(Last Updated On: April 23, 2015)
KCB Group’s bancassurance recorded a pretax profit of Ksh155.2 million for the 12 months ending December 2014. This is a 248% growth in profit as compared to the previous year. This is still small as compared to the Group’s net profit of Ksh16.8 billion.
KCB Insurance has been active for a period of 18 months. This is a game plan to boost new revenue streams in addition to expansion outside Kenya and venturing into facilitating the cash lite economy. KCB has 7 insurance underwriters one of them being Pacis Insurance Ltd.
The number of premiums recorded were worth Ksh1.5 billion vs an insurance market worth Ksh130 billion and very low penetration levels.