Insurance Industry Report for the Period January June 2021 ...

Insurance Industry Report for the Period

January – June 2021

Second Quarter Release

August 2021

Insurance Industry Release for Q2 2021

i

RELIANCE AND LIMITATIONS

The insurance information contained in this report has been extracted from the

quarterly unaudited returns submitted to the Authority in line with Section 54

of the Insurance Act without any adjustments whatsoever, unless in

consultation with the affected insurer(s) and/or reinsurer(s). The report

includes data for all the insurers and reinsurers regulated by the Authority

except for Invesco Assurance Company Limited and Takaful Insurance of Africa

due to non-submission of their returns.

Whereas a rigorous data validation exercise has been carried out to ensure

completeness of the information in this report, the Insurance Regulatory

Authority does not guarantee the accuracy or completeness of the information

contained in the report. Further, the Authority expressly disclaims liability for

any errors or omissions in the report.


ii

Table of Contents

Executive Summary ................................................................................. 1

Chapter One ............................................................................................. 4 1.1 Introduction ....................................................................................................... 4

1.2 Industry Highlights ............................................................................................. 4

1.3 Macro-Prudential Analysis .................................................................................. 8

Chapter Two .......................................................................................... 14 2.0 Insurance Industry at a glance ......................................................................... 14

2.1 Performance Overview of the Insurance Industry .............................................. 14

2.2 Industry Financial Position ............................................................................... 16

3.0 Long term insurance business .......................................................................... 17

3.1 Gross premium income and Market share ........................................................ 17

3.2 Net premium income ........................................................................................ 19

3.3 Investment income and underwriting expenses................................................. 19

3.4 Investments ...................................................................................................... 19

Chapter Four .......................................................................................... 22 4.0 General insurance business ............................................................................. 22

4.1 Gross premium income and market share ........................................................ 22

4.2 Claims and direct expenses ............................................................................. 23

4.3 Underwriting ratios ........................................................................................... 26

4.4 Underwriting results ......................................................................................... 26

4.5 Investments ...................................................................................................... 27

Chapter Five .......................................................................................... 30 5.0 Reinsurance business ....................................................................................... 30

5.1 Long term reinsurance business ....................................................................... 30

5.2 General reinsurance business .......................................................................... 32

Chapter Six ............................................................................................ 34 6.0 Industry Financial Position ............................................................................... 34

6.1 Summary of Industry Balance Sheet ................................................................. 34

6.2 Shareholder’s Funds ......................................................................................... 35

6.3 Assets and Liabilities ........................................................................................ 35

6.4 Investments ...................................................................................................... 36

Statistical Appendices ............................................................................ 37


iii

List of Tables

Table 1: Key performance and financial position indicators for long term insurance

business ..................................................................................................................................................... 1

Table 2: Key performance and financial position indicators for general insurance

business ..................................................................................................................................................... 2

Table 3: Trainings, workshops and other Stakeholders engagements .................................... 5

Table 4: Recently Developed/Repackaged Insurance Products ................................................. 5

Table 5: Nature of the Insurance Fraud Cases reported .............................................................. 8

Table 6: Insurance industry investment in quoted shares ........................................................ 13

Table 7: Selected key operating performance indicators for direct insurance business ... 14

Table 8: Selected key operating performance indicators for reinsurance business ........... 16

Table 9: Selected key industry financial position indicators ..................................................... 16

Table 11: Class-wise long term gross premium income.............................................................. 17

Table 12: Long term insurance market share by gross premium income .............................. 18

Table 13: Class-wise long term net premium income .................................................................. 19

Table 14: Long term insurance business investments ................................................................ 20

Table 15: Class-wise general insurance gross premium income ............................................. 22

Table 16: General insurance market share by gross premium income .................................. 23

Table 17: Class-wise general insurance incurred claims........................................................... 24

Table 18: Class-wise general insurance incurred loss ratios ................................................... 24

Table 19: Class-wise general insurance claims paid .................................................................. 25

Table 20: General insurance underwriting ratios......................................................................... 26

Table 21: Class-wise general insurance underwriting results: ................................................ 27

Table 22: General insurance business investments .................................................................... 28

Table 23: Long term reinsurance key performance indicators ................................................. 30

Table 24: Long term reinsurance business investment channels ............................................ 31


iv

Table 25: Class-wise performance indicators under general reinsurance ............................ 32

Table 26: General reinsurance business investment channels ................................................ 33

Table 27: Summary of industry balance sheet ............................................................................. 34


v

List of Figures

Figure 1: Number of Complaints against Long Term Insurers ................................................ 6

Figure 2: Number of Complaints against General Insurers ...................................................... 7

Figure 3: Inflation Rates ........................................................................................................................ 9

Figure 4: Trend in Exchange Rates................................................................................................... 10

Figure 5: Bank Rates ............................................................................................................................ 11

Figure 6: Trend in Securities Market ................................................................................................ 12

Figure 7: Trend in Share Indices ....................................................................................................... 13

Figure 8: Total Industry Premiums composition ............................................................................ 15

Figure 9: Class-wise contribution of Long-term gross insurance Premium ........................... 18

Figure 10: Long-term insurance investments portfolio ................................................................ 21

Figure 11: General insurance investments portfolio .................................................................... 29

Figure 12: Distribution of industry investors’ equity ................................................................... 35

Figure 13: Distribution of industry investment portfolio ............................................................. 36


vi

Definition of Ratios

Retention Ratio = (Net premium / Gross premium) *100

Net Incurred claims ratio (GB) = (Net Incurred claims / Net earned premium)*100

Net Commission ratio (GB) = (Net Commissions / Net earned premium)*100

Net Commission Ratio (LT) = (Net Commissions / Net premium)*100

Management Expense Ratio (GB) = (Management expense / Net earned premium)*100

Management Expense Ratio (LT) = (Management expense / Net

Premium)*100

Combined Ratio (GB) = (Net incurred claims ratio + Net commissions ratio + Management expense

ratio) Shareholders’ funds to Total assets = (Shareholders’ funds / Total assets)*100

Return on Assets (ROA) = (Profit before tax/average total

assets)*100

Return on equity (ROE) = (Profit after tax/average equity)*100

Abbreviations

LT = Long Term

GB = General Business

Insurance Industry Release Report for Q2 2021

1

Executive Summary

The performance and financial position of the insurance industry in Kenya

during the second quarter of 2021 is outlined below:

Long Term Insurance Business

Table 1 summarizes the key financial performance and financial position

indicators under long term insurance business for the second quarters of the

last three years to 2021.

Table 1: Key performance and financial position indicators for long term insurance business

Key financial performance indicators for Long term Insurance Business

KES'000' KES'000' KES'000' (%)

Gross Premium income 58,661,216 47,858,842 44,250,409 22.6

Net premium income 54,565,381 44,400,558 40,952,847 22.9

Net Commisions 3,342,876 2,838,347 2,605,088 17.8

Underwriting Management Expense 7,269,776 6,637,014 7,224,624 9.5

Total claims and policyholders' benefits 39,420,093 30,550,262 27,137,629 29.0

Direct expenses 10,612,652 9,475,361 9,829,712 12.0

Investment Income 26,304,128 12,394,479 23,022,181 112.2

Financial position Indicators

Paid up capital 13,514,192 13,150,192 12,468,080 2.8

Shareholders' funds 54,573,752 49,516,074 48,699,641 10.2

Total Assets 533,428,222 469,936,777 421,225,039 13.5

Total Liabilities 478,854,470 420,420,703 372,525,398 13.9

Investments 493,777,068 429,928,697 382,968,855 14.9

Some Selected Key Ratios (%) (%) (%)

Retention Ratio 93.02 92.77 92.55 0.2

Net Commissions Ratio 6.13 6.39 6.36 -0.3

Underwriting Management Expense Ratio 13.32 14.95 17.64 -1.6

Shareholders' Funds to Total Assets 10.23 10.54 11.56 -0.3

Performance Indicators2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)

The premium reported by the long-term insurers in Q2 2021 amounted to KES

58.66 billion, a growth of 22.6% compared to a growth of 8.2% the previous

year. The long-term insurers’ asset base grew by 13.5% to KES 533.43 billion

and largely composed of income generating investments of KES 493.78 billion.

Of the total assets, 10.2% (KES 54.57 billion) was funded through shareholders’

equity.


2

General Insurance Business

Table 2 summarizes the various performance and financial position indicators

under general insurance business for the second quarters of the last three years

to 2021.

Table 2: Key performance and financial position indicators for general insurance

business

Key financial performance indicators for General Insurance Business

KES'000' KES'000' KES'000' (%)

Gross Premium income 85,359,404 73,181,256 73,029,619 16.6

Net Premium income 58,888,893 51,015,282 51,411,269 15.4

Net Earned Premium Income 48,500,455 45,553,853 44,953,228 6.5

Claims Incurred 32,380,813 28,079,499 28,842,861 15.3

Direct Expenses 17,581,984 17,411,895 17,371,330 1.0

Investment Income 6,283,281 4,405,699 6,012,648 42.6

Underwriting Results (1,462,349) 62,454 (1,260,962) -2441.5

Financial Position Indicators

Paid up share capital 32,676,814 32,946,300 27,526,288 -0.8

Shareholder's funds 72,602,480 71,377,477 71,485,026 1.7

Total assets 214,255,635 199,325,181 190,367,933 7.5


Investments 144,676,434 131,371,980 124,537,253 10.1

Some Selected key ratios (%) (%) (%)

Retention ratio 69.0 69.7 70.4 -0.7

Claims ratio 66.8 61.6 64.2 5.1

Commissions ratio 6.5 6.2 6.2 0.2

Management expense ratio 29.8 32.0 32.5 -2.2

Combined ratio 103.0 99.9 102.8 3.2

Shareholder's funds to total assets 33.9 35.8 37.6 -1.9

Performance Indicators2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)

In Q2 2021, general insurance premiums amounted to KES 85.36 billion. The

general insurance business underwriters incurred claims amounting to KES

32.38 billion as at end of Q2 2021. The claims incurred loss ratio was 66.8% in

the quarter under review compared to 61.6% in Q2 2020

The general insurance business underwriters reported an underwriting loss of

KES 1.46 billion compared to an underwriting profit of KES 62.45 million

reported in Q2 2020. This was mainly attributed to increase in loss ratios which

may be due increase economic activities after relaxation of Government

restrictions instituted early year 2020 on travel and public gatherings aimed at

controlling the spread COVID-19 pandemic.


3

Long Term Reinsurance Business

The total net premium income (NPI) reported by long term reinsurance

companies in Q2 2021 was KES 1.50 billion compared to KES 1.52 billion

reported in Q2 2020 representing a marginal decrease of 0.9%. Group Life

contributed 91.5% of the total NPI recorded in the period under review.

General Reinsurance Business

The general reinsurers reported an increase in net premium income of 13.4%

from KES 10.73 billion reported by the end Q2 2020 to KES 12.17 billion in Q2

2021.

The general reinsurers incurred claims amounting to KES 7.04 billion and direct

expenses (commissions and management expenses) of KES 4.85 billion. The

resultant was an underwriting loss of KES 510.64 million and operating profit of

KES 939.37 million as at the end of Q2 2021.


4

Chapter One

1.1 Introduction

About Insurance Regulatory Authority

The Insurance Regulatory Authority (IRA) is a State Corporation whose mandate

is to regulate, supervise and promote the development of the insurance industry

in Kenya. The key players regulated by IRA are insurance companies, re-

insurance companies, insurance brokers, insurance agents, motor assessors,

insurance investigators, insurance surveyors, loss adjustors, claim settling

agents and risk managers.

The Authority works with various stakeholders locally, regionally and

internationally to put in place policies that will enhance the regulatory

environment for the insurance sector growth and enhance insurance access in

the country.

About this Release

This is Q2 2021 industry release which provides market information and

statistical overview of the insurance industry in Kenya as at end of quarter two

of 2021. This report includes data for all the insurers and reinsurers regulated

by the Authority except for Invesco Assurance Company Limited and Takaful

Insurance of Africa due to non-submission of their returns.

1.2 Industry Highlights

The Authority in partnership with other stakeholders has continued to

undertake various initiatives aimed at developing the insurance industry in

Kenya. During the second quarter of 2021, the following activities were

undertaken by IRA in line with its mandate to regulate and promote the

development of the insurance sector in Kenya. However, some planned activities

were not performed due to travel and gathering restrictions issued by the

Government aimed at reducing spread of COVID-19 Pandemic.


5

Trainings, Workshops and Other Stakeholders’ Engagements

The following trainings, workshops and events for various stakeholders were

conducted during quarter two of 2021:

Table 3: Trainings, workshops and other Stakeholders’ engagements

County Training/Event Period

Nairobi

Press briefing on validity and scope of Motor vehicle

cover during covid-19 curfew hours 31st

March to 1st April , 2021

Naiobi

4th Principle for sustainable Insurance (PSI) Africa

market event 22nd

April, 2021

Nairobi

Product development and Innovation for university

students 3rd

May, 2021

Samburu Insurance Champions and focused groups 20th

to 21st May, 2021.

Nairobi IFIU motor vehicle sticker inspection 25th

to 27th

May, 2021

Kisumu Training Traffic police officers 31st May 2021 to 4

th June 2021

Kisii Open Day County Activities 7th

to 11th

June, 2021

Naivasha Training on procurement of insurance services 9th

to 10th

June, 2021

Mombasa Training on procurement of insurance services 16th

to 17th

June, 2021

Uasin Gishu Open Day County Activities 15th

to 18th

June, 2021

Garisaa Training Traffic police officers 21st to 25

th June 2021

Nairobi CEO'S Forum (virtual meeting) 16th

to 17th

June, 2021

Nakuru Business reporters training 20th

to 22nd

June, 2021

Mombasa Open Day County Activities 22nd

to 25th

June, 2021

Industry Circulars

The Authority issued circular number IC/03/2021 to all regulated entities on

Private Security Regulations Act No. 13 of 2016.

Recently Developed/Repackaged Insurance Product

During Q2 2021, four (4) new/repackaged insurance products were filed by

various insurance companies and approved by the Authority:

Table 4: Recently Developed/Repackaged Insurance Products

New/Repackaged Product Company Class of Business

Akiba na Afya Britam General Insurance Company Medical

Removal of APL Feature Britam Life Insurance Company Limited Life Assurance

Soma Savings Plan Liberty Life Assurance Kenya Limited Life Assurance

Legacy Plan Liberty Life Assurance Kenya Limited Life Assurance

General Insurers

Long Term Insurers


6

Complaints against Insurers

One of the core functions of the Authority as provided for in the Insurance Act is

to protect the interests of insurance policyholders and beneficiaries in insurance

contracts. To this end, the Authority receives and handles complaints lodged

against insurers by policyholders and beneficiaries. The complaints are reported

to the Authority through various channels which include post, email, telephone

calls via IRA toll free line, walk-ins and social media such as twitter and

Facebook. The Authority registered 459 complaints in Q2 2021. General

insurance business accounted for 75% of the complaints whereas 25% were

made against long term insurers.

Over the period 104 (30%) complaints against General insurers were resolved

while 59 (51%) complaints against long term insurers were resolved.

Figure 1 and 2 displays the number of complaints against Long Term and

General Insurers categorized into resolved and pending complaints in Q2 of

2021.

Figure 1: Number of Complaints against Long Term Insurers

*Others comprise of companies that received less than 1 complaint during Q2

2021.


7

*Others comprise of companies that received less than 5 complaints during Q2

2021.

Insurance Fraud Cases

During Q2 2021, sixteen (16) insurance fraud cases were reported to the

Insurance Fraud Investigation Unit (IFIU). The number of fraud cases reported

in each month of Q2 2021 were 8 in April, 6 in May and 2 in June.

The classification of fraud cases by nature in Q2 2021 is illustrated in table 5.

Figure 2: Number of Complaints against General Insurers


8

Table 5: Nature of the Insurance Fraud Cases reported

Nature of Cases No. of Cases

1 Fraudulent Motor Accident (Injury) Claims 3

2 Fraudulent Medical Claims 2

3 Premium Misappropriation 2

4 Suspected client financial fraud 2

5 Theft/Stealing by Agents 1

6 Double Issuance of Insurance Certificate 1

7 Forgery of Insurance Certificate 1

8 Complaint against Advocate 1

9 Loss of Insurance Certificate 1

10 Forgery of Motor Vehicle Sticker 1

11 Obtaining money by false pretense 1

Total 16

1.3 Macro-Prudential Analysis

Covid-19 pandemic still remain the greatest risk in the economic recovery.

However, continued massive vaccination across countries has brought hope in

the control of COVID-19 pandemic. According to the ministry of health, over two

million people have so far been vaccinated in Kenya. The continued vaccination

of people across the world has led to more relaxation of restrictions of both local

and international travel which continues to spur international trade especially

on movement of people and goods.

Some key economic indicators’ trends are analyzed as follows:

Inflation:

The consumer price index (CPI) is used to determine the rate of inflation in an

economy. This index measures changes in price level of consumer goods and

services purchased by households in a given period relative to a base period.


9

Source: KNBS

The average inflation rate for the past 12 months from July 2020 to June 2021

was 5.42%. The highest inflation rate during the past 12 months was 6.69%

recorded in January 2021 whereas the lowest inflation rate was 4.20% recorded

in September 2020. The overall year on year inflation in June 2021 was 6.32%.

Food and Non-Alcoholic Drinks year on year inflation was 6.42% in June 2021.

The Transport Index increased by 0.28% mainly due to a rise in petrol which

increased by 0.61% between May and June 2021

Exchange Rates:

The Kenyan shilling generally appreciated against the US Dollar while it

depreciated against both the Euro and the Sterling Pound during the second

quarter of 2021. During the quarter, the shilling opened at KES 149.30 to the

Sterling Pound, KES 107.95 to the US Dollar and KES 129.13 to the Euro while

it closed at KES 151.45, KES 107.81 and KES 130.07 to the Sterling Pound, US

Dollar and Euro respectively.

Figure 3: Inflation Rates


10

Figure 4: Trend in Exchange Rates

Source: CBK

Bank Rates:

The average commercial banks’ lending rate for the quarter was 12.1% a slight

increase from the previous quarter which was 12.0%. The lowest lending rate of

11.75% was recorded in September 2020. However, the average 91-day T-bill

rate was 6.75% for the past twelve months to June 2021.


11

Figure 5: Bank Rates

Source: CBK

Capital Markets

The capital market registered an increase of 19.7% in equity turnover to KES

37.99 billion as at end of Q2 2021 from KES 31.73 billion recorded in Q1 2021.

Similarly, the bond turnover recorded an increase of 36.0% to KES 271.23

billion in Q2 2021 (Q1 2021: KES 199.38 billion).

Market capitalization increased by 10.9% to KES 2,702.22 billion in Q2 2021

compared to Q1 2021, reflecting an increase in investors’ wealth by KES 265.18

billion.


12

Figure 6: Trend in Securities Market

Source: CMA

The NSE 20 share index increased by 4.4% to close the quarter at 1,927.53

compared to 1,846.41 reported in Q1 2021. The NASI index increased by 9.4%

to close Q2 2021 at 173.53 compared to 158.62 at the end of Q1 2021.


13

Source: CMA

Table 6 shows an analysis of the insurance industry exposure to capital markets

through investment in quoted shares for the quarter ended 30th June 2021:

Table 6: Insurance industry investment in quoted shares

Insurance industry investment in quoted ordinary shares

KES'000' KES'000' KES'000' (%) (%) (%)

Long term insurance business 26,271,234 25,594,024 30,866,539 2.6 79.2 3.2

General insurance business 5,521,112 4,748,947 6,517,954 16.3 16.7 0.7

Reinsurance business 1,367,256 1,201,289 1,407,941 13.8 4.1 0.2

Total industry quoted shares 33,159,602 31,544,260 38,792,434 5.1 100.0 4.0

Total industry assets 819,648,544 738,717,524 672,127,193 100

Proportion to total assets (%) 4.0 4.3 5.8

2021 Q2

Distribution

Proportion to

total assets2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)

The exposure of the insurance industry assets to capital markets through

investment in quoted shares as at the end of quarter two 2021decreased to 4.0%

from 4.3% observed by end of quarter two 2020.

Figure 7: Trend in Share Indices


14

Chapter Two

2.0 Insurance Industry at a glance

The following performance and financial position of the Kenya insurance

industry is summarized from the data submitted by both insurance and

reinsurance companies:

2.1 Performance Overview of the Insurance Industry

The performance overview of the insurance industry is highlighted below:

2.1.1 Key performance indicators of direct insurance business

Table 7 displays some key operating performance indicators of the direct

insurance business:

Table 7: Selected key operating performance indicators for direct insurance business

Key Performance Indicators for Insurers

KES '000' KES '000' KES '000' (%)

Gross Premium Income 144,020,626 121,040,098 117,280,017 19.0

Net Premium Income 113,454,274 95,415,840 92,364,116 18.9

Net Earned Premium Income (GB) 48,500,455 45,553,853 44,953,228 6.5

Claims Incurred (GB) 32,380,820 28,079,502 28,842,859 15.3

Total claims and policyholders' benefits 39,420,093 30,550,262 27,137,629 29.0

Commissions 6,482,570 5,676,317 5,384,240 14.2

Management Expenses 21,712,066 21,210,939 21,816,802 2.4

Underwriting Profits/Loss (GB) (1,462,349) 62,454 (1,260,962) -2441.5

Profit Before Tax (PBT) 7,612,471 3,000,835 8,157,305 153.7

Profit After Tax (PAT) 5,757,698 2,440,329 5,701,528 135.9

Indicator

22021 Q2 2020 Q2 2019 Q2Annual change

(2021/2020)

Industry gross written premium stood at KES 144.02 billion as at end of Q2

2021 representing an increase of 19.0% from KES 121.04 billion in Q2 2020.

General insurance business underwriting results reduced significantly from a

marginal profit of KES 62.45 million in Q2 2020 to a loss of KES 1.46 million in

Q2 2021. This was mainly attributed to high increase in loss ratios due to

relaxation of restrictions that had been imposed on travel due to COVID-19

pandemic.

Figure 8 shows the composition of total industry premiums:


15

General insurance business remained the largest contributor to industry

insurance premium contributing 59.3% of the total premium. Motor insurance

and medical insurance classes of business account for 62.3% of the gross

premium income under the general insurance business.

2.1.2 Key operating indicators for reinsurance business

Table 8 displays some key operating performance indicators for the reinsurance

business in Kenya:

Figure 8: Total Industry Premiums composition


16

Table 8: Selected key operating performance indicators for reinsurance business

Key Performance Indicators for Reinsurers

KES '000' KES '000' KES '000' (%)

Gross Premium Income 14,903,355 13,026,397 12,629,076 14.4


Net Earned Premium Income (GB) 11,385,592 10,398,627 8,938,458 9.5

Claims Incurred (GB) 7,044,774 5,853,826 6,005,638 20.3

Total claims and policyholders' benefits 1,487,869 860,465 642,014 72.9

Commissions 3,519,861 3,076,371 2,884,019 14.4

Management Expenses 1,895,770 1,532,667 1,465,752 23.7

Underwriting Results (GB) (510,640) 520,388 (778,200) -198.1

Profit Before Tax (EBT) 1,340,151 2,946,511 1,709,697 -54.5

Profit After Tax (PAT) 870,373 2,227,174 1,307,761 -60.9

Indicator


(2021/2020)

The reinsurers’ business volume increased by 14.4% to 14.90 billion in Q2 2021

(Q2 2020: KES 13.03 billion).

The reinsurers’ underwriting results reduced from a profit of KES 520.39 million

in Q2 2020 to a loss of KES 510.64 million in Q2 2021.

2.2 Industry Financial Position

The following is a summary of the industry financial position as at end of Q2

2021.

2.2.1 Key Industry Financial Position Indicators

Table 9 displays some key Industry financial position indicators as at end of Q2

2021.

Table 9: Selected key industry financial position indicators

Key Industry Performance Indicators

KES '000' KES '000' KES '000' (%)

Shareholders' Funds 172,386,744 163,662,788 157,828,752 5.3

Total Assets 819,648,544 738,717,524 672,127,193 11.0


Investments 698,051,081 618,037,619 556,318,687 12.9

Indicator


(2021/2020)


17

Chapter Three

3.0 Long term insurance business

The following was the status of the long-term insurance business in Kenya by

the end of Q2 2021.

3.1 Gross premium income and Market share

Table 11 shows the composition of gross premium income (GPI) under long term

insurance business:

Table 10: Class-wise long term gross premium income

Classwise Gross Premium Income

KES'000' KES'000' KES'000' (%) (%)

Pensions 21,651,236 18,512,301 16,353,604 17.0 36.9

Life Assurance 16,745,140 13,818,775 13,040,417 21.2 28.5

Group Credit 6,567,116 5,082,287 4,847,138 29.2 11.2

Group Life 6,146,945 4,832,579 4,540,638 27.2 10.5

Annuities 4,915,776 3,816,623 3,587,113 28.8 8.4

Investments 2,635,003 1,796,277 1,881,499 46.7 4.5

Industry 58,661,216 47,858,842 44,250,409 22.6 100.0


(2021/2020)2021 Q2

DistributionClass of Business

The total GPI reported under long term insurance business by the end of Q2

2021 amounted to KES 58.66 billion (Q2 2020: 47.86 billion) representing a

growth of 22.6% compared to a growth of 8.2% in Q2 2020. Pensions and Life

Assurance classes remained the biggest contributors to the life GPI accounting

for 36.9% and 28.5% respectively.

The contribution of long-term gross premium by classes is as shown in figure 9.


18

Table 12 depicts an analysis of long-term insurance business market share.

Table 11: Long term insurance market share by gross premium income

Long Term Insurers' Market Share by Gross Premium Income

2021 Q2 2020 Q2 2019 Q2

1 BRITAM LIFE ASSURANCE 21.3 24.0 24.6

2 ICEA LION LIFE ASSURANCE 16.2 14.7 13.8

3 JUBILEE INSURANCE COMPANY 11.5 13.4 15.5

4 KENINDIA ASSURANCE COMPANY 8.1 6.1 5.3

5 SANLAM LIFE ASSURANCE 6.9 5.4 5.2

6 CIC LIFE ASSURANCE COMPANY 5.6 6.4 6.8

7 OTHERS 30.3 30.0 28.8

Total 100.0 100.0 100.0

CompanyMarket Share (%)Market Share (%) Market Share (%)

Six (6) out of twenty-four insurers control a market share of at least 5% each of

the total GPI under long term insurance business segment by the end of Q2

2021. The remaining seventeen companies controlled 30.3% of the market

Figure 9: Class-wise contribution of Long-term gross insurance Premium


19

indicating that the Kenyan long-term insurance segment is dominated by a few

players.

3.2 Net premium income

Table 13 shows an analysis of net premium income (NPI) for long term insurers:

Table 12: Class-wise long term net premium income

Classwise Net Premium Income

KES'000' KES'000' KES'000' (%) (%)

Pensions 21,651,236 18,512,301 16,353,604 17.0 39.7

Life Assurances 16,609,079 13,717,540 12,950,071 21.1 30.4

Group Credit 5,188,468 4,091,621 3,955,725 26.8 9.5

Annuities 4,915,776 3,816,623 3,587,113 28.8 9.0

Group Life 3,565,836 2,466,236 2,224,835 44.6 6.5

Investments 2,634,986 1,796,237 1,881,499 46.7 4.8

Industry 54,565,381 44,400,558 40,952,847 22.9 100.0

2021 Q2

DistributionClass of Business2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)

The net premium income reported by the end of Q2 2021 by the long-term

insurers was KES 54.57 billion representing an increase of 22.9% from KES

44.40 billion reported by the end of Q2 2020.

3.3 Investment income and underwriting expenses

Investment income increased significantly to KES 26.30 billion by end of Q2

2021 (Q2 2020: KES 12.39 billion) which was mainly attributed to fair value

gains on investments on equities in the capital market.

Net commissions for the period was KES 3.34 billion while management expense

was KES 7.27 billion during the same period which was an increase of 17.8%

and 9.5% respectively.

3.4 Investments

Table 14 is an analysis of the investments under long term insurance business

as at 30th June 2021:


20

Table 13: Long term insurance business investments

Long Term Insurers' Business Investments

KES'000' KES'000' KES'000' (%) (%)

Government Securities 368,733,223 307,305,932 257,555,682 20.0 74.7

Investment Property 46,242,766 45,437,134 45,713,978 1.8 9.4

Quoted Ordinary Shares 26,271,234 25,594,024 30,866,539 2.6 5.3

Term Deposits 26,353,656 26,449,908 21,646,779 -0.4 5.3

Loans & Mortgages 9,155,474 8,374,672 8,264,098 9.3 1.9

Unquoted Ordinary shares 7,767,586 7,625,133 6,473,717 1.9 1.6

Investment in Subsidiaries 6,791,986 4,986,058 5,038,089 36.2 1.4

Other Securities 2,461,143 4,155,836 7,409,973 -40.8 0.5

Total 493,777,068 429,928,697 382,968,855 14.9 100.0

Investment Type2021 Q2 2020 Q2 2019 Q2

2021 Q2

Distribution

Annual change

(2021/2020)

Total investments under long term insurance business as at end of June 2021

amounted to KES 493.78 billlion, an increase of 14.9% compared to KES 429.93

billion reported as at end of Q2 2020. Kenya government securities (treasury

bills and bonds) maintained their attractiveness to long term insurers

comprising 74.7% (KES 368.73 billion) of the total long term insurers’

investments.

Figure 10 shows the composition of investments under long term business as at

the end of Q2 2021:


21

Figure 10: Long-term insurance investments portfolio


22

Chapter Four

4.0 General insurance business

The following is the analysis of the general insurance business performance as

at end of Q2 2021.

4.1 Gross premium income and market share

Gross premium income for general insurance business indicates the amount of

insurance business written including inward reinsurances.

Table 15 shows the class-wise gross premium income under general insurance

business as at end of second quarters for the past three years.

Table 14: Class-wise general insurance gross premium income

General Insurers' Classwise Gross Premium Income Net Premium

KES'000' KES'000' KES'000' (%) (%)

Aviation 1,985,820 1,556,870 931,386 27.6 2.3

Engineering 2,200,009 1,722,909 2,007,480 27.7 2.6

Fire Domestic 999,178 993,051 943,148 0.6 1.2

Fire Industrial 7,583,709 6,678,662 6,411,126 13.6 8.9

Liability 2,164,978 1,914,385 1,924,423 13.1 2.5

Marine & Transit 1,974,174 1,720,270 1,686,692 14.8 2.3

Motor Private 12,021,283 11,579,042 11,992,405 3.8 14.1

Motor Commercial 11,680,446 10,966,491 12,382,559 6.5 13.7

Personal Accident 1,373,016 1,445,424 2,116,210 -5.0 1.6

Theft 2,607,486 2,570,304 2,598,190 1.4 3.1

Workmen's Compensation 9,309,418 3,683,770 3,653,025 152.7 10.9

Medical 29,457,594 26,514,901 24,425,128 11.1 34.5

Miscellaneous 2,002,293 1,835,177 1,957,847 9.1 2.3

Total 85,359,404 73,181,256 73,029,619 16.6 100.0

Class of Business2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)2021 Q2

Distribution

In Q2 2021, general insurance premiums amounted to KES 85.36 billion.

Medical and motor insurance classes maintained a leading position in terms of

contribution in general insurance business premium at 34.5% and 27.8%

respectively.

Table 16 shows the top six insurers and others in terms of market share under

general insurance business.


23

Table 15: General insurance market share by gross premium income


(2021/2020)

Market Share (%)

Market Share

(%)

Market Share

(%) (%)

1 UAP INSURANCE COMPANY 8.6 8.3 7.1 0.3

2 CIC GENERAL INSURANCE COMPANY 8.0 8.1 8.3 -0.1

3 GA INSURANCE COMPANY 7.7 6.3 5.3 1.4

4 APA INSURANCE COMPANY 7.4 7.2 7.4 0.2

5 JUBILEE HEALTH INSURANCE 7.2 6.7 0.0 0.5

6 BRITAM GENERAL INSURANCE 6.5 6.3 6.4 0.2

7 OTHERS 54.6 57.1 65.5 -2.5

Total 100.0 100.0 100.0 0.0

General Insurers' Market Share by Gross Premium Income

Company

The insurers’ market share was measured by the amount of gross premium

income underwritten in comparison with the industry total premiums under

general insurance business. Unlike in the long-term segment, concentration was

low in the general insurance segment.

Six (6) insurers had a market share of at least 5.0% of total general insurance

market. These insurers jointly controlled 45.4% of total gross premium income

under general insurance business.

4.2 Claims and direct expenses

The insurers reported claims incurred amounting to KES 32.38 billion during

the period under review. This was an increase of 15.3% from KES 28.08 billion

reported in the second quarter of the previous year.

The trend in claims incurred under general insurance business is as shown in

table 17.


24

Table 16: Class-wise general insurance incurred claims

General Insurers' Classwise Claims Incurred

KES'000' KES'000' KES'000' (%) (%)

Aviation 1,885 19,378 2,715 -90.3 0.0

Engineering 268,180 398,599 300,034 -32.7 0.8

Fire Domestic 241,692 178,132 201,518 35.7 0.7

Fire Industrial 359,112 832,682 512,941 -56.9 1.1

Liability 283,739 259,118 430,387 9.5 0.9

Marine & Transit 400,115 316,464 417,726 26.4 1.2

Motor Private 9,676,418 7,227,659 8,032,707 33.9 29.9


Personal Accident 30,066 274,650 313,580 -89.1 0.1

Theft 376,324 372,447 483,116 1.0 1.2

Workmen's Compensation 494,576 1,131,237 763,329 -56.3 1.5

Medical 12,535,807 9,825,989 9,683,878 27.6 38.7

Miscellaneous 319,702 368,387 469,211 -13.2 1.0

Total 32,380,813 28,079,499 28,842,861 15.3 100.0

2021 Q2

DistributionClass of Business2019 Q2

Annual change

(2021/2020)2021 Q2 2020 Q2

The high premium volume classes of general insurance business contributed

the largest proportions of incurred claims; medical (38.7%), motor private

(29.8%) and motor commercial (22.8%). Motor classes of insurance business

comprised of 52.7% of total claims incurred compared to their contribution of

27.8% of the total premium under general insurance business.

Table 18 shows the incurred loss ratios under the various classes of general

insurance business.

Table 17: Class-wise general insurance incurred loss ratios

General Insurers' Claims Incurred Loss Ratios (%)

Aviation 12.4 227.1 40.7

Engineering 62.0 90.2 57.6

Fire Domestic 39.1 28.2 34.8

Fire Industrial 25.2 54.3 35.8

Liability 36.5 32.9 58.6

Marine & Transit 42.2 34.8 52.3

Motor Private 88.2 67.9 78.4

Motor Commercial 72.1 67.1 65.5

Personal Accident 2.9 31.9 27.9

Theft 35.7 27.0 42.0

Workmen's Compensation 13.7 37.6 25.5

Medical 76.2 69.0 72.6

Miscellaneous 36.4 43.9 47.7

Industry average 66.8 61.6 64.2

2019 Q22020 Q22021 Q2Class of Business


25

Incurred claims ratio (loss ratio) measures the claims incurred as a percentage

of net earned premium income. The industry average loss ratio over the last

three years is 64.2%.

Table 19 shows the claims paid trend under various classes of general insurance

business.

Table 18: Class-wise general insurance claims paid

General Insurers' Classwise Paid Claims

KES'000' KES'000' KES'000' (%) (%)

Aviation 7,455 6,417 9,069 16.2 0.0

Engineering 373,426 256,681 88,561 45.5 1.2

Fire Domestic 182,486 166,218 206,370 9.8 0.6

Fire Industrial 634,305 577,441 462,515 9.8 2.1

Liability 291,789 233,864 335,579 24.8 1.0

Marine & Transit 332,638 307,062 351,202 8.3 1.1

Motor Private 8,238,918 6,900,875 7,098,658 19.4 26.9


Personal Accident 194,112 291,161 319,554 -33.3 0.6

Theft 354,014 434,726 501,265 -18.6 1.2

Workmen's Compensation 999,296 978,652 842,142 2.1 3.3

Medical 12,024,935 9,751,894 10,113,869 23.3 39.3

Miscellaneous 389,981 404,670 451,878 -3.6 1.3

Total 30,604,274 26,170,759 27,523,449 16.9 100.0

2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)2021 Q2

DistributionClass of Business

The claims paid increased by 16.9% to KES 30.60 billion compared to KES 26.17

billion paid in Q2 2020.

Medical, motor private and motor commercial had the highest amounts of paid

claims at 39.3%, 26.9% and 21.5% respectively of total industry paid claims

under general insurance business.

Direct expenses include commissions and underwriting management expenses.

The items constituting underwriting management expenses include; staff welfare

expenses, salaries, publicity and advertising, legal fees and stationery amongst

others.

During the period under review, direct expenses amounted to KES 17.58 billion

and this composed of KES 14.44 billion (82.1%) in management expenses and

KES 3.14 billion (17.9%) in commissions.


26

4.3 Underwriting ratios

A key underwriting ratio is the combined ratio that shows the proportion of net

earned premium income that is expensed as claims, underwriting management

expenses and commissions.

Table 20 shows the class-wise retention ratio, incurred claims ratio, management

expense ratio, commission ratio and combined ratio.

Table 19: General insurance underwriting ratios

General Insurers' Underwriting Ratios (%)

Retention Incurred

Claims

Net

Commission

Management

Expense

Combined

ratioCombined ratio

Aviation 0.8 12.4 -369.0 1124.0 767.4 1193.2

Engineering 24.7 62.0 -9.7 62.6 114.9 127.1

Fire Domestic 71.4 39.1 15.5 40.5 95.1 78.4

Fire Industrial 24.3 25.2 -6.1 67.8 86.9 106.7

Liability 44.2 36.5 1.2 47.7 85.3 87.7

Marine & Transit 54.0 42.2 13.6 50.0 105.9 81.2

Motor Private 94.6 88.2 9.0 29.1 126.3 109.1

Motor Commercial 96.5 72.1 9.7 28.3 110.1 109.8

Personal Accident 31.7 2.9 9.9 35.2 48.0 88.6

Theft 52.8 35.7 0.3 50.7 86.7 70.3

Workmen's Compensation 58.7 13.7 4.7 26.5 44.8 82.9

Medical 78.0 76.2 5.1 21.5 102.8 93.7

Miscellaneous 42.8 36.4 -1.5 50.8 85.7 95.4

Overall 69.0 66.8 6.5 29.8 103.0 99.9

2021 Q2 2020 Q2

Class of Business

The industry combined ratio was 103.0% in Q2 2021 translating to an

underwriting loss of KES 1.46 billion. Combined ratios higher than 100% were

recorded in 6 out of the 13 classes of general insurance business.

4.4 Underwriting results

Table 21 displays an analysis of underwriting results under general insurance

business:


27

Table 20: Class-wise general insurance underwriting results:

General Insurers' Classwise Underwriting Results

KES'000' KES'000' KES'000' (%)

Aviation (101,278) (93,264) (46,739) -8.6

Engineering (64,301) (119,785) (35,568) 46.3

Fire Domestic 30,545 136,314 49,961 -77.6

Fire Industrial 187,339 (102,499) 165,286 282.8

Liability 114,126 96,629 (187,476) 18.1

Marine & Transit (56,161) 170,498 (98,542) -132.9

Motor Private (2,885,774) (971,432) (1,979,895) -197.1

Motor Commercial (1,034,127) (1,005,002) (472,540) -2.9

Personal Accident 544,481 97,990 177,024 455.6

Theft 139,930 409,569 (33,885) -65.8

Workmen's Compensation 1,997,340 514,072 817,476 288.5

Medical (460,438) 891,053 280,373 -151.7

Miscellaneous 125,973 38,311 103,560 228.8

Total (1,462,345) 62,454 (1,260,965) -2441.5

2019 Q2

Annual change

(2021/2020)2021 Q2 2020 Q2Class of Business

The underwriting performance of general insurance business was a loss of 1.46

billion compared to a profit of 62.45 million reported in Q2 2020. Workmen’s

compensation class made the highest underwriting profit of KES 2.00 billion

while motor private and motor commercial classes of general insurance

business incurred the highest losses of KES 2.89 billion and KES 1.03 billion

respectively.

4.5 Investments

Table 22 shows an analysis of the investments under general insurance

business as at 30th June, 2021:


28

Table 21: General insurance business investments

General Insurance Business Investments

KES'000' KES'000' KES'000' (%) (%)



Term Deposits 21,416,880 23,631,047 21,530,605 -9.4 14.8

Investment in Subsidiary 6,627,166 5,447,222 5,741,384 21.7 4.6

Quoted Ordinary Shares 5,521,112 4,748,947 6,517,954 16.3 3.8

Unquoted Ordinary shares 3,951,419 3,786,197 2,958,174 4.4 2.7

Loans & Mortgages 2,896,871 4,086,776 3,108,114 -29.1 2.0

Other Securities 1,068,617 1,871,266 2,774,842 -42.9 0.7

Total 144,676,434 131,371,980 124,537,253 10.1 100.0

2019 Q22021 Q2

Distribution

Annual change

(2021/2020)Investment 2021 Q2 2020 Q2

Total investments under general insurance business as at end of Q2 2021

amounted to KES 144.68 billion indicating an increase of 10.1% from KES

131.37 billion reported in Q2 2020. Kenya government securities (treasury bills

and bonds) and investment property accounted for highest proportions of total

general insurers’ investments at 52.5% and 18.9% respectively.

Figure 11 shows the composition of investments under general insurance

business:


29

Figure 11: General insurance investments portfolio


30

Chapter Five

5.0 Reinsurance business

Five (5) regulated reinsurance companies submitted their unaudited returns for

the second quarter of 2021. Their operating performance was analyzed as

follows:

5.1 Long term reinsurance business

Table 23 shows some key performance indicators under long term reinsurance

business as at end of Q2 2021.

Table 22: Long term reinsurance key performance indicators

Long Term Reinsurance Business Key Indicators

KES'000' KES'000' KES'000' KES'000'

Life Assurance 128,021 52,874 84,846 45,645

Group Life 1,373,274 523,074 1,261,733 518,533

Total 1,501,295 575,948 1,346,579 564,178

Life Assurance 114,383 49,499 55,299 42,670

Group Life 1,400,686 474,970 834,399 541,955

Total 1,515,069 524,469 889,698 584,625

Life Assurance 59,639 35,148 2,191 27,520

Group Life 1,362,044 333,269 618,440 611,229

Total 1,421,683 368,417 620,631 638,749

Class of business

2020 Q2

Net premium

income

Investment

income Life benefits

Direct

Expenses

2021 Q2

2019 Q2

5.1.1 Net premium income

The total net premium income (NPI) reported by long term reinsurance

companies in Q2 2021 declined marginally by 0.9% to KES 1.50 billion

compared to KES 1.52 billion reported in Q2 2020. Group Life contributed

91.5% of the total NPI recorded in the period under review.


31

5.1.2 Investment income and direct expenses

Investment income reported under long term reinsurance business by the end of

Q2 2021 was KES 575.95 million, an increase of 9.8% (Q2 2020: KES 524.47

million).

The total direct expenses incurred by long term reinsurance companies during

Q2 2021 amounted to KES 564.18 million. Life benefits paid out by the long-

term reinsurers during the same period amounted to KES 1.35 billion an

increase of 51.5% from KES 0.89 billion paid out in Q2 2020.

5.1.3 Investments

Table 24 shows an analysis of the investments under Long Term reinsurers

business for the period to 30th June, 2021:

Table 23: Long term reinsurance business investment channels

Long Term Reinsurers' Investments

KES'000' KES'000' KES'000' (%) (%)


Term Deposits 5,651,961 6,383,926 3,878,353 -11.5 40.9

Investment Property 1,724,056 1,750,952 1,680,614 -1.5 12.5

Quoted Ordinary Shares 345,733 288,365 283,840 19.9 2.5

Other Investments 20,328 57,020 91,337 -64.3 0.1

Total 13,824,251 14,010,241 11,125,573 -1.3 100.0

2020 Q2 2019 Q2Annual change

(2021/2020)Investment

2021 Q2

Distribution2021 Q2

The long-term reinsurers invested more in government securities accounting for

44.0% of the total investment, followed by bank deposits at 40.9%.


32

5.2 General reinsurance business

The following is a summary of the performance of general reinsurance business

in Kenya.

5.2.1 Some Key Performance indicators

Table 25 shows some key performance indicators under general re-insurance

business as at end of Q2 2021:

Table 24: Class-wise performance indicators under general reinsurance

General Reinsurance Business Indicators

KES'000' KES'000' KES'000' (%)


Incurred Claims 7,044,774 5,853,826 6,005,638 20.3

Direct Expenses 4,851,453 4,024,413 3,711,022 20.6

Operating Profit 939,366 2,035,736 909,778 -53.9

Capital and Reserves 36,498,516 34,544,173 31,100,845 5.66

Assets 56,410,826 54,208,950 47,983,750 4.06

Liabilities 19,912,310 19,664,777 16,882,905 1.26

Investments 45,773,328 42,726,701 37,687,006 7.13

Performance Indicators

Financial Position


(2021/2020)Indicator

In Q2 2021, the general reinsurers reported an increase in the net premium

income of 13.4% from KES 10.73 billion reported by the end of Q2 2020 to KES

12.17 billion in Q2 2021.

The general reinsurers incurred KES 7.04 billion in claims and KES 4.85 billion

in direct expenses (commissions and management expenses) representing an

increase of 20.3% and 20.6% respectively. The operating profit for general

reinsurance business reduced significantly from KES 2.04 billion as at Q2 2020

to KES 939.37 million reported in Q2 2021.


33

5.2.2 Investments

Table 26 shows an analysis of the investments under General reinsurance

business for the period ended 30th June 2021.

Table 25: General reinsurance business investment channels

General Reinsurance Business Investments

KES'000' KES'000' KES'000' (%) (%)



Investment in Subsidiary 8,230,481 5,633,315 4,710,558 46.1 18.0

Term Deposits 4,375,615 5,584,547 4,945,555 (21.6) 9.6

Quoted Ordinary Shares 1,021,523 912,924 1,124,101 11.9 2.2

Loans & Mortgages 794,639 750,976 781,430 5.8 1.7

Unquoted Ordinary shares 309,480 205,733 202,231 50.4 0.7

Other Securities 65,690 279,473 1,001,212 (76.5) 0.1

Total 45,773,328 42,726,701 37,687,006 7.1 100.0

2021 Q2

DistributionInvestment2021 Q2 2020 Q2 2019 Q2

Annual change

(2021/2020)

The general reinsurers invested more in government securities accounting for

43.2% of the total investment, followed by investment property at 24.5% of the

total investments.


34

Chapter Six

6.0 Industry Financial Position

The following is a summary of financial position of the insurance industry in

Kenya as at 30th June 2021.

6.1 Summary of Industry Balance Sheet

Table 27 displays balance sheet summary of the industry as at end of Q2 2021:

Table 26: Summary of industry balance sheet

Summary of Industry Balance Sheet

KES'000' KES'000' KES'000' (%)

Share Capital 58,293,047 57,798,533 46,344,241 0.9

Share Premium 9,004,773 8,515,515 8,258,620 5.7

Revaluation Reserves 3,481,269 3,576,668 4,036,772 -2.7

Statutory Reserves 29,406,811 23,796,251 23,210,888 23.6

Retained Earnings 61,369,658 56,546,772 62,047,654 8.5

Other Reserves 10,831,186 13,429,049 13,930,577 -19.3

Total Equity 172,386,744 163,662,788 157,828,752 5.3

Underwriting Provisions 135,440,523 119,907,058 116,302,601 13.0

Actuarial Contract Liabilities 448,755,989 396,989,453 348,713,865 13.0

LongTerm Liabilities 12,257,853 9,492,851 11,330,078 29.1

Current Liabilities 50,807,437 48,665,372 37,951,901 4.4


Total Equity and Liabilities 819,648,546 738,717,522 672,127,197 11.0

Land and Buildings 7,606,519 9,038,513 8,390,634 -15.8

Investments 698,051,081 618,037,619 556,318,687 12.9

Other Fixed Assets 2,827,474 3,117,876 3,456,089 -9.3

Cash and Cash Balances 9,611,762 16,619,950 15,530,937 -42.2

Outstanding Premiums 48,089,511 39,655,503 42,001,187 21.3

Other Receivables 13,667,369 11,614,061 9,883,356 17.7

Other Assets 29,949,670 31,301,924 26,923,559 -4.3

Intangible Assets 9,845,158 9,332,078 9,622,744 5.5

Total Assets 819,648,544 738,717,524 672,127,193 11.0

2020 Q2 2019 Q2Annual change

(2021/2020)Balance Sheet Items2021 Q2


35

6.2 Shareholder’s Funds

Total equity increased by 5.3% to stand at KES 172.39 billion as at end of Q2

2021 (Q2 2020: KES 163.66 billion). The key components of shareholders’ funds

were paid up capital at 33.8%, retained earnings at 35.6% and statutory

reserves at 17.1%.

The distribution of shareholders’ equity in Q2 2021 is shown in figure 12:

6.3 Assets and Liabilities

The insurance industry asset base grew by 11.0% to KES 819.65 billion as at

end of Q2 2021 from KES 738.72 billion held as at end of Q2 2020. A significant

portion of total assets KES 698.05 billion (85.2%) were held in income

generating investments.

Figure 12: Distribution of industry investors’ equity


36

The total insurance industry’s liabilities grew by 12.6% to KES 647.26 billion in

Q2 2021 from KES 575.05 billion reported in Q2 2020.

6.4 Investments

Investments in income generating assets grew by 12.9% from KES 618.04 billion

reported at the end of Q2 2020 to KES 698.05 billion in Q2 2021. Asset classes

with the highest proportions of above 5% were; government securities (67.4%),

investment property (12.4%) and term deposits (8.3%).

The investment portfolio for the industry is shown in figure 13:

Figure 13: Distribution of industry investment portfolio


37

Statistical Appendices

Appendix 1: Summary of General Insurance Business Profit & Loss Accounts

for the Period Ended 30.06.2021

Appendix 2: Summary of Long-Term Insurance Business Profit & Loss

Accounts for the Period Ended 30.06.2021

Appendix 3: Summary of Long-Term Insurance Business Gross Premium

Income for the Period Ended 30.06.2021

Appendix 4: Summary of Long-Term Insurance Business Market Share per

Class for the Period Ended 30.06.2021

Appendix 5: Summary of Life Assurance Business Revenue Accounts for the

Period Ended 30.06.2021

Appendix 6: Summary of Annuities Business Revenue Accounts for the Period

Ended 30.06.2021

Appendix 7: Summary of Group Life Business Revenue Accounts for the Period

Ended 30.06.2021

Appendix 8: Summary of Group Credit Business Revenue Accounts for the


Appendix 9: Summary of Investments Business Revenue Accounts for the


Appendix 10: Summary of Permanent Health Business Revenue Accounts for

the Period Ended 30.06.2021

Appendix 11: Summary of Pensions Business Revenue Accounts for the Period

Ended 30.06.2021

Appendix 12: Summary of Combined Long-Term Business Revenue Accounts


Appendix 13: Summary of Gross Premium Income under General Insurance

Business for the Period Ended 30.06.2021

Appendix 14: Summary of General Insurance Business Market Share per Class


Appendix 15: Summary of Claims Paid Under General Insurance Business for



38

Appendix 16: Summary of Claims Incurred Under General Insurance Business


Appendix 17: Summary of Incurred Claims Ratios under General Insurance


Appendix 18: Summary of Underwriting Profits under General Insurance


Appendix 19: Summary of General Insurance Business Revenue Accounts for


Appendix 20: Summary of Long-Term Insurance Business Balance Sheets as at

30.06.2021

Appendix 21: Summary of General Insurance Business Balance Sheets as at

30.06.2021


39

Company

Profit Transferred from

Revenue

Investment

Income Other Income Total Income

Loss Transferred From

Revenue

Management

Expenses Total Outgo

Profit / (Loss) Before

Taxation

Provision for

Taxation

Profit/(Loss) After

Taxation

Unappropriated

Profit/(Loss) BF Transfer To Reserves

Other

Appropriations Dividend

Unappropriated

Profit /(Loss) CF

AAR INSURANCE KENYA 168,920 - - 168,920 - - - 168,920 10,976 157,944 145,557 - - - 303,501

AFRICAN MERCHANT ASSURANCE - 26,061 - 26,061 68,575 - 68,575 ( 42,515 ) - ( 42,515 ) - - - - ( 42,515 )

AIG INSURANCE COMPANY 338,715 136,305 6 475,026 - - - 475,026 142,508 332,518 1,414,830 - - - 1,747,349

ALLIANZ INSURANCE COMPANY - - - - 53,132 - 53,132 ( 53,132 ) 17,881 ( 71,013 ) ( 638,830 ) - - - ( 709,843 )

APA INSURANCE COMPANY - 520,668 - 520,668 142,281 95,736 297,347 223,320 ( 52,182 ) 275,502 3,397,460 - - 850,000 2,822,962

BRITAM GENERAL INSURANCE - - - - 417,635 - 417,635 ( 417,635 ) ( 80,533 ) ( 337,103 ) 411,190 - - - 74,088

CIC GENERAL INSURANCE COMPANY 345,137 - - 345,137 - - - 345,137 - 345,137 2,635,128 - - 947,131 2,033,134

CORPORATE INSURANCE COMPANY - - - - 8,973 - 8,973 ( 8,973 ) - ( 8,973 ) 233,293 - - - 224,321

DIRECTLINE ASSURANCE COMPANY 101,286 46,895 71,449 219,630 - 6,560 10,228 209,401 - 209,401 ( 1,255 ) - - - 208,147

FIDELITY SHIELD INSURANCE - 110,021 - 110,021 55,978 15,114 99,548 10,473 - 10,473 419,717 - - - 430,190

FIRST ASSURANCE COMPANY - 76,722 - 76,722 45,571 - 45,571 31,151 7,910 23,241 107,398 - - - 130,639

GA INSURANCE COMPANY 863,920 - 1,417 865,337 - - - 865,337 215,980 649,357 3,227,407 - - 437,500 3,439,264

GEMINIA INSURANCE COMPANY 58,188 - 236 58,424 - - - 58,424 - 58,424 1,478,822 - - - 1,537,245

HERITAGE INSURANCE COMPANY 368,013 - - 368,013 - 20,328 20,328 347,685 99,090 248,595 2,941,472 - - - 3,190,067

ICEA LION GENERAL INSURANCE 13,967 606,197 - 620,164 - 73,697 96,197 523,967 170,289 353,678 4,292,426 - - - 4,646,104

INTRA-AFRICA ASSURANCE 29,831 15,308 15,421 60,559 - 3,495 5,934 54,625 16,387 38,237 39,966 - - - 78,203

INVESCO ASSURANCE COMPANY - - - - - - - - - - - - - - -

JUBILEE GENERAL INSURANCE 223,635 - - 223,635 - - - 223,635 - 223,635 ( 101,354 ) - - - 122,281

JUBILEE HEALTH INSURANCE 656,717 - - 656,717 - - - 656,717 191,925 464,792 568,067 - - - 1,032,859

KENINDIA ASSURANCE COMPANY 160,195 - 782 160,977 - 3,375 7,502 153,475 46,043 107,433 1,611,113 - - - 1,718,546

KENYA ORIENT INSURANCE 107,821 15,026 - 122,847 - 122,233 122,233 615 - 615 ( 1,253,974 ) - - - ( 1,253,360 )

MADISON INSURANCE COMPANY - - - - 100,848 - 100,848 ( 100,848 ) - ( 100,848 ) 598,050 - - - 497,202

MAYFAIR INSURANCE COMPANY 107,436 224,621 1,661 333,718 - 26,229 43,627 290,090 87,027 203,063 1,193,418 - - 200,000 1,196,481

METROPOLITAN CANNON GENERAL - 195,896 - 195,896 52,954 - 52,954 142,942 - 142,942 ( 73,702 ) - - - 69,240

MUA INSURANCE COMPANY ( 26,221 ) - - ( 26,221 ) - - - ( 26,221 ) - ( 26,221 ) 358,075 - - - 331,855

OCCIDENTAL INSURANCE COMPANY - - 114 114 ( 32,774 ) 46,243 15,245 ( 15,131 ) ( 26,730 ) 11,599 649,477 - - - 661,076

PACIS INSURANCE COMPANY - - - - 11,352 - 11,352 ( 11,352 ) - ( 11,352 ) 240,601 90,056 - - 139,193

PIONEER INSURANCE COMPANY - 29,795 - 29,795 56,476 - 56,476 ( 26,681 ) - ( 26,681 ) 7,472 - - - ( 19,208 )

RESOLUTION INSURANCE COMPANY - - - - 278,842 - 278,842 ( 278,842 ) ( 80,020 ) ( 198,823 ) ( 2,214,445 ) - - - ( 2,413,268 )

SAHAM INSURANCE COMPANY - - - - 75,614 - 75,614 ( 75,614 ) - ( 75,614 ) 379,619 - - - 304,004

SANLAM INSURANE COMPANY 43,490 - - 43,490 - - - 43,490 13,047 30,443 - - - - 30,443

TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - -

TAUSI ASSURANCE COMPANY 43,514 128,709 8,144 180,366 - 1,933 4,816 175,550 50,504 125,046 1,170,412 ( 1,629 ) - - 1,297,088

THE KENYAN ALLIANCE INSURANCE - - - - 95,434 - 95,434 ( 95,434 ) - ( 95,434 ) 282,942 - - - 187,508

THE MONARCH INSURANCE - 16,405 - 16,405 119,537 17,900 145,335 ( 128,930 ) 2,902 ( 131,831 ) 265,588 - - - 133,756

TRIDENT INSURANCE COMPANY 95,208 19,334 - 114,542 - 28,570 28,570 85,972 - 85,972 1,039,579 - - - 1,125,551

UAP INSURANCE COMPANY - 702,348 454 702,803 117,301 - 117,301 585,501 167,995 417,506 4,678,192 - - - 5,095,698

XPLICO INSURANCE COMPANY - - - - 107,483 - 107,483 ( 107,483 ) - ( 107,483 ) 21,515 - - - ( 85,968 )

TOTAL 3,699,772 2,870,311 99,684 6,669,766 1,775,212 461,413 2,387,100 4,282,662 1,000,999 3,281,662 29,525,226 88,427 - 2,434,631 30,283,833

CONTINENTAL REINSURANCE 615,935 - - 615,935 - - - 615,935 184,780 431,154 523,648 - - - 954,802

EAST AFRICA REINSURANCE 30,840 255,333 17,315 303,489 - 462 25,164 278,325 83,762 194,563 2,998,910 ( 788 ) - 100,000 3,094,261

GHANA REINSURANCE COMPANY 63,244 - 301 63,546 - - - 63,546 19,064 44,482 266,354 - - - 310,836

KENYA REINSURANCE CORPORATION 171,069 - 31,927 202,997 - - - 202,997 60,898 142,099 20,742,369 - - - 20,884,468

WAICA REINSURANCE KENYA LIMITED 58,278 26,663 - 84,942 - - - 84,942 25,482 59,459 42,162 - - - 101,621

TOTAL 939,366 281,996 49,543 1,270,909 - 462 25,164 1,245,745 373,986 871,757 24,573,443 ( 788 ) - 100,000 25,345,988

GRAND TOTAL 4,639,138 3,152,307 149,227 7,940,675 1,775,212 461,875 2,412,264 5,528,407 1,374,985 4,153,419 54,098,669 87,639 - 2,534,631 55,629,821

APPENDIX 1: SUMMARY OF GENERAL INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

REINSURERS

Amounts in Thousand Shillings

INSURERS


40

Company

Profit Transferred from

Revenue Investment Income Other Income Total Income

Loss Transferred

From Revenue

Management

Expenses Total Outgo

Profit / (Loss)

Before Taxation

Provision for

Taxation

Profit/(Loss) After

Taxation

Unappropriated

Profit/(Loss) BF

Transfer To

Reserves

Other

Appropriations Dividend

Unappropriated Profit

/(Loss) CF

ABSA LIFE ASSURANCE - - - - - - - - - - - - - - -

APA LIFE ASSURANCE COMPANY ( 1,972 ) 36,543 - 34,571 - - 2,102 32,469 - 32,469 ( 101,459 ) - - - ( 68,990 )

BRITAM LIFE ASSURANCE 1,050,436 - 265,200 1,315,636 - - - 1,315,636 315,131 1,000,505 5,754,465 - - - 6,754,970

CAPEX LIFE ASSURANCE COMPANY - - 4,415 4,415 - - - 4,415 - 4,415 ( 31,672 ) - - - ( 27,257 )

CIC LIFE ASSURANCE COMPANY - - - - - - - - - - 71,861 - - - 71,861

CORPORATE INSURANCE COMPANY - - - - ( 27,990 ) - ( 27,990 ) 27,990 - 27,990 ( 176,535 ) - - - ( 148,545 )

GA LIFE ASSURANCE COMPANY - - 12,789 12,789 - - - 12,789 3,837 8,952 98,119 - - - 107,071

GEMINIA LIFE INSURANCE COMPANY 18,202 - - 18,202 - - - 18,202 - 18,202 - - - - 18,202

ICEA LION LIFE ASSURANCE 340,000 72,531 6,376 418,907 - 24 24 418,883 114,481 304,403 2,518,264 - - - 2,822,666

JUBILEE INSURANCE COMPANY 635,629 151,842 - 787,472 - - - 787,472 190,689 596,783 5,230,690 - - - 5,827,473

KENINDIA ASSURANCE COMPANY 25,000 - - 25,000 - - - 25,000 - 25,000 40,268 - - 50,000 15,268

KENYA ORIENT LIFE ASSURANCE - 14,441 - 14,441 - - 4,173 10,267 4,067 6,201 50,532 - - - 56,732

KUSCCO MUTUAL ASSURANCE LIMITED 147,156 - - 147,156 - - - 147,156 15,430 131,726 - - - - 131,726

LIBERTY LIFE ASSURANCE COMPANY - - 106,619 106,619 - - - 106,619 41,428 65,191 ( 304,170 ) ( 65,191 ) - - ( 173,789 )

MADISON INSURANCE COMPANY - - - - - - - - - - 62,000 - - - 62,000

METROPOLITAN CANNON INSURANCE ( 5,666 ) - - ( 5,666 ) - - - ( 5,666 ) 6,301 ( 11,967 ) ( 1,243,669 ) - - - ( 1,255,636 )

OLD MUTUAL LIFE ASSURANCE - 90,798 - 90,798 15,689 - 17,920 72,879 5,455 67,424 ( 2,661,167 ) - - - ( 2,593,743 )

PIONEER ASSURANCE COMPANY ( 20,199 ) - - ( 20,199 ) - - - ( 20,199 ) - ( 20,199 ) 120,204 - - - 100,005

PRUDENTIAL LIFE ASSURANCE - 50,706 - 50,706 - 205,810 205,810 ( 155,104 ) ( 24,846 ) ( 130,258 ) ( 2,217,704 ) - - - ( 2,347,962 )

SAHAM ASSURANCE - - 34,505 34,505 34,505 - 34,505 - - - - - - - -

SANLAM LIFE ASSURANCE 567,249 - - 567,249 - - - 567,249 170,175 397,074 867,469 - - 1,000,000 264,543

THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - ( 712,603 ) - - - ( 712,603 )

THE MONARCH INSURANCE - - - - 29,594 - 29,594 ( 29,594 ) 4,004 ( 33,597 ) ( 54,599 ) - - - ( 88,196 )

UAP LIFE ASSURANCE COMPANY - - ( 6,654 ) ( 6,654 ) - - - ( 6,654 ) 7,623 ( 14,278 ) ( 62,880 ) - - - ( 77,158 )

TOTAL 2,755,835 416,861 423,250 3,595,947 51,798 205,834 266,138 3,329,809 853,775 2,476,036 7,247,414 ( 65,191 ) - 1,050,000 8,738,638

CONTINENTAL REINSURANCE ( 84,889 ) - - ( 84,889 ) - - - ( 84,889 ) - ( 84,889 ) 233,161 - - - 148,272

EAST AFRICAN REINSURANCE - 81,458 507 81,964 188,679 1,189 190,063 ( 108,099 ) 9,573 ( 117,671 ) 627,274 - ( 35,301 ) - 544,904

KENYA REINSURANCE CORPORATION 287,394 - - 287,394 - - - 287,394 86,218 201,176 6,344,673 - - - 6,545,849

TOTAL 202,505 81,458 507 284,469 188,679 1,189 190,063 94,406 95,791 ( 1,384 ) 7,205,108 - ( 35,301 ) - 7,239,025

GRAND TOTAL 2,958,340 498,319 423,757 3,880,416 240,477 207,023 456,201 3,424,215 949,566 2,474,652 14,452,522 ( 65,191 ) ( 35,301 ) 1,050,000 15,977,663

INSURERS

APPENDIX 2: SUMMARY OF LONG TERM INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

REINSURERS



41

Company Life Assurances Annuities Pensions Group Life Group Credit Permanent Health Investments Total Market Share (%)

ABSA LIFE ASSURANCE 835,348 - - 822,827 491,441 - - 2,149,616 3.66

APA LIFE ASSURANCE COMPANY 149,035 109,105 306,389 428,545 251,629 - 44 1,244,747 2.12

BRITAM LIFE ASSURANCE 4,868,148 271,641 5,204,198 421,728 1,047,585 - 692,220 12,505,520 21.32

CAPEX LIFE ASSURANCE COMPANY 2,862 62,025 - 158,593 8,656 - - 232,136 0.40

CIC LIFE ASSURANCE COMPANY 541,323 30,557 409,727 299,012 2,020,195 - - 3,300,814 5.63

CORPORATE INSURANCE COMPANY 85,275 - - 11,365 - - - 96,640 0.16

GA LIFE ASSURANCE COMPANY 697,105 - 1,367,771 31,306 1,506 - - 2,097,688 3.58

GEMINIA LIFE INSURANCE COMPANY 30,082 - - 333,136 - - - 363,218 0.62

ICEA LION LIFE ASSURANCE 1,756,533 1,651,833 5,757,649 214,152 119,741 - 8,186 9,508,094 16.21

JUBILEE INSURANCE COMPANY 1,988,826 640,831 3,734,271 290,927 92,331 - - 6,747,186 11.50

KENINDIA ASSURANCE COMPANY 1,566,029 318,444 2,850,741 41,510 - - - 4,776,724 8.14

KENYA ORIENT LIFE ASSURANCE 21,228 45,288 235,108 27,177 236,723 - - 565,524 0.96

KUSCCO MUTUAL ASSURANCE LIMITED - - - 9,627 928,283 - - 937,910 1.60

LIBERTY LIFE ASSURANCE COMPANY 573,206 - 137,713 212,507 267,631 - 1,131,468 2,322,525 3.96

MADISON INSURANCE COMPANY 845,133 561,751 148,457 118,749 194,910 - 1,270 1,870,270 3.19

METROPOLITAN CANNON INSURANCE 27,334 - - 138,112 29,018 - 5,739 200,203 0.34

OLD MUTUAL LIFE ASSURANCE 532,265 - - 280,947 - - 352,550 1,165,762 1.99

PIONEER ASSURANCE COMPANY 557,119 56,217 140,131 929,756 239,461 - 33,802 1,956,486 3.34

PRUDENTIAL LIFE ASSURANCE 177,822 - 34,499 201,901 118,132 - - 532,354 0.91

SAHAM ASSURANCE 11,480 - 307 - - - - 11,787 0.02

SANLAM LIFE ASSURANCE 1,237,002 1,168,084 710,131 425,528 217,119 - 261,453 4,019,317 6.85

THE KENYAN ALLIANCE INSURANCE 8,287 - 310,551 129,883 - - 135,119 583,840 1.00

THE MONARCH INSURANCE 12,973 - - 41,193 - - - 54,166 0.09

UAP LIFE ASSURANCE COMPANY 220,725 - 303,593 578,464 302,755 - 13,152 1,418,689 2.42

TOTAL 16,745,140 4,915,776 21,651,236 6,146,945 6,567,116 - 2,635,003 58,661,216 100

CONTINENTAL REINSURANCE 7,801 - - 94,744 - - - 102,545 6.10

EAST AFRICAN REINSURANCE 28,813 - - 629,705 - - - 658,518 39.19

KENYA REINSURANCE CORPORATION 91,939 - - 827,450 - - - 919,389 54.71

TOTAL 128,553 - - 1,551,899 - - - 1,680,452 100.00

APPENDIX 3: SUMMARY OF LONG TERM INSURANCE BUSINESS GROSS PREMIUM INCOME FOR THE PERIOD ENDED 30.06.2021

REINSURERS


INSURERS


42

Company Life Assurances Annuities Pensions Group Life Group Credit Permanent Health Investments Total

ABSA LIFE ASSURANCE 4.99 - - 13.39 7.48 - - 3.66

APA LIFE ASSURANCE COMPANY 0.89 2.22 1.42 6.97 3.83 - 0.00 2.12

BRITAM LIFE ASSURANCE 29.07 5.53 24.04 6.86 15.95 - 26.27 21.32

CAPEX LIFE ASSURANCE COMPANY 0.02 1.26 - 2.58 0.13 - - 0.40

CIC LIFE ASSURANCE COMPANY 3.23 0.62 1.89 4.86 30.76 - - 5.63

CORPORATE INSURANCE COMPANY 0.51 - - 0.18 - - - 0.16

GA LIFE ASSURANCE COMPANY 4.16 - 6.32 0.51 0.02 - - 3.58

GEMINIA LIFE INSURANCE COMPANY 0.18 - - 5.42 - - - 0.62

ICEA LION LIFE ASSURANCE 10.49 33.60 26.59 3.48 1.82 - 0.31 16.21

JUBILEE INSURANCE COMPANY 11.88 13.04 17.25 4.73 1.41 - - 11.50

KENINDIA ASSURANCE COMPANY 9.35 6.48 13.17 0.68 - - - 8.14

KENYA ORIENT LIFE ASSURANCE 0.13 0.92 1.09 0.44 3.60 - - 0.96

KUSCCO MUTUAL ASSURANCE LIMITED - - - 0.16 14.14 - - 1.60

LIBERTY LIFE ASSURANCE COMPANY 3.42 - 0.64 3.46 4.08 - 42.94 3.96

MADISON INSURANCE COMPANY 5.05 11.43 0.69 1.93 2.97 - 0.05 3.19

METROPOLITAN CANNON INSURANCE 0.16 - - 2.25 0.44 - 0.22 0.34

OLD MUTUAL LIFE ASSURANCE 3.18 - - 4.57 - - 13.38 1.99

PIONEER ASSURANCE COMPANY 3.33 1.14 0.65 15.13 3.65 - 1.28 3.34

PRUDENTIAL LIFE ASSURANCE 1.06 - 0.16 3.28 1.80 - - 0.91

SAHAM ASSURANCE 0.07 - 0.00 - - - - 0.02

SANLAM LIFE ASSURANCE 7.39 23.76 3.28 6.92 3.31 - 9.92 6.85

THE KENYAN ALLIANCE INSURANCE 0.05 - 1.43 2.11 - - 5.13 1.00

THE MONARCH INSURANCE 0.08 - - 0.67 - - - 0.09

UAP LIFE ASSURANCE COMPANY 1.32 - 1.40 9.41 4.61 - 0.50 2.42

TOTAL 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00

CONTINENTAL REINSURANCE 6.07 - - 6.11 - - - 6.10

EAST AFRICAN REINSURANCE 22.41 - - 40.58 - - - 39.19

KENYA REINSURANCE CORPORATION 71.52 - - 53.32 - - - 54.71

TOTAL 100.00 - - 100.00 - - - 100.00

APPENDIX 4: SUMMARY OF LONG TERM INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.06.2021

REINSURERS

INSURERS

Figures in %


43

Company Life Fund BF Gross Premium Net Premium

Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid

Net

Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To

(From) P & L Life Fund CF

ABSA LIFE ASSURANCE (1,111,856) 835,348 835,348 - 114,288 795,122 - - - 161,446 176,034 164,991 - - (1,244,119)

APA LIFE ASSURANCE COMPANY 385,839 149,035 148,852 - 23,446 23,446 - - - 50,099 56,622 26,158 2,234 - 428,449

BRITAM LIFE ASSURANCE 30,341,047 4,868,148 4,861,890 (611) 2,073,368 345,891 747,502 1,104,617 - 537,254 924,737 998,817 49,144 857,029 31,634,968

CAPEX LIFE ASSURANCE COMPANY 536,741 2,862 2,862 - 99,394 1,708 - - - - 88,105 61,185 - - 510,975

CIC LIFE ASSURANCE COMPANY 987,156 541,323 530,725 - 281,484 504,699 - - - 43,551 99,561 122,292 - - 992,361

CORPORATE INSURANCE COMPANY 375,094 85,275 85,275 - 157,101 157,101 - - - 10,027 14,899 12,877 - - 291,218

GA LIFE ASSURANCE COMPANY 799,381 697,105 697,105 - 35,587 35,587 - - - 13,338 434 121,607 - - 1,568,735

GEMINIA LIFE INSURANCE COMPANY 625,285 30,082 30,082 - 7,855 7,855 - - - 3,687 22,193 35,361 - - 656,993

ICEA LION LIFE ASSURANCE 11,615,040 1,756,533 1,719,109 - 809,190 853,231 - - - 323,827 392,403 874,578 - 64,280 12,574,986

JUBILEE INSURANCE COMPANY 10,900,615 1,988,826 1,987,969 - 1,321,438 1,008,810 389,368 - - 335,276 229,597 582,442 4,509 288,587 11,214,880

KENINDIA ASSURANCE COMPANY 12,024,419 1,566,029 1,564,695 - 420,659 446,845 - - - 75,830 181,202 857,478 - 153,500 13,589,214

KENYA ORIENT LIFE ASSURANCE (18,487) 21,228 21,228 - 1,452 667 836 - - 2,192 12,760 3,807 - - (9,906)

KUSCCO MUTUAL ASSURANCE LIMITED - - - - - - - - - - - - - - -

LIBERTY LIFE ASSURANCE COMPANY 9,750,410 573,206 572,296 - 578,260 606,045 - - - 51,632 96,663 455,819 - - 10,024,185

MADISON INSURANCE COMPANY 3,983,664 845,133 845,133 - 327,804 279,482 48,321 - - 101,087 249,475 108,910 - - 4,259,341

METROPOLITAN CANNON INSURANCE 847,299 27,334 27,197 - 20,011 20,011 31,993 - - (1,417) 37,078 16,918 - - 803,748

OLD MUTUAL LIFE ASSURANCE 4,908,303 532,265 486,762 188,171 319,831 304,238 206,227 - - 111,954 205,681 321,380 10,751 80,170 4,985,595

PIONEER ASSURANCE COMPANY 414,837 557,119 555,714 - 271,003 194,375 61,706 12,689 - 134,643 162,908 12,043 - - 416,272

PRUDENTIAL LIFE ASSURANCE 401,867 177,822 175,669 2,136 52,157 47,770 6,269 - - 36,394 85,036 20,724 465 - 424,462

SAHAM ASSURANCE 240,134 11,480 9,758 - 18,643 19,376 - - - (817) 8,981 23,232 - - 245,584

SANLAM LIFE ASSURANCE 4,860,794 1,237,002 1,209,540 - 259,899 268,478 - - - 200,985 381,491 277,687 - 567,249 4,929,818

THE KENYAN ALLIANCE INSURANCE 109,825 8,287 8,287 - 2,220 42,068 - - - 1,499 590 493 - - 74,447

THE MONARCH INSURANCE 78,408 12,973 12,858 - - 3,989 - - - 1,294 5,521 2,109 - 4,162 78,408

UAP LIFE ASSURANCE COMPANY 1,580,055 220,725 220,725 - 151,643 45,580 110,835 - - - 221,927 198,815 - - 1,621,254

TOTAL 94,635,870 16,745,140 16,609,079 189,696 7,346,733 6,012,374 1,603,057 1,117,306 - 2,193,781 3,653,898 5,299,723 67,103 2,014,977 100,071,868

CONTINENTAL REINSURANCE - 7,801 7,269 - 561 561 - - - 1,309 491 3,512 - - 8,421

EAST AFRICAN REINSURANCE - 28,813 28,813 (568) 10,695 - - - - 3,303 1,570 - - - 23,372

KENYA REINSURANCE CORPORATION 1,498,801 91,939 91,939 - 73,590 73,590 - - - 27,924 11,048 49,362 - - 1,527,540

TOTAL 1,498,801 128,553 128,021 (568) 84,846 74,151 - - - 32,536 13,109 52,874 - - 1,559,333

REINSURERS

APPENDIX 5: SUMMARY OF LIFE ASSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021


INSURERS


44


Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid

Net

Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To



APA LIFE ASSURANCE COMPANY 551,363 109,105 109,105 - 39,192 - - - 39,192 - 2,508 21,421 1,509 - 638,678

BRITAM LIFE ASSURANCE 8,111,701 271,641 271,641 - 609,887 - - - 591,279 5,506 7,007 671,908 9,816 226,139 8,215,502

CAPEX LIFE ASSURANCE COMPANY - 62,025 62,025 - - 3,969 - - 58,173 - - - - - (118)

CIC LIFE ASSURANCE COMPANY (371,430) 30,557 30,557 - 117,695 131,720 - - - 561 11,611 100,260 - - (384,506)

CORPORATE INSURANCE COMPANY - - - - - - - - - - - - - - -

GA LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -

GEMINIA LIFE INSURANCE COMPANY - - - - - - - - - - - - - - -

ICEA LION LIFE ASSURANCE 12,066,020 1,651,833 1,651,833 - 735,653 (246) - - 735,900 31,746 12,773 760,935 - 122,400 13,576,215

JUBILEE INSURANCE COMPANY 10,422,847 640,831 640,831 - 612,999 612,999 - - - 15,054 20,310 546,049 2,567 63,255 10,895,542

KENINDIA ASSURANCE COMPANY 2,490,361 318,444 318,444 - 131,503 131,503 - - - 5,496 - 168,300 - - 2,840,106

KENYA ORIENT LIFE ASSURANCE 551,333 45,288 45,288 - 49,883 3,175 - - 46,708 1,616 2,992 8,122 - - 550,254


LIBERTY LIFE ASSURANCE COMPANY 358,089 - - - 6,613 6,613 - - - - 657 - - - 350,819

MADISON INSURANCE COMPANY 7,495,824 561,751 561,751 - 475,464 1,760 - - 473,704 9,572 34,557 204,320 - - 7,742,301

METROPOLITAN CANNON INSURANCE (742) - - - 7 7 - - - - - - - - (749)

OLD MUTUAL LIFE ASSURANCE (2,899) - - - 612 - - - 612 - - 39 2 - (3,474)

PIONEER ASSURANCE COMPANY 231,383 56,217 56,217 - 17,613 17,613 - - - 1,124 - - - - 268,862

PRUDENTIAL LIFE ASSURANCE - - - - - - - - - - - - - - -

SAHAM ASSURANCE (680) - - - 39 39 - - - - - - - - (719)

SANLAM LIFE ASSURANCE 11,677,844 1,168,084 1,168,084 - 669,794 - - - 669,794 27,646 6,497 683,102 - - 12,825,092

THE KENYAN ALLIANCE INSURANCE 1,093,347 - - - 58,738 - - 105,432 58,738 - - - - - 929,177

THE MONARCH INSURANCE - - - - - - - - - - - - - - -

UAP LIFE ASSURANCE COMPANY 1,032,275 - - - 69,549 - - - 71,640 - - - - - 960,635

TOTAL 55,706,636 4,915,776 4,915,776 - 3,595,241 909,152 - 105,432 2,745,740 98,321 98,912 3,164,456 13,894 411,794 59,403,617

CONTINENTAL REINSURANCE - - - - - - - - - - - - - - -

EAST AFRICAN REINSURANCE - - - - - - - - - - - - - - -

KENYA REINSURANCE CORPORATION - - - - - - - - - - - - - - -

TOTAL - - - - - - - - - - - - - - -

APPENDIX 6: SUMMARY OF ANNUITIES BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



45


Other (Fee)

Income Total Benefits Claims Surrenders

Bonuses

Paid

Annuities

Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


ABSA LIFE ASSURANCE 602,397 822,827 458,051 - 1,248,174 317,850 - - - 54,560 43,352 27,587 - - 672,273

APA LIFE ASSURANCE COMPANY (173,384) 428,545 161,063 - 124,756 180,936 - - - 19,036 64,079 14,958 1,054 (22,102) (240,365)

BRITAM LIFE ASSURANCE 1,915,747 421,728 210,172 - 197,792 240,914 - - - (26,830) 117,410 26,231 472 (294,120) 2,114,304

CAPEX LIFE ASSURANCE COMPANY - 158,593 134,754 - - 41,700 - - - 20,773 - - - - 72,282

CIC LIFE ASSURANCE COMPANY (285,199) 299,012 195,893 - 177,559 243,760 - - - 1,072 58,215 26,663 - - (365,690)

CORPORATE INSURANCE COMPANY 40,428 11,365 11,365 - - - - - - (903) 1,986 1,716 - - 52,427

GA LIFE ASSURANCE COMPANY 8,935 31,306 4,838 - 395 695 - - - (5,800) 5,413 583 - - 14,049

GEMINIA LIFE INSURANCE COMPANY 731,061 333,136 271,799 - 247,057 247,057 - - - (5,169) 67,820 17,065 - - 710,216

ICEA LION LIFE ASSURANCE 195,505 214,152 96,835 - 43,372 31,466 - - - 11,848 44,385 35,091 - 10,200 229,533

JUBILEE INSURANCE COMPANY 211,885 290,927 163,941 - 184,739 279,279 - - - 14,853 53,167 161,698 1,294 (12,262) 201,192

KENINDIA ASSURANCE COMPANY 64,892 41,510 12,156 - 9,242 10,482 - - - 1,677 1,832 9,897 - - 72,954

KENYA ORIENT LIFE ASSURANCE 181 27,177 15,316 - 2,760 2,760 - - - (1,735) 2,992 4,874 - - 16,355

KUSCCO MUTUAL ASSURANCE LIMITED - 9,627 9,627 - - - - - - - - - - - 9,627

LIBERTY LIFE ASSURANCE COMPANY 296,783 212,507 168,065 - 144,262 178,540 - - - 6,563 110,594 30,992 - - 200,143

MADISON INSURANCE COMPANY (25,157) 118,749 43,326 - 109,971 109,971 - - - (14,348) 13,457 - - - (90,911)

METROPOLITAN CANNON INSURANCE 118,948 138,112 53,297 - 66,239 66,239 - - - (3,005) 49,438 39,476 - (5,666) 104,715

OLD MUTUAL LIFE ASSURANCE 216,998 280,947 201,236 - 126,388 140,902 - - - 20,148 34,273 34,689 420 (95,859) 353,038

PIONEER ASSURANCE COMPANY 1,653,818 929,756 690,141 - 59,248 118,790 - - - 121,552 69,818 13,820 - (20,199) 2,067,819

PRUDENTIAL LIFE ASSURANCE 67,767 201,901 121,528 20,094 42,756 42,756 - - - 20,685 53,915 8,768 197 - 100,605

SAHAM ASSURANCE 13,917 - - - 5,310 800 - - - - - 1,585 - - 14,702

SANLAM LIFE ASSURANCE 50,583 425,528 252,679 - 316,236 109,932 - - - 41,304 57,927 11,017 - - 105,117

THE KENYAN ALLIANCE INSURANCE 747,330 129,883 66,799 - 82,623 698,540 - - - (9,143) 9,249 7,722 - - 123,206

THE MONARCH INSURANCE (29,767) 41,193 17,435 - 29,328 13,849 - - - (2,767) 17,533 6,696 - (4,484) (29,767)

UAP LIFE ASSURANCE COMPANY 1,709,680 578,464 205,520 - 267,221 163,615 - - - 67,029 114,326 20,492 - - 1,590,722

TOTAL 8,133,348 6,146,945 3,565,836 20,094 3,485,428 3,240,833 - - - 331,400 991,181 501,620 3,437 - 444,492 8,098,546

CONTINENTAL REINSURANCE - 94,744 81,945 - 101,101 232,231 - - - 10,816 11,020 78,814 - - (93,310)

EAST AFRICAN REINSURANCE - 629,705 463,879 (10,801) 498,325 519,180 - - - 124,136 21,813 - - - (212,050)


TOTAL 8,018,366 1,551,899 1,373,274 - 10,801 1,261,733 1,413,718 - - - 386,272 132,261 523,074 - - 7,971,661

APPENDIX 7: SUMMARY OF GROUP LIFE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

REINSURERS


INSURERS


46

Company Life Fund BF Gross Premium Net Premium Other (Fee) Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF

ABSA LIFE ASSURANCE 823,626 491,441 468,057 - 398,650 235,433 - - - 144,029 43,352 104,895 - - 973,765

APA LIFE ASSURANCE COMPANY 360,736 251,629 236,894 - 90,342 110,469 - - - 19,037 2,727 4,055 286 - 469,167

BRITAM LIFE ASSURANCE 1,244,024 1,047,585 985,799 - 226,593 430,810 - - - 32,554 291,650 218,829 1,501 (68,266) 1,760,403

CAPEX LIFE ASSURANCE COMPANY - 8,656 8,656 - - 1,154 - - - - - - - - 7,502

CIC LIFE ASSURANCE COMPANY 977,473 2,020,195 1,377,659 - 833,509 1,360,898 - - - 7,242 393,316 180,140 - - 773,815

CORPORATE INSURANCE COMPANY - - (5,111) - - - - - - - - - - - (5,111)

GA LIFE ASSURANCE COMPANY 728 1,506 233 - - - - - - (245) 260 28 - - 973


ICEA LION LIFE ASSURANCE 31,537 119,741 70,157 - 78,463 87,587 - - - 10,916 36,608 22,153 - 6,120 (17,383)

JUBILEE INSURANCE COMPANY 101,672 92,331 90,291 - 58,988 78,018 - - - 7,367 16,874 51,318 411 13,033 127,578

KENINDIA ASSURANCE COMPANY - - - - - - - - - - - - - - -

KENYA ORIENT LIFE ASSURANCE 627,413 236,723 218,510 - 42,256 46,739 - - - 14,763 109,149 42,456 - - 717,728

KUSCCO MUTUAL ASSURANCE LIMITED - 928,283 678,059 - 321,465 418,070 - - - 75,099 - - - - 184,889

LIBERTY LIFE ASSURANCE COMPANY 841,422 267,631 209,232 - 167,750 199,097 - - - 11,930 - - - - 839,627

MADISON INSURANCE COMPANY 159,241 194,910 194,910 - 24,893 24,893 - - - 14,761 40,912 1,271 - - 274,856

METROPOLITAN CANNON INSURANCE 37,906 29,018 24,376 - 24,115 24,115 - - - - 883 - - - 37,283

OLD MUTUAL LIFE ASSURANCE - - - - - - - - - - - - - - -

PIONEER ASSURANCE COMPANY 132,914 239,461 79,718 - 42,839 555,705 - - - 47,112 - 983 - - (389,203)

PRUDENTIAL LIFE ASSURANCE 130,411 118,132 107,064 2,767 67,021 67,021 - - - 11,309 48,865 10,362 233 - 123,176

SAHAM ASSURANCE 901 - - - - - - - - - - - - - 901

SANLAM LIFE ASSURANCE 747,302 217,119 141,209 - 136,066 134,927 - - - 38,155 29,557 24,509 - - 710,381

THE KENYAN ALLIANCE INSURANCE 32,889 - - - - - - - - - - - - - 32,889


UAP LIFE ASSURANCE COMPANY 901,819 302,755 302,755 - 177,470 134,283 - - - - - 5,502 - - 1,075,793

TOTAL 7,152,014 6,567,116 5,188,468 2,767 2,690,420 3,909,219 - - - 434,029 1,014,153 666,501 2,431 - 49,113 7,699,029




TOTAL - - - - - - - - - - - - - - -

APPENDIX 8: SUMMARY OF GROUP CREDIT BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



47

Company Life Fund BF Gross Premium Net Premium Other (Fee) Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF


APA LIFE ASSURANCE COMPANY 1,225 44 44 - - - - - - - - - - - 1,269

BRITAM LIFE ASSURANCE 2,143,228 692,220 692,220 - 499,512 231,108 143,966 62,807 - 17,915 48,670 215,866 - 191,019 2,355,829

CAPEX LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -

CIC LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -



GEMINIA LIFE INSURANCE COMPANY - - - - - - - - - 54 1,118 4,456 3,207 - 77

ICEA LION LIFE ASSURANCE (102,395) 8,186 8,186 - 21,320 21,320 - - - - 82 99,037 - 1,000 (17,573)

JUBILEE INSURANCE COMPANY - - - - - - - - - - - - - - -


KENYA ORIENT LIFE ASSURANCE - - - - - - - - - - - - - - -


LIBERTY LIFE ASSURANCE COMPANY 2,395,468 1,131,468 1,131,468 - 1,034,801 1,022,479 - - - 37,622 236,236 695,103 - - 2,925,702

MADISON INSURANCE COMPANY 35,390 1,270 1,270 - 16,470 16,339 131 - - - 325 137 - - 20,001

METROPOLITAN CANNON INSURANCE 299,504 5,739 5,739 42,503 15,871 15,871 - - - - 883 - - - 330,992

OLD MUTUAL LIFE ASSURANCE 5,965,580 352,550 352,550 - 940,478 106,545 717,586 - - - - 244,148 9,529 - 5,728,619

PIONEER ASSURANCE COMPANY 312,825 33,802 33,802 - - 10,706 - - - - - - - - 335,920


SAHAM ASSURANCE - - - - - - - - - - - - - - -

SANLAM LIFE ASSURANCE 3,776,327 261,453 261,436 - 850,960 862,758 - - - (3) 132,177 178,926 - - 3,221,756

THE KENYAN ALLIANCE INSURANCE 312,703 135,119 135,119 - 67,991 (54,813) - - - 4,257 9,622 8,034 - - 496,791


UAP LIFE ASSURANCE COMPANY 940,398 13,152 13,152 - 114,331 82,362 23,678 - - 13,892 - 129,343 - - 962,961

TOTAL 16,080,253 2,635,003 2,634,986 42,503 3,561,734 2,314,675 885,361 62,807 - 73,737 429,113 1,575,050 12,736 192,019 16,362,344




TOTAL - - - - - - - - - - - - - - -

APPENDIX 9: SUMMARY OF INVESTMENTS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



48


Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF


APA LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -

BRITAM LIFE ASSURANCE - - - - (46,385) - - - - - - - - - -


CIC LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -




ICEA LION LIFE ASSURANCE - - - - - - - - - - - - - - -

JUBILEE INSURANCE COMPANY - - - - - - - - - - - - - - -


KENYA ORIENT LIFE ASSURANCE - - - - - - - - - - - - - - -


LIBERTY LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -

MADISON INSURANCE COMPANY - - - - - - - - - - - - - - -

METROPOLITAN CANNON INSURANCE - - - - - - - - - - - - - - -


PIONEER ASSURANCE COMPANY - - - - - - - - - - - - - - -


SAHAM ASSURANCE - - - - - - - - - - - - - - -

SANLAM LIFE ASSURANCE - - - - - - - - - - - - - - -

THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - - - - - -


UAP LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -

TOTAL - - - - - 46,385 - - - - - - - - - -




TOTAL - - - - - - - - - - - - - - -

APPENDIX 10: SUMMARY OF PERMANENT HEALTH BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



49


Other (Fee)


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF


APA LIFE ASSURANCE COMPANY 4,572,068 306,389 306,389 - 292,467 292,467 - - - 4,035 7,424 262,501 6,638 20,130 4,810,263

BRITAM LIFE ASSURANCE 48,754,708 5,204,198 5,204,198 - 4,987,710 4,987,710 - - - 44,919 346,382 3,072,426 11,464 138,634 51,502,223


CIC LIFE ASSURANCE COMPANY 3,657,556 409,727 409,727 - 176,871 - - - - ( 35,940 ) 15,025 634 - - 4,088,832

CORPORATE INSURANCE COMPANY 5,968 - - - - - - - - - - - - - 5,968

GA LIFE ASSURANCE COMPANY 13,848,674 1,367,771 1,367,771 - 590,247 590,247 - - - 6,190 40,882 848,474 - - 15,427,600

GEMINIA LIFE INSURANCE COMPANY - - - - - - - - - 87 725 14,200 6,127 - 7,261

ICEA LION LIFE ASSURANCE 63,516,880 5,757,649 5,757,649 - 3,946,845 - 3,946,845 - - 75,163 202,251 4,866,398 - 136,000 69,780,669

JUBILEE INSURANCE COMPANY 59,156,446 3,734,271 3,734,271 - 4,657,412 4,657,412 - - - 40,742 160,873 3,108,897 27,641 283,016 60,829,930

KENINDIA ASSURANCE COMPANY 29,383,511 2,850,741 2,850,741 - 1,825,137 1,821,921 - - - 43,607 88,523 1,790,239 - - 32,070,439

KENYA ORIENT LIFE ASSURANCE 604,306 235,108 235,108 - 59,105 59,105 - - - - 1,156 37,385 - - 816,537


LIBERTY LIFE ASSURANCE COMPANY 8,659,298 137,713 137,713 - 302,319 302,319 - - - 3,956 167,968 199,079 - - 8,521,848

MADISON INSURANCE COMPANY 3,421,921 148,457 148,457 - 186,520 186,520 - - - 637 8,104 91,549 - - 3,466,666

METROPOLITAN CANNON INSURANCE - - - - - - - - - - - - - - -


PIONEER ASSURANCE COMPANY 1,137,513 140,131 140,131 - - 85,895 - - - 2,680 - 65,148 - - 1,254,216

PRUDENTIAL LIFE ASSURANCE 129,257 34,499 34,499 - - - - - - - 766 7,232 163 - 170,058

SAHAM ASSURANCE 37,929 307 307 - 724 724 - - - - 240 ( 71 ) - - 37,202

SANLAM LIFE ASSURANCE 1,546,629 710,131 710,131 - 118,914 118,914 - - - 18,816 8,321 86,862 - - 2,197,571

THE KENYAN ALLIANCE INSURANCE 1,038,487 310,551 310,551 - 124,775 ( 798,745 ) - - - 5,163 22,114 18,464 - - 2,138,970

THE MONARCH INSURANCE 1,144 - - - - - - - - - 11,765 4,493 - ( 7,272 ) 1,144

UAP LIFE ASSURANCE COMPANY 5,228,971 303,593 303,593 - 263,243 262,803 - - - 1,553 - 206,007 - - 5,474,214

TOTAL 244,701,266 21,651,236 21,651,236 - 17,532,289 12,567,292 3,946,845 - - 211,608 1,082,519 14,679,917 52,033 570,508 262,601,611




TOTAL - - - - - - - - - - - - - - -

APPENDIX 11: SUMMARY OF PENSIONS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

REINSURERS


INSURERS


50


Other (Fee)


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


ABSA LIFE ASSURANCE 314,167 2,149,616 1,761,456 - 1,761,112 1,348,405 - - - 360,035 262,738 297,473 - - 401,919

APA LIFE ASSURANCE COMPANY 5,697,847 1,244,747 962,347 - 570,203 607,318 - - 39,192 92,207 133,360 329,093 11,721 ( 1,972 ) 6,107,461

BRITAM LIFE ASSURANCE 92,510,455 12,505,520 12,225,920 ( 611 ) 8,548,477 6,236,433 891,468 1,167,424 591,279 611,318 1,735,856 5,204,077 72,397 1,050,435 97,583,229

CAPEX LIFE ASSURANCE COMPANY 536,741 232,136 208,297 - 99,394 48,531 - - 58,173 20,773 88,105 61,185 - - 590,641

CIC LIFE ASSURANCE COMPANY 4,965,556 3,300,814 2,544,561 - 1,587,118 2,241,077 - - - 16,486 577,728 429,989 - - 5,104,812

CORPORATE INSURANCE COMPANY 421,490 96,640 91,529 - 157,101 157,101 - - - 9,124 16,885 14,593 - - 344,502

GA LIFE ASSURANCE COMPANY 14,657,718 2,097,688 2,069,947 - 626,229 626,529 - - - 13,483 46,989 970,692 - - 17,011,357

GEMINIA LIFE INSURANCE COMPANY 1,356,346 363,218 301,881 - 254,912 254,912 - - - ( 1,341 ) 91,856 71,082 9,334 - 1,374,547

ICEA LION LIFE ASSURANCE 87,322,587 9,508,094 9,303,769 - 5,634,843 993,358 3,946,845 - 735,900 453,500 688,502 6,658,192 - 340,000 96,126,447

JUBILEE INSURANCE COMPANY 80,793,465 6,747,186 6,617,303 - 6,835,576 6,636,518 389,368 - - 413,292 480,821 4,450,404 36,422 635,629 83,269,122

KENINDIA ASSURANCE COMPANY 43,963,183 4,776,724 4,746,036 - 2,386,541 2,410,751 - - - 126,610 271,557 2,825,914 - 153,500 48,572,713

KENYA ORIENT LIFE ASSURANCE 1,764,746 565,524 535,450 - 155,456 112,446 836 - 46,708 16,836 129,049 96,644 - - 2,090,968

KUSCCO MUTUAL ASSURANCE LIMITED - 937,910 687,686 - 321,465 418,070 - - - 75,099 - - - - 194,516

LIBERTY LIFE ASSURANCE COMPANY 22,301,470 2,322,525 2,218,774 - 2,234,005 2,315,093 - - - 111,703 612,118 1,380,993 - - 22,862,324

MADISON INSURANCE COMPANY 15,070,883 1,870,270 1,794,847 - 1,141,122 618,965 48,452 - 473,704 111,709 346,830 406,187 - - 15,672,254

METROPOLITAN CANNON INSURANCE 1,302,915 200,203 110,609 42,503 126,243 126,243 31,993 - - ( 4,422 ) 88,282 56,394 - ( 5,666 ) 1,275,989

OLD MUTUAL LIFE ASSURANCE 11,087,982 1,165,762 1,040,548 188,171 1,387,309 551,685 923,813 - 612 132,102 239,954 600,256 20,702 ( 15,689 ) 11,063,778

PIONEER ASSURANCE COMPANY 3,883,290 1,956,486 1,555,723 - 390,703 983,084 61,706 12,689 - 307,111 232,726 91,994 - ( 20,199 ) 3,953,886

PRUDENTIAL LIFE ASSURANCE 729,302 532,354 438,760 24,997 161,934 157,547 6,269 - - 68,388 188,582 47,086 1,058 - 818,301

SAHAM ASSURANCE 292,201 11,787 10,065 - 24,716 20,939 - - - ( 817 ) 9,221 24,746 - - 297,670

SANLAM LIFE ASSURANCE 22,659,479 4,019,317 3,743,079 - 2,351,869 1,495,009 - - 669,794 326,903 615,970 1,262,103 - 567,249 23,989,735

THE KENYAN ALLIANCE INSURANCE 3,334,581 583,840 520,756 - 336,347 ( 112,950 ) - 105,432 58,738 1,776 41,575 34,713 - - 3,795,480

THE MONARCH INSURANCE 49,785 54,166 30,293 - 29,328 17,838 - - - ( 1,473 ) 34,819 13,298 - ( 7,594 ) 49,785

UAP LIFE ASSURANCE COMPANY 11,393,198 1,418,689 1,045,745 - 1,043,457 688,643 134,513 - 71,640 82,474 336,253 560,159 - - 11,685,579

TOTAL 426,409,387 58,661,216 54,565,381 255,060 38,165,460 28,953,545 6,435,263 1,285,545 2,745,740 3,342,876 7,269,776 25,887,267 151,634 2,695,693 454,237,015

CONTINENTAL REINSURANCE - 102,545 89,214 - 101,662 232,792 - - - 12,125 11,511 82,326 - - ( 84,889 )

EAST AFRICAN REINSURANCE - 658,518 492,692 ( 11,369 ) 509,020 519,180 - - - 127,439 23,383 - - - ( 188,678 )


TOTAL 9,517,167 1,680,452 1,501,295 ( 11,369 ) 1,346,579 1,487,869 - - - 418,808 145,370 575,948 - - 9,530,994

APPENDIX 12: SUMMARY OF COMBINED LONG TERM BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

REINSURERS


INSURERS


51

AAR INSURANCE KENYA - 55 897 2,174 5,069 408 - - - 13,471 - 25,571 4,170,293 5,711 4,223,649 4.95

AFRICAN MERCHANT ASSURANCE - 6,609 691 69,085 657 949 177,277 121,911 - 14,443 5,842 14,826 - 21,607 433,897 0.51

AIG INSURANCE COMPANY - 26,957 48,327 295,468 582,311 16,665 419,545 72,350 - 75,414 306,119 111,866 - - 1,955,022 2.29

ALLIANZ INSURANCE COMPANY 2,052 13,039 15,836 85,840 60,472 43,895 117,614 90,157 - 1,682 12,854 44,913 83,508 10,670 582,532 0.68

APA INSURANCE COMPANY 79,208 115,770 47,157 565,219 123,901 117,667 719,343 725,545 - 91,164 131,042 1,075,596 2,379,655 147,110 6,318,377 7.40

BRITAM GENERAL INSURANCE - 240,589 73,228 360,847 115,498 208,584 667,206 550,791 - 349,238 144,884 864,362 1,500,815 457,398 5,533,440 6.48

CIC GENERAL INSURANCE COMPANY - 229,446 50,164 298,934 63,269 44,079 926,722 859,021 - 149,942 536,889 943,870 2,628,663 94,293 6,825,292 8.00

CORPORATE INSURANCE COMPANY - 15,186 4,760 45,766 10,633 29,664 153,182 101,669 - 9,362 9,230 18,362 - 7,561 405,375 0.47

DIRECTLINE ASSURANCE COMPANY - - - - - - 115,494 59,763 1,361,696 - - - - - 1,536,953 1.80

FIDELITY SHIELD INSURANCE 380,102 18,907 14,415 110,046 10,511 52,915 289,174 258,775 6,831 5,172 38,673 259,990 - 9,639 1,455,150 1.70

FIRST ASSURANCE COMPANY - 52,216 17,058 193,935 31,072 28,888 486,499 400,005 - 51,839 49,464 44,562 1,016,045 34,718 2,406,301 2.82

GA INSURANCE COMPANY 463,867 275,984 81,988 920,483 101,892 216,467 697,609 608,456 132,155 43,407 258,832 1,209,071 1,443,963 126,050 6,580,224 7.71

GEMINIA INSURANCE COMPANY 2,505 63,307 37,337 220,247 44,142 107,356 674,572 609,183 - 29,892 134,776 201,975 - 86,062 2,211,354 2.59

HERITAGE INSURANCE COMPANY 188,198 13,925 96,297 320,624 140,136 61,384 477,497 257,211 18,276 163,050 66,125 302,424 1,022,892 152,049 3,280,088 3.84

ICEA LION GENERAL INSURANCE 511,322 109,232 78,833 761,113 139,583 117,251 723,387 342,583 - 75,633 122,132 271,163 209,696 62,174 3,524,102 4.13

INTRA-AFRICA ASSURANCE - 58,373 26,535 84,284 12,617 64,789 179,774 116,269 3,197 5,078 30,227 100,388 - 51,130 732,661 0.86

INVESCO ASSURANCE COMPANY - - - - - - - - - - - - - - - 0.00

JUBILEE GENERAL INSURANCE 33,568 61,933 25,606 497,031 240,259 98,228 290,458 181,096 - 11,513 19,343 754,483 - 72,366 2,285,884 2.68

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 6,158,310 - 6,158,310 7.21

KENINDIA ASSURANCE COMPANY - 63,603 29,546 376,156 33,152 131,970 221,577 439,630 - 15,310 122,073 205,184 87,689 11,604 1,737,494 2.04

KENYA ORIENT INSURANCE - 62,310 11,105 45,047 13,348 2,879 252,108 170,195 26,384 5,377 39,911 47,722 - 106,338 782,724 0.92

MADISON INSURANCE COMPANY - 30,710 7,666 73,361 84,259 100,488 260,964 680,693 - 12,464 56,932 209,280 1,486,399 83,812 3,087,028 3.62

MAYFAIR INSURANCE COMPANY 69,610 314,230 50,672 709,974 36,237 160,565 315,381 282,959 - 29,259 107,418 240,260 - 137,269 2,453,834 2.87

METROPOLITAN CANNON INSURANCE - 58,221 10,407 33,311 17,104 20,099 416,577 178,273 - 19,925 22,191 48,968 - 27,533 852,609 1.00

MUA INSURANCE COMPANY 185,839 10,440 4,983 33,359 9,498 21,389 109,756 72,676 - 3,972 6,226 11,775 - 22,372 492,285 0.58

OCCIDENTAL INSURANCE COMPANY 7,839 47,001 41,717 212,194 10,143 96,184 522,751 433,957 - 27,096 74,101 172,521 - 28,064 1,673,568 1.96

PACIS INSURANCE COMPANY - 7,449 6,705 59,755 13,842 2,092 209,139 166,395 - 27,223 26,724 45,295 346,743 722 912,084 1.07

PIONEER INSURANCE COMPANY 1,847 8,946 4,460 34,815 30,397 16,483 277,020 109,122 - 4,024 10,711 185,648 - 59,270 742,743 0.87

RESOLUTION INSURANCE COMPANY - 2,370 5,724 434 4,274 2,805 94,455 30,343 4,196 31,894 2,063 26,380 1,480,698 5,803 1,691,439 1.98

SAHAM INSURANCE COMPANY - 8,783 11,019 54,988 34,415 2,000 332,298 131,163 - 28,013 28,539 508,010 314,644 28,637 1,482,509 1.74

SANLAM INSURANE COMPANY - 79,965 21,360 358,105 81,419 26,111 464,563 543,774 187,182 3,816 12,971 389,112 407,834 36,468 2,612,680 3.06

TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - - 0.00

TAUSI ASSURANCE COMPANY - 60,323 40,783 237,843 17,530 82,760 112,075 88,873 - 8,917 71,882 116,999 13,944 7,577 859,506 1.01

THE KENYAN ALLIANCE INSURANCE - 26,921 24,418 25,222 9,205 11,471 176,091 209,183 - 11,064 17,885 55,642 348,277 6,444 921,823 1.08

THE MONARCH INSURANCE - 21,169 762 22,411 3,201 7,411 203,668 160,181 - 1,923 4,382 11,478 - 39,632 476,218 0.56

TRIDENT INSURANCE COMPANY - 375 313 1,544 768 1,873 250,903 98,508 23,663 402 463 1,052 51,296 951 432,111 0.51

UAP INSURANCE COMPANY 59,863 95,638 108,401 474,091 83,909 78,405 550,971 546,693 - 51,901 136,568 790,428 4,306,230 61,127 7,344,225 8.60

XPLICO INSURANCE COMPANY - 27 8 3 255 - 135,633 39,546 179,917 136 14 242 - 132 355,913 0.42

TOTAL 1,985,820 2,200,009 999,178 7,583,709 2,164,978 1,974,174 12,021,283 9,736,949 1,943,497 1,373,016 2,607,486 9,309,418 29,457,594 2,002,293 85,359,404 100

CONTINENTAL REINSURANCE 23,533 399,861 31,897 764,703 106,797 113,334 18,012 63,388 - 27,954 36,775 56,792 840,050 271,100 2,754,196 20.83

EAST AFRICAN REINSURANCE ( 1,418 ) 153,766 - 739,885 8,058 146,345 - 193,255 - 28,291 - - 464,178 168,567 1,900,927 14.38

GHANA REINSURANCE COMPANY 4,322 33,971 29,962 219,724 21,302 41,746 16,456 17,827 - 10,724 29,420 6,426 29,323 27,548 488,751 3.70

KENYA REINSURANCE CORPORATION 41,709 516,954 1,599,308 181,353 36,922 292,392 35,377 197,253 - 175,251 7,000 11,026 1,225,246 3,022,054 7,341,845 55.52

WAICA REINSURANCE KENYA LIMITED 5,373 86,361 197 431,770 69,614 43,677 10,361 19,071 - 17,216 3,462 15,394 5,264 29,420 737,180 5.58

TOTAL 73,519 1,190,913 1,661,364 2,337,435 242,693 637,494 80,206 490,794 - 259,436 76,657 89,638 2,564,061 3,518,689 13,222,899 100

INSURERS

REINSURERS


Motor

Commercial

PSV

Personal

AccidentTheft

Workmens'

CompensationMedical Miscellaneous

APPENDIX 13: SUMMARY OF GROSS PREMIUM INCOME UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.06.2021

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor

Commercial

Total Market Share

(%)


52

AAR INSURANCE KENYA - 0.00 0.09 0.03 0.23 0.02 - - - 0.98 - 0.27 14.16 0.29 4.95

AFRICAN MERCHANT ASSURANCE - 0.30 0.07 0.91 0.03 0.05 1.47 1.25 - 1.05 0.22 0.16 - 1.08 0.51

AIG INSURANCE COMPANY - 1.23 4.84 3.90 26.90 0.84 3.49 0.74 - 5.49 11.74 1.20 - - 2.29

ALLIANZ INSURANCE COMPANY 0.10 0.59 1.58 1.13 2.79 2.22 0.98 0.93 - 0.12 0.49 0.48 0.28 0.53 0.68

APA INSURANCE COMPANY 3.99 5.26 4.72 7.45 5.72 5.96 5.98 7.45 - 6.64 5.03 11.55 8.08 7.35 7.40

BRITAM GENERAL INSURANCE - 10.94 7.33 4.76 5.33 10.57 5.55 5.66 - 25.44 5.56 9.28 5.09 22.84 6.48

CIC GENERAL INSURANCE COMPANY - 10.43 5.02 3.94 2.92 2.23 7.71 8.82 - 10.92 20.59 10.14 8.92 4.71 8.00

CORPORATE INSURANCE COMPANY - 0.69 0.48 0.60 0.49 1.50 1.27 1.04 - 0.68 0.35 0.20 - 0.38 0.47

DIRECTLINE ASSURANCE COMPANY - - - - - - 0.96 0.61 70.06 - - - - - 1.80

FIDELITY SHIELD INSURANCE 19.14 0.86 1.44 1.45 0.49 2.68 2.41 2.66 0.35 0.38 1.48 2.79 - 0.48 1.70

FIRST ASSURANCE COMPANY - 2.37 1.71 2.56 1.44 1.46 4.05 4.11 - 3.78 1.90 0.48 3.45 1.73 2.82

GA INSURANCE COMPANY 23.36 12.54 8.21 12.14 4.71 10.96 5.80 6.25 6.80 3.16 9.93 12.99 4.90 6.30 7.71

GEMINIA INSURANCE COMPANY 0.13 2.88 3.74 2.90 2.04 5.44 5.61 6.26 - 2.18 5.17 2.17 - 4.30 2.59

HERITAGE INSURANCE COMPANY 9.48 0.63 9.64 4.23 6.47 3.11 3.97 2.64 0.94 11.88 2.54 3.25 3.47 7.59 3.84

ICEA LION GENERAL INSURANCE 25.75 4.97 7.89 10.04 6.45 5.94 6.02 3.52 - 5.51 4.68 2.91 0.71 3.11 4.13

INTRA-AFRICA ASSURANCE - 2.65 2.66 1.11 0.58 3.28 1.50 1.19 0.16 0.37 1.16 1.08 - 2.55 0.86


JUBILEE GENERAL INSURANCE 1.69 2.82 2.56 6.55 11.10 4.98 2.42 1.86 - 0.84 0.74 8.10 - 3.61 2.68

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 20.91 - 7.21

KENINDIA ASSURANCE COMPANY - 2.89 2.96 4.96 1.53 6.68 1.84 4.52 - 1.12 4.68 2.20 0.30 0.58 2.04

KENYA ORIENT INSURANCE - 2.83 1.11 0.59 0.62 0.15 2.10 1.75 1.36 0.39 1.53 0.51 - 5.31 0.92

MADISON INSURANCE COMPANY - 1.40 0.77 0.97 3.89 5.09 2.17 6.99 - 0.91 2.18 2.25 5.05 4.19 3.62

MAYFAIR INSURANCE COMPANY 3.51 14.28 5.07 9.36 1.67 8.13 2.62 2.91 - 2.13 4.12 2.58 - 6.86 2.87

METROPOLITAN CANNON INSURANCE - 2.65 1.04 0.44 0.79 1.02 3.47 1.83 - 1.45 0.85 0.53 - 1.38 1.00

MUA INSURANCE COMPANY 9.36 0.47 0.50 0.44 0.44 1.08 0.91 0.75 - 0.29 0.24 0.13 - 1.12 0.58

OCCIDENTAL INSURANCE COMPANY 0.39 2.14 4.18 2.80 0.47 4.87 4.35 4.46 - 1.97 2.84 1.85 - 1.40 1.96

PACIS INSURANCE COMPANY - 0.34 0.67 0.79 0.64 0.11 1.74 1.71 - 1.98 1.02 0.49 1.18 0.04 1.07

PIONEER INSURANCE COMPANY 0.09 0.41 0.45 0.46 1.40 0.83 2.30 1.12 - 0.29 0.41 1.99 - 2.96 0.87

RESOLUTION INSURANCE COMPANY - 0.11 0.57 0.01 0.20 0.14 0.79 0.31 0.22 2.32 0.08 0.28 5.03 0.29 1.98

SAHAM INSURANCE COMPANY - 0.40 1.10 0.73 1.59 0.10 2.76 1.35 - 2.04 1.09 5.46 1.07 1.43 1.74

SANLAM INSURANE COMPANY - 3.63 2.14 4.72 3.76 1.32 3.86 5.58 9.63 0.28 0.50 4.18 1.38 1.82 3.06


TAUSI ASSURANCE COMPANY - 2.74 4.08 3.14 0.81 4.19 0.93 0.91 - 0.65 2.76 1.26 0.05 0.38 1.01

THE KENYAN ALLIANCE INSURANCE - 1.22 2.44 0.33 0.43 0.58 1.46 2.15 - 0.81 0.69 0.60 1.18 0.32 1.08

THE MONARCH INSURANCE - 0.96 0.08 0.30 0.15 0.38 1.69 1.65 - 0.14 0.17 0.12 - 1.98 0.56

TRIDENT INSURANCE COMPANY - 0.02 0.03 0.02 0.04 0.09 2.09 1.01 1.22 0.03 0.02 0.01 0.17 0.05 0.51

UAP INSURANCE COMPANY 3.01 4.35 10.85 6.25 3.88 3.97 4.58 5.61 - 3.78 5.24 8.49 14.62 3.05 8.60

XPLICO INSURANCE COMPANY - 0.00 0.00 0.00 0.01 - 1.13 0.41 9.26 0.01 0.00 0.00 - 0.01 0.42

TOTAL 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CONTINENTAL REINSURANCE 32.01 33.58 1.92 32.72 44.00 17.78 22.46 12.92 10.77 47.97 63.36 32.76 7.70 20.83

EAST AFRICAN REINSURANCE -1.93 12.91 0.00 31.65 3.32 22.96 0.00 39.38 10.90 0.00 0.00 18.10 4.79 14.38

GHANA REINSURANCE COMPANY 5.88 2.85 1.80 9.40 8.78 6.55 20.52 3.63 4.13 38.38 7.17 1.14 0.78 3.70

KENYA REINSURANCE CORPORATION 56.73 43.41 96.26 7.76 15.21 45.87 44.11 40.19 67.55 9.13 12.30 47.79 85.89 55.52

WAICA REINSURANCE KENYA LIMITED 7.31 7.25 0.01 18.47 28.68 6.85 12.92 3.89 6.64 4.52 17.17 0.21 0.84 5.58

TOTAL 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00 100.00 100.00 100.00 100.00

INSURERS

REINSURERS

figures in %

Motor

Commercial

PSV

Personal

AccidentTheft

Workmens'


APPENDIX 14: SUMMARY OF GENERAL INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.06.2021


Commercial

Total


53

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private

Motor

Commercial

Motor

Commercial

PSV

Personal

Accident Theft

Workmens'

Compensation Medical Miscellaneous

Total

AAR INSURANCE KENYA - 103 351 - 53 - - - - 6,263 - 502 1,337,827 2,190 1,347,288

AFRICAN MERCHANT ASSURANCE - 1,473 575 150 - - 42,783 221,128 - 697 ( 34 ) 1,100 - 623 268,495

AIG INSURANCE COMPANY - 3 3,261 17,716 32,534 567 61,623 33,796 - 5,994 6,239 22,220 - - 183,954

ALLIANZ INSURANCE COMPANY 115 5,485 3,712 13,783 - 13,406 64,807 20,274 - - 94 3,173 2,172 - 127,020

APA INSURANCE COMPANY - 19,982 7,335 39,344 34,022 28,591 596,022 511,895 - 40,808 24,649 120,066 911,417 26,629 2,360,760

BRITAM GENERAL INSURANCE - 28,567 19,475 28,260 11,388 5,482 432,362 356,247 - 13,241 14,062 44,664 724,661 301,587 1,979,994

CIC GENERAL INSURANCE COMPANY - 46,978 47,450 50,956 78,041 10,343 886,626 753,822 - 24,709 30,709 69,172 1,391,372 17,327 3,407,505

CORPORATE INSURANCE COMPANY - 1,404 ( 143 ) 1,373 3,846 71 95,721 54,024 - - - - - 4,817 161,114

DIRECTLINE ASSURANCE COMPANY - - - - - - 59,711 26,855 650,228 - - - - - 736,795

FIDELITY SHIELD INSURANCE - 3,307 1,099 11,725 6,338 7,527 221,927 124,571 5,208 5,232 4,990 19,875 - 161 411,960

FIRST ASSURANCE COMPANY - 28,814 ( 15,240 ) 16,311 11,130 13,832 282,361 207,671 - 10,076 18,826 18,385 192,088 1,790 786,043

GA INSURANCE COMPANY 498 22,527 24,953 37,900 4,466 18,748 465,391 234,011 42,210 418 121,568 164,400 248,540 3,160 1,388,791

GEMINIA INSURANCE COMPANY - 30,780 6,047 48,113 7,332 23,933 590,896 533,487 - 7,035 37,808 61,484 - 710 1,347,623

HERITAGE INSURANCE COMPANY - 5,255 14,383 25,977 16,914 875 251,711 163,381 - 27,621 5,690 47,201 285,900 7,996 852,904

ICEA LION GENERAL INSURANCE 4,689 15,328 5,956 45,832 3,653 19,753 383,565 110,124 - 17,667 30,180 28,788 31,424 476 697,435

INTRA-AFRICA ASSURANCE - 24,116 10,403 22,608 3,358 20,775 111,419 71,335 - ( 5,085 ) 1,872 15,081 - - 275,880


JUBILEE GENERAL INSURANCE - 2,718 2,974 29,312 26,465 19,484 410,060 140,654 - 19,307 4,540 26,754 - 3,000 685,268

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 2,560,038 - 2,560,038

KENINDIA ASSURANCE COMPANY - 8,097 4,934 8,527 3,110 46,115 91,975 157,068 - 222 17,669 66,442 17,243 735 422,136

KENYA ORIENT INSURANCE - 15,091 ( 480 ) 2,710 ( 3,624 ) 328 160,013 62,076 - ( 1,922 ) ( 23,442 ) 2,514 - ( 5,466 ) 207,797

MADISON INSURANCE COMPANY - 750 868 6,590 15,717 623 265,952 377,707 - 239 2,813 14,390 1,043,132 9,370 1,738,151

MAYFAIR INSURANCE COMPANY - 16,935 3,880 ( 5,260 ) 963 26,972 167,735 125,388 - 944 3,718 76,477 - 1,110 418,863

METROPOLITAN CANNON INSURANCE - 65,282 4,008 136,018 115 11,431 185,920 81,389 - ( 3,228 ) 8,254 28,339 - ( 8,075 ) 509,452

MUA INSURANCE COMPANY 367 430 1,409 856 6,462 3,794 83,367 29,941 - 20 413 7,469 - 2,160 136,689

OCCIDENTAL INSURANCE COMPANY - 6,842 11,987 62,288 62 27,587 308,953 241,170 - 2,870 10,897 37,924 - 3,988 714,568

PACIS INSURANCE COMPANY - 4,580 1,243 2,255 13,274 - 183,804 76,640 - 5,728 3,183 4,277 103,933 - 398,918

PIONEER GENERAL INSURANCE - 4,042 694 1,857 - 120 218,454 60,245 - 1,019 - 2,988 - 10 289,429

RESOLUTION INSURANCE COMPANY - 3,316 148 469 57 384 181,888 63,441 19,795 1,018 446 2,932 556,321 - 830,215

SAHAM INSURANCE COMPANY - 411 4,755 165 3,200 1,156 248,088 36,493 - 528 2,559 15,581 84,160 ( 862 ) 396,233

SANLAM INSURANCE COMPANY - 940 6,357 7,571 3,992 2,773 304,519 267,924 67,872 237 2,841 4,189 84,587 93 753,896


TAUSI ASSURANCE COMPANY - 4,381 3,276 6,060 633 13,388 31,146 36,101 - 349 9,377 16,493 4,608 412 126,223

THE KENYAN ALLIANCE INSURANCE - 303 1,353 732 545 4,341 207,235 126,746 - 7,814 2,309 8,195 79,850 - 439,423

THE MONARCH INSURANCE - - 319 82 2,601 69 181,564 102,008 - 182 605 3,134 - 13,330 303,895

TRIDENT INSURANCE COMPANY - 300 96 3,188 - 354 61,097 26,020 10,455 131 338 46,854 40,675 - 189,509

UAP INSURANCE COMPANY 1,786 4,886 5,048 10,837 5,142 9,516 388,558 322,514 - 3,978 10,841 18,133 2,323,312 2,710 3,107,261

XPLICO INSURANCE COMPANY - - - - - 300 11,665 4,158 24,847 - - 100 1,675 - 42,745

TOTAL 7,455 373,426 182,486 634,305 291,789 332,638 8,238,918 5,760,304 820,615 194,112 354,014 999,296 12,024,935 389,981 30,604,270

CONTINENTAL REINSURANCE 9,890 31,826 6,702 263,296 356 10,517 12,208 8,965 - 1,947 8,351 45,021 386,108 41,524 826,711

EAST AFRICA REINSURANCE 173 66,354 - 421,955 571 51,179 - 91,945 - 10,295 - - 240,757 68,610 951,840

GHANA REINSURANCE COMPANY 71 3,414 2,073 15,199 262 758 4,814 5,215 - 2,543 5,841 - 34,389 2,231 76,810

KENYA REINSURANCE CORPORATION 9,638 167,211 797,743 677 16,870 122,792 17,971 203,300 - ( 33,713 ) ( 111 ) 1,836 913,461 2,891,923 5,109,596

WAICA REINSURANCE KENYA LIMITED - 2,094 - 2,560 7,329 1,611 - 995 - - - - 3,676 97 18,362

TOTAL 19,772 270,899 806,518 703,687 25,388 186,857 34,993 310,420 - ( 18,928 ) 14,081 46,857 1,578,391 3,004,385 6,983,319

APPENDIX 15: SUMMARY OF CLAIMS PAID UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



54


Commercial

Motor

Commercial

PSV

Personal

AccidentTheft

Workmens'


Total

AAR INSURANCE KENYA - 25 100 577 30 ( 65 ) - - - 66 59 10,861 1,377,389 282 1,389,324

AFRICAN MERCHANT ASSURANCE - ( 66,800 ) 2,286 26,437 ( 410 ) 176 225,537 164,320 24,158 ( 156,689 ) 3,497 8,144 - 25,849 256,504

AIG INSURANCE COMPANY ( 3,277 ) ( 131 ) ( 2,500 ) ( 5,526 ) ( 22,677 ) 2,866 30,258 ( 39,069 ) - 22,270 ( 40,860 ) ( 46,174 ) - - ( 104,820 )

ALLIANZ INSURANCE COMPANY ( 25 ) 3,238 2,968 21,804 191 32,360 87,869 22,249 - 60 1,745 242 2,122 - 174,824

APA INSURANCE COMPANY ( 33 ) 27,104 5,458 54,315 33,464 28,933 756,034 577,841 - 18,873 8,758 48,552 897,333 ( 1,148 ) 2,455,484

BRITAM GENERAL INSURANCE - 22,238 23,001 27,191 34,206 1,009 777,424 737,424 - 43,381 ( 5,015 ) 66,548 736,976 334,799 2,799,183

CIC GENERAL INSURANCE COMPANY - 55,955 15,734 12,509 66,896 20,860 710,742 671,523 - 12,991 29,967 ( 15,199 ) 1,384,036 1,399 2,967,412

CORPORATE INSURANCE COMPANY - ( 1,627 ) ( 25 ) 8,885 22,147 ( 11,831 ) 186,898 125,357 - 182 ( 391 ) 2,081 - 4,726 336,402

DIRECTLINE ASSURANCE COMPANY - - - - - - 66,276 65,444 722,606 - - - - - 854,326

FIDELITY SHIELD INSURANCE 25 5,125 1,552 4,554 8,846 3,317 244,906 110,750 11,045 6,557 10,571 30,619 - ( 283 ) 437,582

FIRST ASSURANCE COMPANY - 38,239 70,197 ( 87,880 ) 8,898 18,112 313,087 202,858 - 16,010 17,156 ( 6,175 ) 193,591 1,200 785,293

GA INSURANCE COMPANY ( 2,041 ) 22,062 34,948 52,974 5,122 18,174 484,111 536,710 ( 138,955 ) ( 5,616 ) 100,243 99,901 254,296 2,404 1,464,334

GEMINIA INSURANCE COMPANY - 41,994 6,047 41,124 15,260 38,514 698,483 527,174 - 4,228 73,025 14,531 - ( 448 ) 1,459,932

HERITAGE INSURANCE COMPANY ( 49 ) 6,886 5,226 30,323 23,560 4,720 282,313 176,057 ( 3,769 ) 18,331 38,303 30,822 299,310 ( 18,813 ) 893,220

ICEA LION GENERAL INSURANCE 7,392 18,790 11,412 19,061 5,623 40,815 461,305 160,631 - 27,734 76,396 15,506 12,849 509 858,022

INTRA-AFRICA ASSURANCE - 16,057 848 1,847 881 34,418 122,757 71,183 - ( 2,898 ) 8,374 20,820 - ( 4,832 ) 269,455


JUBILEE GENERAL INSURANCE ( 2,353 ) 19,725 9,342 76,423 54,516 37,639 262,751 43,157 - 4,762 9,940 64,939 - ( 55,165 ) 525,676

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 2,793,600 - 2,793,600

KENINDIA ASSURANCE COMPANY - 5,495 4,683 ( 3,139 ) ( 22,675 ) 47,133 141,162 292,321 - 500 5,250 50,801 17,422 752 539,704

KENYA ORIENT INSURANCE - 14,866 ( 944 ) 12,327 ( 9,931 ) ( 1,445 ) 166,537 49,535 - ( 1,277 ) ( 28,488 ) 4,421 - ( 14,638 ) 190,965

MADISON INSURANCE COMPANY - 3,904 2,175 11,606 941 1,085 268,402 357,031 - 5,630 4,424 36,733 1,050,965 13,285 1,756,181

MAYFAIR INSURANCE COMPANY 5 28,375 5,837 ( 53,512 ) 12,670 8,654 235,645 197,692 - 1,209 2,845 111,352 - 4,734 555,509

METROPOLITAN CANNON INSURANCE - ( 773 ) 3,288 604 2,386 ( 4,866 ) 305,079 70,305 - 533 5,698 27,135 - 1,494 410,884

MUA INSURANCE COMPANY 309 166 282 1,463 ( 1,348 ) 1,756 87,728 30,341 - ( 147 ) 209 6,860 - 2,094 129,714

OCCIDENTAL INSURANCE COMPANY 135 9,022 14,917 82,506 ( 2,034 ) 49,814 425,476 218,990 - 2,568 11,642 11,061 - 4,054 828,152

PACIS INSURANCE COMPANY - ( 3,347 ) ( 557 ) ( 7,202 ) 13,099 ( 589 ) 245,958 15,169 - 1,714 1,561 18,399 73,069 ( 21 ) 357,252

PIONEER GENERAL INSURANCE - 2,333 693 1,055 1,136 243 212,250 45,204 - ( 21 ) 69 3,881 - 673 267,516

RESOLUTION INSURANCE COMPANY - 2,446 ( 1 ) ( 199 ) 892 96 144,931 69,509 12,603 2,657 1,444 3,911 585,631 ( 66 ) 823,853

SAHAM INSURANCE COMPANY - 460 5,183 1,240 4,429 1,835 335,360 55,116 - 1,181 4,172 20,462 89,278 ( 108 ) 518,607

SANLAM INSURANCE COMPANY - 848 10,184 13,517 5,193 1,361 394,367 280,279 97,138 5,600 1,801 10,492 90,115 ( 95 ) 910,800


TAUSI ASSURANCE COMPANY - 3,471 3,244 2,323 1,486 8,532 37,551 39,819 - 410 11,634 ( 6,668 ) 1,810 322 103,936

THE KENYAN ALLIANCE INSURANCE - ( 13,645 ) 2,825 ( 14,498 ) 1,293 5,080 189,770 104,049 - 3,004 19,422 ( 10,816 ) 149,371 ( 840 ) 435,016

THE MONARCH INSURANCE - 260 1,297 3,677 4,136 91 215,630 136,771 - 1,274 5,279 8,313 - 14,507 391,235

TRIDENT INSURANCE COMPANY - ( 84 ) 23 1,013 ( 4,850 ) 701 76,749 28,958 4,839 ( 26 ) ( 1,264 ) ( 28,113 ) 46,709 - 124,656

UAP INSURANCE COMPANY 1,797 5,751 1,722 21,713 20,360 10,597 378,706 372,230 - ( 5,260 ) 8,804 14,672 2,335,492 2,935 3,169,520

XPLICO INSURANCE COMPANY - ( 248 ) 247 - 3 20 104,366 41,350 105,254 275 ( 9,946 ) ( 134,338 ) 144,443 141 251,567

TOTAL 1,885 268,180 241,692 359,112 283,739 400,115 9,676,418 6,558,278 834,919 30,066 376,324 494,576 12,535,807 319,702 32,380,813

CONTINENTAL REINSURANCE ( 699 ) 93,326 17,734 180,221 ( 507 ) 16,927 18,438 ( 25,812 ) - 2,544 21,072 ( 63,966 ) 414,559 72,070 745,906

EAST AFRICA REINSURANCE ( 6,427 ) 61,432 - 467,218 979 54,322 - ( 60,987 ) - 13,282 - - 290,317 32,399 852,535

GHANA REINSURANCE COMPANY 93 27,120 2,801 20,541 13,041 28,146 4,803 5,203 - ( 1,127 ) 4,198 2,367 25,055 25,086 157,327

KENYA REINSURANCE CORPORATION ( 228 ) ( 10,735 ) 798,573 109,689 ( 3,011 ) ( 22,311 ) ( 49,035 ) 285,221 - ( 17,005 ) 5,937 11 975,664 3,105,515 5,178,287

WAICA REINSURANCE KENYA LIMITED 136 65,114 ( 35 ) 20,289 13,651 3,108 ( 280 ) 1,712 - 3,071 ( 74 ) 1,574 3,424 ( 969 ) 110,719

TOTAL ( 7,125 ) 236,257 819,073 797,958 24,153 80,192 ( 26,074 ) 205,337 - 765 31,133 ( 60,014 ) 1,709,019 3,234,101 7,044,774

APPENDIX 16: SUMMARY OF CLAIMS INCURRED UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



55


Motor

Commercial

Motor

Commercial PSV

Personal

Accident Theft

Workmens'


Total

AAR INSURANCE KENYA 0.00 13.9 20.2 27.9 0.5 -7.8 0.00 0.00 0.00 0.4 6.8 42.9 73.5 6.9 72.0

AFRICAN MERCHANT ASSURANCE 0.00 -696.3 330.3 38.1 -58.6 15.2 126.2 125.8 256.0 -1069.0 59.6 54.9 0.00 68.5 54.2

AIG INSURANCE COMPANY 0.00 -51.8 -20.8 -10.0 -28.7 382.6 34.6 -193.5 0.00 147.4 -85.3 -100.5 0.00 0.00 -28.8

ALLIANZ INSURANCE COMPANY -21.0 86.7 112.2 109.2 3.2 117.4 99.1 31.3 0.00 5.5 164.5 0.6 32.0 0.0 64.5

APA INSURANCE COMPANY -8.9 108.1 18.6 50.7 105.6 43.7 104.9 89.3 0.00 2.5 10.8 14.8 217.5 -1.7 75.1

BRITAM GENERAL INSURANCE 0.00 112.7 56.4 21.2 71.3 1.9 117.0 180.3 0.00 13.7 -5.1 70.7 68.5 65.3 80.9CIC GENERAL INSURANCE

COMPANY 0.00 174.1 39.9 13.2 677.0 62.8 78.8 80.5 0.00 38.3 26.0 -9.0 70.4 24.5 70.1

CORPORATE INSURANCE COMPANY 0.00 419.3 -1.0 -365.5 278.8 -40.3 84.1 80.3 0.00 1.3 -2.7 6.8 0.00 189.6 70.5

DIRECTLINE ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 62.8 144.4 52.9 0.00 0.00 0.00 0.00 0.00 56.4

FIDELITY SHIELD INSURANCE 625.0 109.1 26.3 20.3 248.3 14.2 96.9 62.3 146.2 68.2 94.6 47.3 0.00 14.9 75.2

FIRST ASSURANCE COMPANY 0.00 561.4 789.8 -637.5 52.7 75.7 80.5 69.5 0.00 61.1 36.9 -14.9 46.9 -2.0 64.5

GA INSURANCE COMPANY 962.7 60.0 74.5 35.0 13.4 20.4 98.1 127.4 -217.6 -20.5 59.1 36.0 72.0 7.1 66.5

GEMINIA INSURANCE COMPANY 0.0 188.8 22.8 73.9 45.3 53.8 92.5 75.2 0.00 34.1 97.8 5.6 0.00 -2.4 71.9

HERITAGE INSURANCE COMPANY -5.0 33.1 7.1 47.3 29.3 8.2 66.7 73.1 -20.9 28.5 78.4 14.1 64.8 110.1 50.9

ICEA LION GENERAL INSURANCE 118.4 59.2 22.2 19.1 23.5 62.2 72.1 60.3 0.00 76.3 75.0 7.9 29.2 6.5 54.6

INTRA-AFRICA ASSURANCE 0.00 77.2 6.2 3.9 13.0 68.7 76.9 77.6 0.0 -54.9 38.7 25.7 0.00 -47.9 52.7

INVESCO ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

JUBILEE GENERAL INSURANCE 178.8 445.0 35.3 109.8 51.0 113.2 60.7 23.2 0.00 -1.1 -35.7 11.4 0.00 -94.8 51.6

JUBILEE HEALTH INSURANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 70.2 0.00 70.2

KENINDIA ASSURANCE COMPANY 0.00 48.0 27.9 -9.8 -377.2 52.4 89.2 120.3 0.00 12.3 16.7 33.0 82.8 19.3 69.9

KENYA ORIENT INSURANCE 0.00 89.4 -18.6 45.0 79.5 -46.4 65.4 30.8 0.0 -42.2 202.0 13.9 0.00 -21.5 33.5

MADISON INSURANCE COMPANY 0.00 24.8 45.4 34.1 0.9 45.8 120.2 65.4 0.00 99.7 38.9 52.8 84.8 35.6 76.5

MAYFAIR INSURANCE COMPANY 7.6 64.6 25.2 -124.3 54.9 12.8 88.0 94.7 0.00 10.1 14.4 55.2 0.00 20.8 59.5

METROPOLITAN CANNON 0.00 -6.6 39.5 6.4 31.5 -47.4 102.9 49.1 0.00 9.0 -26.1 30.3 0.00 32.5 72.7

MUA INSURANCE COMPANY 7.1 3.7 7.0 19.5 -6.9 20.4 80.9 41.5 0.00 -5.8 3.8 73.7 0.00 19.3 50.3

OCCIDENTAL INSURANCE COMPANY 5.4 53.4 65.0 221.5 -102.7 169.7 91.1 55.6 0.00 33.1 44.9 9.6 0.00 77.9 73.5

PACIS INSURANCE COMPANY 0.00 -38.8 -11.8 -29.7 111.7 -118.8 125.5 11.3 0.00 13.0 9.0 53.0 46.8 -5.8 59.3

PIONEER INSURANCE COMPANY 0.0 45.5 19.8 15.7 7.6 4.5 91.5 50.4 0.00 -1.1 1.0 34.3 0.00 37.9 70.2

RESOLUTION INSURANCE COMPANY 0.00 142.5 0.0 -115.7 27.2 8.4 110.2 126.1 126.3 17.2 40.6 29.8 76.9 -2.3 82.1

SAHAM INSURANCE COMPANY 0.00 16.0 67.7 21.2 116.2 157.8 107.9 55.5 0.00 59.8 36.6 20.3 78.5 -12.6 78.5

SANLAM INSURANE COMPANY 0.00 5.9 40.2 37.5 21.3 12.3 88.6 61.6 77.4 210.9 23.8 8.7 93.1 -5.4 66.7

TAKAFUL INSURANCE OF AFRICA 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

TAUSI ASSURANCE COMPANY 0.00 50.5 18.2 9.0 13.2 16.3 45.0 62.1 0.00 8.9 25.5 -8.6 25.6 8.8 26.0

THE KENYAN ALLIANCE INSURANCE 0.00 -136.6 13.6 -62.4 16.6 -78.8 83.9 55.8 0.00 9.6 89.7 71.9 50.5 -28.1 54.1

THE MONARCH INSURANCE 0.00 34.5 130.2 217.4 32.9 -20.8 82.2 67.5 0.00 16.0 167.6 35.9 0.00 64.4 72.8

TRIDENT INSURANCE COMPANY 0.00 -215.4 12.4 219.7 4708.7 39.2 35.7 39.4 6.6 -1.7 -223.3 -5074.5 95.5 0.0 30.0

UAP INSURANCE COMPANY 380.7 25.4 2.6 19.2 55.0 25.2 77.2 76.6 0.00 -23.5 12.9 12.1 74.6 68.3 68.8

XPLICO INSURANCE COMPANY 0.00 -354.3 24700.0 0.0 1.8 1.2 116.5 247.3 45.2 127.3 411.3 -18814.8 10009.9 11.7 73.5

TOTAL 12.4 62.0 39.1 25.2 36.5 42.2 88.2 78.8 43.2 2.9 35.7 13.7 76.2 36.4 66.8

CONTINENTAL REINSURANCE -5.5 40.0 55.6 33.2 -0.5 17.1 79.0 -36.9 0.00 19.0 60.5 -143.2 54.9 35.5 34.5

EAST AFRICA REINSURANCE -89.6 47.5 0.00 85.5 12.7 44.4 0.00 -43.8 0.00 60.0 0.00 0.00 74.9 22.1 56.5

GHANA REINSURANCE COMPANY 2.0 62.6 14.2 14.2 80.1 107.9 47.0 47.0 0.00 -12.5 19.8 46.0 57.8 86.1 41.0KENYA REINSURANCE

CORPORATION -1.1 -4.8 50.3 52.3 -6.2 -8.0 12.6 -134.7 0.00 -6.5 0.9 0.5 81.7 103.3 74.8WAICA REINSURANCE KENYA

LIMITED 9.9 128.6 -9.2 10.1 24.9 9.7 -2.8 34.0 0.0 14.7 1.3 7.0 56.9 -3.7 26.7

TOTAL -15.4 34.6 50.0 48.6 10.8 14.4 7.6 1515.7 0.0 0.2 4.2 -80.9 71.7 94.8 61.9


APPENDIX 17: SUMMARY OF INCURRED CLAIMS RATIOS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS


56


Motor

Commercial

Motor

Commercial PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA - 148 365 1,381 4,615 783 - - - 10,677 3 6,637 ( 61,112 ) 3,379 ( 33,125 )

AFRICAN MERCHANT ASSURANCE - 71,298 ( 2,100 ) 1,965 599 253 ( 167,337 ) ( 113,619 ) ( 14,722 ) 162,213 ( 1,573 ) ( 2,628 ) - ( 2,923 ) ( 68,575 )

AIG INSURANCE COMPANY 3,277 6,381 8,984 21,158 63,150 1,837 34,766 55,755 - 1,224 67,345 74,840 - - 338,715

ALLIANZ INSURANCE COMPANY ( 6,434 ) ( 9,741 ) ( 9,507 ) ( 37,316 ) ( 20,037 ) ( 31,762 ) ( 39,581 ) 19,869 - ( 212 ) ( 4,713 ) 21,182 11,307 ( 5,789 ) ( 112,735 )

APA INSURANCE COMPANY ( 3,422 ) ( 15,159 ) 10,879 ( 26,620 ) ( 27,819 ) 26,561 ( 182,233 ) ( 73,561 ) - 709,641 41,748 163,648 ( 827,857 ) 61,913 ( 142,281 )

BRITAM GENERAL INSURANCE - 325 ( 5,452 ) 28,965 ( 12,100 ) 30,274 ( 459,401 ) ( 555,765 ) - 76,730 47,282 3,111 ( 43,123 ) ( 2,224 ) ( 891,379 )

CIC GENERAL INSURANCE COMPANY - ( 51,393 ) ( 1,995 ) ( 6,737 ) ( 69,166 ) ( 20,606 ) ( 151,726 ) ( 246,266 ) - ( 37,303 ) 11,150 232,573 248,445 ( 20,795 ) ( 113,820 )

CORPORATE INSURANCE COMPANY - ( 5,345 ) 448 ( 33,752 ) ( 21,605 ) 31,559 ( 25,644 ) ( 9,690 ) - 9,582 11,400 19,429 - ( 1,193 ) ( 24,811 )

DIRECTLINE ASSURANCE COMPANY - - - - - - 27,588 ( 26,142 ) 81,096 - - - - - 82,543

FIDELITY SHIELD INSURANCE ( 38,437 ) ( 1,137 ) 2,453 12,082 ( 9,809 ) ( 43,573 ) ( 45,429 ) 23,630 ( 4,698 ) 1,477 ( 3,243 ) 53,078 - ( 2,373 ) ( 55,978 )

FIRST ASSURANCE COMPANY - ( 36,901 ) ( 66,638 ) 63,417 ( 2,876 ) ( 3,317 ) ( 98,892 ) ( 50,720 ) - 6,956 18,234 26,994 144,184 ( 46,010 ) ( 45,571 )

GA INSURANCE COMPANY ( 20,015 ) 19,967 ( 1,415 ) 90,759 23,578 44,948 ( 92,787 ) ( 212,661 ) 191,595 24,173 25,274 185,340 93,016 37,609 409,382

GEMINIA INSURANCE COMPANY ( 1,379 ) ( 30,969 ) 10,013 ( 19,292 ) 3,976 2,931 ( 152,275 ) ( 19,287 ) - 3,759 ( 17,042 ) 153,882 - ( 9,298 ) ( 74,981 )

HERITAGE INSURANCE COMPANY 5,015 ( 12,737 ) 26,359 ( 9,137 ) 11,795 24,829 ( 32,575 ) ( 32,443 ) 21,823 ( 841 ) ( 22,288 ) 126,912 43,606 ( 44,720 ) 105,600

ICEA LION GENERAL INSURANCE 6,534 ( 1,308 ) 19,643 64,504 7,882 ( 15,653 ) ( 100,993 ) ( 25,367 ) - ( 13,374 ) ( 22,051 ) 93,696 ( 5,922 ) 6,376 13,967

INTRA-AFRICA ASSURANCE - ( 8,634 ) 6,950 23,645 1,173 ( 5,734 ) ( 24,306 ) ( 20,239 ) 3,197 6,019 4,791 19,258 - 12,162 18,283


JUBILEE GENERAL INSURANCE 1,472 ( 11,816 ) 4,765 ( 43,634 ) 28,147 ( 14,119 ) ( 15,857 ) 37,693 - ( 452,075 ) ( 46,445 ) 424,822 - 107,872 20,825

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 374,890 - 374,890

KENINDIA ASSURANCE COMPANY - ( 2,288 ) 4,216 ( 3,430 ) 24,858 4,523 ( 34,105 ) ( 145,104 ) - 1,426 19,939 39,459 ( 7,748 ) 863 ( 97,391 )

KENYA ORIENT INSURANCE - ( 17,181 ) 1,041 ( 4,789 ) ( 6,102 ) 2,979 ( 2,455 ) 48,247 22,984 2,170 ( 2,556 ) 7,896 - 55,588 107,821

MADISON INSURANCE COMPANY - 4,766 855 5,289 80,023 ( 11,448 ) ( 111,828 ) 27,813 ( 7,854 ) ( 2,924 ) ( 2,257 ) ( 13,502 ) ( 172,735 ) 4,630 ( 199,172 )

MAYFAIR INSURANCE COMPANY 112 11,522 10,099 40,796 2,964 12,587 194 ( 15,246 ) - 7,907 8,320 13,941 - 14,238 107,436

METROPOLITAN CANNON INSURANCE - 2,069 1,908 2,699 1,143 11,833 ( 114,336 ) 27,309 - 2,195 ( 32,702 ) 45,095 ( 3,942 ) 3,776 ( 52,954 )

MUA INSURANCE COMPANY ( 50,355 ) 26 1,402 ( 6,001 ) 12,487 320 ( 26,159 ) 11,830 - 987 2,363 ( 2,765 ) - 295 ( 55,571 )

OCCIDENTAL INSURANCE COMPANY 1,291 1,611 ( 1,807 ) ( 53,261 ) 3,551 ( 28,836 ) ( 135,260 ) 25,497 - 3,524 9,129 49,719 - 2,858 ( 121,984 )

PACIS INSURANCE COMPANY ( 2,454 ) 8,540 ( 15,116 ) 22,895 ( 4,496 ) ( 68,151 ) ( 123,871 ) 106,347 - ( 860 ) 3,438 ( 6,817 ) 47,338 199 ( 33,009 )

PIONEER GENERAL INSURANCE 954 622 1,418 164 5,343 1,100 ( 54,242 ) 15,978 - 980 3,555 ( 24,548 ) - ( 7,800 ) ( 56,476 )

RESOLUTION INSURANCE COMPANY - ( 2,348 ) 719 ( 627 ) 38 200 ( 89,855 ) ( 45,989 ) ( 8,324 ) 2,481 ( 253 ) ( 53 ) ( 170,708 ) ( 763 ) ( 315,482 )

SAHAM INSURANCE COMPANY - 1,193 ( 1,862 ) 10,103 1,215 ( 1,152 ) ( 173,447 ) ( 3,476 ) - 1,267 2,072 22,476 ( 8,939 ) 698 ( 149,851 )

SANLAM INSURANCE COMPANY - 7,844 ( 108 ) 6,303 10,036 3,127 ( 130,108 ) 45,890 2,268 ( 3,356 ) 6,515 81,267 ( 76,167 ) 305 ( 46,183 )


TAUSI ASSURANCE COMPANY - 2,042 2,574 14,391 2,645 14,841 ( 4,168 ) ( 15,324 ) - 82 ( 255 ) 25,281 ( 727 ) 2,133 43,514

THE KENYAN ALLIANCE INSURANCE - 2,576 ( 4,052 ) 19,180 ( 1,679 ) ( 21,366 ) ( 104,011 ) ( 84,003 ) - 20,780 ( 11,324 ) ( 46,264 ) 97,742 ( 2,270 ) ( 134,691 )

THE MONARCH INSURANCE - 495 ( 771 ) ( 8,661 ) 3,330 ( 2,501 ) ( 76,740 ) ( 31,218 ) - 4,129 ( 4,603 ) 4,460 - ( 7,457 ) ( 119,537 )

TRIDENT INSURANCE COMPANY - ( 25 ) 24 ( 882 ) 4,342 340 22,622 ( 9,606 ) 66,160 1,024 1,619 28,221 ( 111 ) ( 18,519 ) 95,208

UAP INSURANCE COMPANY 2,563 965 26,502 11,775 ( 7,061 ) ( 5,345 ) ( 108,038 ) ( 71,561 ) - ( 5,838 ) 19,539 35,841 1,125 ( 17,770 ) ( 117,301 )

XPLICO INSURANCE COMPANY - 291 ( 249 ) 7 ( 14 ) 1,577 ( 93,285 ) ( 47,563 ) 21,340 ( 139 ) 7,519 134,859 ( 143,000 ) 983 ( 117,675 )

TOTAL ( 101,278 ) ( 64,301 ) 30,545 187,339 114,126 ( 56,161 ) ( 2,885,774 ) ( 1,408,992 ) 374,865 544,481 139,930 1,997,340 ( 460,438 ) 125,973 ( 1,462,349 )

CONTINENTAL REINSURANCE 6,278 40,103 ( 267 ) 104,531 69,019 40,831 1,134 82,434 - 3,242 2,903 84,098 90,640 54,304 579,251

EAST AFRICA REINSURANCE 2,009 4,257 - ( 20,503 ) 582 4,302 - 29,564 - ( 280 ) - - 990 9,920 30,840

GHANA REINSURANCE COMPANY 2,302 ( 3,701 ) 3,680 26,984 ( 4,789 ) ( 17,390 ) 739 801 - 4,944 5,469 347 ( 74 ) ( 11,402 ) 7,910

KENYA REINSURANCE CORPORATION 6,374 35,347 343,447 ( 379,362 ) 22,931 147,279 ( 411,757 ) ( 571,209 ) - 181,753 679,326 11,210 ( 430,743 ) ( 821,516 ) ( 1,186,919 )

WAICA REINSURANCE KENYA LIMITED 170 ( 49,274 ) ( 5 ) 80,026 3,095 1,078 7,513 ( 412 ) ( 8,985 ) 7,359 ( 7,115 ) 16,193 ( 198 ) 8,833 58,278

TOTAL 17,133 26,732 346,855 ( 188,324 ) 90,838 176,100 ( 402,371 ) ( 458,822 ) ( 8,985 ) 197,018 680,583 111,848 ( 339,385 ) ( 759,861 ) ( 510,640 )

APPENDIX 18: SUMMARY OF UNDERWRITING PROFITS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



57

Company

Gross Direct

Premium Inward Reinsurance

Outward

Reinsurance

Net Premium

Written UPR B/F

Unexpired Risk

Reserve (B/F)

UPR C/F Unexpired Risk

Reserve (B/F)

Net Earned Premium

Income Incurred Claims Net Commisions

Expense of

Management

Underwriting Profit

/(Loss) Investment Income

Operating Profit

AAR INSURANCE KENYA 4,223,652 - 1,383,060 2,840,592 1,460,135 - 2,371,611 - 1,929,115 1,389,324 ( 9,831 ) 582,747 ( 33,125 ) 202,044 168,920

AFRICAN MERCHANT ASSURANCE 433,897 - 5,650 428,246 298,592 - 253,501 - 473,338 256,504 31,195 254,214 ( 68,575 ) 26,061 ( 42,515 )

AIG INSURANCE COMPANY 1,860,474 94,549 1,519,793 435,230 274,094 - 345,209 - 364,115 ( 104,820 ) ( 228,729 ) 358,949 338,715 - 338,715

ALLIANZ INSURANCE COMPANY 582,531 - 245,326 337,206 179,673 - 245,955 - 270,924 174,824 32,822 176,014 ( 112,735 ) 59,603 ( 53,132 )

APA INSURANCE COMPANY 6,252,507 65,870 2,164,693 4,153,684 2,399,261 - 3,282,048 - 3,270,897 2,455,484 240,878 716,815 ( 142,281 ) - ( 142,281 )

BRITAM GENERAL INSURANCE 5,533,440 - 1,434,171 4,099,269 2,725,409 81,035 3,297,423 148,571 3,459,719 2,799,183 381,590 1,170,325 ( 891,379 ) 473,744 ( 417,635 )

CIC GENERAL INSURANCE COMPANY 6,764,652 60,641 1,731,695 5,093,597 3,435,993 - 4,297,320 - 4,232,271 2,967,412 293,772 1,084,907 ( 113,820 ) 458,957 345,137

CORPORATE INSURANCE COMPANY 356,135 49,240 40,470 364,905 376,165 57,334 318,774 2,266 477,365 336,402 43,507 122,266 ( 24,811 ) 15,838 ( 8,973 )

DIRECTLINE ASSURANCE COMPANY 1,536,954 - 23,159 1,513,794 523,133 - 521,338 - 1,515,589 854,326 155,203 423,517 82,543 18,743 101,286

FIDELITY SHIELD INSURANCE 1,295,333 159,815 755,774 699,374 448,387 - 566,215 - 581,547 437,582 51,652 148,290 ( 55,978 ) - ( 55,978 )

FIRST ASSURANCE COMPANY 2,381,505 24,798 969,946 1,436,356 979,521 27,859 1,193,226 32,238 1,218,271 785,293 123,643 354,907 ( 45,571 ) - ( 45,571 )

GA INSURANCE COMPANY 6,503,172 77,055 3,335,156 3,245,071 1,677,139 - 2,719,980 - 2,202,230 1,464,334 ( 192,394 ) 520,907 409,382 454,538 863,920

GEMINIA INSURANCE COMPANY 2,183,925 27,430 354,853 1,856,502 1,878,275 - 1,705,657 - 2,029,120 1,459,932 188,976 455,192 ( 74,981 ) 133,169 58,188

HERITAGE INSURANCE COMPANY 3,048,444 231,642 1,320,105 1,959,981 1,465,029 - 1,668,907 - 1,756,103 893,220 102,786 654,498 105,600 262,414 368,013

ICEA LION GENERAL INSURANCE 3,498,617 25,483 1,734,282 1,789,818 1,216,242 30,494 1,433,897 30,494 1,572,163 858,022 118,161 582,012 13,967 - 13,967

INTRA-AFRICA ASSURANCE 726,092 6,572 93,697 638,967 317,533 - 445,019 - 511,481 269,455 47,845 175,899 18,283 11,548 29,831


JUBILEE GENERAL INSURANCE 2,285,884 - 1,364,821 921,063 913,931 53,241 869,940 - 1,018,296 525,676 43,044 428,749 20,825 202,810 223,635

JUBILEE HEALTH INSURANCE 6,158,310 - 20,128 6,138,182 2,550,884 - 4,709,000 - 3,980,066 2,793,600 267,510 544,066 374,890 281,827 656,717

KENINDIA ASSURANCE COMPANY 1,700,139 37,355 568,935 1,168,558 485,763 63,822 881,055 65,514 771,575 539,704 48,240 281,022 ( 97,391 ) 257,587 160,195

KENYA ORIENT INSURANCE 778,880 3,844 172,380 610,343 507,463 - 548,035 - 569,771 190,965 50,736 220,250 107,821 - 107,821

MADISON INSURANCE COMPANY 2,918,226 168,802 372,770 2,714,257 1,694,969 - 2,113,015 - 2,296,212 1,756,181 226,914 512,289 ( 199,172 ) 98,324 ( 100,848 )

MAYFAIR INSURANCE COMPANY 2,268,440 185,394 1,280,980 1,172,855 645,332 5,628 889,953 - 933,861 555,509 46,408 224,510 107,436 - 107,436

METROPOLITAN CANNON INSURANCE 848,943 3,666 129,296 723,313 392,624 74,250 567,532 57,233 565,421 410,884 54,737 152,755 ( 52,954 ) - ( 52,954 )

MUA INSURANCE COMPANY 484,534 7,752 236,385 255,900 244,902 16,703 238,760 20,639 258,107 129,714 21,157 162,807 ( 55,571 ) 29,350 ( 26,221 )

OCCIDENTAL INSURANCE COMPANY 1,669,982 3,586 405,666 1,267,901 760,728 - 902,080 - 1,126,549 828,152 106,506 313,876 ( 121,984 ) 154,759 32,774

PACIS INSURANCE COMPANY 912,083 - 191,438 720,645 555,451 - 673,907 - 602,188 357,252 58,496 219,449 ( 33,009 ) 21,657 ( 11,352 )

PIONEER GENERAL INSURANCE 582,079 160,665 260,691 482,053 263,391 - 364,454 - 380,990 267,516 34,300 135,649 ( 56,476 ) - ( 56,476 )

RESOLUTION INSURANCE COMPANY 1,691,439 - 777,788 913,651 1,059,917 74,417 970,425 74,417 1,003,143 823,853 38,132 456,639 ( 315,482 ) 36,640 ( 278,842 )

SAHAM INSURANCE COMPANY 994,361 488,148 533,736 948,773 535,190 50,382 824,785 49,261 660,299 518,607 40,764 250,779 ( 149,851 ) 74,237 ( 75,614 )

SANLAM INSURANCE COMPANY 2,612,679 - 971,137 1,641,542 1,240,582 - 1,516,278 - 1,365,846 910,800 88,294 412,936 ( 46,183 ) 89,672 43,490


TAUSI ASSURANCE COMPANY 851,624 7,879 309,799 549,705 223,802 - 373,710 - 399,797 103,936 44,468 207,879 43,514 - 43,514

THE KENYAN ALLIANCE INSURANCE 921,823 - 300,425 621,398 887,707 - 626,225 78,383 804,498 435,016 42,887 461,286 ( 134,691 ) 39,257 ( 95,434 )

THE MONARCH INSURANCE 462,894 13,323 46,969 429,247 579,646 - 471,375 - 537,519 391,235 59,036 206,786 ( 119,537 ) - ( 119,537 )

TRIDENT INSURANCE COMPANY 432,112 - 25,481 406,632 341,294 - 331,818 - 416,108 124,656 35,320 160,924 95,208 - 95,208

UAP INSURANCE COMPANY 7,238,175 106,051 1,373,229 5,970,997 3,357,825 43,365 4,724,958 43,365 4,603,865 3,169,520 416,355 1,135,291 ( 117,301 ) - ( 117,301 )

XPLICO INSURANCE COMPANY 355,913 - 16,627 339,286 241,630 - 238,820 - 342,096 251,567 35,314 172,889 ( 117,675 ) 10,191 ( 107,483 )

TOTAL 83,349,850 2,009,560 26,470,511 58,888,893 37,137,612 578,530 47,502,205 602,381 48,500,455 32,380,820 3,139,694 14,442,290 ( 1,462,349 ) 3,412,970 1,950,620

CONTINENTAL REINSURANCE - 2,754,198 380,047 2,374,151 801,341 - 1,016,546 - 2,158,946 745,906 675,431 158,357 579,251 36,684 615,935

EAST AFRICA REINSURANCE - 1,900,928 112,076 1,788,852 1,129,088 - 1,409,251 - 1,508,689 852,535 465,181 160,132 30,840 - 30,840

GHANA REINSURANCE COMPANY - 488,751 55,938 432,812 186,679 - 235,789 - 383,702 157,327 138,626 79,838 7,910 55,334 63,244

KENYA REINSURANCE CORPORATION - 7,341,845 372,772 6,969,073 2,396,314 196,126 2,446,417 196,126 6,918,970 5,178,287 1,699,875 1,227,727 ( 1,186,919 ) 1,357,988 171,069

WAICA REINSURANCE KENYA LIMITED - 737,181 134,043 603,138 229,681 - 417,535 - 415,285 110,719 121,940 124,346 58,278 - 58,278

TOTAL - 13,222,903 1,054,876 12,168,026 4,743,103 196,126 5,525,538 196,126 11,385,592 7,044,774 3,101,053 1,750,400 ( 510,640 ) 1,450,006 939,366

APPENDIX 19: SUMMARY OF GENERAL INSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.06.2021

INSURERS

REINSURERS



58

Company

ABSA LIFE

ASSURANCE

APA LIFE

ASSURANCE

COMPANY

BRITAM LIFE

ASSURANCE

CAPEX LIFE

ASSURANCE

COMPANY

CIC LIFE ASSURANCE

COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE

COMPANY

EAST AFRICA

REINSURANCE

GA LIFE

INSURANCE

COMPANY

Share Capital 699,000 700,000 400,000 345,000 800,000 500,000 200,000 500,000 200,000

Share Premium - - - - - - - - -

Revaluation Reserves - 95 - 2,073 ( 33,855 ) 72 - - -

Statutory Reserves 401,918 32,320 - ( 27,257 ) 913,355 21,057 ( 204,526 ) - 1,073,664

Retained Earnings - ( 68,990 ) 300,000 - 71,861 - - - 107,071

Other Reserves - - 6,454,970 823 49,613 148,272 - 544,904 -

Total Equity 1,100,918 663,425 7,154,970 320,640 1,800,974 669,401 4,526- 1,044,904 1,380,736

Underwriting Provisions - 394,064 953,954 12,684 903,470 254,457 148,131 351,419 3,103

Actuarial Contract Liabilities 4,203,916 6,078,430 89,836,647 617,898 13,892,147 - 592,182 161,091 15,866,946

LongTerm Liabilities - - 2,766,415 - 508,616 65,045 - 235,147 70,746

Current Liabilities 888,020 125,507 1,986,052 51,394 593,517 101,109 120,019 258,474 67,420

Total Equity And Liabilities 6,192,855 7,261,426 102,698,039 1,002,616 17,698,723 1,090,012 855,806 2,051,034 17,388,951

Land And Buildings - - 124,015 - - - - - -

Investment Property - 155,000 6,589,259 762,500 2,181,875 - 590,400 - 1,449,036

Other Fixed Assets 41,867 9,260 65,768 12,844 40,687 - 1,224 - 1,490

Government Securities 4,558,906 5,521,644 65,748,045 59,105 8,324,187 871,566 99,037 982,648 15,210,966

Other Securities - 39,372 - - 682,468 - - - -

Investment in Related Companies - - 785,455 - - - - - -

Corporate Bonds - - - - 130,020 - - 20,328 -

Commercial Papers - 26,153 - - 11,985 - - - -

Debentures - - - - - - - - -

Ordinary Shares Quoted - 294,185 7,963,760 1 843,646 - - 19,620 131,565

Ordinary Shares Unquoted - 17,781 28,768 - 614 - 752 - -

Preference Shares Quoted - - - - - - - - -

Preference Shares Unquoted - - - - - - - - -

Loans Secured & Unsecured - 36,826 2,543,697 - 582,474 - 28,467 - 1,801

Mortgages - - 1,173,659 - 35,489 - - - -

Term Deposits 851,623 578,739 2,732,520 - 2,367,802 48,330 77,360 274,917 512,109

Cash and Cash Balances 190,253 165,837 382,849 110,932 13,869 2,217 24,549 152,963 27,613

Outstanding Premiums 460,112 303,600 746,884 20,782 990,825 127,380 13,677 71,516 2,690

Other Receivables 1,916 29,049 1,023,567 - 585,787 - 14,136 238,816 -

Other Assets 88,177 56,468 11,909,554 32,610 906,257 40,519 2,999 168,442 48,678

Intangible Assets - 27,512 880,239 3,841 737 - 3,205 121,785 3,004

Total Assets 6,192,855 7,261,426 102,698,039 1,002,616 17,698,723 1,090,012 855,806 2,051,034 17,388,951

Amounts in Thousand Shillings Continued next page

APPENDIX 20 i: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021


59

Company

GEMINIA LIFE

INSURANCE

COMPANY

ICEA LION LIFE

ASSURANCE

COMPANY

JUBILEE INSURANCE

COMPANY

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT LIFE

ASSURANCE

KENYA

REINSURANCE

CORPORATION

KUSCCO MUTUAL

ASSURANCE LIMITED

LIBERTY LIFE

ASSURANCE

MADISON

INSURANCE

COMPANY

METROPOLITAN

CANNON

INSURANCE

Share Capital 400,000 450,000 500,000 400,000 313,000 500,000 401,500 612,340 450,000 416,726

Share Premium - - - - - - - - - 491,067

Revaluation Reserves - - - ( 322 ) - - - 384,946 - 2,500

Statutory Reserves 133,800 13,276,164 2,042,638 1,717,688 144,109 6,545,849 - 2,288,205 ( 596,084 ) -

Retained Earnings 18,202 2,822,667 5,827,473 15,268 56,732 - 222,395 ( 304,170 ) 62,000 ( 1,255,636 )

Other Reserves - - - 914,648 - ( 48,160 ) - - - 533,902

Total Equity 552,002 16,548,830 8,370,111 3,047,282 513,841 6,997,689 623,895 2,981,321 84,084- 188,559

Underwriting Provisions 330,738 199,748 1,352,396 173,329 4,483 - 96,605 630,059 58,611 308,125

Actuarial Contract Liabilities 1,105,541 90,647,591 83,269,121 46,855,026 1,946,859 2,738,820 588,987 20,011,946 16,209,014 1,275,989

LongTerm Liabilities - 3,218,792 938,924 - 61,761 - - 1,145,644 - 207,225

Current Liabilities 153,569 1,354,362 2,302,254 794,218 17,861 2,676,304 396,267 531,747 89,868 176,420

Total Equity And Liabilities 2,141,850 111,969,324 96,232,806 50,869,855 2,544,806 12,412,814 1,705,754 25,300,717 16,273,410 2,156,318

Land And Buildings - - - 987,134 - - - 602,319 - 92,500

Investment Property - 10,212,000 4,466,000 2,012,755 264,800 1,724,056 - 1,246,931 6,359,908 822,231

Other Fixed Assets 657 85,872 21,230 23,790 10,178 - 37,449 68,038 47,920 6,752

Government Securities 735,252 84,294,767 74,500,837 46,957,636 1,447,154 4,227,959 358,000 14,152,272 5,065,533 459,705

Other Securities - - - - 88,016 - - - 8,544 -

Investment in Related Companies - 1,246,846 2,167,238 - - - - - - -

Corporate Bonds - - - 52,545 177,246 - - - - -

Commercial Papers - - - - 58,847 - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted - 8,944,969 3,289,755 118,349 - 326,113 - 3,216,582 89,486 45,241

Ordinary Shares Unquoted - 832 5,339,710 198 54,067 - - 74,971 1,901,326 94

Preference Shares Quoted - 1,119 - - - - - - - -

Preference Shares Unquoted - - 1,037,028 - - - - - - -

Loans Secured & Unsecured 8,040 615,943 1,035,320 110,547 7,860 - - 1,055,872 78,285 3,059

Mortgages - 592,806 - 4,239 - - - 387,527 110,628 12,663

Term Deposits 699,939 4,872,016 1,955,015 159,242 235,623 5,328,714 73,347 3,094,003 1,015,778 452,350

Cash and Cash Balances 38,049 4,351 393,594 82,608 77,249 4,149 315,161 332,367 106,190 14,366

Outstanding Premiums 659,734 - 552,387 - 65,280 635,670 251,600 454,452 289,367 122,456

Other Receivables - 109,504 1,155,815 340,658 - - 623,145 385,093 824,539 -

Other Assets 179 984,987 299,179 - 55,433 - - 74,600 369,911 122,931

Intangible Assets - 3,314 19,698 20,153 3,053 166,152 47,053 155,691 5,995 1,970

Total Assets 2,141,850 111,969,324 96,232,806 50,869,855 2,544,806 12,412,814 1,705,754 25,300,717 16,273,410 2,156,318

Continued from previous page


APPENDIX 20 ii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021

Continued next page


60


Company

OLD MUTUAL

ASSURANCE

COMPANY

PIONEER

ASSURANCE

COMPANY

PRUDENTIAL LIFE

ASSURANCE

SAHAM

INSURANCE

COMPANY

SANLAM LIFE

ASSURANCE

THE KENYAN

ALLIANCE

INSURANCE

THE MONARCH

INSURANCE

COMPANY

UAP LIFE

ASSURANCE

COMPANY

TOTAL

Share Capital 2,174,871 400,000 418,185 150,000 843,138 500,000 154,976 1,585,456 15,014,192

Share Premium 1,884,957 - 3,022,751 - 30,260 - - - 5,429,035

Revaluation Reserves - - - - - ( 164,067 ) - 27,534 218,976

Statutory Reserves - 368,034 - - 1,010,446 6,000 49,785 206,894 29,404,061

Retained Earnings ( 2,593,743 ) 100,036 ( 2,347,962 ) - 264,543 - ( 67,310 ) 2,237,633 5,468,070

Other Reserves - - - 3,474 - ( 852,149 ) 1,114 - 7,751,413

Total Equity 1,466,084 868,070 1,092,973 153,474 2,148,388 510,215- 138,565 4,057,517 63,285,746

Underwriting Provisions 408,281 1,674,894 15,873 5,574 - 76,403 181,330 1,049,340 9,587,071

Actuarial Contract Liabilities 11,063,778 3,877,908 986,830 297,670 22,546,240 3,795,480 351,506 9,938,425 448,755,989

LongTerm Liabilities - 148,642 - - 433,049 - - 88,668 9,888,674

Current Liabilities 1,136,181 406,517 222,078 39,945 2,016,747 1,067 109,787 847,897 17,464,602

Total Equity And Liabilities 14,074,324 6,976,032 2,317,753 496,663 27,144,425 3,362,735 781,188 15,981,848 548,982,082

Land And Buildings - - - - - 318,289 - - 2,124,257

Investment Property 2,142,363 1,512,000 - 77,000 2,831,508 1,434,500 317,698 815,000 47,966,822

Other Fixed Assets 62,290 27,404 44,691 21 157,443 16,048 16,226 22,239 821,388

Government Securities 7,027,564 884,976 1,861,291 193,735 21,546,497 234,000 88,730 9,403,385 374,815,396

Other Securities 7,380 - - - 37,219 - - - 862,999

Investment in Related Companies - - - - - - - 2,592,447 6,791,986

Corporate Bonds - 3,200 - - - - - - 383,340

Commercial Papers - - - - - - - - 96,985

Debentures - - - - - - - - -

Ordinary Shares Quoted 831,875 57,533 - - 188,516 - - 255,771 26,616,967

Ordinary Shares Unquoted 331,206 - - - - - - 17,267 7,767,586

Preference Shares Quoted - - - - - - - - 1,119

Preference Shares Unquoted - 100,000 - - - - - - 1,137,028

Loans Secured & Unsecured 129,661 198,881 36,114 6,061 170,929 401 2,697 38,827 6,691,762

Mortgages 12,958 - - - 81,027 - - 52,719 2,463,712

Term Deposits 2,343,158 722,791 160,725 193,188 1,206,294 620,086 157,330 1,272,619 32,005,617

Cash and Cash Balances 513,914 50,576 34,041 19,308 428,721 30,954 10,826 657,947 4,185,453

Outstanding Premiums 161,091 3,150,687 41,814 5,066 206,204 36,519 186,330 724,387 10,280,509

Other Receivables 161,590 231,496 234 - - 508,074 - 15,216 6,248,635

Other Assets 348,680 12,464 101,035 2,284 147,181 163,862 309 114,025 16,050,764

Intangible Assets 594 24,025 37,808 - 142,887 - 1,043 - 1,669,758

Total Assets 14,074,324 6,976,032 2,317,753 496,663 27,144,425 3,362,735 781,188 15,981,848 548,982,082


APPENDIX 20 iii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021


61

CompanyAAR INSURANCE

KENYA

AFRICAN MERCHANT

ASSURANCE

AIG INSURANCE

COMPANY

ALLIANZ INSURANCE

COMPANY

APA INSURANCE

COMPANY

BRITAM GENERAL

INSURANCE

COMPANY

CIC GENERAL

INSURANCE

COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE

COMPANY

DIRECTLINE

ASSURANCE

COMPANY

EAST AFRICA

REINSURANCE

COMPANY

Share Capital 500,000 987,386 600,000 1,340,290 1,250,000 2,668,000 1,700,000 1,000,000 400,000 300,000 1,000,000

Share Premium 660,523 - - - - - - - - - -

Revaluation Reserves - 15,474 9,131 - - - - 891 - ( 108,265 ) 243,434

Statutory Reserves - - - - - - - - - - -

Retained Earnings 303,501 18,084 1,747,349 ( 709,843 ) 2,822,962 74,088 2,033,134 954,802 224,321 208,147 3,094,261

Other Reserves - - - - 209,674 - ( 181,291 ) - - 300,000 788

Total Equity 1,464,024 1,020,943 2,356,479 630,447 4,282,637 2,742,088 3,551,843 1,955,693 624,321 699,882 4,338,484

Underwriting Provisions 2,745,961 1,647,289 822,400 469,144 8,251,694 8,322,323 8,532,782 1,969,166 1,004,030 4,533,575 2,725,333

Actuarial Contract Liabilities - - - - - - - - - - -

LongTerm Liabilities - - - - - - - - - - 113,775

Current Liabilities 714,908 536,827 1,376,570 537,757 2,479,820 2,317,887 727,274 240,089 100,627 440,010 1,295,368

Total Equity And Liabilities 4,924,892 3,205,058 4,555,450 1,637,348 15,014,150 13,382,298 12,811,899 4,164,949 1,728,977 5,673,466 8,472,959

Land And Buildings - 720,927 - - - - 231,075 - - - 427,802

Investment Property - 535,000 - - 1,020,000 - 1,602,000 - 603,558 2,002,500 741,000

Other Fixed Assets 56,112 88,838 136,451 38,885 63,345 70,996 80,985 6,145 5,125 22,602 6,112

Government Securities 1,664,623 506,933 2,740,923 994,097 7,852,810 9,460,817 3,908,314 1,147,302 109,890 747,453 3,241,451

Other Securities - - - - - - 778,595 - - - -

Investment in Related Companies - - - - 246,772 - - - - 502,978 -

Corporate Bonds - - - - - - - - - - 20,328

Commercial Papers - - - - 26,154 - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted - 1,815 - - 1,010,580 - 385,613 - - 88,860 39,120

Ordinary Shares Unquoted - - - - 48,422 - 15,124 - 767 - 95,000

Preference Shares Quoted - - - - - - - - - - -

Preference Shares Unquoted - - - - - - - - - - -

Loans Secured & Unsecured - 5,496 8,848 - 25,386 - - 1,473 - 734,325 11,654

Mortgages - - - - 70,630 - 45,230 1,895 - - 39,369

Term Deposits 1,882,364 359,743 101,221 203,956 1,650,290 366,972 2,016,835 610,235 170,868 586,037 1,422,476

Cash and Cash Balances 266,068 3,175 240,947 129,451 151,592 346,771 ( 185,752 ) 6,208 35,456 117,821 277,567

Outstanding Premiums 578,368 565,697 1,065,672 92,613 1,516,235 1,664,862 2,560,070 1,223,414 573,817 93,525 476,424

Other Receivables 245,027 10,254 26,196 55,436 69,992 82,005 276,176 - 67,841 - 1,029,480

Other Assets 71,756 363,370 221,956 23,494 830,331 920,221 338,759 1,168,277 99,212 725,233 201,115

Intangible Assets 160,575 43,810 13,238 99,417 431,610 469,654 758,875 - 62,444 52,134 444,060

Total Assets 4,924,892 3,205,058 4,555,450 1,637,348 15,014,150 13,382,298 12,811,899 4,164,949 1,728,977 5,673,466 8,472,959

Amounts in thousand Shillings Continued next page

APPENDIX 21 i: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021


62

Company

FIDELITY SHIELD

INSURANCE

COMPANY

FIRST ASSURANCE

COMPANY

GA GENERAL

INSURANCE

COMPANY

GEMINIA

INSURANCE

COMPANY LIMITED

GHANA RE-

INSURANCE

COMPANY LIMITED

HERITAGE

INSURANCE

COMPANY

ICEA LION

GENERAL

INSURANCE

COMPANY

INTRA-AFRICA

ASSURANCE

COMPANY

INVESCO

ASSURANCE

COMPANY

JUBILEE GENERAL

INSURANCE

JUBILEE HEALTH

INSURANCE

Share Capital 600,000 810,000 1,000,000 606,250 1,000,000 1,000,000 1,000,000 600,000 - 2,307,000 2,763,720

Share Premium - 512,139 - - 10,871 - - - - - -

Revaluation Reserves 97,370 260,218 881,066 - - - ( 25,364 ) 358,848 - - -


Retained Earnings 430,190 130,639 3,439,264 1,537,245 310,836 3,190,067 4,646,104 73,203 - 122,281 1,196,118

Other Reserves - - 402,595 27,039 - - - 5,000 - - ( 163,259 )

Total Equity 1,127,560 1,712,995 5,722,925 2,170,534 1,321,708 4,190,067 5,620,740 1,037,051 - 2,429,281 3,796,579

Underwriting Provisions 1,894,833 2,383,466 6,468,630 3,808,220 686,941 3,770,339 4,315,280 1,055,185 - 2,983,382 5,639,033


LongTerm Liabilities - - 6,442 - - - 258,324 - - - -

Current Liabilities 203,896 889,023 3,620,296 688,926 132,778 1,214,613 1,544,921 61,131 - 294,907 181,424

Total Equity And Liabilities 3,226,290 4,985,484 15,818,292 6,667,680 2,141,426 9,175,019 11,739,265 2,153,368 - 5,707,570 9,617,036

Land And Buildings 235,350 439,550 1,165,499 380,000 30,215 - - - - - -

Investment Property 1,015,883 1,450,000 1,585,000 1,020,000 - - 2,710,000 465,967 - - -

Other Fixed Assets 6,384 20,448 42,412 233,954 4,697 95,769 60,563 70,767 - 22,905 15,878

Government Securities 1,018,362 711,408 5,397,145 937,934 1,085,694 5,727,799 5,585,101 334,518 - 2,555,842 3,559,456

Other Securities - - - - - - 116,054 - - - -

Investment in Related Companies - - 718,597 86,571 - 146,557 50,147 - - - 1,474,232

Corporate Bonds - - - - - - - - - - -

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 33,579 - 485,770 141,935 - 7,368 1,041,337 53,150 - - 213,079

Ordinary Shares Unquoted - - 391,436 7,612 - - 5,338 - - - 703,814

Preference Shares Quoted - - - - - - - - - - 402


Loans Secured & Unsecured - 7,247 225,402 113,481 204 50,875 - 71,358 - - -

Mortgages 8,338 - - - - 188,144 - 2,733 - - 31,655

Term Deposits 170,869 1,105,063 1,052,451 977,162 215,241 1,041,287 417,087 316,827 - 83,437 598,306

Cash and Cash Balances 71,270 ( 28,401 ) 5,641 144,750 31,695 197,398 224,578 93,447 - 255,503 403,398

Outstanding Premiums 385,785 857,462 3,808,486 1,852,034 587,816 926,024 745,031 614,643 - 1,500,070 1,771,753

Other Receivables - - 45,582 - 68,749 64,329 90,140 47,218 - 329,612 353,930

Other Assets 220,352 264,219 135,983 420,577 48,535 611,318 392,960 - - 797,180 86,639

Intangible Assets 60,117 158,488 758,888 351,671 68,580 118,151 300,928 82,740 - 163,022 404,495

Total Assets 3,226,290 4,985,484 15,818,292 6,667,680 2,141,426 9,175,019 11,739,265 2,153,368 - 5,707,570 9,617,036


APPENDIX 21 ii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021



63

Company

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT

INSURANCE

COMPANY

KENYA

REINSURANCE

CORPORATION

MADISON

INSURANCE

COMPANY

MAYFAIR

INSURANCE

COMPANY

METROPOLITA

N CANNON

INSURANCE

MUA

INSURANCE

COMPANY

OCCIDENTAL

INSURANCE

COMPANY

PACIS

INSURANCE

COMPANY

PIONEER

GENERAL

INSURANCE

RESOLUTION

INSURANCE

COMPANY

Share Capital 600,000 810,721 6,499,491 605,000 1,500,000 453,960 300,000 693,000 655,964 700,000 410,000

Share Premium 1,198 - - - - 583,040 - - 5,712 - 1,701,894

Revaluation Reserves 600,535 ( 36,097 ) 20,468 - 541,374 - 25,602 34,399 - - 325


Retained Earnings 1,718,546 ( 1,253,360 ) 20,884,468 497,202 1,196,481 69,240 331,854 661,076 139,193 ( 19,208 ) ( 2,413,268 )

Other Reserves 454,209 1,499,217 274,033 - - - - - - - -

Total Equity 3,374,488 1,020,482 27,678,460 1,102,202 3,237,855 1,106,240 657,455 1,388,475 800,869 680,792 301,049-

Underwriting Provisions 3,923,179 1,610,156 11,357,757 3,366,762 3,017,408 1,320,438 431,443 2,292,074 1,400,385 893,672 1,721,265


LongTerm Liabilities 333,755 - - - - - 1,215,361 - - - -

Current Liabilities 1,065,526 626,592 602,399 313,100 1,025,821 333,090 285,687 406,594 381,710 109,439 3,258,063

Total Equity And Liabilities 8,696,947 3,257,230 39,638,616 4,782,064 7,281,083 2,759,768 2,589,946 4,087,142 2,582,964 1,683,903 4,678,278

Land And Buildings 790,777 103,253 - - 261,137 92,500 - - 54,668 - -

Investment Property 1,273,498 989,500 10,467,850 653,000 426,088 124,000 - 410,000 787,474 385,806 -

Other Fixed Assets 65,031 11,973 51,771 34,152 92,203 14,855 6,528 62,200 30,436 8,885 57,139

Government Securities 3,323,542 153,666 14,011,434 1,408,890 2,319,675 617,312 472,881 1,926,530 241,200 289,050 560,716

Other Securities - - - 51,414 - - - - - - -

Investment in Related Companies 105,612 184,000 8,230,481 - 779,165 13,217 1,458,468 - - - -

Corporate Bonds 52,545 - 45,281 - - - - - - - -

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 31,025 10,676 982,403 10,619 138,889 - 79,895 328,378 27,199 - -

Ordinary Shares Unquoted 861,931 465,642 214,480 513,455 753,944 9,742 - - - - -

Preference Shares Quoted - - 81 - - - - - - - -


Loans Secured & Unsecured 17,859 - - - 23,267 - 112,132 - - - -

Mortgages - - 737,744 - - 20,776 - - - - -

Term Deposits 445,702 31,206 1,033,932 331,566 1,168,068 1,461,701 33,985 155,001 58,172 376,374 816,800

Cash and Cash Balances 139,481 15,579 99,578 139,386 391,638 19,057 52,898 26,059 6,576 14,534 141,456

Outstanding Premiums 624,870 783,636 1,832,144 742,238 767,315 90,009 236,024 662,610 945,339 428,520 477,123

Other Receivables - 71,523 691,120 517,456 - 160,454 23,677 40,029 222,683 31,973 1,431,534

Other Assets 822,933 335,252 672,081 165,666 145,686 39,741 68,078 326,695 134,280 54,749 858,975

Intangible Assets 142,140 101,324 568,236 214,222 14,008 96,405 45,381 149,641 74,938 94,012 334,536

Total Assets 8,696,947 3,257,230 39,638,616 4,782,064 7,281,083 2,759,768 2,589,946 4,087,142 2,582,964 1,683,903 4,678,278


APPENDIX 21 iii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021



64

Company

SAHAM

INSURANCE

COMPANY

SANLAM

INSURANCE

COMPANY

TAKAFUL

INSURANCE OF

AFRICA

TAUSI ASSURANCE

COMPANY

THE KENYAN

ALLIANCE

INSURANCE

COMPANY

THE MONARCH

INSURANCE

COMPANY

TRIDENT

INSURANCE

COMPANY

UAP INSURANCE

COMPANY

WAICA

REINSURANCE

KENYA LIMITED

XPLICO

INSURANCE

COMPANY

TOTAL

Share Capital 402,000 1,028,998 - 600,000 600,000 497,024 500,000 1,000,000 1,102,550 887,500 43,278,855

Share Premium - 100,361 - - - - - - - - 3,575,738

Revaluation Reserves ( 17,619 ) - - 180,462 - - 180,041 - - - 3,262,293

Statutory Reserves - - - - 2,750 - - - - - 2,750

Retained Earnings 304,004 83,353 - 1,297,088 187,508 133,756 1,125,551 5,095,698 101,621 ( 85,968 ) 55,901,588

Other Reserves - - - 12,860 ( 6,093 ) - 25,000 - - 220,000 3,079,773

Total Equity 688,386 1,212,712 - 2,090,409 784,164 630,781 1,830,592 6,095,698 1,204,171 1,021,532 109,100,996

Underwriting Provisions 1,358,139 2,419,129 - 870,992 1,486,920 1,510,506 1,916,858 8,249,199 561,696 2,116,470 125,853,452


LongTerm Liabilities 109,511 - - 64,639 267,372 - - - - - 2,369,179

Current Liabilities 227,060 346,323 - 226,190 750,762 103,950 409,289 2,737,190 227,009 307,989 33,342,835

Total Equity And Liabilities 2,383,097 3,978,164 - 3,252,230 3,289,219 2,245,237 4,156,739 17,082,086 1,992,876 3,445,991 270,666,461

Land And Buildings - - - 308,849 - - 240,660 - - - 5,482,262

Investment Property - 70,000 - - 1,300,000 753,226 1,718,205 3,482,700 - 892,200 38,484,453

Other Fixed Assets 2,905 71,558 - 25,220 47,390 62,183 12,258 122,968 8,032 69,023 2,006,086

Government Securities 715,647 1,541,603 - 1,956,998 332,032 112,595 255,050 5,728,255 281,169 149,700 95,685,816

Other Securities - - - - - - - - - 43,453 989,516

Investment in Related Companies - - - - - - 615,600 - - 245,251 14,857,647

Corporate Bonds - - - - - - - - - - 118,154

Commercial Papers - - - - - - - - - - 26,154

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 19,109 522 - 195,215 11,497 - 4,828 1,200,175 - - 6,542,635

Ordinary Shares UnQuoted - - - 7,023 37,128 59 28,632 101,354 - - 4,260,899

Preference Shares Quoted - - - - - - - - - - 483


Loans Secured & Unsecured 106,519 218 - 1,776 44,336 - 573,118 81,131 2,300 20,635 2,239,040

Mortgages - - - 61,198 - - - 244,756 - - 1,452,470

Term Deposits 432,409 261,470 - 333,889 3,655 144,980 - 2,047,021 1,093,731 214,108 25,792,495

Cash and Cash Balances 62,570 640,905 - 40,985 38,184 2,670 1,701 675,027 29,460 99,981 5,426,309

Outstanding Premiums 666,683 794,462 - 179,075 512,191 904,304 575,992 1,758,030 386,229 982,405 37,809,002

Other Receivables ( 19,092 ) 2,378 - - 430,303 - 34,692 355,858 5,846 556,336 7,418,734

Other Assets 268,008 339,175 - 28,465 454,972 192,056 63,259 837,841 40,593 108,911 13,898,906

Intangible Assets 128,339 255,873 - 113,536 77,530 73,163 32,745 446,971 145,517 63,986 8,175,400

Total Assets 2,383,097 3,978,164 - 3,252,230 3,289,219 2,245,237 4,156,739 17,082,086 1,992,876 3,445,991 270,666,461


APPENDIX 21 iv: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.06.2021

Amounts in thousand Shillings

Insurance Industry Report for the Period January June 2021 ...

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