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CFC Insurance Up First Day in Three, Industry Earnings Climb

Aug. 23 (Bloomberg) -- CFC Insurance Holdings Ltd., a unit of CFC Stanbic Holding Ltd., gained for the first trading day in three after a report showed industry earnings jumped 79 percent last year.

The shares climbed 4.7 percent to 11.05 shillings as of the 3 p.m. close in Nairobi, the biggest jump since Aug. 15.

Kenya’s insurance industry net income in 2010 jumped to 7.7 billion shillings ($83 million) from 4.29 billion shillings year earlier on higher earnings from car insurance, Business Daily reported today.

The cost of motor vehicle insurance was increased to 7.5 percent of a car’s value from 4.5 percent. Gross premiums in the industry grew to 79 billion shillings from 64.4 billion shillings during the period as insurance penetration rose to 3.1 percent of the population from 2.8 percent, the Nairobi-based newspaper said citing the Association of Kenya Insurers.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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