"The operations are positive, but the market has not been very good," said Hoto. "We hope that it might improve as we go into the second half of the year, but that is not part of our main plans as we are trying to be prudent."
Revenues for the period under review stood at
Hoto said gross premium written stood at
"Retrocession has gone down from
Net premium written grew by 20% to
"Remember I said we are going to implement a robust approach on claims. Claims are up 30% when net revenues are up 20% which may indicate something is not very well, but in fact the claims provisions were still at formative stage and have now been incorporated into the actuarial cycle which is now being implemented," Hoto said.
"Some of our business is cyclical and will even out at the end of the year." Hoto said total expenses went up 17% to
The company's statement of financial position shows total assets amounted to
A 38% growth was registered on trade receivables to
Property investment also grew by 9% to
Hoto said the company's low cost mobile-based funeral assurance product, e-FML, launched late 2013 has registered a huge number of policies.
In its last full year results for the period ended
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