APA Insurance Takes the Lead

APA Insurance has announced the financial results for its fiscal 2008.  The premium income attained grew by Shs 647 million.  The net underwriting profit was Shs 26.9 million compared to a loss of Shs 13.2 million recorded in 2007. The asset base of the company continue to grow and stood at Shs 4.9 billion from Shs 4.5 billion in 2007 despite the large quoted shares write down in 2008.

“We are thrilled to report we are one of the largest if not the largest insurance company in 2008 having underwritten over 3 billion worth of business,” said Ashok Shah, APA’s CEO. “Having been in business for only 5 years we are off to a great start—we hope to maintain the momentum despite the harsh economic environment we have experienced lately.”

APA is also expanding having opened two branches last year; Meru and Thika as well as opening a fully-fledged APA branch in Uganda early this year. We now have a regional presence after acquiring 46% of Reliance Insurance Company in Tanzania early last year.  Other expansion plans include opening branches in Kisii, Machakos, Ongata Rongai and Athi River in the 4th Quarter of 2009. This year we have also rolled out a new product in Bancassurance and are working on other retail products that will service the masses.

Apart from these, APA Insurance and Apollo Life have set up a trust fund; Aminipoa Maji Maisha which helps communities which are in need of clean water. So far the trust has constructed three sand dams in the eastern region of the country and plans are underway to get more partners on board to build at least 6 more dams this year. We have also taken up planting of trees to help in environment recovery well as provide food as in the case of fruit trees. Our bursary fund at Chelata Primary is now in its third year where we have sponsored six students through secondary education. The first set of students are now in form three while the last set joined form one this year. 

 

 
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APA now OK to join Uganda’s insurers

 

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APA Insurance | APA Insurance Takes the Lead

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