Absa Life Assurance Kenya Reports 90% Growth in Headline Earnings

Nairobi, Kenya 26th April 2024

Absa Life Assurance Kenya (Absa Life) recorded a 90% surge in headline earnings, reaching KES. 862 million for the financial year ending December 31, 2023. This impressive growth was fueled by strategic investments in product diversification, digital capabilities, and expanded distribution channels. Despite operating in an unpredictable environment, Absa Life saw double-digit increases in key performance indicators, with insurance services revenues rising by 29% to KES. 5.9 billion and investment income climbing by 27% to KES. 1.1 billion. The company’s Principal Officer and Managing Director, Githanji Waiguru, highlighted the commitment to maintaining a healthy portfolio and driving value for both policyholders and shareholders. With total assets closing at KES. 11.5 billion, up 26% from the previous year, and a return on equity (ROE) of 50.3%, Absa Life distributed KES. 450 million in dividends to shareholders. The adoption of IFRS17 standards underscored the resilience of Absa Life’s financial results, while significant investments in technology infrastructure supported operational effectiveness and efficiency gains. The company’s digital transformation agenda, coupled with a focus on Environmental, Social, and Governance (ESG) initiatives, positions Absa Life for continued growth and innovation in the Kenyan insurance market.