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AIG Uganda posts UGX5bn profit

American International Group has announced a profit before tax of UGX5bn representing a 4.1% growth in the company's earnings in 2007. The profit growth is a result of swollen premiums, according to the company's 2007 financial reports released on July 2.

By Walter Wafula

7 Jul 2008

Alex Wanjohi, AIG Uganda's managing director, attributed the good results to an increase in income from all premiums by 13.9% from UGX20,1bn to UGX22,9bn, an increase in the company's liquidity ratio from 57% to 61% and the rise in AIG's solvency margin from 40% to 46%, in 2006.

Last year, AIG emerged the best paying insurer in the financial year under review with a remittance of UGX2,1bn and over UGX200m in “pay-as-you-earn” tax. AIG was followed by National Insurance Company and Gold Star Insurance Company, respectively.

Walter Wafula

About Walter Wafula

Walter Wafula is a seasoned journalist who has reported for the Daily Monitor newspaper in Kampala-Uganda. He is also a contributor on Bizcommunity.com website. Email Walter at moc.oohay@tlawfaw and connect on LinkedIn.