NAIROBI (Reuters) - Kenya's CFC Insurance said pretax profit fell 22.87 percent in the first half of this year to 340.75 million shillings, hit by high interest rates, inflation and an underperforming stock market, it said on Wednesday.
The firm, which is controlled by South Africa's Liberty Holdings, said it was optimistic that its performance would improve in the second half, as it continues to implement its growth strategy.
"The consolidated premium revenue, investment income and commissions earned grew ... However these gains were negatively affected by increase in borrowing costs and inflation-driven operating expenses," the company said in a statement.
Insurance is viewed as a growth sector in the east African nation, because of very low penetration rates, with only about 8 percent of the population having any form of insurance cover.
Source: http://news.yahoo.com/kenyas-cfc-insurance-reports-23-pct-profit-drop-065548919--sector.html
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