Cytonn Investments have released the FY 2016 insurance sector report which highlights the performance of the insurance sector in Kenya, and Kenya Reinsurance emerged top, with Jubilee and Britam insurance coming second and third respectively.
In a press briefing in Nairobi, Mr Maurice Oduor, the senior manager at Cytonn Investment company said that all the listed insurance companies in the Kenyan market were analysed by the Company’s Team. “The analysis was brought about by a need to be able to offer our investors a comprehensive view of the listed insurance companies. Insurance companies in our view are the most stable from a Franchise value and from a future growth opportunity perspective,” he stated.
Caleb Mugendi, an investment analyst said they undertook this report to offer investors a comprehensive view of the listed insurance companies adding that all the insurance companies in Kenya are selected by Cytonn Investments.
The report states that CIC dropped from top position to position 4, affected by a poor return on average tangible equity, low levels of diversification and high reserve leverage.