned net earned premium and investment income for the year 2013 as follows:
Insurance Companies Year 2013 Vs 2012 KES mn
| Company | Jubilee | Britam | PAN-Africa | CIC | UAP |
|---|---|---|---|---|---|
| Net Earned Premium | 10,773 | 7,751 | 5,102 | 9,156 | 9,014 |
| Change in Net Earned Premium | 15% | 30% | 0% | 26% | 38% |
| Total Income | 18,043 | 15,130 | 8,542 | 10,887 | 12,742 |
| Change in Total Income | 26% | 29% | 8% | 22% | 34% |
| Total Expenses | (15,862) | (12,115) | (7,028) | (9,215) | (10,530) |
| Change in Total Expenses | 24% | 34% | -1% | 27% | 36% |
| Attributable PAT | 2,255 | 2,654 | 1,250 | 1,408 | 1,658 |
| Change in Attributable PAT | 7% | 5% | 108% | 1% | 29% |
| EPS | 37.64 | 1.4 | 13.05 | 0.64 | 7.84 |
UAP Insurance recorded the highest growth in both earned premium and total income followed by Britam. Pan Africa posted the highest growth in PAT followed by UAP.
Based on Price to Earnings ratios, Jubilee is the most attractive followed by Pan Africa. Based on price to book ratios, UAP is the most attractive followed by Jubilee.
Insurance Companies Year 2013
| Company | Jubilee | Britam | PAN-Africa | CIC | UAP |
|---|---|---|---|---|---|
| P/E | 8.05 | 13.00 | 8.81 | 12.42 | 10.20 |
| Price to Book | 1.70 | 2.03 | 3.04 | 2.57 | 1.22 |
