Premium income grew by 25.2% from US$ 100.18 million in 2013 to US$ 125.44 million in 2014.
In 2014 the Company’s underwriting profit increased to US$ 8.51 million from the underwriting profit of US$ 8.41 million in 2013. Net claims incurred in 2014 were US$ 51.19 million compared to the incurred claims of US$ 40.67 million in 2013.
The investment portfolio value increased from US$ 147.11 million as at 31 December 2013 to US$ 194.15 million as at 31 December 2014, an increase of US$ 47.04 million (31.98%). This growth is attributable to cash flow surplus from operating activities and capital injection.
In 2014 Company continued portfolio diversification which increased the proportion denominated in the reporting currency, United States Dollars, and amounts held by investment grade rated counterparties.
The investment income increased from US$ 9.08 million in 2013 to US$ 10.86 million in 2014, a 19.55% growth. This was on account of the increase in the value of the investment portfolio and diversification to better yielding instruments.
The Company achieved a profit of US$ 18.71 million in 2014 compared to US$ 15.36 million in 2013. The increase in profitability is attributable to higher investment income.
|Gross Premium Written||55,748,911||59,843,116||63,536, 571||81, 714,820||100, 181, 402||125,437,018|
|Net Written Premiums||44,266,616||46,042,768||49,846,359||66,307,584||83,964,961||105,888,455|
|Net Earned Premiums||40,214,408||44,361,208||46,489,807||60,683,391||77,695,433||96,367,104|
Investment & other Income
|Total Income||48,467,877||54,478,234||57,573,400||75,939,210||92,617,017||113, 986,996|
| Commissions & other operating
|Profit for the year||6,427,440||5,247,262||8,776,828||11,681,683||15,363,153||18,705,743|
|Dividend (Paid Capitalized)||1,200,000||1,311,000||1,573,200||2,359,800||3,226,200||4,115,300|