CFC Insurance Holdings’ half year pre-tax earnings have dropped 23 percent to 340.7 million shillings from 441.8 million in the same period last year. CFC Insurance Holdings is the holding company of CFC Life Assurance Company (CFC Life), Heritage Insurance Co. Kenya and Heritage Insurance Co. Tanzania.
Standard Investment Bank has said in a research note that CFC’s earnings were hurt by higher commissions and expenses which climbed 12 percent to 1.7 billion shillings.
Gross Premiums however grew 11 percent to 3.4 billion shillings from 3.1 billion shillings last year as did income from investments to just over 1 billion shillings from 939,402 thousand shillings mid-last year. Claims and policyholder benefits declined 16 percent to 1.7 billion shillings from 2 billion in the same period last year.
CFC Insurance Holdings is listed on the Nairobi Securities Exchange where the share is currently trading at KES 7.45. It has been trading between KES 7.5 and KES 8.0 for most of the year.