Insurers Sanlam Kenya Plc and CIC Insurance Group have both sunk into losses reporting Ksh 78 million and Ksh 296.8 million respectively in their full-year 2020 trading results. For Sanlam, the loss was a 92% decline against Kshs 550 million in 2019 primarily attributed to the Covid-19 pandemic impact on the local and international economies. Sanlam’s Gross premium income had increased by 24.4 %to Kshs 8.69 billion up from Kshs 6.99 billion posted the previous year due to growth in both the long and short-term insurance businesses. The firm’s total income he added had accelerated to Kshs 9.42 billion up…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Dafabet African Premier League Cricket Tournament has been postponed owing to restrictions imposed to stem the spread of the COVID-19 pandemic. The inaugural tournament began on 25 March and was forced to end due to the indefinite lockdown imposed on Machakos, Kiambu, Kajiado, Nakuru, and Nairobi City counties to contain the third wave of the COVID-19 Coronavirus. “In compliance with the order for Suspension of All Sporting Activities in Kenya, the tournament ceased immediately and all upcoming matches cancelled,” the organisers said in a statement. “The League will resume once the lockdown is lifted and business is back to normal.”…
Homeboyz Radio will pay Ksh 1 million as a penalty for violating the programming code, the Communications Authority said Sunday. This was a few hours after Homeboyz Radio and its parent company, Radio Africa terminated the service of Shaffie Weru, Joseph Munoru (DJ Mfalme) and Neville Muysa following a review of the comments made on the station Thursday morning and their subsequent suspension from employment. The trio during their breakfast show Thursday morning made the alleged comments about Eunice Wangari, 20, who was reportedly thrown from the 12th floor of a building by a man after refusing his sexual advances.…
President Joe Biden has invited 40 world leaders, including President Uhuru Kenyatta, to a US-hosted virtual summit on climate in April to underscore the urgency and the economic benefits of stronger climate action, the White House said. The leaders’ summit on climate will underscore the urgency – and the economic benefits – of stronger climate action, according to a statement by the White House on Friday. “It will be a key milestone on the road to the United Nations Climate Change Conference (COP26) this November in Glasgow,” White House emphasised. The two-day summit will be held from April 22 to…
A joyful Easter holiday beckons as Hope TV partners with MultiChoice Kenya brands – GOtv and DStv – to launch an Easter pop-up channel on both platforms. The channel will deliver Christian content, modified that resonates with Christians. Easter is the crux of the Christian faith which celebrates the resurrection of the Lord Jesus Christ on the third day after crucifixion dating back to the 2nd Century. The focus during the Easter season is to commemorate and celebrate this important event in the Christian calendar. According to MultiChoice Kenya managing director, Nancy Matimu, the leading video entertainment brand is listening…
Sidian Bank, a mid-tier bank focusing on SMEs, says it recorded a strong performance across key indicators in the financial year 2020 ended December. The Bank made a profit before tax of Ksh 72 million despite the challenging COVID 19 environment, a 28% drop from the previous year’s profitability of Ksh 99 million. The profitability is attributed to growth in the loan book by 31% while customer deposits grew by 32%. As a result, the Bank’s balance sheet increased by 27% from Ksh.26.5 billion to Ksh.33.5 billion. The increased lending in the period resulted in higher loans interest income which…