Nairobi, April 23 -- Africa Merchant Assurance (Amaco), which is partly owned by President William Ruto's family and associates, has reported a 15.4 percent drop in its net profit for 2025 despite a growth in revenues, which were outpaced by a jump in insurance claims.

Amaco reported a net profit of Sh86.2 million for the year ended December 2025, down from Sh101.9 million posted a year earlier. The insurer's revenues grew to Sh3.82 billion from Sh3.22 billion, driven largely by increased business from the public service vehicles.

Amaco's foray into the PSV class has been accompanied by a 39 percent increase in claims, which wiped out the 18.6 percent gain in revenues.

The insurer reported insurance expenses, largely claims of Sh2.8 bi...