On Bancassurance & Insurance
1. KCB Bank Group‘s Bancassurance Intermediary recorded the highest core insurance revenue of Ksh 726 million in the first six months of 2024. Its profits before taxes grew by 29.2% from Ksh 433 million in June 2023 to Ksh 560 million in June 2024.
2. Absa Bank Kenya‘s bancassurance unit was the most profitable with Ksh 733 million in pretax profits.
3. Co-operative Bank of Kenya‘s bancassurance unit pretax profits grew by 15% to Ksh 682.7 million
4. NCBA Group‘s bancassurance subsidiary profit before taxes grew by +51% to Ksh 206 million. The fastest growth in 1H2024 among its listed companies’ peers.
5. Stanbic Bank Kenya‘s bancassurance unit recorded a 20% growth in profits after taxes to Ksh 64 million
6. NCBA Group completed the acquisition of AIG Kenya Insurance.
7. Equity Bank Limited‘s Equity Life Assurance Kenya (ELAK) pretax profits grew by 140% to Ksh 740 million
On Asset Management
1. Standard Chartered Bank Kenya’s Standard Chartered Investment services was the most profitable with pretax profits of Ksh 652 million (+29%). Its assets under management stood at Ksh 196 billion (+10X growth from 2016).
2. NCBA Group collective investment schemes asset under management stood at Ksh 33.2 billion as of June 2024, the highest among the Nairobi Securities Exchange PLC listed banking groups.
3. Stanbic Bank Kenya recently launched its asset management unit with units trust funds in Kenya Shillings and USD. We will be monitoring the developments keenly.
4. Absa Bank Kenya‘s asset management unit has seen its assets under management grow by 11X to Ksh 11 billion between June 2022 and June 2024. Profits stood at Ksh 109 million in June 2024(+35%)
5. KCB Bank Group‘s asset management unit recorded Ksh 55 million in pre-tax profits. Co-operative Bank of Kenya‘ s fund management subsidiary saw its pretax profits surged by 34% to Ksh 143 million
