Insurance Industry Report for the Period January March ... · The Insurance Regulatory Authority...

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Insurance Industry Report for the Period

January – March 2019

First Quarter Release

May 2019

Insurance Industry Release for Q1 2019

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DATA ACCURACY STATEMENT

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).

Whereas a rigorous validation 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.


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Contents

Executive Summary ................................................................................ iv

Chapter One ............................................................................................. 1 1.1 Introduction ................................................................................................................................... 1

1.2 Industry Highlights ..................................................................................................................... 2

1.3 Economy and Market Analysis ................................................................................................ 5

Chapter Two .......................................................................................... 10 2.0 Insurance Industry at a glance ............................................................................................. 10

2.1 Performance Overview of the Insurance Industry ........................................................... 10

2.2 Industry Financial Position .................................................................................................... 13

Chapter Three ........................................................................................ 14 3.0 Long term insurance business .............................................................................................. 14

3.1 Gross premium income and Market share ........................................................................ 14

3.2 Net premium income and retention ..................................................................................... 15

3.3 Investment income and underwriting expenses .............................................................. 16

Chapter Four .......................................................................................... 19 4.0 General insurance business .................................................................................................. 19

4.1 Gross premium income and market share ....................................................................... 19

4.2 Claims and direct expenses .................................................................................................. 20

4.3 Underwriting ratios ................................................................................................................... 23

4.4 Underwriting results ................................................................................................................. 24

4.5 Investments ................................................................................................................................. 25

Chapter Five .......................................................................................... 28 5.0 Reinsurance business .............................................................................................................. 28

5.1 Long term reinsurance business .......................................................................................... 28

5.2 General reinsurance business ............................................................................................... 30

Chapter Six ............................................................................................ 31 6.0 Industry Financial Position .................................................................................................... 31

6.1 Summary of Industry Balance Sheet .................................................................................. 32

6.2 Shareholder’s Funds................................................................................................................. 33

6.3 Assets and Liabilities ................................................................................................................ 34

6.4 Investments ................................................................................................................................. 34


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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 Q1 2019

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Executive Summary

The performance and financial position of the insurance industry in Kenya

during the first quarter of 2019 is as outlined below:

Long Term Insurance Business

Table 1 summarizes the key financial performance and financial position

indicators under long term insurance business for the first quarters of the last

three years to 2019.

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

Annual change

(2018/2019)

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

Gross Premium income 22,638,423 21,932,290 21,654,001 3.2

Net premium income 20,414,611 19,625,933 19,682,868 4.0

Net Commisions 1,195,112 1,266,434 1,355,976 -5.6

Underwriting Management Expense 3,370,760 3,446,843 2,992,941 -2.2

Total claims and policyholders' benefits 12,851,312 11,707,902 10,150,578 9.8

Direct expenses 4,565,872 4,713,277 4,348,917 -3.1

Investment Income 12,484,447 15,276,014 6,049,041 -18.3

Financial position Indicators

Paid up capital 12,065,080 11,166,507 11,358,756 8.0

Shareholders' funds 43,626,371 47,699,863 42,909,923 -8.5

Total Assets 410,981,581 375,275,708 314,859,653 9.5

Total Liabilities 367,355,210 327,575,845 271,949,730 12.1

Investments 374,089,490 338,154,344 280,970,151 10.6

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

Retention ratio 90.18 89.48 92.13 0.8

Net Commissions Ratio 5.85 6.45 8.17 -9.3

Underwriting Management expense Ratio 16.51 17.56 18.23 -6.0

Shareholders' funds to Total Assets 10.62 12.71 12.41 -16.5

Key financial performance indicators for Long term Insurance Business

Performance Indicators2019 Q1 2018 Q1 2017 Q1

The premium reported by the long-term insurers in Q1 2019 amounted to KES

22.64 billion, growing by 3.2% from KES 21.93 billion reported in Q1 2018.

The long-term insurers’ asset base grew by 9.5% to KES 410.98 billion and

largely composed of income generating investments of KES 374.09 billion. Of the

total assets, 10.6% (KES 43.62 billion) was funded through shareholders’ equity.

General Insurance Business


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Table 2 summarizes the various performance and financial position indicators

under general insurance business for the first quarters of the last three years to

2019.

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

business

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

Gross Premium income 44,580,863 43,307,619 41,559,072 2.9

Net Premium income 31,182,272 30,923,187 29,785,070 0.8

Net Earned Premium Income 22,806,376 21,629,725 22,422,011 5.4

Claims Incurred 14,796,975 13,968,139 14,596,760 5.9

Direct Expenses 8,387,700 8,810,198 8,278,993 -4.8

Investment Income 1,566,149 2,215,778 1,243,233 -29.3

Underwriting Results (378,296) (1,148,610) (453,736) 67.1

Financial Position Indicators

Paid up share capital 28,179,627 27,598,847 25,637,770 2.1

Shareholder's funds 72,691,257 73,660,864 66,150,434 -1.3

Total assets 195,513,813 194,596,398 183,659,967 0.5


Investments 126,434,094 126,613,405 116,056,259 -0.1

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

Retention ratio 69.9 71.4 71.7 -2.0

Claims ratio 64.9 64.6 65.1 0.5

Commissions ratio 5.0 31.5 30.0 -84.0

Management expense ratio 31.7 128.6 116.5 -75.3

Combined ratio 101.7 224.7 211.6 -54.8

Shareholder's funds to total assets 37.2 37.9 36.0 -1.8

Key financial performance indicators for General Insurance Business

Performance Indicators2019 Q1 2018 Q1 2017 Q1

Annual change

(2019/2018)

In Q1 2019, general insurance premiums recorded a slower growth of 2.9% to

KES 44.58 billion compared to a growth of 4.2% recorded in the previous year.

The general insurance business underwriters incurred KES 14.8 billion in

claims by the end of Q1 2019. The loss ratio was of 64.9% during this period.

The general insurance business underwriters reported an underwriting loss of

KES 378.30 billion compared to an underwriting loss of KES 1.15 billion

reported in Q1 2018 recording a significant (67.1%) reduction in the losses.


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Long Term Reinsurance Business

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

companies in Q1 2019 was KES 581.02 million compared to KES 343.65 million

reported in Q1 2018 representing significant increase of 69.1%. Group Life

contributed 93.1% of the total NPI recorded in the period under review.

General Reinsurance Business

Over the period, Waica Reinsurance Kenya Limited and Ghana Reinsurance

Company commenced their statutory reporting to the Authority, bringing the

number of general reinsurance companies in the industry insurance statistics to

five.

The general reinsurers reported a significant increase in net premium income of

60.3 % from KES 2.67 billion reported by the end Q1 2018 to KES 4.28 billion a

year later.

The reinsurers incurred KES 3.09 billion in claims and KES 1.95 billion in

direct expenses (commissions and management expenses). The resultant was an

underwriting loss of KES 1.39 billion million which was mainly driven by claims

expenses. The general reinsurance business underwriters had reported an

underwriting profit of KES 171.14 million in the Q1 2018.


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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 has been working 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 the first quarter 2019 industry release which provides market

information and statistical overview of the insurance industry in Kenya as at the

end of quarter one of 2019. This report includes data for all the insurers and

reinsurers regulated by the Authority except for Xplico Insurance Company.


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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 first quarter of 2019, the following activities were undertaken by IRA

in line with its mandate to regulate and promote the development of the

insurance sector in Kenya.

Executive Certificate of Proficiency in Insurance

During the quarter under review, Executive Certificate of Proficiency in

Insurance (ECOP) training was conducted in Nairobi County as detailed below:

County No. of Participants Date

Nairobi 100 4th – 14th March, 2019

Trainings and Stakeholders workshops

The following trainings, workshops and events for various stakeholders were

conducted during the quarter one of 2019:

County Training/Event Period

Nairobi Insurance Champions Training (68 Participants) 20th – 21st February, 2019

NairobiThe institute of loss adjustors & risk surveyors pecuniary

fraud: Market trends and emerging issues21st – 22nd February, 2019

NairobiProficiency in short term reinsurance practise & claims

management 4th – 8th March, 2019

Eldoret Eldoret Show 6th – 9th March, 2019

NairobiAnti-money laundering & counter financing of terrorism for

insurers 15th March, 2019

Homabay Insurance Champions training (60 Participants) 27th – 28th March, 2019

Nairobi Bancassurance forum 28th March, 2019


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Recently Developed/Repackaged Insurance Products

During the quarter one of 2019, eleven new/repackaged insurance products

were filed by various insurance companies and approved by the Authority:

New/Repackaged product Company Class of Business

Stawika Sure Monarch Insurance Life Assurance

ICEA Lion Cancer Insurance Policy ICEA Lion Life Assurance

Britam Group Funeral Expense Cover Britam Life Group-Life

Britam Critical Illness Plan Britam Life Life Assurance

Britam Tegemeo Plan Britam Life Insurance Life Assurance

Britam Family Income Plan Britam Life Insurance Life Assurance

MyHealth Britam Insurance Medical

Sema Pole Britam Insurance Microinsurance

Livestock Protection CIC General Bundled

Group Last Expense + Hospital Cash CIC General Bundled

Jinue Medical Product Jubilee Insurance Medical

Insurance Fraud Cases

During Q1 2019, 30 fraud cases were reported to the Insurance Fraud

Investigation Unit (IFIU). 27 cases were pending investigation, 2 cases were

pending before court and 1 was pending arrest of known accused.

The number of fraud cases reported in each month of Q1 2019 is shown in the

table below.

Month Number of Cases Reported

January 7

February 12

March 11

Total 30


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The classification of fraud cases by type in Q1 2019 is illustrated in the table

below:

No Cases Q1 2019

1 Fraudulent Motor Insurance (Damage/Theft) Claim. 9

2 Theft by Agents 4

4 Complaint Against Broker/Agent 4

5 Fraudulent Medical Claims 2

6 Fraudulent Motor Accident (Injury) Claims 1

7 Fraudulent Funeral Claim 1

8 Theft by Insurance Co. Employees 1

9 Forgery of Company Documents 1

10 Fraudulent WIBA Claim 1

11 Fraudulent Life Claim 1

12 Operating without being licensed 1

13 Fraudulent Fire Claim 1

14 Issuing Fraudulent Bankers Cheque 1

15 Others 1

16 Complaint against insurance company 1

Total 30


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1.3 Economy and Market Analysis

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 the price level of consumer goods and

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

3.733.95

4.28 4.354.04

5.70 5.53 5.58 5.71

4.70

4.14 4.35

0.00

1.00

2.00

3.00

4.00

5.00

6.00

Infl

atio

n %

Months

Inflation Rates

Inflation

Source: KNBS

The overall year-on-year inflation rate stood at 4.35% in March 2019. The

highest inflation rate during the past 12 months was 5.71% recorded in

December 2018 whereas the lowest inflation rate was 3.73% recorded in April

2018. The average inflation rate for the past 12 months from April 2018 to

March 2019 was 4.67%. According to KNBS, the increase in inflation rate

between February 2019 and March 2019 is as result of increase in the Food and

Non-Alcoholic Drinks index which was mainly due to the prevailing drought

conditions during that period.

Exchange Rates:


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70.00

80.00

90.00

100.00

110.00

120.00

130.00

140.00

150.00

Ksh

s

Months

Trend in Exchange Rate

STG POUND

US DOLLAR

EURO

Source: CBK

The Kenyan shilling generally appreciated against the US Dollar and the Euro

while it depreciated against the Sterling Pound during the first quarter of 2019.

The shilling opened the quarter at KES 130.76 to the Sterling Pound, KES

101.58 to the Dollar and KES 115.95 to the Euro and closed at KES 132.29,

KES 100.36 and KES 113.51 to the Sterling Pound, Dollar and Euro

respectively.


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Capital Markets:

The capital markets registered an improvement in performance as at end of Q1

2019 with equity turnover increasing by 27.7% to KES 45.25 billion from KES

35.43 billion recorded in the preceding quarter.

Market capitalization increased by 12.3% compared to Q4 2018 to KES 2.36

trillion, reflecting an overall increase in investors’ wealth by KES 258.50 billion.

Bond turnover of KES 158.07 billion was recorded in Q1 2019, compared to

KES 118.15 billion traded in Q4 2018, indicating a significant increase of

33.8%.

0

500

1,000

1,500

2,000

2,500

3,000

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

End

Mo

nth

Mkt

Cap

ital

isat

ion

(K

ES B

illio

ns)

Equ

ity

& B

on

d T

urn

ove

r(K

ES B

illio

ns)

Months

Trends in Stock Market

Equity Turnover (KES. Bn) Bond Turnover (KES. Bn.) End Month Mkt Capitalisation(KES. Bn.)

Source: CMA

The NSE 20 index remained relatively stable recording a 0.5% change to close

Q1 2019 at 2846.99 compared to 2833.84 at the end of Q4 2018. The NASI

index increased by 12.3% to close the quarter at 157.66 compared to 140.43 at

the end of the preceding quarter.


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1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

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100

150

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250

End

Mo

nth

NSE

20

Sh

are

Ind

ex

NA

SI

Months

Share Indices

NASI End Month NSE 20 Share Index

Source: CMA

Real Estate Market:

The KBA Housing Price Index report published by the Kenya Bankers

Association (KBA) for the first quarter of 2019 showed a decline in growth in

house prices by 2.78%. This is the third time the index has reported a decline in

growth of house prices. According to the report the observed decline can be

viewed as pointer to a depressed market if sustained and is a result of demand-

side and supply-side attributes.


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The trend in house prices is illustrated in the ensuing chart.

Source: KBA


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Chapter Two

2.0 Insurance Industry at a glance

The 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 3 displays some key operating performance indicators of the direct

insurance business:

Table 3: Selected key operating performance indicators for direct insurance business

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

Gross Premium Income 67,219,271 65,239,908 63,213,062 3.0

Net Premium Income 51,596,883 50,549,120 49,467,938 2.1

Net Earned Premium Income (GB) 22,806,376 21,629,725 22,422,011 5.4

Claims Incurred (GB) 14,796,971 13,968,139 14,596,760 5.9

Benefit Payment (LT) 12,851,312 12,682,987 11,988,870 1.3

Commissions 2,342,425 2,898,185 2,919,108 -19.2

Management Expenses 10,611,147 10,625,290 9,708,802 -0.1

Underwriting Profits/Loss (GB) (378,296) (1,148,610) (453,736) 67.1

Profit Before Tax (PBT) 3,943,477 2,592,577 3,157,698 52.1

Profit After Tax (PAT) 3,078,851 1,640,075 2,196,433 87.7

Key Performance Indicators for Insurers

Indicator

2019 Q1 2018 Q1 2017 Q1Annual change

(2019/2018)

Industry gross premium written stood at KES 67.22 billion as at end of Q1 2019

representing an increase of 3.0% from KES 65.24 billion in Q1 2018. Long term

insurance and general insurance segments grew by 3.2% and 2.9% respectively.

General insurance business underwriting results improved significantly by

67.1% at the end of Q1 2019 to record an underwriting loss of KES 378 million.


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Figure 1 shows the composition of total industry premiums:

Figure 1: Total Industry Premiums composition

33.7%

66.3%

Gross Premium Income

Long Term Insurance Business

General Insurance Business

General insurance business remained the largest contributor to industry

insurance activity contributing 66.3% of the total premium. Motor insurance

and medical insurance classes of business account for 65.4% of the gross

premium income under the general insurance business.


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2.1.2 Key operating indicators for reinsurance business

Table 4 displays some key operating performance indicators for the reinsurance

business in Kenya:

Table 4: Selected key operating performance indicators for reinsurance business

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

Gross Premium Income 5,297,442 3,457,079 4,008,073 53.2


Net Earned Premium Income (GB) 3,648,518 3,006,058 2,824,239 21.4

Claims Incurred (GB) 3,094,441 1,545,053 1,609,136 100.3

Benefit Payment (LT) 312,055 78,637 275,548 296.8

Commissions 1,314,127 917,942 969,571 43.2

Management Expenses 883,091 517,535 507,200 70.6

Underwriting Results (GB) (1,394,661) 171,143 (24,322) -914.9

Profit Before Tax (EBT) (363,099) 1,078,057 753,743 -133.7

Profit After Tax (PAT) (419,450) 808,241 577,413 -151.9

Indicator


(2019/2018)

Key Performance Indicators for Reinsurers

The reinsurers’ business volume increased significantly by 53.2% to 5.30 billion

in Q1 2019 (2018 Q1: KES 3.46 billion). All reinsurers recorded growth in their

business volumes.

The reinsurers’ underwriting performance fell significantly from an underwriting

profit of KES 171.14 million in Q1 2018 to an underwriting loss of KES 1.39

billion a year later.


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2.2 Industry Financial Position

The following is a summary of the industry financial position as at end of Q1

2019.

2.2.1 Key Industry Financial Position Indicators

Table 5 displays some key Industry financial position indicators as at end of Q1

2019.

Table 5: Selected key industry financial position indicators

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

Shareholders' Funds 152,680,317 155,088,735 138,634,531 (1.6)

Total Assets 665,694,535 624,148,786 547,378,250 6.7


Investments 548,234,327 509,348,200 436,532,850 7.6

Indicator


(2019/2018)

Key Industry Performance Indicators

2.2.2 Key Financial Position Ratios

Table 6 displays some key industry financial position ratios as at end of Q1

2019:

Table 6: Selected key industry financial position ratios

(%) (%) (%) (%)

Shareholders' funds to Total Assets 22.94 24.85 25.33 -1.9

Return on Assets (ROA) 0.56 0.63 0.84 -0.1

Return on Equity (ROE) 1.73 1.67 2.39 0.1

Key Industry Performance Ratios

Indicator


(2019/2018)

The return on assets and return on equity remained relatively stable at 0.6% and 1.7%

as at end of Q1 2019 and Q1 2018 respectively.


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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 Q1 2019.

3.1 Gross premium income and Market share

Table 7 shows the composition of gross premium income (GPI) under long term

insurance business:

Table 7: Class-wise gross premium income

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

Pensions 7,472,332 6,832,112 7,001,409 9.4 33.0

Life Assurances 6,365,976 5,910,765 5,032,234 7.7 28.1

Group Life 3,086,119 3,406,251 3,418,122 -9.4 13.6

Group Credit 2,908,007 2,584,433 2,262,008 12.5 12.8

Annuities 1,905,237 2,303,006 2,748,861 -17.3 8.4

Investments 900,752 883,709 1,191,367 1.9 4.0

Permanent Health - 12,014 - -100.0 0.0

Industry 22,638,423 21,932,290 21,654,001 3.2 100.0


(2019/2018)

Classwise Gross Premium Income

2019 Q1

DistributionClass of Business

The total GPI reported under long term insurance business in Q1 2019

amounted to KES 22.64 billion (Q1 2018: 21.93 billion). Pensions and Life

Assurance classes remained the biggest contributors to the life GPI accounting

for 33.0% and 28.1% respectively.

The contribution of long-term gross premium by classes is as shown in figure 2.


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Figure 2: Class-wise contribution of Long-term gross insurance Premium

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2019 Q1 2018 Q1 2017 Q1

Class-wise gross premium income

Permanent Health

Investments

Annuities

Group Credit

Group Life

Life Assurances

Pensions

Table 8 depicts an analysis of long-term insurance business market share.

Table 8: Insurance Market share by gross premium income

2019 Q1 2018 Q1 2017 Q1

1 BRITAM LIFE ASSURANCE 24.1 23.2 21.4

2 JUBILEE INSURANCE COMPANY 14.3 13.1 11.7

3 ICEA LION LIFE ASSURANCE 13.6 13.0 18.7

4 CIC LIFE ASSURANCE COMPANY 8.0 8.8 7.7

5 SANLAM LIFE ASSURANCE 5.8 5.7 7.0

6 LIBERTY LIFE ASSURANCE COMPANY 5.8 4.8 5.3

7 MADISON INSURANCE COMPANY 4.3 4.3 2.8

8 Others 24.1 27.0 25.4

Total 100.0 100.0 100.0

Company Market Share

(%)Market Share (%)

Market Share

(%)

Long Term Insurers' Market Share by Gross Premium Income

Only six out of twenty-five insurers controlled over 5% of the total GPI under

long term insurance business segment in Q1 2019. The remaining eighteen

companies controlled 28.4% of the market indicating that the Kenyan long-term

insurance segment is dominated by a few players.

3.2 Net premium income and retention

Table 9 shows an analysis of net premium income (NPI) for long term insurers:


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Table 9: Class-wise net premium income

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

Pensions 7,472,332 6,832,112 7,001,409 9.4 36.6

Life Assurances 6,323,256 5,862,484 4,982,263 7.9 31.0

Group Credit 2,387,482 2,038,144 1,754,134 17.1 11.7

Annuities 1,905,237 2,303,006 2,748,861 -17.3 9.3

Group Life 1,425,552 1,694,464 2,004,834 -15.9 7.0

Investments 900,752 883,709 1,191,367 1.9 4.4

Permanent Health - 12,014 - 0.0 0.0

Industry 20,414,611 19,625,933 19,682,868 4.0 100.0

Class of Business2019 Q1 2018 Q1 2017 Q1

Annual change

(2019/2018)

2019 Q1

Distribution

Classwise Net Premium Income

The net premium income reported by the end of Q1 2019 by the long-term

insurers was KES 20.41 billion representing an increase of 4.0% from the

amount of net premium income reported in Q1 2018 (KES 19.63 billion).

3.3 Investment income and underwriting expenses

Investment income amounted to KES 12.48 billion by the end of Q1 2019, this

represented a significant drop of 18.3% (Q1 2018: KES 15.28). Net commissions

for the period were KES 1.20 billion while management expenses were KES 3.37

billion during the same period.

3.4 Investments


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Table 10 is an analysis of the investments under long term insurance business

as at 31st March 2019:

Table 10: Long term insurance business investments

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

Government Securities 244,888,080 209,218,795 159,898,157 17.0 65.5

Investment Property 45,253,325 40,616,369 37,625,207 11.4 12.1

Quoted Ordinary Shares 33,253,688 40,372,312 25,638,758 -17.6 8.9

Term Deposits 23,582,075 16,187,558 17,094,049 45.7 6.3

Loans & Mortgages 8,058,603 7,868,272 7,685,063 2.4 2.2

Other Securities 7,753,131 12,374,746 21,875,481 -37.3 2.1

Unquoted Ordinary shares 6,323,903 5,772,242 4,770,043 9.6 1.7

Investment in Subsidiaries 4,976,685 5,744,050 6,383,393 -13.4 1.3

Total 374,089,490 338,154,344 280,970,151 10.6 100.0

Investment Type2019 Q1 2018 Q1 2017 Q1

2019 Q1

Distribution

Annual change

(2019/2018)

Long Term Insurers' Business Investments

Total investments under long term insurance business as at 31st March 2019

amounted to KES 374.09 billlion, an increase of 10.6% compared to KES 338.15

as at end of Q1 2018. Kenya government securities (treasury bills and bonds)

maintained their attractiveness to long term insurers comprising 65.5% (KES

244.89 billion) of the total long term insurers’ investments.

Figure 3 shows the composition of investments under long term business as at

the Q1 2019:


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Figure 3: Long-term insurance investments portfolio

Government Securities65.5%

Investment Property12.1%

Ordinary Shares Quoted8.9%

Term Deposits6.3%

Others7.2%

Long Term Insurance Business Investments

‘Others’ comprise of unquoted ordinary shares, investments in subsidiaries,

loans, mortgages, corporate bonds and other securities.


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Chapter Four

4.0 General insurance business

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

at the end of Q1 2019.

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 11 shows the class-wise gross premium income under general insurance

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

Table 11: Class-wise gross premium income

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

Aviation 382,323 497,007 496,976 -23.1 0.9

Engineering 1,091,626 1,076,551 1,111,150 1.4 2.4

Fire Domestic 542,392 567,059 567,121 -4.3 1.2

Fire Industrial 4,242,631 4,119,432 3,844,508 3.0 9.5

Liability 1,213,200 966,610 966,096 25.5 2.7

Marine & Transit 953,364 1,127,989 1,037,377 -15.5 2.1

Motor Private 6,550,202 6,449,414 6,100,284 1.6 14.7

Motor Commercial 6,916,747 6,750,957 6,570,885 2.5 15.5

Personal Accident 1,242,082 1,279,257 1,498,569 -2.9 2.8

Theft 1,928,651 1,874,785 1,820,249 2.9 4.3

Workmen's Compensation 2,792,918 2,326,200 2,231,098 20.1 6.3

Medical 15,666,953 15,313,231 14,288,674 2.3 35.1

Miscellaneous 1,057,774 959,127 1,026,085 10.3 2.4

Total 44,580,863 43,307,619 41,559,072 2.9 100.0

General Insurers' Classwise Gross Premium Income


Annual change

(2019/2018)

2019 Q1

Distribution

In Q1 2019, general insurance premiums grew by 2.9% to KES 44.58 billion

compared to KES 43.31 billion recorded in Q1 2018. The motor and medical

insurance classes maintained a leading position in terms of contribution to total

general insurance business premium. These accounted for 30.2% and 35.1%

respectively of the total premium in general insurance business.


20

Table 12 shows the top five insurers and others in terms of market share under

general insurance business.

Table 12: Market share by gross premium income

Company 2019 Q1 2018 Q1 2017 Q1

Annual

Change

(2019/2018)

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

1 JUBILEE INSURANCE COMPANY 9.8 9.6 11.0 1.8

2 APA INSURANCE COMPANY 8.3 8.1 6.8 2.0

3 BRITAM GENERAL INSURANCE 7.2 7.2 7.5 -0.2

4 CIC GENERAL INSURANCE COMPANY 7.1 6.9 6.7 3.0

5 UAP INSURANCE COMPANY 6.6 7.0 8.0 -5.1

6 OTHERS 61.1 61.3 60.1 -0.3

Total 100.0 100.0 100.0

General Insurers' Market Share by Gross Premium Income

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 segment.

Seven (7) insurers had a market share of at least 5.0% of total general insurance

market. These insurers jointly controlled 50.3% of total gross premium income

under general insurance business.

4.2 Claims and direct expenses

The insurers reported claims incurred amounting to KES 14.8 billion during the

period under review. This was an increase of 5.9% from KES 13.97 billion

reported in the previous year’s first quarter.

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

table 13.


21

Table 13: Class-wise incurred claims

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

Aviation (4,251) 11,948 (20,387) -135.58 -0.03

Engineering 213,835 2,061 (59,815) 10275.30 1.45

Fire Domestic 79,664 100,332 104,960 -20.60 0.54

Fire Industrial 236,464 156,451 694,785 51.14 1.60

Liability 150,445 97,922 89,421 53.64 1.02

Marine & Transit 241,614 185,394 342,812 30.32 1.63

Motor Private 4,053,457 3,871,985 4,057,827 4.69 27.39


Personal Accident 26,491 205,585 373,493 -87.11 0.18

Theft 216,094 320,883 349,034 -32.66 1.46

Workmen's Compensation 666,764 818,672 886,915 -18.56 4.51

Medical 4,905,735 4,722,282 4,897,811 3.88 33.15

Miscellaneous 158,636 141,704 221,504 11.95 1.07

Total 14,796,975 13,968,136 14,596,761 5.93 100.00

General Insurers' Classwise Claims Incurred

2019 Q1

DistributionClass of Business2019 Q1 2018 Q1 2017 Q1

Annual change

(2019/2018)

The high premium volume classes of general insurance business contributed the

largest proportions of incurred claims; medical (33.2%), motor private (27.4%)

and motor commercial (26.0%).

Table 14 shows the incurred loss ratios under the various classes of general

insurance business.


22

Table 14: Class-wise incurred loss ratios

Aviation (48.33) (24.75) (151.05)

Engineering 70.78 0.57 (23.10)

Fire Domestic 16.08 37.70 36.01

Fire Industrial 117.29 23.98 112.50

Liability 75.88 33.19 23.64

Marine & Transit 45.57 31.66 70.03

Motor Private 76.24 76.43 80.18

Motor Commercial 68.55 66.09 45.70

Personal Accident 6.03 37.92 49.37

Theft 28.16 46.40 58.63

Workmen's Compensation 36.96 59.69 63.64

Medical 73.09 74.20 70.63

Miscellaneous 38.55 32.41 55.04

Industry average 64.88 64.58 63.44

2019 Q1Class of Business 2017 Q1

General Insurers' Claims Incurred Loss Ratios (%)

2018 Q1

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

net earned premium income. The industry average over the last three years is

64.3%.

Table 15 shows the claims paid trend under various classes of general insurance

business

Table 15: Class-wise claims paid

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

Aviation 5,731 9,597 3,304 -40.28 0.04

Engineering 30,179 68,281 99,720 -55.80 0.20

Fire Domestic 95,107 101,082 115,052 -5.91 0.64

Fire Industrial 175,422 251,727 175,688 -30.31 1.19

Liability 141,889 132,569 (5,109) 7.03 0.96

Marine & Transit 195,476 192,318 188,001 1.64 1.32

Motor Private 3,477,135 3,489,209 3,544,990 -0.35 23.50


Personal Accident 231,252 171,850 270,792 34.57 1.56

Theft 270,304 296,815 262,411 -8.93 1.83

Workmen's Compensation 442,175 722,467 506,767 -38.80 2.99

Medical 5,082,520 4,989,105 5,082,368 1.87 34.35

Miscellaneous 227,724 141,488 175,908 60.95 1.54

Total 13,782,049 13,884,676 12,859,385 -0.74 93.14

General Insurers' Classwise Paid Claims


Annual change

(2019/2018)

2019 Q1

Distribution

The claims paid during Q1 2019 remained relatively stable at KES 13.78 billion

compared to KES 13.88 billion paid in Q1 2018, representing a small decline of

0.7%.


23

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

claims at 34.4%, 23.5% and 23.0% 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 of analysis, direct expenses amounted to KES 8.39 billion and

were composed of KES 7.24 billion (86.3%) in management expenses and KES

1.15 billion (13.7%) in business acquisition costs (commissions).

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 commisssions.

Table 16 shows the class-wise retention ratio, incurred claims ratio, management

expense ratio, commission ratio and combined ratio.


24

Table 16: Underwriting ratios

Retention Incurred

ClaimsNet Commission

Management

Expense

Combined

ratio

Combined

ratio

Aviation 1.92 -48.33 -127.55 362.40 186.53 -81.73

Engineering 29.13 70.78 -6.73 44.25 108.30 26.34

Fire Domestic 67.36 16.08 7.44 21.38 44.89 93.05

Fire Industrial 30.40 117.29 -33.94 258.45 341.80 77.09

Liability 27.14 75.88 18.24 96.45 190.57 93.39

Marine & Transit 56.94 45.57 8.98 33.44 88.00 75.24

Motor Private 93.29 76.24 8.17 30.06 114.46 113.91

Motor Commercial 96.23 68.55 9.56 29.16 107.27 113.02

Personal Accident 71.06 6.03 10.99 51.00 68.02 90.30

Theft 67.77 28.16 5.91 40.48 74.55 91.25

Workmen's Compensation 93.24 36.96 17.11 24.64 78.71 110.85

Medical 66.18 73.09 -3.72 24.90 94.27 106.01

Miscellaneous 37.98 38.55 0.66 46.73 85.93 72.81

Overall 69.95 64.88 5.03 31.75 101.66 105.31

Class of Business

2019 Q1

General Insurers' Underwriting Ratios (%)

2018 Q1

The industry combined ratio was 101.7% in Q1 2019 translating to an

underwriting loss of KES 378.30 million. Combined ratios higher than 100%

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

4.4 Underwriting results

Table 17 displays an analysis of underwriting results under general insurance

business:

Table 17: Class-wise underwriting results


25

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

Aviation (7,612) (87,728) (82,394) 91.32

Engineering (25,088) 267,827 248,555 -109.37

Fire Domestic 273,107 18,507 27,449 1375.70

Fire Industrial (487,476) 149,455 (393,753) -426.17

Liability (179,563) 19,507 110,044 -1020.51

Marine & Transit 63,615 144,971 (102,569) -56.12

Motor Private (769,070) (704,955) (862,980) -9.09

Motor Commercial (408,492) (656,679) 603,877 37.79

Personal Accident 140,420 52,586 9,067 167.03

Theft 195,271 60,520 18,399 222.66

Workmen's Compensation 383,977 (148,784) (203,092) 358.08

Medical 384,724 (382,726) 284,730 200.52

Miscellaneous 57,889 118,889 (111,082) -51.31

Total (378,298) (1,148,610) (453,749) 67.06


General Insurers' Classwise Underwriting Results

Annual change

(2019/2018)

The underwriting performance of general insurance improved greatly in Q1 2019

as the underwriting losses reduced by 67.1% at KES 378 million compared to

KES 1.15 billion losses reported in Q1 2018. Motor private incurred the highest

losses at KES 769.07 million followed by Fire Industrial and Motor Commercial

classes with losses of KES 487.48 million and KES 408.49 million respectively.

4.5 Investments

Table 18 shows an analysis of the investments under general insurance

business for the quarter as at 31st March 2019:


26

Table 18: General insurance business investments

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



Deposits 21,881,492 19,472,905 19,967,193 12.37 17.31

Quoted Ordinary Shares 7,237,493 10,143,400 7,238,323 -28.65 5.72

Investment in Subsidiary 5,464,129 4,634,741 4,413,338 17.90 4.32

Loans & Mortgages 4,070,957 4,033,228 3,651,748 0.94 3.22

Unquoted Ordinary shares 3,003,301 3,500,923 3,458,840 -14.21 2.38

Other Securities 2,794,988 3,675,160 4,057,693 -23.95 2.21

Total 126,434,094 126,613,405 116,056,259 -0.14 100.00

General Insurance Business Investments

2019 Q1 2018 Q1 2017 Q12019 Q1

Distribution

Annual change

(2019/2018)Investment

Total investments under general insurance business as at the end of Q1 2019

amounted to KES 126.43 billion indicaticating a relatively unchanged position

compared to Q1 2018 where total investments amounted to KES 126.61 billion

(0.1% decline).

Kenya government securities (treasury bills and bonds) and investment property

accounted for highest proportions of total general insurers’ investments at

43.0% and 21.8% respectively.

Figure 4 shows the composition of investments under general insurance

business:


27

Figure 4: General insurance investments portfolio

Government Securities

43.0%

Investment Property

21.8%

Deposits 17.3%

Quoted Ordinary Shares5.7%

Others12.1%

General Insurance Business Investments

‘Others’ comprise of unquoted ordinary shares, investments in subsidiaries,

loans, mortgages, corporate securities and other securities.


28

Chapter Five

5.0 Reinsurance business

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

the Q1 2019. Their operating performance was analyzed as follows:

5.1 Long term reinsurance business

Table 19 shows some key performance indicators under long term reinsurance

business as at the end of the Q1 2019.

Table 19: Key performance indicators

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

Life Assurance 40,312 18,465 15,366 16,744

Group Life 540,706 176,409 279,183 231,736

Total 581,018 194,874 294,549 248,480

Life Assurance 10,589 19,994 1,625 8,028

Group Life 333,057 191,150 132,610 137,585

Total 343,646 211,144 134,235 145,613

Life Assurance 17,390 7,029 16,943 94,820

Group Life 496,009 75,025 206,981 142,524

Total 513,399 82,054 223,924 237,344

Class of business

2018 Q1

Long Term Reinsurance Business Key Indicators

Net premium

income

Investment

income Life benefits Direct Expenses

2019 Q1

2017 Q1

5.1.1 Net premium income

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

companies in Q1 2019 increased significantly to KES 581.02 million compared

to KES 343.65 million reported in the Q1 2018 representing an increase of

69.1%. Group Life contributed 93.1% of the total NPI recorded in the period

under review.


29

5.1.2 Investment income and direct expenses

Net investment income reported under long term reinsurance business by the

end of Q1 2019 was KES 194.87 million, a significant decrease of 57.9% (Q1

2018: KES 462.86 million).

The total direct expenses incurred by long term reinsurance companies during

the Q1 2019 amounted to KES 248.48 million. Life benefits paid out by the

long-term reinsurers during the same time amounted to KES 294.55 million.

5.1.3 Investments

Table 20 shows an analysis of the investments under Long Term reinsurers

business for the period to 31st March 2019:

Table 20: Long Term Reinsurance business investment channels

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

Term Deposits 4,758,563 3,319,129 3,409,736 43.4 44.0



Quoted Ordinary Shares 333,450 282,805 284,380 17.9 3.1

Other Investments 92,881 98,506 79,409 -5.7 0.9

Total 10,809,911 8,921,437 8,821,885 21.2 100.0

2018 Q1 2017 Q1Annual change

(2019/2018)Investment

2019 Q1

Distribution

Long Term Reinsurers' Investments

2019 Q1

The long-term reinsurers invested more in term deposits accounting for 44.0% of the

total investment, followed by government securities at 36.5%.


30

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 21 shows some key performance indicators under general re-insurance

business as at the end of Q1 2019:

Table 21: Class-wise performance indicators under general reinsurance

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


Incurred Claims 3,094,441 1,545,053 1,609,136 100.28

Direct Expenses 1,948,738 1,289,864 1,239,427 51.08

Underwriting Results (1,394,661) 171,143 (24,322) -914.91

Annual change

(2019/2018)Indicator

Performance Indicators

2019 Q1 2018 Q1 2017 Q1

General Reinsurance Business Indicators

In Q1 2019, the general reinsurers reported a significant increase in the net

premium income of 60.3% from KES 2.67 billion reported by the end of Q1 2018

to KES 4.28 billion in Q1 2019.

The reinsurers incurred KES 3.09 billion in claims and KES 1.94 billion in

direct expenses (commissions and management expenses) representing 100.3%

and 51.1% increase. The higher growth rate in claims costs and direct expenses

compared to premiums resulted to an underwriting loss of KES 1.39 billion,

914.9% decline compared to an underwriting profit of KES 171.14 million

reported in Q1 2018.

5.2.2 Investments


31

Table 22 shows an analysis of the investments under General reinsurers

business for the period ended 31st March 2019.

Table 22: General reinsurance business investment channels

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



Investment in Subsidiary 4,661,743 4,587,101 4,095,607 1.63 12.63

Deposits 2,670,067 2,042,056 2,294,808 30.75 7.24

Quoted Ordinary Shares 1,374,518 2,220,368 1,931,000 (38.10) 3.72

Other Securities 1,000,654 1,028,086 905,024 (2.67) 2.71

Loans & Mortgages 806,555 702,706 784,879 14.78 2.19

Unquoted Ordinary shares 202,231 202,231 202,231 - 0.55

Total 36,900,832 35,659,014 30,684,555 3.48 100.00

2019 Q1

DistributionInvestment2019 Q1 2018 Q1 2017 Q1

Annual change

(2019/2018)

General Reinsurance Business Investments

Chapter Six

6.0 Industry Financial Position


32

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

Kenya as at 31st March 2019.

6.1 Summary of Industry Balance Sheet

Table 23 displays balance sheet summary of the industry as at end of Q1 2019:

Table 23: Summary of Industry balance sheet

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

Share Capital 46,594,580 43,115,227 41,304,299 8.1

Share Premium 8,261,623 7,400,670 5,597,930 11.6

Revaluation Reserves 3,996,837 6,306,199 4,234,600 -36.6

Statutory Reserves 19,577,579 22,761,705 20,397,269 -14.0

Retained Earnings 59,035,822 55,838,985 51,481,385 5.7

Other Reserves 15,213,876 19,665,949 15,619,048 -22.6

Total Equity 152,680,317 155,088,735 138,634,531 -1.6

Underwriting Provisions 119,351,787 116,753,582 113,356,729 2.2

Actuarial Contract Liabilities 344,580,628 301,641,719 250,280,200 14.2

LongTerm Liabilities 10,308,613 12,084,347 10,514,959 -14.7

Current Liabilities 38,773,181 38,580,407 34,591,829 0.5


Total Equity and Liabilities 665,694,526 624,148,790 547,378,248 6.7

Land And Buildings 8,373,335 8,853,325 7,950,681 -5.4

Investments 548,234,327 509,348,200 436,532,850 7.6

Other Fixed Assets 3,470,102 3,354,080 3,768,991 3.5

Cash and Cash Balances 13,070,061 9,943,810 9,911,843 31.4

Outstanding Premiums 46,593,188 45,589,151 45,300,244 2.2

Other Receivables 9,101,443 7,737,821 8,721,686 17.6

Other Assets 27,022,613 29,988,244 26,740,349 -9.9

Intangible Assets 9,829,466 9,334,155 8,451,606 5.3

Total Assets 665,694,535 624,148,786 547,378,250 6.7

Summary of Industry Balance Sheet

2018 Q1 2017 Q1Annual change

(2019/18)Balance Sheet Items2019 Q1


33

6.2 Shareholder’s Funds

Investors’ funds decreased by 1.6 % to stand at KES 152.68 billion as at the end

of the Q1 2019 (Q1 2018: KES 155.09 billion). The key components of

shareholders’ funds were retained earnings at 38.7%, paid up capital at 30.5%

and statutory reserves at 12.8%.

The distribution of shareholders’ equity in Q1 2018 is shown in figure 5:

Figure 5: Distribution of industry investors’ equity

Share Capital30.5%

Share Premium5.4%

Revaluation Reserves

2.6%

Statutory Reserves12.8%

Retained Earnings38.7%

Other Reserves10.0%

Insurance Industry Investors' Equity


34

6.3 Assets and Liabilities

The insurance industry asset base grew by 6.7% to KES 665.69 billion as at the

end of Q1 2019 from the KES 624.15 billion held as at the end of Q1 2018. A

significant portion of total assets (82.4%, KES 548.23 billion) of these assets

were held in income generating investments.

The total insurance industry’s liabilities grew by 9.4% to KES 513.01 billion

from KES 469.06 billion reported in Q1 2018.

6.4 Investments

Investments in income generating assets grew by 7.6% from KES 509.35 billion

reported at the end of Q1 2018 to KES 548.23 billion a year later. Asset classes

with the highest proportions were; government securities (58.4%), investment

property (15.3%), term deposits (9.6%) and listed equities (7.7%).

The investment portfolio for the industry is shown in figure 6:

Figure 6: Distribution of industry investment portfolio

Government Securities58.4%

Investment Property15.3%

Ordinary Shares Quoted7.7%

Loans & Mortgages2.4%

Term Deposits9.6%Others

3.9%

Investment in Related Companies

2.8%

Insurance Industry Investments

Others’ comprise of unquoted ordinary shares, quoted and unquoted preference

shares, corporate bonds, commercial papers and other securities.


35

Statistical Appendices

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

the Period Ended 31.03.2019

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

for the Period Ended 31.03.2019

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

Income for the Period Ended 31.03.2019

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

Class for the Period Ended 31.03.2019

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

Period Ended 31.03.2019

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

Ended 31.03.2019

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

Ended 31.03.2019

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

Period Ended 31.03.2019

Appendix 9: Summary of Investments Business Revenue Accounts for the Period

Ended 31.03.2019

Appendix 10: Summary of Permanent Health Business Revenue Accounts for


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

Ended 31.03.2019

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


Appendix 13: Summary of Gross Premium Income under General Insurance

Business for the Period Ended 31.03.2019

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


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


Appendix 16: Summary of Claims Incurred Under General Insurance Business



36

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

31.03.2019

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

31.03.2019


37

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 815,167 - - 815,167 - - - 815,167 - 815,167 ( 597,384 ) - - - 217,782

AFRICAN MERCHANT ASSURANCE - - - - 43,333 - 43,333 ( 43,333 ) - ( 43,333 ) 545,835 - - - 502,501

AIG INSURANCE COMPANY 72,062 133,516 ( 4,406 ) 201,172 - - - 201,172 60,351 140,820 1,710,391 - - 300,000 1,551,212

ALLIANZ INSURANCE COMPANY - - - - 40,987 - 40,987 ( 40,987 ) 394 ( 41,382 ) ( 289,750 ) - - - ( 331,132 )

APA INSURANCE COMPANY - 391,823 - 391,823 65,312 33,852 99,164 292,660 48,475 244,185 3,463,395 - - 600,000 3,107,580

BRITAM GENERAL INSURANCE - - - - 18,072 - 18,072 ( 18,072 ) - ( 18,072 ) 332,938 - - - 314,866

CIC GENERAL INSURANCE COMPANY 14,420 214,614 - 229,034 - - - 229,034 - 229,034 2,569,662 - 84,366 - 2,714,331

CORPORATE INSURANCE COMPANY 6,788 - - 6,788 - - - 6,788 - 6,788 520,865 - - - 527,653

DIRECTLINE ASSURANCE COMPANY - 31,360 11,793 43,153 13,826 16,527 32,256 10,897 2,171 8,726 764,099 - - - 772,825

FIDELITY SHIELD INSURANCE - 50,775 - 50,775 26,079 10,555 57,426 ( 6,650 ) 3,475 ( 10,126 ) 535,852 - - - 525,726

FIRST ASSURANCE COMPANY - 45,555 - 45,555 41,833 - 41,833 3,722 - 3,722 73,997 - - - 77,719

GA INSURANCE COMPANY 364,536 34,359 - 398,895 - - - 398,895 131,635 267,260 2,410,783 34,359 - - 2,643,684

GEMINIA INSURANCE COMPANY 129,568 - - 129,568 - - - 129,568 - 129,568 601,455 - - - 731,023

HERITAGE INSURANCE COMPANY 231,193 - - 231,193 - 25,493 25,493 205,699 57,596 148,103 2,585,766 - - - 2,733,869

ICEA LION GENERAL INSURANCE 24,049 293,537 - 317,585 - 29,485 41,985 275,600 88,192 187,408 3,247,157 - - - 3,434,565

INTRA-AFRICA ASSURANCE 10,366 4,117 2,568 17,051 - 140 363 16,688 5,006 11,682 - - - - 11,682

INVESCO ASSURANCE COMPANY - 4,468 - 4,468 25,922 - 25,922 ( 21,454 ) ( 6,322 ) ( 15,133 ) ( 1,603,765 ) - - - ( 1,618,897 )

JUBILEE INSURANCE COMPANY 175,747 - - 175,747 - - - 175,747 52,724 123,023 5,108,199 - - - 5,231,222

KENINDIA ASSURANCE COMPANY - - 405 405 3,464 2,756 18,831 ( 18,426 ) - ( 18,426 ) 2,234,184 - - - 2,215,758

KENYA ORIENT INSURANCE 51,995 - ( 1,420 ) 50,575 - 2,167 23,468 27,107 - 27,107 ( 235,251 ) - - - ( 208,144 )

MADISON INSURANCE COMPANY - - - - 128,895 - 128,895 ( 128,895 ) - ( 128,895 ) 719,952 - - - 591,057

MAYFAIR INSURANCE COMPANY 92,500 61,830 318 154,647 - 130 6,975 147,673 44,307 103,366 1,265,037 - - 175,000 1,193,403

METROPOLITAN CANNON GENERAL - 54,450 - 54,450 41,645 - 41,645 12,805 - 12,805 ( 190,130 ) - - - ( 177,325 )

MUA INSURANCE COMPANY 6,026 - - 6,026 - - - 6,026 - 6,026 545,461 - - - 551,487

OCCIDENTAL INSURANCE COMPANY 2,469 - 1,521 3,990 - 21,853 22,485 ( 18,495 ) ( 5,548 ) ( 12,946 ) 588,633 - - - 575,686

PACIS INSURANCE COMPANY - - - - 78,176 - 78,176 ( 78,176 ) - ( 78,176 ) 450,127 - - - 371,951

PIONEER INSURANCE COMPANY - 14,817 - 14,817 8,467 - 8,467 6,351 - 6,351 ( 5,516 ) - - - 834

RESOLUTION INSURANCE COMPANY - - - - 91,055 - 91,055 ( 91,055 ) ( 14,285 ) ( 76,770 ) ( 2,070,236 ) - - - ( 2,147,006 )

SAHAM INSURANCE COMPANY 3,121 - - 3,121 - - - 3,121 936 2,185 263,429 - - - 265,614

SANLAM INSURANE COMPANY 3,372 - - 3,372 - - - 3,372 1,012 2,361 ( 89,247 ) - - - ( 86,887 )

TAKAFUL INSURANCE OF AFRICA ( 47,329 ) - 12,017 ( 35,312 ) ( 35,312 ) - ( 35,312 ) - - - ( 203,615 ) - ( 10,594 ) - ( 193,021 )

TAUSI ASSURANCE COMPANY - 50,405 17,016 67,421 122,567 1,004 126,257 ( 58,836 ) ( 28,872 ) ( 29,964 ) 718,609 - - - 688,646

THE KENYAN ALLIANCE INSURANCE 15,018 - - 15,018 - - - 15,018 9,787 5,231 949,140 - - - 954,371

THE MONARCH INSURANCE - 6,140 - 6,140 9,947 1,704 15,972 ( 9,832 ) - ( 9,832 ) 218,015 - - - 208,183

TRIDENT INSURANCE COMPANY - 1,605 33,369 34,974 81,046 9,255 90,301 ( 55,327 ) - ( 55,327 ) 1,080,557 4,181 - - 1,021,049

UAP INSURANCE COMPANY - 383,819 2,547 386,367 157,201 - 157,201 229,166 68,750 160,416 5,143,356 - - - 5,303,773

XPLICO INSURANCE COMPANY - - - - - - - - - - - - - - -

TOTAL 1,971,068 1,777,190 75,728 3,823,985 962,515 154,921 1,201,250 2,622,738 519,784 2,102,952 33,362,000 38,540 73,772 1,075,000 34,277,640

CONTINENTAL REINSURANCE 26,789 - - 26,789 - - - 26,789 8,037 18,753 346,008 - - - 364,761

EAST AFRICA REINSURANCE 56,133 123,401 - 179,534 - 11,926 50,166 129,368 38,810 90,558 2,251,663 ( 175,602 ) - - 2,517,822

GHANA REINSURANCE COMPANY 25,375 - - 25,375 - - - 25,375 7,612 17,762 52,705 - - - 70,467

KENYA REINSURANCE CORPORATION ( 767,407 ) - 19,080 ( 748,327 ) - - - ( 748,327 ) ( 47,011 ) ( 701,315 ) 22,165,652 - - - 21,464,337

WAICA REINSURANCE KENYA LIMITED ( 11,217 ) - - ( 11,217 ) - 4,018 4,018 ( 15,235 ) - ( 15,235 ) ( 18,617 ) - - - ( 33,852 )

TOTAL ( 670,327 ) 123,401 19,080 ( 527,846 ) - 15,944 54,184 ( 582,030 ) 7,448 ( 589,477 ) 24,797,411 ( 175,602 ) - - 24,383,535

GRAND TOTAL 1,300,741 1,900,591 94,808 3,296,139 962,515 170,865 1,255,434 2,040,708 527,232 1,513,475 58,159,411 ( 137,062 ) 73,772 1,075,000 58,661,175

APPENDIX 1: SUMMARY OF GENERAL INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

REINSURERS

Amounts in Thousand Shillings

INSURERS


38

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

APA LIFE ASSURANCE COMPANY 27,907 24,970 - 52,877 - - 2,670 50,207 - 50,207 ( 194,646 ) - - - ( 144,439 )

BARCLAYS LIFE - 24,145 - 24,145 - - - 24,145 - 24,145 - - - - 24,145

BRITAM LIFE ASSURANCE - - 726,905 726,905 - - - 726,905 218,077 508,828 - - - - 508,828

CAPEX LIFE ASSURANCE COMPANY - - ( 8,620 ) ( 8,620 ) - - - ( 8,620 ) - ( 8,620 ) 18,442 - - - 9,822

CIC LIFE ASSURANCE COMPANY 28,750 - - 28,750 - - - 28,750 8,750 20,000 - - - - 20,000

CORPORATE INSURANCE COMPANY - - ( 44,732 ) ( 44,732 ) - - - ( 44,732 ) - ( 44,732 ) 103,460 - - - 58,727

FIRST ASSURANCE COMPANY - - - - - - - - 5,703 ( 5,703 ) - ( 5,703 ) - - -

GA LIFE ASSURANCE COMPANY - - 4,083 4,083 - - - 4,083 1,225 2,858 - - - - 2,858

GEMINIA INSURANCE COMPANY ( 41,264 ) - - ( 41,264 ) - - - ( 41,264 ) - ( 41,264 ) - - - - ( 41,264 )

ICEA LION LIFE ASSURANCE 98,000 31,016 60 129,076 - 8 8 129,068 9,179 119,890 2,303,415 - - - 2,423,305

JUBILEE INSURANCE COMPANY 145,694 60,044 - 205,738 - - - 205,738 43,708 162,030 - - - - 162,030

KENINDIA ASSURANCE COMPANY - - - - - - - - - - 29,214 - - - 29,214

KENYA ORIENT LIFE ASSURANCE - 5,739 - 5,739 - - 1,993 3,746 2,912 833 1,350 - - - 2,183

LIBERTY LIFE ASSURANCE COMPANY - - 157,415 157,415 - - - 157,415 41,970 115,445 ( 315,546 ) 104,102 - - ( 304,203 )

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

METROPOLITAN CANNON INSURANCE - - - - 3,373 - 3,373 ( 3,373 ) - ( 3,373 ) ( 1,089,774 ) - - - ( 1,093,146 )

OLD MUTUAL LIFE ASSURANCE 20,041 29,038 - 49,079 - 2,334 2,334 46,745 - 46,745 ( 2,171,124 ) - - - ( 2,124,379 )

PIONEER ASSURANCE COMPANY - - - - 18,900 - 18,900 ( 18,900 ) - ( 18,900 ) 259,389 - - - 240,489

PRUDENTIAL LIFE ASSURANCE - 17,663 8,885 26,548 - 99,636 99,636 ( 73,088 ) 12,138 ( 85,226 ) ( 1,780,950 ) - - - ( 1,866,176 )

SAHAM ASSURANCE - 30,202 - 30,202 - 30,202 30,202 - - - - - - - -

SANLAM LIFE ASSURANCE - 35,676 - 35,676 - - - 35,676 - 35,676 560,253 - - - 595,929

TAKAFUL INSURANCE OF AFRICA - 10,326 - 10,326 6,399 - 6,399 3,927 1,178 2,749 8,454 - - - 11,203

THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - 72,117 - - - 72,117

THE MONARCH INSURANCE - - - - - - - - - - 151,510 - - - 151,510

UAP LIFE ASSURANCE COMPANY - - 94,311 94,311 - - - 94,311 - 94,311 262,104 - - - 356,415

TOTAL 279,128 268,819 938,307 1,486,254 28,672 132,180 165,515 1,320,739 344,840 975,899 ( 1,720,332 ) 98,399 - - ( 842,832 )

CONTINENTAL REINSURANCE 18,967 - - 18,967 - - - 18,967 5,690 13,277 156,963 - - - 170,240

EAST AFRICAN REINSURANCE 17,237 42,672 46 59,954 - 668 ( 26 ) 59,980 6,314 53,666 530,345 175,340 - - 408,671

KENYA REINSURANCE CORPORATION 139,984 - - 139,984 - - - 139,984 36,901 103,084 4,320,953 - - - 4,424,036

TOTAL 176,188 42,672 46 218,905 - 668 ( 26 ) 218,931 48,905 170,027 5,008,261 175,340 - - 5,002,947

GRAND TOTAL 455,316 311,491 938,353 1,705,159 28,672 132,848 165,489 1,539,670 393,745 1,145,926 3,287,929 273,739 - - 4,160,115

INSURERS

APPENDIX 2: SUMMARY OF LONG TERM INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

REINSURERS



39

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

APA LIFE ASSURANCE COMPANY 33,707 4,555 107,844 271,964 121,149 - 32 539,251 2.38

BARCLAYS LIFE 141,596 - - 429,155 146,887 - - 717,638 3.17

BRITAM LIFE ASSURANCE 2,136,424 523,791 2,016,651 232,064 389,992 - 163,626 5,462,548 24.13

CAPEX LIFE ASSURANCE COMPANY 26,254 - - 22,543 - - - 48,797 0.22

CIC LIFE ASSURANCE COMPANY 247,222 60,760 219,043 225,015 1,055,605 - - 1,807,645 7.98

CORPORATE INSURANCE COMPANY 67,128 - - 1,259 - - - 68,387 0.30

FIRST ASSURANCE COMPANY - - - 74,715 5,353 - - 80,068 0.35

GA LIFE ASSURANCE COMPANY 65 - 317,837 14,038 1,720 - 1,211 334,871 1.48

GEMINIA INSURANCE COMPANY 10,353 - 31,272 52,257 - - - 93,882 0.41

ICEA LION LIFE ASSURANCE 694,207 244,191 1,887,121 161,770 88,919 - 7,861 3,084,069 13.62

JUBILEE INSURANCE COMPANY 914,069 403,147 1,594,119 298,570 33,889 - - 3,243,794 14.33

KENINDIA ASSURANCE COMPANY 274,217 35,333 468,026 13,895 - - - 791,471 3.50

KENYA ORIENT LIFE ASSURANCE 11,882 47,773 8,812 13,376 70,806 - - 152,649 0.67

LIBERTY LIFE ASSURANCE COMPANY 281,627 5,841 425,981 171,672 120,985 - 295,977 1,302,083 5.75

MADISON INSURANCE COMPANY 336,840 440,500 63,659 84,459 41,005 - 1,475 967,938 4.28

METROPOLITAN CANNON INSURANCE 28,513 - - 40,488 6,665 - - 75,666 0.33

OLD MUTUAL LIFE ASSURANCE 227,027 - - 111,698 - - 203,682 542,407 2.40

PIONEER ASSURANCE COMPANY 203,858 5,482 55,952 164,302 401,090 - 24,198 854,882 3.78

PRUDENTIAL LIFE ASSURANCE 57,598 - - 38,696 69,951 - - 166,245 0.73

SAHAM ASSURANCE 8,014 - 4,397 1,131 2 - - 13,544 0.06

SANLAM LIFE ASSURANCE 469,265 123,834 50,820 294,423 198,040 - 169,564 1,305,946 5.77

TAKAFUL INSURANCE OF AFRICA - - - 1,699 6,362 - - 8,061 0.04

THE KENYAN ALLIANCE INSURANCE 24,317 10,030 49,783 121,073 2,068 - 19,633 226,904 1.00

THE MONARCH INSURANCE 6,574 - - 7,181 - - - 13,755 0.06

UAP LIFE ASSURANCE COMPANY 165,219 - 171,015 238,676 147,519 - 13,493 735,922 3.25

TOTAL 6,365,976 1,905,237 7,472,332 3,086,119 2,908,007 - 900,752 22,638,423 100

CONTINENTAL REINSURANCE 687 - - 39,091 - - - 39,778 5.94

EAST AFRICAN REINSURANCE 17,392 - - 389,023 - - - 406,415 60.70

KENYA REINSURANCE CORPORATION 22,336 - - 201,021 - - - 223,357 33.36

TOTAL 40,415 - - 629,135 - - - 669,550 100.00

APPENDIX 3: SUMMARY OF LONG TERM INSURANCE BUSINESS GROSS PREMIUM INCOME FOR THE PERIOD ENDED 31.03.2019

REINSURERS


INSURERS


40

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

BRITAM LIFE ASSURANCE 33.56 27.49 26.99 7.52 13.41 - 18.17 24.13

JUBILEE INSURANCE COMPANY 14.36 21.16 21.33 9.67 1.17 - - 14.33

ICEA LION LIFE ASSURANCE 10.90 12.82 25.25 5.24 3.06 - 0.87 13.62

CIC LIFE ASSURANCE COMPANY 3.88 3.19 2.93 7.29 36.30 - - 7.98

SANLAM LIFE ASSURANCE 7.37 6.50 0.68 9.54 6.81 - 18.82 5.77

LIBERTY LIFE ASSURANCE COMPANY 4.42 0.31 5.70 5.56 4.16 - 32.86 5.75

MADISON INSURANCE COMPANY 5.29 23.12 0.85 2.74 1.41 - 0.16 4.28

PIONEER ASSURANCE COMPANY 3.20 0.29 0.75 5.32 13.79 - 2.69 3.78

KENINDIA ASSURANCE COMPANY 4.31 1.85 6.26 0.45 - - - 3.50

UAP LIFE ASSURANCE COMPANY 2.60 - 2.29 7.73 5.07 - 1.50 3.25

BARCLAYS LIFE 2.22 - - 13.91 5.05 - - 3.17

OLD MUTUAL LIFE ASSURANCE 3.57 - - 3.62 - - 22.61 2.40

APA LIFE ASSURANCE COMPANY 0.53 0.24 1.44 8.81 4.17 - 0.00 2.38

GA LIFE ASSURANCE COMPANY 0.00 - 4.25 0.45 0.06 - 0.13 1.48

THE KENYAN ALLIANCE INSURANCE 0.38 0.53 0.67 3.92 0.07 - 2.18 1.00

PRUDENTIAL LIFE ASSURANCE 0.90 - - 1.25 2.41 - - 0.73

KENYA ORIENT LIFE ASSURANCE 0.19 2.51 0.12 0.43 2.43 - - 0.67

GEMINIA INSURANCE COMPANY 0.16 - 0.42 1.69 - - - 0.41

FIRST ASSURANCE COMPANY - - - 2.42 0.18 - - 0.35

METROPOLITAN CANNON INSURANCE 0.45 - - 1.31 0.23 - - 0.33

CORPORATE INSURANCE COMPANY 1.05 - - 0.04 - - - 0.30

CAPEX LIFE ASSURANCE COMPANY 0.41 - - 0.73 - - - 0.22

THE MONARCH INSURANCE 0.10 - - 0.23 - - - 0.06

SAHAM ASSURANCE 0.13 - 0.06 0.04 0.00 - - 0.06

TAKAFUL INSURANCE OF AFRICA - - - 0.06 0.22 - - 0.04

TOTAL 100.00 100.00 100.00 100.00 100.00 0.00 100.00 100.00

KENYA REINSURANCE CORPORATION 55.27 - - 31.95 - - - 33.36

EAST AFRICAN REINSURANCE 43.03 - - 61.83 - - - 60.70

CONTINENTAL REINSURANCE 1.70 - - 6.21 - - - 5.94

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 31.03.2019

REINSURERS

INSURERS

Figures in %


41

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 261,850 33,707 33,087 - 11,925 12,267 - - - 17,812 24,374 10,341 760 - 250,063

BARCLAYS LIFE (766,831) 141,596 141,596 - 945 96,501 - - - 17,124 65,792 16,106 - - (788,546)

BRITAM LIFE ASSURANCE 23,933,916 2,136,424 2,135,123 - 976,024 135,015 413,610 427,398 - 333,633 385,826 1,035,609 15,127 - 25,394,039

CAPEX LIFE ASSURANCE COMPANY 414,001 26,254 26,254 - 29,561 25,654 - - - - 49,360 59,922 - - 425,164

CIC LIFE ASSURANCE COMPANY 955,956 247,222 242,623 - 98,164 285,222 - - - 26,261 60,910 47,450 - - 873,636

CORPORATE INSURANCE COMPANY 630,278 67,128 67,128 - 36,588 87,132 - - - 16,574 12,398 12,447 - - 593,749

FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -

GA LIFE ASSURANCE COMPANY - 65 65 - - - - - - - - - - - 65

GEMINIA INSURANCE COMPANY 645,782 10,353 10,351 - 4,131 3,784 347 - - 1,437 12,100 22,389 - - 660,855

ICEA LION LIFE ASSURANCE 9,719,554 694,207 684,558 - 2,987 213,295 36,489 - - 138,453 176,811 355,718 - 25,909 10,168,873

JUBILEE INSURANCE COMPANY 9,026,963 914,069 914,069 - 428,814 281,801 144,165 - - 163,787 125,276 332,655 828 (31,114) 9,588,945

KENINDIA ASSURANCE COMPANY 8,306,070 274,217 274,217 - 238,836 246,327 - - - 22,670 37,222 266,357 - - 8,540,424

KENYA ORIENT LIFE ASSURANCE 11,373 11,882 11,865 - 574 212 363 - - 2,696 11,548 821 - - 9,241

LIBERTY LIFE ASSURANCE COMPANY 7,401,363 281,627 281,336 - 86,363 79,879 - - - 19,046 40,662 136,313 - - 7,679,425

MADISON INSURANCE COMPANY 3,616,157 336,840 336,840 - 107,785 107,785 - - - 45,687 124,161 36,932 - - 3,712,296

METROPOLITAN CANNON INSURANCE 914,855 28,513 28,129 - 23,771 23,771 21,996 - - (426) 999 977 - (1,450) 899,071

OLD MUTUAL LIFE ASSURANCE 4,472,928 227,027 209,420 100,026 199,679 158,260 19,998 - - 73,388 177,291 327,283 6,626 52,846 4,621,247

PIONEER ASSURANCE COMPANY 180,083 203,858 203,681 - 77,858 67,049 - - - 42,420 74,726 16,722 - - 216,292

PRUDENTIAL LIFE ASSURANCE 374,437 57,598 57,598 574 31,811 21,991 - - - 13,948 31,288 6,917 308 - 371,991

SAHAM ASSURANCE 217,584 8,014 6,812 - 7,352 6,266 1,086 - - 331 3,845 4,221 - - 217,088

SANLAM LIFE ASSURANCE 5,628,360 469,265 462,480 - 64,419 64,205 - - - 44,438 106,078 104,078 - - 5,980,198

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

THE KENYAN ALLIANCE INSURANCE 69,495 24,317 24,317 - 2,485 2,485 - - - 2,868 2,320 3,015 - - 89,153

THE MONARCH INSURANCE 51,685 6,574 6,488 - - - - - - 156 3,464 616 - - 55,168

UAP LIFE ASSURANCE COMPANY 1,004,644 165,219 165,219 - 36,709 18,033 20,836 - - 7,202 73,776 - - - 1,050,016

TOTAL 77,070,503 6,365,976 6,323,256 100,600 2,466,781 1,936,934 658,890 427,398 - 989,505 1,600,227 2,796,889 23,649 46,191 80,608,453

CONTINENTAL REINSURANCE - 687 584 - 209 - - - - 498 34 214 9 - 257

EAST AFRICAN REINSURANCE - 17,392 17,392 (1,653) 1,592 - - - - 4,928 1,035 - - - 9,775

KENYA REINSURANCE CORPORATION 1,354,345 22,336 22,336 - 13,565 (26,316) - - - 6,408 3,841 18,251 - - 1,410,999

TOTAL 1,354,345 40,415 40,312 (1,653) 15,366 (26,316) - - - 11,834 4,910 18,465 9 - 1,421,031

REINSURERS

APPENDIX 5: SUMMARY OF LIFE ASSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019


INSURERS


42


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 487,598 4,555 4,555 - 15,053 - - - 15,053 - 1,286 14,305 709 - 489,410

BARCLAYS LIFE - - - - - - - - - - - - - - -

BRITAM LIFE ASSURANCE 3,870,706 523,791 523,791 - 146,491 - - - 146,491 - 8,005 120,551 698 - 4,359,852

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

CIC LIFE ASSURANCE COMPANY (291,510) 60,760 60,760 - 45,265 161,559 - - - 1,336 5,756 59,716 - - (339,686)

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


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

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

ICEA LION LIFE ASSURANCE 10,423,588 244,191 244,191 - - - - - 284,240 4,151 6,124 576,266 - 50,400 10,899,129

JUBILEE INSURANCE COMPANY 9,665,847 403,147 403,147 - 251,838 251,838 - - - 9,150 9,609 393,443 753 29,970 10,161,117

KENINDIA ASSURANCE COMPANY 1,226,564 35,333 35,333 - 32,073 32,073 - - - 2,003 - 38,108 - - 1,265,929

KENYA ORIENT LIFE ASSURANCE 294,551 47,773 47,773 - 12,469 - - - 12,469 1,913 2,315 3,301 - - 328,928

LIBERTY LIFE ASSURANCE COMPANY 283,026 5,841 5,841 - 14,852 14,852 - - - - 483 10,008 - - 283,540


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

OLD MUTUAL LIFE ASSURANCE (1,123) - - - 205 - - - 205 - - 73 2 - (1,256)

PIONEER ASSURANCE COMPANY 207,396 5,482 5,482 - 17 17 - - - 260 - - - - 212,601

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

SAHAM ASSURANCE (408) - - - 34 - - - 34 - - 4,125 - - 3,683

SANLAM LIFE ASSURANCE 8,448,916 123,834 123,834 - 263,372 - - - 263,372 2,452 3,242 280,229 - - 8,583,912


THE KENYAN ALLIANCE INSURANCE 1,094,054 10,030 10,030 - 30,366 30,366 - - - - 957 1,243 - - 1,074,004

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

UAP LIFE ASSURANCE COMPANY 1,161,033 - - - 37,304 - - - 36,813 - - - - - 1,124,220

TOTAL 41,485,205 1,905,237 1,905,237 - 1,027,179 668,545 - - 758,677 30,312 55,877 1,551,150 2,162 80,370 43,345,643

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

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

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

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

APPENDIX 6: SUMMARY OF ANNUITIES BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



43


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY (23,440) 271,964 92,123 - 35,774 28,844 - - - 1,580 28,271 9,986 495 19,297 182

BARCLAYS LIFE 134,486 429,155 114,008 - 47,411 153,460 - - - (22,134) 32,896 6,599 - - 90,870

BRITAM LIFE ASSURANCE 1,946,127 232,064 143,942 - 103,348 103,348 - - - (28,253) 72,571 52,237 487 - 1,994,154

CAPEX LIFE ASSURANCE COMPANY - 22,543 22,543 - - - - - - 1,432 - - - - 21,110

CIC LIFE ASSURANCE COMPANY (93,238) 225,015 143,747 - 111,984 205,652 - - - (7,929) 53,809 12,091 - - (188,932)

CORPORATE INSURANCE COMPANY 18,125 1,259 1,259 - - - - - - - - - - - 19,384

FIRST ASSURANCE COMPANY 305,886 74,715 7,070 - 7,843 4,727 - - - (10,602) 4,697 8,119 - - 322,253

GA LIFE ASSURANCE COMPANY 5,519 14,038 556 - 300 - - - - (2,721) 2,192 348 - - 6,952

GEMINIA INSURANCE COMPANY 314,150 52,257 38,577 - 107,650 110,948 - - - (1,547) 18,150 - - - 225,176

ICEA LION LIFE ASSURANCE 135,560 161,770 50,684 - 23,013 - - - - (69,086) 21,434 8,473 - 4,200 238,169

JUBILEE INSURANCE COMPANY 177,115 298,570 123,408 - 71,110 69,903 - - - 13,907 44,224 35,065 160 21,793 185,603

KENINDIA ASSURANCE COMPANY 52,652 13,895 (1,734) - 2,203 1,200 - - - 1,803 350 5,547 - - 53,111

KENYA ORIENT LIFE ASSURANCE 8,051 13,376 6,574 - 1,200 1,200 - - - (630) 3,515 924 - - 11,465

LIBERTY LIFE ASSURANCE COMPANY 295,572 171,672 126,574 - 42,215 61,253 - - - 28,720 49,070 14,750 - - 297,852

MADISON INSURANCE COMPANY (131,221) 84,459 77,750 - 21,029 21,029 - - - 7,660 4,368 1,609 - - (84,918)

METROPOLITAN CANNON INSURANCE 40,832 40,488 28,467 - 45,957 45,957 - - - 5,941 24,236 23,696 - (1,922) 18,783

OLD MUTUAL LIFE ASSURANCE 166,168 111,698 63,387 - 20,524 24,111 - - - 4,843 15,063 21,775 311 (32,805) 239,807

PIONEER ASSURANCE COMPANY 2,009,661 164,302 40,370 - 1,038,402 879,696 - - - 48,167 35,481 9,307 - 18,900 1,077,093

PRUDENTIAL LIFE ASSURANCE 44,296 38,696 17,808 5,222 3,219 7,419 - - - 3,230 11,679 4,647 207 - 49,437

SAHAM ASSURANCE 10,847 1,131 962 - 958 - - - - 83 479 462 - - 11,709

SANLAM LIFE ASSURANCE (608,949) 294,423 110,281 - 29,362 57,708 - - - 56,598 32,459 3,051 - - (642,381)

TAKAFUL INSURANCE OF AFRICA - 1,699 1,699 - - - - - - - 431 - - - 1,268

THE KENYAN ALLIANCE INSURANCE 735,331 121,073 99,641 - 43,889 29,099 - - - 540 11,551 15,010 - - 808,792

THE MONARCH INSURANCE (18,437) 7,181 1,232 - 13,367 7,285 - - - (784) 3,784 672 - - (26,817)

UAP LIFE ASSURANCE COMPANY 1,995,539 238,676 114,624 - 22,750 18,085 - - - 16,428 38,006 - - - 2,037,644

TOTAL 7,520,632 3,086,119 1,425,552 5,222 1,793,508 1,830,924 - - - 47,246 508,716 234,368 1,660 29,463 6,767,766

CONTINENTAL REINSURANCE - 39,091 33,227 - 6,008 (1,731) - - - 22,782 5,083 12,146 529 - 18,711

EAST AFRICAN REINSURANCE - 389,023 306,458 (36,979) 151,087 150,384 - - - 78,165 33,469 - - - 7,462

KENYA REINSURANCE CORPORATION 6,187,532 201,021 201,021 - 122,088 189,718 - - - 57,668 34,569 164,263 - - 6,270,862

TOTAL 6,187,532 629,135 540,706 - 36,979 279,183 338,371 - - - 158,615 73,121 176,409 529 - 6,297,035

APPENDIX 7: SUMMARY OF GROUP LIFE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

REINSURERS


INSURERS


44


Expense of

Management Investment Income

Investment

Expenses

Transfer To (From) P

& L Life Fund CF

APA LIFE ASSURANCE COMPANY 176,081 121,149 111,502 - 13,258 11,037 - - - 8,139 1,398 2,699 134 - 269,575

BARCLAYS LIFE 27,587 146,887 86,267 - 58,967 5,761 - - - 12,629 32,896 24,289 - - 86,857

BRITAM LIFE ASSURANCE 390,375 389,992 347,007 - 22,055 22,055 - - - (21,074) 83,676 53,373 - - 706,097


CIC LIFE ASSURANCE COMPANY 660,109 1,055,605 703,727 - 172,519 550,368 - - - (33,888) 245,131 55,080 - 28,750 628,556


FIRST ASSURANCE COMPANY 26,599 5,353 1,425 - 200 - - - - (922) 408 706 - - 29,244

GA LIFE ASSURANCE COMPANY 1,371 1,720 68 - - - - - - (333) 140 22 - - 1,655


ICEA LION LIFE ASSURANCE 92,538 88,919 84,048 - 7,655 6,858 - - - (2,404) 18,372 5,174 - 2,520 156,414

JUBILEE INSURANCE COMPANY 111,660 33,889 33,442 - 8,361 - - - - 10,991 - 5,211 24 - 139,298

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

KENYA ORIENT LIFE ASSURANCE 386,426 70,806 63,476 - 10,494 10,494 - - - 3,706 35,325 4,893 - - 405,270

LIBERTY LIFE ASSURANCE COMPANY 493,447 120,985 96,890 - 43,518 47,749 - - - 14,120 - - - - 528,468

MADISON INSURANCE COMPANY 317,665 41,005 41,005 - 38,544 38,544 - - - - 13,278 - - - 306,848

METROPOLITAN CANNON INSURANCE 62,996 6,665 6,665 - 18,438 18,438 - - - - 500 488 - - 51,211

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

PIONEER ASSURANCE COMPANY 877,596 401,090 394,117 - 275,825 234,422 - - - 28,986 - - - - 1,008,304

PRUDENTIAL LIFE ASSURANCE 146,684 69,951 67,317 680 10,250 10,250 - - - 24,015 27,051 8,401 374 - 161,392

SAHAM ASSURANCE 983 2 2 - - - - - - - - - - - 985

SANLAM LIFE ASSURANCE 1,653,721 198,040 198,040 - 82,445 81,687 - - - (44,533) 32,500 19,837 - - 1,801,942

TAKAFUL INSURANCE OF AFRICA - 6,362 2,897 - - - - - - - 10,564 - - - (7,667)

THE KENYAN ALLIANCE INSURANCE 12,226 2,068 2,068 - - - - - - 135 197 256 - - 14,219


UAP LIFE ASSURANCE COMPANY 563,560 147,519 147,519 - 55,899 26,763 - - - - - - - - 684,317

TOTAL 6,001,624 2,908,007 2,387,482 680 818,428 1,064,426 - - - - 433 501,436 180,429 532 31,270 6,972,985




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

APPENDIX 8: SUMMARY OF GROUP CREDIT BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



45


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 1,008 32 32 - - - - - - - - - - - 1,040

BARCLAYS LIFE - - - - - - - - - - - - - - -

BRITAM LIFE ASSURANCE 2,460,327 163,626 163,626 - 293,536 189,321 53,984 50,230 - - 20,307 183,494 - - 2,493,605


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



GA LIFE ASSURANCE COMPANY - 1,211 1,211 - 137 137 - - - 26 1 91 - - 1,137


ICEA LION LIFE ASSURANCE 307,348 7,861 7,861 - 1,150 18,739 6,679 - - - - 29,873 - 971 318,693

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


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


MADISON INSURANCE COMPANY 163,039 1,475 1,475 - 13,730 13,730 - - - - 524 3,813 - - 154,073

METROPOLITAN CANNON INSURANCE 344,271 - - (12,544) - - - - - - 15,245 14,905 - - 331,387

OLD MUTUAL LIFE ASSURANCE 6,363,955 203,682 203,682 - 261,075 19,443 204,455 - - - - 411,331 8,708 - 6,746,362

PIONEER ASSURANCE COMPANY 189,283 24,198 24,198 - - - - - - - - - - - 213,481


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

SANLAM LIFE ASSURANCE 4,856,628 169,564 169,564 - 358,411 436,879 - - - 30,186 106,215 557,414 - - 5,010,326


THE KENYAN ALLIANCE INSURANCE 15,884 19,633 19,633 - - - - - - - 1,873 2,434 - - 36,078


UAP LIFE ASSURANCE COMPANY 867,854 13,493 13,493 - 25,068 12,104 9,968 - - - - - - - 859,274

TOTAL 19,745,093 900,752 900,752 - 12,544 1,327,606 1,085,324 275,086 50,230 - 63,516 269,521 1,604,564 8,708 971 20,484,507




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

APPENDIX 9: SUMMARY OF INVESTMENTS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



46


Expense of

Management Investment Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF

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

BARCLAYS LIFE - - - - - - - - - - - - - - -

BRITAM LIFE ASSURANCE - - - - - - - - - - - - - - -


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



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


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

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


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

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

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



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


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

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


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


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

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




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

APPENDIX 10: SUMMARY OF PERMANENT HEALTH BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



47


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF

APA LIFE ASSURANCE COMPANY 3,516,473 107,844 107,844 - 91,305 91,305 - - - 1,078 6,261 146,832 2,505 20,551 3,649,449

BARCLAYS LIFE - - - - - - - - - - - - - - -

BRITAM LIFE ASSURANCE 33,194,940 2,016,651 2,016,651 - 960,981 960,981 - - - 14,769 111,692 1,560,762 5,633 - 35,679,278


CIC LIFE ASSURANCE COMPANY 1,664,127 219,043 219,043 - - - - - - 607 7,256 94 - - 1,875,402

CORPORATE INSURANCE COMPANY 7,818 - - - - - - - - - - - - - 7,818


GA LIFE ASSURANCE COMPANY 7,501,665 317,837 317,837 - 120,448 120,448 - - - 957 18,299 276,251 - - 7,956,049

GEMINIA INSURANCE COMPANY 22,755 31,272 31,272 - - - - - - - - 1,365 - - 55,392

ICEA LION LIFE ASSURANCE 47,812,662 1,887,121 1,887,121 - - - 1,154,703 - - 18,986 91,860 2,083,704 - 56,000 50,461,937

JUBILEE INSURANCE COMPANY 46,699,823 1,594,119 1,594,119 - 96,035 654,469 - - - 17,361 77,746 793,610 4,958 125,045 48,207,975


KENYA ORIENT LIFE ASSURANCE 111,987 8,812 8,812 - 8,421 8,421 - - - - 127 - - - 112,252


MADISON INSURANCE COMPANY 3,537,962 63,659 63,659 - 81,253 81,253 - - - 71 7,061 46,469 - - 3,559,706



PIONEER ASSURANCE COMPANY 469,710 55,952 55,952 - - - - - - - - - - - 525,662


SAHAM ASSURANCE 650,084 4,397 4,397 - 130,910 - - - - - 2,328 13,618 - - 665,771

SANLAM LIFE ASSURANCE 1,107,372 50,820 50,820 - 51,060 51,060 - - - 246 5,091 90,308 - - 1,192,102


THE KENYAN ALLIANCE INSURANCE 637,680 49,783 49,783 - 51,570 44,639 - - - 264 4,749 6,171 - - 643,980

THE MONARCH INSURANCE 27,763 - - - - - - - - - 7,661 1,361 - - 21,464

UAP LIFE ASSURANCE COMPANY 4,613,986 171,015 171,015 - 96,563 99,688 - - - - - - - - 4,685,312

TOTAL 183,250,289 7,472,332 7,472,332 - 4,094,878 2,940,175 1,154,703 - - 64,966 434,983 6,117,047 13,096 201,596 192,030,150




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

APPENDIX 11: SUMMARY OF PENSIONS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

REINSURERS


INSURERS


48


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 4,419,570 539,251 349,143 - 167,315 143,453 - - 15,053 28,609 61,590 184,163 4,603 39,848 4,659,719

BARCLAYS LIFE ( 604,758 ) 717,638 341,871 - 107,323 255,722 - - - 7,619 131,584 46,994 - - ( 610,819 )

BRITAM LIFE ASSURANCE 65,796,391 5,462,548 5,330,140 - 2,502,435 1,410,720 467,594 477,628 146,491 299,075 682,077 3,006,026 21,945 - 70,627,025

CAPEX LIFE ASSURANCE COMPANY 414,001 48,797 48,797 - 29,561 25,654 - - - 1,432 49,360 59,922 - - 446,274

CIC LIFE ASSURANCE COMPANY 2,895,444 1,807,645 1,369,900 - 427,932 1,202,801 - - - ( 13,613 ) 372,862 174,431 - 28,750 2,848,976

CORPORATE INSURANCE COMPANY 656,221 68,387 68,387 - 36,588 87,132 - - - 16,574 12,398 12,447 - - 620,951

FIRST ASSURANCE COMPANY 332,485 80,068 8,495 - 8,043 4,727 - - - ( 11,524 ) 5,105 8,825 - - 351,497

GA LIFE ASSURANCE COMPANY 7,508,555 334,871 319,737 - 120,885 120,585 - - - ( 2,071 ) 20,632 276,712 - - 7,965,858

GEMINIA INSURANCE COMPANY 982,687 93,882 80,200 - 111,781 114,732 347 - - ( 110 ) 30,250 23,754 - - 941,423

ICEA LION LIFE ASSURANCE 68,491,250 3,084,069 2,958,463 - 34,805 238,892 1,197,871 - 284,240 90,100 314,601 3,059,208 - 140,000 72,243,215

JUBILEE INSURANCE COMPANY 65,681,408 3,243,794 3,068,185 - 856,158 1,258,011 144,165 - - 215,196 256,855 1,559,984 6,723 145,694 68,282,938


KENYA ORIENT LIFE ASSURANCE 812,388 152,649 138,500 - 33,158 20,327 363 - 12,469 7,685 52,830 9,939 - - 867,156

LIBERTY LIFE ASSURANCE COMPANY 21,084,157 1,302,083 1,232,599 - 924,856 962,113 - - - 99,580 289,493 996,013 - - 21,961,583


METROPOLITAN CANNON INSURANCE 1,362,954 75,666 63,261 ( 12,544 ) 88,166 88,166 21,996 - - 5,515 40,980 40,066 - ( 3,372 ) 1,300,452

OLD MUTUAL LIFE ASSURANCE 11,001,928 542,407 476,489 100,026 481,483 201,814 224,453 - 205 78,231 192,354 760,462 15,647 20,041 11,606,160

PIONEER ASSURANCE COMPANY 3,933,729 854,882 723,800 - 1,392,102 1,181,184 - - - 119,833 110,207 26,029 - 18,900 3,253,433

PRUDENTIAL LIFE ASSURANCE 565,417 166,245 142,723 6,476 45,280 39,660 - - - 41,193 70,018 19,965 889 - 582,820

SAHAM ASSURANCE 879,090 13,544 12,173 - 139,254 6,266 1,086 - 34 414 6,652 22,426 - - 899,236

SANLAM LIFE ASSURANCE 21,086,048 1,305,946 1,115,019 - 849,069 691,539 - - 263,372 89,387 285,585 1,054,917 - - 21,926,099

TAKAFUL INSURANCE OF AFRICA - 8,061 4,596 - - - - - - - 10,995 - - - ( 6,399 )

THE KENYAN ALLIANCE INSURANCE 2,564,670 226,904 205,472 - 128,310 106,589 - - - 3,807 21,647 28,129 - - 2,666,226

THE MONARCH INSURANCE 61,011 13,755 7,720 - 13,367 7,285 - - - ( 628 ) 14,909 2,649 - - 49,815

UAP LIFE ASSURANCE COMPANY 10,206,616 735,922 611,870 - 274,293 174,673 30,804 - 36,813 23,630 111,782 - - - 10,440,783

TOTAL 335,073,346 22,638,423 20,414,611 93,958 9,894,388 9,526,328 2,088,679 477,628 758,677 1,195,112 3,370,760 12,484,447 49,807 389,861 350,209,504

CONTINENTAL REINSURANCE - 39,778 33,811 - 6,217 ( 1,731 ) - - - 23,280 5,117 12,360 538 - 18,968

EAST AFRICAN REINSURANCE - 406,415 323,850 ( 38,632 ) 152,679 150,384 - - - 83,093 34,504 - - - 17,237

KENYA REINSURANCE CORPORATION 7,541,877 223,357 223,357 - 135,653 163,402 - - - 64,076 38,410 182,514 - - 7,681,861

TOTAL 7,541,877 669,550 581,018 ( 38,632 ) 294,549 312,055 - - - 170,449 78,031 194,874 538 - 7,718,066

APPENDIX 12: SUMMARY OF COMBINED LONG TERM BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

REINSURERS


INSURERS


49

AAR INSURANCE KENYA - 34 288 626 1,493 75 - - - 12,455 747 16,831 2,362,224 5,440 2,400,213 5.38

AFRICAN MERCHANT ASSURANCE - 4,712 766 92,626 3,798 362 165,858 130,432 - 3,458 4,014 5,979 - 18,057 430,062 0.96

AIG INSURANCE COMPANY 27,015 37,193 30,270 250,982 363,643 15,350 303,237 44,902 - 65,981 174,817 74,879 - - 1,388,269 3.11

ALLIANZ INSURANCE COMPANY - 5,610 7,444 23,181 8,813 19,971 42,799 52,625 - 1,321 11,238 9,778 34,445 7,039 224,264 0.50

APA INSURANCE COMPANY 287 58,168 26,326 399,587 85,084 63,433 459,127 478,506 - 87,981 98,812 229,179 1,572,625 130,765 3,689,880 8.28

BRITAM GENERAL INSURANCE - 219,855 51,085 189,759 51,845 115,058 444,070 352,717 - 269,313 121,449 100,241 1,117,773 160,642 3,193,807 7.16

CIC GENERAL INSURANCE COMPANY - 53,316 36,219 164,159 17,775 19,857 603,646 599,200 - 149,790 329,108 164,766 949,525 67,774 3,155,135 7.08

CORPORATE INSURANCE COMPANY - 6,375 2,437 29,214 956 22,186 36,412 21,277 - 1,871 3,945 9,952 - 2,653 137,278 0.31

DIRECTLINE ASSURANCE COMPANY - - - - - - 50,594 18,085 697,269 - - - - - 765,948 1.72

FIDELITY SHIELD INSURANCE - 17,789 10,301 74,671 9,904 22,041 205,149 169,651 15,437 8,308 49,540 54,817 - 11,048 648,656 1.46

FIRST ASSURANCE COMPANY - 37,746 8,313 95,845 9,910 27,766 201,284 213,768 - 27,371 27,255 44,469 787,548 10,496 1,491,771 3.35

GA INSURANCE COMPANY 80,373 142,028 44,224 453,540 36,033 74,795 264,800 307,338 59,867 43,747 178,640 250,252 686,889 51,686 2,674,212 6.00

GEMINIA INSURANCE COMPANY - 33,680 16,759 154,838 40,230 54,210 230,680 419,702 - 3,341 107,019 409,034 - 10,410 1,479,903 3.32

HERITAGE INSURANCE COMPANY 5,415 52,836 65,015 191,472 89,512 10,600 255,620 175,583 18,206 77,162 52,251 128,389 471,403 106,006 1,699,470 3.81

ICEA LION GENERAL INSURANCE 224,422 40,618 45,169 320,532 78,934 38,000 402,606 186,313 - 101,466 107,163 185,216 28,087 39,880 1,798,406 4.03

INTRA-AFRICA ASSURANCE - 16,124 12,660 57,284 5,445 26,980 103,291 100,293 - 8,243 24,684 63,668 - 17,711 436,383 0.98

INVESCO ASSURANCE COMPANY - - 58 93 92 83 36,970 14,573 278,311 56 59 254 - 4 330,553 0.74

JUBILEE INSURANCE COMPANY 1,019 32,847 12,321 275,139 159,776 97,670 340,653 202,527 - 165,480 22,507 79,260 2,901,643 77,123 4,367,965 9.80

KENINDIA ASSURANCE COMPANY - 64,868 26,537 289,393 30,440 86,437 125,096 268,096 - 23,756 124,475 180,443 33,373 6,070 1,258,984 2.82

KENYA ORIENT INSURANCE - 15,733 1,880 13,349 6,005 1,757 153,894 110,121 - 1,842 34,783 22,890 - 71,376 433,630 0.97

MADISON INSURANCE COMPANY - 18,670 6,337 24,718 32,918 33,367 157,892 245,631 - 11,687 7,720 24,571 722,276 30,326 1,316,113 2.95

MAYFAIR INSURANCE COMPANY 9,536 71,528 27,627 282,793 19,347 51,032 152,439 167,315 - 9,074 36,890 170,179 - 58,106 1,055,866 2.37

METROPOLITAN CANNON INSURANCE - 12,628 5,614 15,095 3,684 7,387 117,989 66,197 - 13,056 8,024 33,400 - 11,033 294,107 0.66

MUA INSURANCE COMPANY 30,206 16,554 3,018 32,052 5,015 5,631 42,996 29,971 - 2,817 3,364 6,753 - 12,710 191,087 0.43

OCCIDENTAL INSURANCE COMPANY - 35,463 24,749 150,961 5,447 48,414 271,315 328,054 - 22,591 61,761 153,894 - 15,653 1,118,302 2.51

PACIS INSURANCE COMPANY - 3,176 4,791 53,148 6,275 474 107,508 119,432 - 24,906 16,154 30,136 119,744 729 486,473 1.09

PIONEER INSURANCE COMPANY - 4,009 2,079 30,688 21,312 7,190 94,357 40,918 - 17,822 9,309 17,108 - 38,420 283,212 0.64

RESOLUTION INSURANCE COMPANY - 3,220 1,009 21,317 14,623 11,537 110,377 130,533 - 31,531 4,799 20,934 1,245,328 13,488 1,608,696 3.61

SAHAM INSURANCE COMPANY - 8,861 6,902 61,095 22,120 2,538 132,645 57,441 - 4,010 21,382 24,694 300,327 33,044 675,059 1.51

SANLAM INSURANE COMPANY - 8,204 7,011 100,102 13,210 8,036 125,918 99,326 51,149 3,348 20,894 35,915 299,575 22,557 795,245 1.78

TAKAFUL INSURANCE OF AFRICA - 2,499 2,320 10,805 4,649 1,475 72,653 59,106 - 538 24,844 9,590 201,815 797 391,091 0.88

TAUSI ASSURANCE COMPANY - 35,218 21,048 171,476 12,656 42,640 71,446 62,722 - 7,617 59,975 94,892 11,760 4,380 595,830 1.34

THE KENYAN ALLIANCE INSURANCE - 1,615 4,044 16,084 6,011 ( 391 ) 150,331 115,751 - 8,241 5,925 60,653 11,380 1,397 381,041 0.85

THE MONARCH INSURANCE - 2,671 666 6,327 2,420 1,073 140,569 135,768 - 721 2,423 3,463 - 9,456 305,557 0.69

TRIDENT INSURANCE COMPANY - ( 1,061 ) 325 2,358 448 384 85,478 30,125 8,068 176 128 529 8,623 1,633 137,214 0.31

UAP INSURANCE COMPANY 4,050 28,839 26,780 187,322 43,377 35,946 290,503 234,441 - 31,005 172,553 75,910 1,800,590 9,865 2,941,181 6.60

XPLICO INSURANCE COMPANY - - - - - - - - - - - - - - - 0.00

TOTAL 382,323 1,091,626 542,392 4,242,631 1,213,200 953,364 6,550,202 5,788,440 1,128,307 1,242,082 1,928,651 2,792,918 15,666,953 1,057,774 44,580,863 100

CONTINENTAL REINSURANCE 1,537 41,654 - 219,721 21,293 8,867 1,892 22,342 - 3,843 - 8,404 50,464 59,337 439,354 9.49

EAST AFRICAN REINSURANCE 343 90,154 - 522,201 8,328 56,796 - 90,795 - 6,295 - - 262,923 145,359 1,183,194 25.57

GHANA REINSURANCE COMPANY - 13,361 6,476 47,490 2,146 13,315 9,884 10,708 - - 10,355 248 3,987 2,373 120,343 2.60

KENYA REINSURANCE CORPORATION 8,998 87,950 783,248 88,221 26,706 130,787 10,763 184,035 - 63,294 400 1,285 448,821 965,604 2,800,112 60.51

WAICA REINSURANCE KENYA LIMITED 903 9,622 - 22,613 15,960 7,453 897 9,437 - 15 193 - - 17,799 84,892 1.83

TOTAL 11,781 242,741 789,724 900,246 74,433 217,218 23,436 317,317 - 73,447 10,948 9,937 766,195 1,190,472 4,627,895 100

APPENDIX 13: SUMMARY OF GROSS PREMIUM INCOME UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 31.03.2019

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private Motor CommercialTotal

Market Share (%)

INSURERS

REINSURERS


Motor Commercial

PSVPersonal Accident Theft

Workmens'

CompensationMedical Miscellaneous


50

JUBILEE INSURANCE COMPANY 0.27 3.01 2.27 6.49 13.17 10.24 5.20 3.50 - 13.32 1.17 2.84 18.52 7.29 9.80

APA INSURANCE COMPANY 0.08 5.33 4.85 9.42 7.01 6.65 7.01 8.27 - 7.08 5.12 8.21 10.04 12.36 8.28

BRITAM GENERAL INSURANCE - 20.14 9.42 4.47 4.27 12.07 6.78 6.09 - 21.68 6.30 3.59 7.13 15.19 7.16

CIC GENERAL INSURANCE COMPANY - 4.88 6.68 3.87 1.47 2.08 9.22 10.35 - 12.06 17.06 5.90 6.06 6.41 7.08

UAP INSURANCE COMPANY 1.06 2.64 4.94 4.42 3.58 3.77 4.44 4.05 - 2.50 8.95 2.72 11.49 0.93 6.60

GA INSURANCE COMPANY 21.02 13.01 8.15 10.69 2.97 7.85 4.04 5.31 5.31 3.52 9.26 8.96 4.38 4.89 6.00

AAR INSURANCE KENYA - 0.00 0.05 0.01 0.12 0.01 - - - 1.00 0.04 0.60 15.08 0.51 5.38

ICEA LION GENERAL INSURANCE 58.70 3.72 8.33 7.56 6.51 3.99 6.15 3.22 - 8.17 5.56 6.63 0.18 3.77 4.03

HERITAGE INSURANCE COMPANY 1.42 4.84 11.99 4.51 7.38 1.11 3.90 3.03 1.61 6.21 2.71 4.60 3.01 10.02 3.81

RESOLUTION INSURANCE COMPANY - 0.29 0.19 0.50 1.21 1.21 1.69 2.26 - 2.54 0.25 0.75 7.95 1.28 3.61

FIRST ASSURANCE COMPANY - 3.46 1.53 2.26 0.82 2.91 3.07 3.69 - 2.20 1.41 1.59 5.03 0.99 3.35

GEMINIA INSURANCE COMPANY - 3.09 3.09 3.65 3.32 5.69 3.52 7.25 - 0.27 5.55 14.65 - 0.98 3.32

AIG INSURANCE COMPANY 7.07 3.41 5.58 5.92 29.97 1.61 4.63 0.78 - 5.31 9.06 2.68 - - 3.11

MADISON INSURANCE COMPANY - 1.71 1.17 0.58 2.71 3.50 2.41 4.24 - 0.94 0.40 0.88 4.61 2.87 2.95

KENINDIA ASSURANCE COMPANY - 5.94 4.89 6.82 2.51 9.07 1.91 4.63 - 1.91 6.45 6.46 0.21 0.57 2.82

OCCIDENTAL INSURANCE COMPANY - 3.25 4.56 3.56 0.45 5.08 4.14 5.67 - 1.82 3.20 5.51 - 1.48 2.51

MAYFAIR INSURANCE COMPANY 2.49 6.55 5.09 6.67 1.59 5.35 2.33 2.89 - 0.73 1.91 6.09 - 5.49 2.37

SANLAM INSURANE COMPANY - 0.75 1.29 2.36 1.09 0.84 1.92 1.72 4.53 0.27 1.08 1.29 1.91 2.13 1.78

DIRECTLINE ASSURANCE COMPANY - - - - - - 0.77 0.31 61.80 - - - - - 1.72

SAHAM INSURANCE COMPANY - 0.81 1.27 1.44 1.82 0.27 2.03 0.99 - 0.32 1.11 0.88 1.92 3.12 1.51

FIDELITY SHIELD INSURANCE - 1.63 1.90 1.76 0.82 2.31 3.13 2.93 1.37 0.67 2.57 1.96 - 1.04 1.46

TAUSI ASSURANCE COMPANY - 3.23 3.88 4.04 1.04 4.47 1.09 1.08 - 0.61 3.11 3.40 0.08 0.41 1.34

PACIS INSURANCE COMPANY - 0.29 0.88 1.25 0.52 0.05 1.64 2.06 - 2.01 0.84 1.08 0.76 0.07 1.09

INTRA-AFRICA ASSURANCE - 1.48 2.33 1.35 0.45 2.83 1.58 1.73 - 0.66 1.28 2.28 - 1.67 0.98

KENYA ORIENT INSURANCE - 1.44 0.35 0.31 0.49 0.18 2.35 1.90 - 0.15 1.80 0.82 - 6.75 0.97

AFRICAN MERCHANT ASSURANCE - 0.43 0.14 2.18 0.31 0.04 2.53 2.25 - 0.28 0.21 0.21 - 1.71 0.96

TAKAFUL INSURANCE OF AFRICA - 0.23 0.43 0.25 0.38 0.15 1.11 1.02 - 0.04 1.29 0.34 1.29 0.08 0.88

THE KENYAN ALLIANCE INSURANCE - 0.15 0.75 0.38 0.50 ( 0.04 ) 2.30 2.00 - 0.66 0.31 2.17 0.07 0.13 0.85

INVESCO ASSURANCE COMPANY - - 0.01 0.00 0.01 0.01 0.56 0.25 24.67 0.00 0.00 0.01 - 0.00 0.74

THE MONARCH INSURANCE - 0.24 0.12 0.15 0.20 0.11 2.15 2.35 - 0.06 0.13 0.12 - 0.89 0.69

METROPOLITAN CANNON INSURANCE - 1.16 1.04 0.36 0.30 0.77 1.80 1.14 - 1.05 0.42 1.20 - 1.04 0.66

PIONEER INSURANCE COMPANY - 0.37 0.38 0.72 1.76 0.75 1.44 0.71 - 1.43 0.48 0.61 - 3.63 0.64

ALLIANZ INSURANCE COMPANY - 0.51 1.37 0.55 0.73 2.09 0.65 0.91 - 0.11 0.58 0.35 0.22 0.67 0.50

MUA INSURANCE COMPANY 7.90 1.52 0.56 0.76 0.41 0.59 0.66 0.52 - 0.23 0.17 0.24 - 1.20 0.43

CORPORATE INSURANCE COMPANY - 0.58 0.45 0.69 0.08 2.33 0.56 0.37 - 0.15 0.20 0.36 - 0.25 0.31

TRIDENT INSURANCE COMPANY - ( 0.10 ) 0.06 0.06 0.04 0.04 1.30 0.52 0.72 0.01 0.01 0.02 0.06 0.15 0.31


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 13.05 17.16 0.00 24.41 28.61 4.08 8.07 7.04 5.23 0.00 84.57 6.59 4.98 9.49

EAST AFRICAN REINSURANCE 2.91 37.14 0.00 58.01 11.19 26.15 0.00 28.61 8.57 0.00 0.00 34.32 12.21 25.57

GHANA REINSURANCE COMPANY 0.00 5.50 0.82 5.28 2.88 6.13 42.17 3.37 0.00 94.58 2.50 0.52 0.20 2.60

KENYA REINSURANCE CORPORATION 76.38 36.23 99.18 9.80 35.88 60.21 45.93 58.00 86.18 3.65 12.93 58.58 81.11 60.51

WAICA REINSURANCE KENYA LIMITED 7.66 3.96 0.00 2.51 21.44 3.43 3.83 2.97 0.02 1.76 0.00 0.00 1.50 1.83

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

APPENDIX 14: SUMMARY OF GENERAL INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 31.03.2019

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private Motor CommercialTotal

INSURERS

REINSURERS

figures in %

Motor

Commercial

PSV

Personal

AccidentTheft

Workmens'



51

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 - - 78 397 - - - - - 5,422 - 850 438,613 2,651 448,011

AFRICAN MERCHANT ASSURANCE - ( 2,490 ) 350 5,559 107 - 86,012 108,822 - ( 1,478 ) 83 2,922 - 8,168 208,056

AIG INSURANCE COMPANY - - 3,249 7,472 6,800 329 36,059 26,204 - 4,774 23,795 8,036 - - 116,721

ALLIANZ INSURANCE COMPANY - - 39 67 - 3,791 11,255 6,353 - - 417 1,421 - - 23,342

APA INSURANCE COMPANY - 4,701 8,828 1,699 14,070 27,046 260,885 264,618 - 12,807 38,616 42,168 514,681 16,605 1,206,722

BRITAM GENERAL INSURANCE - 449 3,026 15,792 638 6,323 193,891 161,613 - 32,910 35,016 11,871 416,934 107,386 985,851

CIC GENERAL INSURANCE COMPANY - 3,206 2,191 ( 5,120 ) 24,795 7,438 469,413 366,184 - 17,708 20,121 23,400 578,364 65,807 1,573,508

CORPORATE INSURANCE COMPANY - 221 - 3,620 92 929 25,209 13,719 - - - 822 - - 44,613

DIRECTLINE ASSURANCE COMPANY - - - - - - 26,102 9,451 540,273 - - - - - 575,826

FIDELITY SHIELD INSURANCE - 1,086 1,780 3,904 739 571 126,348 90,210 26,384 3,895 2,984 20,608 - 324 278,833

FIRST ASSURANCE COMPANY - 4,260 1,250 5,183 25,597 1,414 94,940 70,529 - 18,769 8,563 10,528 122,249 668 363,950

GA INSURANCE COMPANY - 1,299 7,206 18,506 1,684 10,178 130,445 133,235 79 5,474 35,806 48,262 63,730 2,849 458,754

GEMINIA INSURANCE COMPANY - 36,012 2,353 7,378 459 28,371 148,968 139,004 - 1,141 14,956 79,695 - - 458,337

HERITAGE INSURANCE COMPANY 492 932 7,843 6,888 4,991 1,268 133,265 72,430 - 17,171 4,543 8,965 76,220 5,370 340,378

ICEA LION GENERAL INSURANCE 5,239 2,612 4,655 26,455 7,202 15,894 138,711 68,578 - 20,497 14,008 15,782 41,125 690 361,449

INTRA-AFRICA ASSURANCE - 282 5,678 1,267 32 21,433 68,653 43,501 - 11,985 6,492 9,593 - ( 55 ) 168,862

INVESCO ASSURANCE COMPANY - 521 810 - - - 6,408 3,427 225,895 - - - - - 237,061

JUBILEE INSURANCE COMPANY - 9,947 2,188 11,943 12,953 11,565 259,572 97,768 - 69,248 15,930 10,091 853,324 6,037 1,360,568

KENINDIA ASSURANCE COMPANY - 2,207 1,619 11,913 1,839 12,371 45,215 108,394 - 164 6,364 58,974 28,648 357 278,064

KENYA ORIENT INSURANCE - 497 2,069 1,503 1,673 1,822 98,889 78,563 - ( 36 ) 115 1,742 - 2,656 189,494

MADISON INSURANCE COMPANY - 1,288 8 8,196 14,027 - 154,331 130,376 - 115 3,466 7,535 536,087 5,643 861,072

MAYFAIR INSURANCE COMPANY - 3,736 5,411 11,017 531 14,497 46,899 27,330 - 472 ( 652 ) 13,926 - 10,224 133,391

METROPOLITAN CANNON INSURANCE - ( 54,612 ) 1,649 5,042 39 2,406 54,702 52,005 - ( 8,131 ) 1,831 7,863 - 101 62,895

MUA INSURANCE COMPANY - 2,570 703 687 16,404 - 28,488 3,763 - 1,753 499 25 - 582 55,474

OCCIDENTAL INSURANCE COMPANY - 5,572 17,492 14,643 87 8,691 137,492 132,000 - 634 15,350 28,097 - 2,953 363,011

PACIS INSURANCE COMPANY - 113 ( 493 ) 3,272 3,517 - 65,279 35,031 - 4,986 4,340 864 31,419 70 148,398

PIONEER GENERAL INSURANCE - - 326 21 532 3,734 32,406 14,634 - 6 - - - - 51,659

RESOLUTION INSURANCE COMPANY - - 18 1,641 1,000 20 47,070 52,046 - 804 170 6,120 291,871 - 400,759

SAHAM INSURANCE COMPANY - 1,380 1,072 702 56 2,329 61,371 17,428 - 90 821 3,499 42,454 ( 714 ) 130,488

SANLAM INSURANCE COMPANY - 7 1,940 578 117 2,026 106,833 48,937 19,230 249 ( 1,319 ) 1,974 90,210 270 271,053

TAKAFUL INSURANCE OF AFRICA - 2,478 902 ( 104 ) ( 1,475 ) 206 9,946 10,008 - 651 6,145 281 10,433 ( 20,124 ) 19,346

TAUSI ASSURANCE COMPANY - 1,282 7,231 1,325 251 4,196 18,718 9,577 - 26 4,352 4,107 427 5 51,497

THE KENYAN ALLIANCE INSURANCE - 202 315 1,971 - 1,557 45,481 20,330 - 1,998 331 ( 82 ) 4,661 118 76,881

THE MONARCH INSURANCE - 136 172 350 10 - 75,428 39,754 - 4,762 - 17 - - 120,628

TRIDENT INSURANCE COMPANY - 138 17 63 ( 17 ) - 15,203 7,287 - - ( 198 ) 853 6,974 - 30,318

UAP INSURANCE COMPANY - 147 3,132 1,592 3,139 5,071 217,248 132,165 - 2,386 7,359 11,366 934,096 9,083 1,326,784


TOTAL 5,731 30,179 95,107 175,422 141,889 195,476 3,477,135 2,595,274 811,861 231,252 270,304 442,175 5,082,520 227,724 13,782,054

CONTINENTAL REINSURANCE 86 34,174 - 94,682 - 794 - 1,122 - 2,820 - 158 40,573 1,200 175,608

EAST AFRICA REINSURANCE 43 28,180 - 136,703 155 7,702 - 72,251 - 3,487 - - 106,982 87,289 442,792

GHANA REINSURANCE COMPANY - 437 299 2,190 - 3 438 475 - - 577 - - - 4,417

KENYA REINSURANCE CORPORATION 24,984 197,999 671 698,113 8,833 170,033 731 276,849 - 17,640 629 138 212,299 128,590 1,737,507

WAICA REINSURANCE KENYA LIMITED - - - - - - - - - - - - - - -

TOTAL 25,113 260,790 970 931,688 8,988 178,532 1,169 350,697 - 23,947 1,206 296 359,854 217,079 2,360,324

APPENDIX 15: SUMMARY OF CLAIMS PAID UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



52

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor

Commercial

Motor

Commercial PSVPersonal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA - - 63 397 - - - - - 5,135 - 523 281,834 1,582 289,534

AFRICAN MERCHANT ASSURANCE - ( 18,312 ) 235 ( 14,252 ) 2,120 ( 2,749 ) 160,730 335,968 ( 168,543 ) ( 28,542 ) ( 5,754 ) 11,522 - ( 225 ) 272,196

AIG INSURANCE COMPANY ( 3,451 ) ( 37 ) 1,284 ( 3,407 ) 13,627 ( 5,398 ) 27,562 14,856 - ( 39,551 ) 15,835 77,407 - - 98,726

ALLIANZ INSURANCE COMPANY ( 628 ) 5,144 2,159 3,875 ( 3,560 ) 6,507 23,670 15,224 - 162 3,555 1,019 ( 92 ) ( 1,583 ) 55,452

APA INSURANCE COMPANY - 8,882 10,485 ( 25,448 ) 20,049 6,463 320,517 313,577 - ( 239 ) 22,815 ( 7,614 ) 448,036 26,695 1,144,219

BRITAM GENERAL INSURANCE - ( 82 ) 1,891 7,892 9,067 38,282 235,254 174,427 - 32,613 20,032 22,417 395,591 114,138 1,051,522

CIC GENERAL INSURANCE COMPANY - 1,884 4,707 16,580 13,158 4,917 441,362 398,229 - 12,065 ( 599 ) 76,991 615,981 3,851 1,589,125

CORPORATE INSURANCE COMPANY - 102 24 258 ( 290 ) 981 20,308 8,594 - ( 115 ) 650 5,241 - 96 35,848

DIRECTLINE ASSURANCE COMPANY - - - - - - 39,354 18,977 449,821 - - - - - 508,153

FIDELITY SHIELD INSURANCE - 3,607 1,323 6,221 2,839 ( 973 ) 145,797 83,943 28,800 3,652 6,862 13,208 - 254 295,533

FIRST ASSURANCE COMPANY - 6,743 3,377 6,419 6,308 4,058 103,432 71,591 - 8,046 ( 2,053 ) 2,030 116,245 1,442 327,639

GA INSURANCE COMPANY ( 807 ) 7,263 5,428 ( 4,957 ) 6,297 8,693 154,893 123,102 78 2,186 66,292 61,803 63,983 1,416 495,670

GEMINIA INSURANCE COMPANY - 95,664 3,038 34,947 4,483 56,721 270,728 304,979 - 527 17,906 146,927 - 2,997 938,917

HERITAGE INSURANCE COMPANY 55 2,966 6,711 4,553 12,580 2,745 119,147 88,579 ( 11,496 ) 2,028 1,662 13,442 79,938 3,125 326,035

ICEA LION GENERAL INSURANCE 472 8,690 7,963 30,361 10,191 12,476 209,433 74,527 - 24,128 7,558 29,057 32,590 1,806 449,252

INTRA-AFRICA ASSURANCE - ( 249 ) 7,252 11,287 3,753 11,719 74,190 43,739 - 8,630 13,796 26,992 - 977 202,087

INVESCO ASSURANCE COMPANY - 521 1,000 - - ( 1 ) 13,841 8,604 159,103 ( 5 ) ( 3 ) ( 30 ) - - 183,030

JUBILEE INSURANCE COMPANY ( 62 ) 8,384 2,123 14,977 9,468 11,194 244,443 103,694 - 30,812 240 8,719 867,584 11,955 1,313,530

KENINDIA ASSURANCE COMPANY - 31,467 830 90,455 9,191 17,039 73,899 130,502 - ( 48,020 ) 1,371 36,787 19,150 265 362,935

KENYA ORIENT INSURANCE - 2,278 156 ( 1,045 ) 3,225 1,340 49,207 63,476 - 577 2,305 1,442 - ( 196 ) 122,764

MADISON INSURANCE COMPANY - 1,270 175 10,393 19,649 ( 90 ) 152,659 198,549 ( 72,436 ) 144 5,801 6,245 593,002 4,768 920,130

MAYFAIR INSURANCE COMPANY 16 1,571 4,887 2,992 9,181 18,980 68,660 58,963 - 1,532 ( 3,910 ) 30,916 - 1,551 195,339

METROPOLITAN CANNON INSURANCE - 2,002 656 1,641 ( 126 ) 6,303 74,651 58,476 - 4,298 1,153 7,544 - ( 313 ) 156,284

MUA INSURANCE COMPANY 139 10,313 735 ( 529 ) 5,993 176 16,014 10,745 - 1,107 460 728 - 510 46,392

OCCIDENTAL INSURANCE COMPANY - 5,919 14,858 8,470 ( 108 ) 4,967 155,738 180,149 - 2,760 18,566 23,361 - 3,366 418,046

PACIS INSURANCE COMPANY - 178 ( 1,181 ) 3,432 4,325 - 86,960 28,314 - 2,324 ( 64 ) 2,575 21,806 - 148,670

PIONEER GENERAL INSURANCE - 333 305 3,377 2,577 1,905 69,169 23,530 - 1,216 ( 264 ) 2,239 - ( 1,719 ) 102,668

RESOLUTION INSURANCE COMPANY - 4,697 ( 517 ) 3,110 1,379 ( 1,424 ) 80,067 81,403 - 2,309 ( 2,075 ) 470 312,748 520 482,687

SAHAM INSURANCE COMPANY - 3,876 1,507 4,170 732 2,149 85,053 14,625 - 3,598 3,755 10,326 59,808 2,342 191,939

SANLAM INSURANCE COMPANY - 13 2,161 ( 1,907 ) 1,923 3,528 62,852 35,544 15,132 322 2,696 2,536 89,712 367 214,880

TAKAFUL INSURANCE OF AFRICA - 2,478 902 ( 104 ) ( 1,475 ) 206 9,946 10,008 - 651 6,145 281 10,433 ( 20,124 ) 19,346

TAUSI ASSURANCE COMPANY - 11,986 9,664 5,962 239 10,243 13,816 21,491 - ( 38 ) 12,608 31,713 394 ( 2,949 ) 115,131

THE KENYAN ALLIANCE INSURANCE - 3,640 ( 29,799 ) 1,821 ( 25,308 ) 15,515 84,364 125,582 - ( 14,559 ) ( 6,712 ) ( 17,835 ) 5,425 ( 178 ) 141,956

THE MONARCH INSURANCE - 133 34 774 63 87 101,265 64,908 - 3,071 6 381 - 658 171,380

TRIDENT INSURANCE COMPANY 15 365 1,092 293 3,122 57 12,609 11,728 - ( 453 ) ( 410 ) 31,523 28,639 232 88,811

UAP INSURANCE COMPANY - 146 14,136 13,456 5,773 4,998 251,867 ( 825,907 ) 976,872 4,120 5,869 5,878 862,928 1,010 1,321,145


TOTAL ( 4,251 ) 213,835 79,664 236,464 150,445 241,614 4,053,457 2,474,696 1,377,331 26,491 216,094 666,764 4,905,735 158,636 14,796,975

CONTINENTAL REINSURANCE 328 40,735 - 132,907 3,350 2,190 - 4,939 - 3,425 - 1,481 48,522 6,936 244,814

EAST AFRICA REINSURANCE 1,220 10,328 - 214,762 ( 230 ) 32,410 - ( 14,289 ) - 2,417 - - 195,500 122,503 564,622

GHANA REINSURANCE COMPANY 43 ( 3,109 ) ( 1,030 ) ( 7,229 ) 438 511 3,253 3,517 - 547 1,166 882 8,895 585 8,468

KENYA REINSURANCE CORPORATION 101,575 614,845 ( 1,659 ) 720,872 ( 6,745 ) 413,810 ( 661 ) 764,632 - ( 76,104 ) ( 110,430 ) 18 ( 258,963 ) 111,649 2,272,839

WAICA REINSURANCE KENYA LIMITED 55 ( 465 ) - 84 156 104 - 1,727 - - 19 - - 2,018 3,698

TOTAL 103,221 662,334 ( 2,689 ) 1,061,396 ( 3,031 ) 449,025 2,592 760,526 - ( 69,715 ) ( 109,245 ) 2,381 ( 6,046 ) 243,691 3,094,441

APPENDIX 16: SUMMARY OF CLAIMS INCURRED UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



53

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private Motor Commercial

Motor Commercial

PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA 0.00 0.0 27.9 63.4 0.0 0.0 0.00 0.00 0.00 62.9 0.0 5.1 33.2 35.0 33.1

AFRICAN MERCHANT ASSURANCE 0.00 -149.4 0.1 2.0 13.9 -407.3 38.6 99.9 11117.6 -255.5 2459.0 24.5 0.00 -2.4 71.3

AIG INSURANCE COMPANY -72.9 -0.1 17.0 -21.7 21.0 173.6 56.6 121.7 0.00 -405.3 108.5 457.0 0.00 0.00 43.9

ALLIANZ INSURANCE COMPANY -1012.9 -1587.7 -122.8 96.6 -106.2 76.0 87.4 62.4 0.00 24.3 641.7 9.2 -55.1 -327.1 70.8

APA INSURANCE COMPANY 0.0 66.7 77.2 -48.1 92.4 9.7 89.0 87.6 0.00 -0.5 47.1 -6.0 77.3 57.6 66.1

BRITAM GENERAL INSURANCE 0.00 -2.4 10.5 21.1 52.8 111.5 76.7 62.6 0.00 48.2 40.6 46.2 82.9 65.9 69.6

CIC GENERAL INSURANCE COMPANY 0.00 13.1 22.7 24.2 73.5 29.3 80.0 70.6 0.00 23.1 -0.3 88.0 80.0 33.1 67.1

CORPORATE INSURANCE COMPANY 0.00 1.6 -0.8 1.4 148.0 4.9 95.1 73.2 0.00 -2.4 26.8 83.5 0.00 2.7 39.3

DIRECTLINE ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 74.9 113.9 63.4 0.00 0.00 0.00 0.00 0.00 65.2

FIDELITY SHIELD INSURANCE 0.0 179.7 33.1 64.8 -204.7 -6.2 85.9 66.8 145.8 155.5 66.9 30.1 0.00 10.7 73.2

FIRST ASSURANCE COMPANY 0.00 -373.2 63.1 27.1 86.5 17.1 72.0 56.0 0.00 53.1 -10.3 4.9 71.6 9.8 56.2

GA INSURANCE COMPANY -122.1 69.3 21.3 -2.7 -3.9 17.7 100.2 77.6 0.3 9.6 91.5 47.7 71.2 12.6 64.3

GEMINIA INSURANCE COMPANY 0.00 539.7 19.8 32.2 12.3 124.4 110.8 72.3 0.0 17.5 17.4 41.7 0.00 35.4 69.3

HERITAGE INSURANCE COMPANY 25.3 21.5 21.4 16.4 33.9 12.8 65.0 61.8 -88.9 5.5 6.2 17.0 48.3 11.1 40.4

ICEA LION GENERAL INSURANCE 13.9 24.5 28.0 56.7 54.5 39.7 82.4 61.3 0.00 117.3 13.3 23.7 64.5 32.0 55.9

INTRA-AFRICA ASSURANCE 0.00 -2.5 72.0 34.8 191.9 41.3 62.9 71.9 0.00 150.9 78.5 74.1 0.0 5.7 61.2

INVESCO ASSURANCE COMPANY 0.00 0.00 -9090.9 0.0 0.0 -0.4 39.6 58.6 57.2 -4.2 -2.9 -8.1 0.00 0.0 55.8

JUBILEE INSURANCE COMPANY -172.2 133.0 36.9 34.8 46.7 59.6 83.9 72.8 0.00 162.2 1.3 16.8 73.2 70.8 72.2

KENINDIA ASSURANCE COMPANY 0.0 423.1 8.4 457.5 150.7 30.5 89.2 99.5 0.00 -1726.7 6.5 38.6 62.3 12.8 78.2

KENYA ORIENT INSURANCE 0.00 34.3 24.6 -67.2 61.8 216.8 34.2 64.1 0.00 65.0 34.9 7.2 0.00 -0.4 36.9

MADISON INSURANCE COMPANY 0.00 59.5 2.1 104.2 66.2 -12.1 100.0 84.1 0.00 2.0 113.3 42.5 105.7 25.7 87.9

MAYFAIR INSURANCE COMPANY 2.8 8.1 54.0 12.4 107.4 42.7 74.0 61.6 0.00 24.0 -31.7 33.3 0.00 21.2 47.2

METROPOLITAN CANNON 0.00 23.8 22.7 49.7 -5.3 71.3 100.0 94.5 0.0 41.2 -2.8 10.4 0.00 -3.0 80.1

MUA INSURANCE COMPANY 21.2 47.8 103.2 -6.2 67.5 13.2 39.7 60.5 0.00 48.6 15.9 17.0 0.00 28.4 41.8

OCCIDENTAL INSURANCE COMPANY 0.00 125.5 117.6 24.8 -6.9 40.8 75.3 100.6 0.00 53.9 136.8 32.9 0.00 128.6 76.9

PACIS INSURANCE COMPANY 0.00 15.5 -78.8 69.4 130.8 0.0 134.8 51.5 0.00 22.9 -1.1 21.3 49.5 0.0 73.5

PIONEER INSURANCE COMPANY 0.00 210.8 9.2 25.5 37.8 118.8 105.0 68.7 0.00 50.0 -2.9 24.3 0.00 262.0 70.6

RESOLUTION INSURANCE COMPANY 0.00 587.1 -66.2 132.6 17.4 -14.4 84.9 88.9 0.00 10.4 -79.2 4.0 74.8 22.8 72.7

SAHAM INSURANCE COMPANY 0.00 178.5 40.0 134.0 90.3 226.0 74.1 36.1 0.00 65.7 59.2 48.4 92.7 19.6 69.6

SANLAM INSURANE COMPANY 0.00 0.5 -69.0 -12.2 -20.4 46.3 57.4 46.3 39.1 10.5 41.3 31.1 81.7 1.7 55.5

TAKAFUL INSURANCE OF AFRICA 0.00 62.7 102.0 0.7 -53.7 -5.0 22.5 19.7 0.00 20.6 44.3 3.0 27.2 24.8 28.7

TAUSI ASSURANCE COMPANY 0.00 296.1 154.5 57.3 5.5 46.2 34.2 76.6 0.00 -2.0 61.7 78.2 13.7 -1809.2 63.4

THE KENYAN ALLIANCE INSURANCE 0.00 13.0 -394.2 6.5 -634.9 -85.6 64.4 147.2 0.00 -188.1 -44.8 -35.1 -26.1 2.9 45.5

THE MONARCH INSURANCE 0.00 4.5 6.5 36.3 5.1 27.1 63.5 56.7 0.00 40.0 1.4 7.2 0.00 5.7 56.0

TRIDENT INSURANCE COMPANY 0.00 392.5 -60.3 10.8 755.9 12.1 25.1 59.4 0.0 181.9 -119.2 3283.6 154.0 22.8 91.0

UAP INSURANCE COMPANY 0.0 1.5 70.8 27.5 38.5 66.7 93.2 -385.8 0.00 26.2 18.7 11.3 76.7 14.4 72.7

XPLICO INSURANCE 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

TOTAL -48.3 70.8 16.1 117.3 75.9 45.6 76.2 54.4 128.8 6.0 28.2 37.0 73.1 38.5 64.9

CONTINENTAL REINSURANCE 7.2 46.2 0.00 94.0 40.4 15.1 0.0 29.5 0.00 140.4 0.00 116.2 41.9 14.5 55.3

EAST AFRICA REINSURANCE 239.7 11.1 0.00 48.2 -4.5 57.7 0.00 -38.2 0.00 30.7 0.00 0.00 76.8 83.9 54.0

GHANA REINSURANCE COMPANY -11.7 -40.2 -39.6 -37.6 19.8 5.7 71.3 71.0 0.00 701.3 11.2 235.8 1031.9 23.8 13.2

KENYA REINSURANCE CORPORATION 1341.1 -4363.1 -0.2 -978.0 -54.0 522.3 -7.1 490.5 0.00 -132.8 368.5 2.2 -83.5 14.3 109.3

WAICA REINSURANCE KENYA LIMITED 41.4 -7.5 0.00 3.9 192.6 13.1 0.0 63.2 0.00 0.0 0.4 0.00 0.00 -277.2 21.8

TOTAL 834.2 366.7 -0.3 198.6 -10.7 281.4 15.8 349.4 0.00 -103.0 736.8 96.0 -0.9 24.9 84.8

APPENDIX 17: SUMMARY OF INCURRED CLAIMS RATIOS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS


54

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private Motor Commercial

Motor Commercial

PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA - 23 73 5 1,032 59 - - - ( 813 ) 517 4,582 753,535 1,804 760,818

AFRICAN MERCHANT ASSURANCE - 27,910 230,108 ( 710,499 ) 10,936 3,236 179,756 ( 58,738 ) 167,027 37,773 3,333 32,574 - 1,107 ( 75,476 )

AIG INSURANCE COMPANY ( 1,958 ) 6,286 4,725 25,924 17,419 3,387 37,126 ( 441 ) - 52,591 ( 8,783 ) ( 64,216 ) - - 72,062

ALLIANZ INSURANCE COMPANY ( 1,481 ) ( 8,008 ) ( 6,210 ) ( 9,853 ) ( 1,813 ) ( 7,153 ) ( 10,767 ) ( 462 ) - 44 ( 4,468 ) 2,355 1,371 ( 633 ) ( 47,079 )

APA INSURANCE COMPANY 2,433 ( 4,603 ) ( 3,553 ) 10,622 ( 14,833 ) 47,105 ( 70,144 ) ( 49,148 ) - 8,893 5,058 73,756 ( 67,774 ) ( 3,125 ) ( 65,312 )

BRITAM GENERAL INSURANCE - ( 760 ) 4,675 6,800 ( 473 ) ( 20,438 ) ( 107,753 ) ( 59,116 ) - ( 5,543 ) 4,397 ( 7,902 ) ( 90,404 ) ( 10,347 ) ( 286,865 )

CIC GENERAL INSURANCE COMPANY - 8,552 4,402 ( 9,067 ) ( 14,012 ) ( 4,453 ) ( 59,060 ) ( 39,458 ) - 10,028 125,072 ( 24,655 ) 22,666 ( 5,594 ) 14,420

CORPORATE INSURANCE COMPANY - 4,700 ( 4,107 ) 6,185 ( 705 ) 13,040 ( 12,874 ) ( 3,857 ) - 4,293 ( 1,861 ) ( 3,464 ) - 2,656 4,005

DIRECTLINE ASSURANCE COMPANY - - - - - - 7,791 ( 7,012 ) ( 14,605 ) - - - - - ( 13,826 )

FIDELITY SHIELD INSURANCE 982 ( 2,835 ) 770 ( 4,948 ) ( 8,283 ) 14,695 ( 22,085 ) 4,756 ( 13,081 ) ( 3,008 ) ( 3,295 ) 13,194 - ( 2,940 ) ( 26,079 )

FIRST ASSURANCE COMPANY - ( 8,520 ) ( 940 ) 3,790 ( 2,762 ) 9,866 ( 28,335 ) ( 17,901 ) - ( 4,130 ) 15,865 21,075 ( 43,190 ) 13,348 ( 41,833 )

GA INSURANCE COMPANY ( 4,246 ) 12,324 14,578 225,055 ( 175,497 ) 31,543 ( 38,694 ) ( 9,670 ) 20,588 14,382 ( 21,222 ) 24,738 35,823 12,278 141,980

GEMINIA INSURANCE COMPANY - ( 84,678 ) 4,787 27,440 27,706 ( 32,044 ) ( 88,191 ) 32,613 ( 1,168 ) ( 2,474 ) 60,454 125,149 - 2,958 72,553

HERITAGE INSURANCE COMPANY ( 1,804 ) 828 3,532 ( 4,821 ) 3,049 7,533 ( 25,710 ) ( 10,272 ) 24,429 ( 7,118 ) 10,414 27,777 38,829 7,118 73,785

ICEA LION GENERAL INSURANCE 5,878 20,286 11,413 13,902 2,044 1,839 ( 82,773 ) ( 14,414 ) - ( 13,082 ) 26,558 49,237 ( 4 ) 3,165 24,049

INTRA-AFRICA ASSURANCE - 6,561 ( 117 ) 8,995 ( 3,361 ) 8,428 11,447 ( 10,802 ) - ( 4,990 ) ( 4,106 ) ( 11,214 ) ( 8,232 ) 14,651 7,260

INVESCO ASSURANCE COMPANY - ( 521 ) ( 1,075 ) ( 504 ) 78 196 ( 4,660 ) 2,674 ( 22,650 ) 103 103 333 - 1 ( 25,922 )

JUBILEE INSURANCE COMPANY 810 ( 2,891 ) 906 ( 1,525 ) ( 8,923 ) ( 1,264 ) ( 59,231 ) ( 22,796 ) - ( 34,686 ) 14,048 25,022 68,694 ( 1,974 ) ( 23,811 )

KENINDIA ASSURANCE COMPANY ( 1,306 ) ( 28,275 ) 2,764 ( 89,545 ) ( 6,615 ) 17,819 ( 17,757 ) ( 57,345 ) - 49,556 19,387 2,806 4,414 850 ( 103,246 )

KENYA ORIENT INSURANCE - 995 ( 3,058 ) ( 4,376 ) ( 692 ) ( 1,278 ) 35,849 ( 8,666 ) - ( 2,426 ) ( 13,235 ) 11,649 - 37,234 51,995

MADISON INSURANCE COMPANY - ( 2,655 ) 4,012 ( 6,856 ) ( 10,711 ) ( 1,867 ) ( 64,568 ) ( 17,410 ) 41,054 3,582 ( 3,475 ) 2,480 ( 113,245 ) 2,621 ( 167,037 )

MAYFAIR INSURANCE COMPANY 524 13,636 1,105 22,982 ( 2,462 ) 7,270 411 9,768 - 3,287 13,193 16,336 - 6,450 92,500

METROPOLITAN CANNON INSURANCE - 3,478 1,211 ( 396 ) ( 759 ) 232 ( 34,595 ) ( 16,539 ) ( 18,942 ) 5,108 ( 45,104 ) 52,676 ( 1,812 ) 13,797 ( 41,645 )

MUA INSURANCE COMPANY ( 8,531 ) 5,588 ( 1,365 ) ( 3,101 ) ( 1,035 ) ( 772 ) 5,417 ( 5,597 ) - ( 229 ) 740 420 - ( 3,304 ) ( 11,769 )

OCCIDENTAL INSURANCE COMPANY - ( 846 ) ( 7,480 ) 18,770 1,172 4,571 ( 22,372 ) ( 64,687 ) - 1,666 ( 5,522 ) 16,550 - 82 ( 58,096 )

PACIS INSURANCE COMPANY - ( 129 ) 1,021 ( 13,667 ) ( 3,527 ) ( 282 ) ( 59,848 ) ( 12,646 ) - ( 1,816 ) ( 168 ) ( 1,973 ) ( 10,358 ) ( 89 ) ( 103,483 )

PIONEER GENERAL INSURANCE - 215 1,766 10,271 2,296 ( 4,936 ) ( 34,008 ) 14 - ( 376 ) 6,407 4,174 - 5,710 ( 8,467 )

RESOLUTION INSURANCE COMPANY - ( 4,783 ) 835 ( 2,587 ) 2,370 7,281 ( 26,896 ) ( 31,309 ) - 6,928 4,141 5,205 ( 67,652 ) ( 288 ) ( 106,755 )

SAHAM INSURANCE COMPANY - ( 1,609 ) 3 ( 5,767 ) 2,773 ( 1,251 ) ( 32,454 ) 4,214 - ( 1,085 ) ( 645 ) ( 1,917 ) 2,021 5,597 ( 30,119 )

SANLAM INSURANCE COMPANY - 11 ( 5,718 ) ( 3,975 ) ( 15,061 ) 2,001 416 3,008 7,079 1,929 ( 2,568 ) ( 10,598 ) ( 624 ) 8,940 ( 15,160 )

TAKAFUL INSURANCE OF AFRICA - 1,541 ( 384 ) ( 17,003 ) 3,282 ( 4,354 ) 15,548 26,441 - 2,144 1,167 6,579 ( 32,077 ) ( 60,833 ) ( 57,950 )

TAUSI ASSURANCE COMPANY - ( 8,874 ) ( 11,120 ) ( 3,262 ) ( 1,380 ) ( 3,562 ) ( 8,015 ) ( 23,383 ) - ( 1,419 ) ( 21,086 ) ( 40,014 ) ( 2,982 ) 2,531 ( 122,567 )

THE KENYAN ALLIANCE INSURANCE - 22,519 34,438 18,895 25,526 ( 33,484 ) ( 25,432 ) ( 94,638 ) - 18,006 18,247 40,076 ( 30,524 ) ( 6,661 ) ( 13,032 )

THE MONARCH INSURANCE - 2,373 1,184 ( 21 ) ( 232 ) 14 ( 10,272 ) ( 11,619 ) - 2,947 ( 3,783 ) 1,841 - 7,622 ( 9,947 )

TRIDENT INSURANCE COMPANY ( 15 ) ( 8,933 ) ( 3,078 ) ( 953 ) ( 2,964 ) 216 ( 1,177 ) ( 8,537 ) 4,293 183 516 ( 30,960 ) ( 26,849 ) ( 2,789 ) ( 81,046 )

UAP INSURANCE COMPANY 1,102 6,006 ( 6,996 ) 5,614 ( 3,146 ) 422 ( 115,160 ) 947,331 ( 976,872 ) 172 4,975 20,306 ( 46,902 ) 5,946 ( 157,201 )


TOTAL ( 7,612 ) ( 25,088 ) 273,107 ( 487,476 ) ( 179,563 ) 63,615 ( 769,070 ) 374,356 ( 782,848 ) 140,420 195,271 383,977 384,724 57,889 ( 378,296 )

CONTINENTAL REINSURANCE 3,588 27,078 ( 152 ) ( 90,590 ) ( 2,098 ) 8,171 1,368 6,308 - ( 3,478 ) ( 6 ) ( 3,397 ) 46,266 19,710 12,769

EAST AFRICA REINSURANCE ( 857 ) 38,092 - 49,629 3,131 ( 2,354 ) - 26,740 ( 16,294 ) 3,495 - ( 4,244 ) 319 ( 41,523 ) 56,133

GHANA REINSURANCE COMPANY ( 412 ) 6,610 1,145 8,227 968 2,802 ( 1,134 ) ( 1,210 ) - ( 468 ) 5,263 ( 613 ) ( 8,960 ) 849 13,065

KENYA REINSURANCE CORPORATION ( 96,124 ) ( 712,278 ) 600,500 ( 1,016,512 ) 2,802 ( 410,627 ) 7,985 ( 678,847 ) - 98,230 80,275 399 281,542 388,099 ( 1,454,558 )

WAICA REINSURANCE KENYA LIMITED ( 278 ) 2,461 - ( 7,467 ) ( 7,233 ) ( 2,613 ) 522 ( 2,757 ) - 9 4,591 - - ( 9,306 ) ( 22,070 )

TOTAL ( 94,083 ) ( 638,037 ) 601,493 ( 1,056,713 ) ( 2,430 ) ( 404,621 ) 8,741 ( 649,766 ) ( 16,294 ) 97,788 90,123 ( 7,855 ) 319,167 357,829 ( 1,394,661 )

APPENDIX 18: SUMMARY OF UNDERWRITING PROFITS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



55

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 2,400,212 - 1,155,119 1,245,093 1,708,428 - 2,077,680 - 875,840 289,534 ( 435,106 ) 260,594 760,818 54,348 815,167

AFRICAN MERCHANT ASSURANCE 430,059 - 90,558 339,502 544,621 - 502,297 - 381,825 272,196 28,118 156,987 ( 75,476 ) 32,143 ( 43,333 )

AIG INSURANCE COMPANY 1,358,731 29,538 1,062,342 325,926 300,424 - 401,671 - 224,680 98,726 ( 125,123 ) 179,015 72,062 - 72,062

ALLIANZ INSURANCE COMPANY 224,263 - 99,157 125,106 115,285 - 162,025 - 78,366 55,452 11,653 58,340 ( 47,079 ) 6,091 ( 40,987 )

APA INSURANCE COMPANY 3,689,880 - 1,160,371 2,529,509 2,480,032 54,795 3,333,454 - 1,730,882 1,144,219 118,856 533,120 ( 65,312 ) - ( 65,312 )

BRITAM GENERAL INSURANCE 3,193,807 - 579,200 2,614,606 2,207,159 77,413 3,292,037 95,470 1,511,672 1,051,522 154,316 592,699 ( 286,865 ) 268,793 ( 18,072 )

CIC GENERAL INSURANCE COMPANY 3,106,791 48,343 328,211 2,826,923 3,526,159 - 3,984,188 - 2,368,894 1,589,125 250,577 514,772 14,420 214,614 229,034

CORPORATE INSURANCE COMPANY 101,130 36,147 11,920 125,358 114,641 - 148,845 - 91,154 35,848 15,128 36,172 4,005 2,783 6,788

DIRECTLINE ASSURANCE COMPANY 765,949 - 25,100 740,849 591,651 - 553,452 - 779,048 508,153 81,932 202,790 ( 13,826 ) - ( 13,826 )

FIDELITY SHIELD INSURANCE 649,468 ( 813 ) 159,533 489,122 666,914 - 752,183 - 403,854 295,533 38,888 95,511 ( 26,079 ) - ( 26,079 )

FIRST ASSURANCE COMPANY 1,455,848 35,924 612,759 879,013 785,598 53,819 1,074,773 60,171 583,486 327,639 65,775 231,905 ( 41,833 ) - ( 41,833 )

GA INSURANCE COMPANY 2,647,442 26,770 1,273,367 1,400,845 1,242,800 - 1,872,942 - 770,704 495,670 ( 104,422 ) 237,476 141,980 222,557 364,536

GEMINIA INSURANCE COMPANY 1,425,526 54,376 95,508 1,384,395 1,786,374 - 1,815,133 - 1,355,635 938,917 182,599 161,566 72,553 57,014 129,568

HERITAGE INSURANCE COMPANY 1,678,130 21,337 582,803 1,116,664 1,305,962 - 1,615,127 - 807,500 326,035 32,794 374,886 73,785 157,408 231,193

ICEA LION GENERAL INSURANCE 1,775,744 22,662 700,403 1,098,002 1,027,437 - 1,322,476 - 802,963 449,252 53,389 276,273 24,049 - 24,049

INTRA-AFRICA ASSURANCE 430,277 6,103 45,923 390,458 431,995 - 492,175 - 330,278 202,087 31,479 89,451 7,260 3,106 10,366

INVESCO ASSURANCE COMPANY 330,552 - 11,494 319,059 150,861 - 141,662 - 328,257 183,030 33,985 137,164 ( 25,922 ) - ( 25,922 )

JUBILEE INSURANCE COMPANY 4,360,054 7,911 1,378,233 2,989,731 2,909,123 - 4,080,438 - 1,818,416 1,313,530 92,399 436,297 ( 23,811 ) 199,558 175,747

KENINDIA ASSURANCE COMPANY 1,242,474 16,510 452,275 806,709 661,831 - 1,004,599 - 463,941 362,935 55,872 148,381 ( 103,246 ) 99,782 ( 3,464 )

KENYA ORIENT INSURANCE 431,429 2,199 81,170 352,458 430,359 - 449,977 - 332,841 122,764 25,096 132,985 51,995 - 51,995

MADISON INSURANCE COMPANY 1,316,113 - 72,571 1,243,542 1,939,328 - 2,136,350 - 1,046,520 920,130 88,508 204,920 ( 167,037 ) 38,142 ( 128,895 )

MAYFAIR INSURANCE COMPANY 1,016,969 38,895 412,094 643,769 635,705 1,646 867,466 - 413,655 195,339 14,747 111,069 92,500 - 92,500

METROPOLITAN CANNON INSURANCE 294,108 - 41,267 252,842 345,863 48,612 395,440 56,685 195,192 156,284 13,256 67,297 ( 41,645 ) - ( 41,645 )

MUA INSURANCE COMPANY 165,193 25,894 76,937 114,151 196,786 - 199,901 - 111,035 46,392 9,100 67,313 ( 11,769 ) 17,795 6,026

OCCIDENTAL INSURANCE COMPANY 1,118,300 - 253,154 865,146 727,140 - 1,048,817 - 543,469 418,046 45,236 138,282 ( 58,096 ) 60,565 2,469

PACIS INSURANCE COMPANY 486,474 - 155,937 330,536 408,583 - 536,815 - 202,304 148,670 29,506 127,611 ( 103,483 ) 25,307 ( 78,176 )

PIONEER GENERAL INSURANCE 280,623 2,590 73,552 209,660 232,320 - 296,465 - 145,516 102,668 4,980 46,335 ( 8,467 ) - ( 8,467 )

RESOLUTION INSURANCE COMPANY 1,608,698 - 927,652 681,047 1,315,803 92,245 1,332,627 92,089 664,378 482,687 26,381 262,065 ( 106,755 ) 15,700 ( 91,055 )

SAHAM INSURANCE COMPANY 673,063 1,995 356,541 318,516 503,749 73,358 535,100 84,686 275,837 191,939 645 113,372 ( 30,119 ) 33,240 3,121

SANLAM INSURANCE COMPANY 792,745 2,500 274,528 520,717 660,832 - 794,177 - 387,372 214,880 27,497 160,154 ( 15,160 ) 18,532 3,372

TAKAFUL INSURANCE OF AFRICA 391,090 - 169,661 221,429 517,700 - 671,793 - 67,337 19,346 3,733 102,208 ( 57,950 ) 10,621 ( 47,329 )

TAUSI ASSURANCE COMPANY 589,732 6,099 200,325 395,505 235,509 - 449,343 - 181,671 115,131 15,203 173,904 ( 122,567 ) - ( 122,567 )

THE KENYAN ALLIANCE INSURANCE 381,040 - 45,476 335,564 630,464 - 653,769 - 312,259 141,956 29,329 154,007 ( 13,032 ) 28,050 15,018

THE MONARCH INSURANCE 302,287 3,268 8,718 296,837 553,284 - 544,151 - 305,970 171,380 26,275 118,262 ( 9,947 ) - ( 9,947 )

TRIDENT INSURANCE COMPANY 137,120 96 38,571 98,645 238,919 - 239,966 - 97,598 88,811 37,548 52,285 ( 81,046 ) - ( 81,046 )

UAP INSURANCE COMPANY 2,914,844 26,339 386,144 2,555,038 3,139,386 113,713 3,878,397 113,713 1,816,027 1,321,145 167,164 484,919 ( 157,201 ) - ( 157,201 )


TOTAL 44,166,165 414,683 13,398,574 31,182,272 35,269,025 515,601 43,657,711 502,814 22,806,376 14,796,971 1,147,313 7,240,387 ( 378,296 ) 1,566,149 1,187,855

CONTINENTAL REINSURANCE 439,353 - 46,220 393,134 489,823 - 440,461 - 442,495 244,814 124,128 60,784 12,769 14,021 26,789

EAST AFRICA REINSURANCE - 1,183,194 69,371 1,113,824 776,062 - 844,104 - 1,045,781 564,622 340,128 84,898 56,133 - 56,133

GHANA REINSURANCE COMPANY - 120,343 30,312 90,031 61,706 - 87,650 - 64,087 8,468 27,824 14,730 13,065 12,309 25,375

KENYA REINSURANCE CORPORATION - 2,800,110 176,205 2,623,905 4,572,660 - 5,117,354 - 2,079,210 2,272,839 647,131 613,797 ( 1,454,558 ) 687,151 ( 767,407 )

WAICA REINSURANCE KENYA LIMITED - 84,892 25,090 59,802 9,667 - 52,524 - 16,945 3,698 4,467 30,851 ( 22,070 ) 10,854 ( 11,217 )

TOTAL 439,353 4,188,539 347,198 4,280,696 5,909,918 - 6,542,093 - 3,648,518 3,094,441 1,143,678 805,060 ( 1,394,661 ) 724,335 ( 670,327 )

APPENDIX 19: SUMMARY OF GENERAL INSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 31.03.2019

INSURERS

REINSURERS



56

Company

APA LIFE ASSURANCE

COMPANY BARCLAYS LIFE

BRITAM LIFE

ASSURANCE

CAPEX LIFE

ASSURANCE COMPANY

CIC LIFE ASSURANCE

COMPANY

CONTINENTAL

REINSURANCE CORPORATE

INSURANCE COMPANY

EAST AFRICA

REINSURANCE FIRST ASSURANCE

COMPANY

GA LIFE

INSURANCE

COMPANY

Share Capital 700,000 699,000 180,000 150,000 800,000 300,000 150,000 500,000 150,000 200,000

Share Premium - - - - - - - - - -

Revaluation Reserves - - - 1,608 - 24 - - - -

Statutory Reserves 38,552 ( 628,531 ) - 9,822 907,815 21,057 58,727 - 195,793 317,241

Retained Earnings ( 144,439 ) 472,440 - - 216,678 - - - - 47,196

Other Reserves - - 7,819,082 195,823 ( 27,252 ) 170,240 - 408,672 - -

Total Equity 594,112 542,908 7,999,082 357,253 1,897,241 491,322 208,727 908,672 345,793 564,437

Underwriting Provisions 140,412 - 764,114 618 486,622 94,335 50,544 544,533 12,671 -

Actuarial Contract Liabilities 4,614,815 2,440,171 62,635,321 436,452 9,854,553 - 560,190 79,278 9,602 7,623,434

LongTerm Liabilities 18,289 400,000 3,108,037 - 495,824 37,516 - 176,762 99,027 25,247

Current Liabilities 175,659 487,006 1,474,582 23,945 548,435 88,617 149,365 488,218 41,784 54,407

Total Equity And Liabilities 5,543,287 3,870,085 75,981,136 818,268 13,282,676 711,790 968,826 2,197,462 508,877 8,267,525

Land And Buildings - - 114,502 - - - - - - -

Investment Property 155,000 - 6,543,012 567,000 2,181,875 - 385,000 - 82,000 1,351,565

Other Fixed Assets 16,250 37,854 233,773 9,227 100,041 - 598 - - 5,600

Government Securities 3,556,693 2,246,217 38,063,626 155,600 5,581,005 453,521 153,237 1,179,339 271,349 5,891,426

Other Securities 39,559 - - - 521,065 - - - - -

Investment in Related Companies - - 1,700,881 - - - - - - -

Corporate Bonds 20,729 - 579,390 - 306,128 6,035 - 86,214 - 109,260

Commercial Papers 114,005 - - - - - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted 280,725 - 8,721,463 2 899,615 - - 15,993 - 189,174

Ordinary Shares Unquoted 8,060 - 43,310 - 16,897 - 932 - - -

Preference Shares Quoted - - - - - - - - - -

Preference Shares Unquoted - - - - - - - - - -

Loans Secured & Unsecured 35,666 - 1,651,479 - 372,036 632 67,893 - - 4,000

Mortgages - - 1,164,874 - 89,956 - - - - -

Term Deposits 641,442 258,175 1,734,016 28,000 1,139,391 74,675 311,921 234,319 129,055 615,918

Cash and Cash Balances 417,692 67,724 413,176 6,432 98,742 9,584 1,022 38,584 634 31,167

Outstanding Premiums 198,214 135,465 728,075 4,024 914,838 135,230 - 499,401 25,839 -

Other Receivables 40,993 5,453 1,341,258 - 274,205 - 48,148 1,627 - -

Other Assets 14,371 1,119,198 11,899,267 47,983 782,941 32,113 - 1,940 - 60,198

Intangible Assets 3,888 - 1,049,036 - 3,941 - 76 140,045 - 9,215

Total Assets 5,543,287 3,870,085 75,981,136 818,268 13,282,676 711,790 968,826 2,197,462 508,877 8,267,525

Amounts in Thousand Shillings Continued next page

APPENDIX 20 i: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019


57

Company GEMINIA INSURANCE

COMPANY

ICEA LION LIFE

ASSURANCE

COMPANY

JUBILEE INSURANCE

COMPANY

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT LIFE

ASSURANCE

KENYA

REINSURANCE

CORPORATION

LIBERTY LIFE

ASSURANCE

MADISON

INSURANCE

COMPANY

METROPOLITAN

CANNON INSURANCE

OLD MUTUAL

ASSURANCE

COMPANY

Share Capital 255,000 450,000 500,000 161,388 173,000 500,000 612,340 450,000 416,726 2,174,871

Share Premium - - - - - - - - 491,067 1,884,957

Revaluation Reserves - - - 129,951 - - 384,883 - 2,500 -

Statutory Reserves 148,118 6,684,198 2,430,050 318,516 49,964 4,424,036 2,166,087 1,033,961 - -

Retained Earnings - 2,423,304 1,710,879 29,214 2,183 - ( 304,203 ) 62,000 ( 1,093,146 ) ( 2,124,379 )

Other Reserves - 250,000 - 1,703,423 - ( 1,000 ) - - 590,379 -

Total Equity 403,118 9,807,503 4,640,929 2,342,492 225,148 4,923,036 2,859,106 1,545,961 407,526 1,935,448

Underwriting Provisions 116,847 129,065 804,680 146,125 - - 527,078 22,825 262,848 314,885

Actuarial Contract Liabilities 762,787 71,812,521 68,073,728 32,066,278 820,642 2,656,874 19,356,591 11,221,254 1,300,452 11,606,160

LongTerm Liabilities - 1,468,120 63,508 13,786 - - 1,093,280 306,571 203,072 -

Current Liabilities 231,336 516,743 1,933,445 583,786 9,658 1,960,611 729,460 120,068 197,207 750,986

Total Equity And Liabilities 1,514,088 83,733,952 75,516,289 35,152,467 1,055,448 9,540,521 24,565,515 13,216,679 2,371,105 14,607,478

Land And Buildings - - - 1,074,259 - - 728,445 - 92,500 -

Investment Property - 10,534,000 4,459,710 2,008,654 175,000 1,680,614 1,081,555 5,414,000 815,000 2,271,038

Other Fixed Assets - 86,887 48,567 14,318 16,020 - 71,325 55,693 12,177 104,980

Government Securities 635,062 57,462,336 50,880,160 31,227,492 497,550 2,311,543 14,923,229 3,875,047 990,951 4,195,598

Other Securities - - - - - - - 49,503 - 22,195

Investment in Related Companies - 1,246,846 2,028,958 - - - - - - -

Corporate Bonds 750 1,400,762 848,923 51,621 24,481 - 942,965 97,485 18,708 324,823

Commercial Papers - - - - 40,413 - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted - 7,387,893 4,484,078 134,204 - 317,457 3,502,431 5,779 67,473 3,649,907

Ordinary Shares Unquoted - - 3,373,177 153 57,929 - - 2,397,807 2,963 406,974

Preference Shares Quoted - 1,223 - - - - - - - -

Preference Shares Unquoted - 832 - - - - - - - -

Loans Secured & Unsecured 10,202 536,550 852,265 157,524 9,456 - 1,174,024 67,741 16,175 170,825

Mortgages - 526,043 - 4,813 - - 390,936 89,766 29,255 6,113

Term Deposits 637,262 3,969,842 4,862,402 324,028 87,282 4,449,569 851,985 469,564 165,540 2,554,603

Cash and Cash Balances 87,459 258,497 2,570,224 42,497 28,178 6,761 59,643 103,529 19,108 382,217

Outstanding Premiums 5,286 - 620,296 2,684 67,218 193,817 246,425 193,029 79,217 63,917

Other Receivables - 100,426 436,696 95,656 26,078 - 70,290 358,643 - 321,756

Other Assets 138,068 199,082 - - 12,787 224,675 359,837 24,071 58,602 118,303

Intangible Assets - 22,733 50,834 14,563 13,053 356,085 162,424 15,021 3,435 14,228

Total Assets 1,514,088 83,733,952 75,516,289 35,152,467 1,055,448 9,540,521 24,565,515 13,216,679 2,371,105 14,607,478

Continued from previous page


APPENDIX 20 ii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019

Continued next page


58


Company PIONEER ASSURANCE

COMPANY

PRUDENTIAL LIFE

ASSURANCE

SAHAM INSURANCE

COMPANY

SANLAM LIFE

ASSURANCE

TAKAFUL INSURANCE

OF AFRICA

THE KENYAN

ALLIANCE

INSURANCE

THE MONARCH

INSURANCE

COMPANY

UAP LIFE

ASSURANCE

COMPANY

TOTAL

Share Capital 150,000 409,185 150,000 843,138 150,000 400,000 154,976 1,585,456 13,365,080

Share Premium - 2,424,894 - 30,260 - - - - 4,831,178

Revaluation Reserves - - - - - - - 27,534 546,500

Statutory Reserves 506,830 - - 733,479 11,203 - 211,076 49,815 311,922 19,577,579

Retained Earnings 241,144 - 1,844,549 - 560,253 - - - 44,493 299,068

Other Reserves - - - 11,998 - 9,000 72,117 151,510 - 11,329,996

Total Equity 897,974 989,530 138,002 2,167,131 170,203 261,041 356,301 1,969,405 49,949,401

Underwriting Provisions 950,167 35,952 12,098 - - 50,194 83,489 864,619 6,414,721

Actuarial Contract Liabilities 2,703,307 588,075 767,369 20,671,461 - 2,888,157 215,794 8,815,362 344,580,628

LongTerm Liabilities 238,763 - - 1,097,610 - - - 130,940 8,976,352

Current Liabilities 1,149,074 129,659 41,659 1,053,796 117,854 16,416 89,439 347,039 13,510,254

Total Equity And Liabilities 5,939,286 1,743,216 959,128 24,989,999 288,057 3,215,807 745,022 12,127,365 423,431,354

Land And Buildings - - 75,000 - - 126,485 - - 2,211,191

Investment Property 1,411,500 - - 3,374,000 - 1,241,500 361,916 840,000 46,933,939

Other Fixed Assets 43,072 60,226 1,853 163,383 - 933 20,559 31,525 1,134,861

Government Securities 484,961 1,349,289 531,420 14,456,949 52,532 281,420 69,440 7,055,491 248,832,483

Other Securities - - - 52,038 - - - - 684,360

Investment in Related Companies - - - - - - - - 4,976,685

Corporate Bonds - - 59,269 1,296,251 26,640 - - 804,113 7,004,547

Commercial Papers - - - - - - - - 154,418

Debentures - - - - - - - - -

Ordinary Shares Quoted 21,350 - - 2,094,435 - - - 1,815,159 33,587,138

Ordinary Shares Unquoted - - - - - - - 15,701 6,323,903

Preference Shares Quoted - - - - - - - - 1,223

Preference Shares Unquoted - - - - - - - - 832

Loans Secured & Unsecured 128,197 19,960 7,834 285,532 - - - 24,627 5,592,618

Mortgages - - - 98,344 - - - 66,517 2,466,617

Term Deposits 855,812 161,288 263,249 1,812,971 116,360 1,273,337 33,188 285,444 28,340,638

Cash and Cash Balances - 204,530 34,247 1,426 766,120 14,269 7,647 3,228 665,356 5,930,633

Outstanding Premiums 2,829,390 17,034 10,220 146,161 63,999 102,834 124,891 492,752 7,900,256

Other Receivables 216,698 1,068 - - 14,257 - 129,018 17,431 3,499,701

Other Assets 144,367 69,593 8,857 297,751 - 181,652 892 13,250 15,809,798

Intangible Assets 8,469 30,511 - 146,063 - - 1,890 - 2,045,510

Total Assets 5,939,286 1,743,216 959,128 24,989,999 288,057 3,215,807 745,022 12,127,365 423,431,354


APPENDIX 20 iii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019


59

Company

AAR 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

Share Capital 500,000 987,386 450,000 1,000,000 1,250,000 2,668,000 1,700,000 800,000 400,000 300,000

Share Premium 660,523 - - - - - - - - -

Revaluation Reserves - 16,222 29,724 - - - - 768 - ( 87,137 )

Statutory Reserves - - - - - - - - - -

Retained Earnings 217,782 502,501 1,551,212 ( 331,132 ) 3,107,580 314,866 2,798,697 364,761 527,653 772,825

Other Reserves - - 300,000 - 789,191 - ( 84,366 ) - 1,092 -

Total Equity 1,378,305 1,506,109 2,330,936 668,868 5,146,771 2,982,866 4,414,331 1,165,529 928,745 985,688

Underwriting Provisions 2,926,382 1,531,791 1,070,251 275,242 8,586,690 6,263,260 7,359,060 1,094,839 359,024 4,246,280

Actuarial Contract Liabilities - - - - - - - - - -

LongTerm Liabilities - - - - - - - - 6,053 -

Current Liabilities 651,755 168,617 2,404,295 375,044 829,682 1,659,801 491,696 129,471 126,245 202,514

Total Equity And Liabilities 4,956,442 3,206,517 5,805,482 1,319,154 14,563,143 10,905,927 12,265,087 2,389,839 1,420,067 5,434,482

Land And Buildings - 731,610 - - - - 232,695 - - 397,000

Investment Property - 535,000 - - 1,000,000 - 1,602,000 - 832,500 1,692,606

Other Fixed Assets 86,521 123,403 136,626 52,165 83,914 109,116 163,221 18,362 5,146 29,489

Government Securities 1,472,237 507,375 3,385,374 56,923 6,486,352 5,825,484 2,290,945 947,919 112,550 830,237

Other Securities - - - - - - 422,798 - - -

Investment in Related Companies - - - - 627,607 - - - - 536,006

Corporate Bonds 111,063 - - - 229,686 423,422 165,222 9,000 - -

Commercial Papers - - - - - - 65,815 - - -

Debentures - 5,350 - - - - - - - -

Ordinary Shares Quoted - 17,543 - - 1,216,916 105,898 522,225 - - 127,893

Ordinary Shares Unquoted - - - - 12,770 4,514 18,388 - 932 -

Preference Shares Quoted - - - - - - - - - -

Preference Shares Unquoted - - - - - - - - - -

Loans Secured & Unsecured - 7,870 11,937 - 40,897 - - 8,630 - 16,436

Mortgages - - - - 76,655 - 84,772 4,170 - -

Term Deposits 1,032,157 369,720 112,285 202,931 2,103,765 770,248 2,537,677 95,233 10,170 461,677

Cash and Cash Balances 398,970 34,997 748,671 490,910 145,805 296,307 124,714 14,252 1,673 893,427

Outstanding Premiums 562,720 584,058 976,274 184,493 1,597,263 2,124,379 2,842,802 662,987 326,425 104,618

Other Receivables 668,463 - 70,687 - 60,361 - 126,219 - 29,132 -

Other Assets 331,263 190,686 351,900 12,609 602,260 605,120 957,810 395,499 83,931 289,747

Intangible Assets 293,047 98,906 11,728 319,124 278,893 641,440 107,784 233,787 17,608 55,345

Total Assets 4,956,442 3,206,517 5,805,482 1,319,154 14,563,143 10,905,927 12,265,087 2,389,839 1,420,067 5,434,482

APPENDIX 21 i: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019

Amounts in thousand Shillings Continued next page


60

Company

EAST AFRICA

REINSURANCE

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

INSURANCE

COMPANY

Share Capital 1,000,000 600,000 660,000 700,000 550,000 1,000,000 500,000 1,000,000 500,000 1,925,000 2,000,000

Share Premium - - 512,139 - - 10,871 - - - - -

Revaluation Reserves 299,955 106,980 256,865 854,966 617,992 - - ( 17,794 ) 348,572 ( 75 ) ( 147,096 )

Statutory Reserves - - - - - - - - - - -

Retained Earnings 2,517,822 525,726 77,719 2,643,684 731,023 70,467 2,733,869 3,434,565 38,208 ( 1,618,897 ) 5,231,222

Other Reserves 4,679 - - 309,723 77,074 - - 200,000 - - -

Total Equity 3,822,456 1,232,706 1,506,723 4,508,373 1,976,089 1,081,339 3,233,869 4,616,771 886,780 306,028 7,084,126

Underwriting Provisions 2,664,874 1,809,240 2,393,325 5,422,501 3,979,117 201,965 3,558,579 4,497,151 1,043,087 2,667,869 6,112,103

Actuarial Contract Liabilities - - - - - - - - - - -

LongTerm Liabilities 119,483 - - - 3,700 - - 423,484 44,596 - -

Current Liabilities 1,008,335 114,646 1,303,252 1,734,436 242,024 33,090 888,219 974,494 31,182 265,624 1,147,184

Total Equity And Liabilities 7,615,148 3,156,593 5,203,300 11,665,310 6,200,929 1,316,393 7,680,668 10,511,900 2,005,645 3,239,522 14,343,413

Land And Buildings 502,926 272,117 354,750 1,167,750 334,046 31,075 - - 134,070 70,233 -

Investment Property 825,183 1,015,883 1,450,000 1,554,000 1,012,000 - - 2,750,000 313,430 1,423,480 -

Other Fixed Assets 9,458 9,939 37,301 40,370 232,180 7,612 63,348 80,427 28,643 30,427 57,787

Government Securities 2,365,019 668,044 1,088,606 2,676,563 1,065,150 914,952 4,148,483 4,460,091 249,233 174,000 3,712,218

Other Securities - - - - - - - 48,076 - - -

Investment in Related Companies - - - 356,109 86,571 - 146,557 50,147 - - 1,999,647

Corporate Bonds 520,190 - 30,142 111,811 24,300 - 96,952 240,578 - - 7,375

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 33,025 117,572 - 494,795 140,895 - 319,096 930,371 57,094 1,373 1,251,616

Ordinary Shares Unquoted - - - 337,612 7,596 - - 7,367 - 625 624,298

Preference Shares Quoted - - - - - - - - - - 402

Preference Shares Unquoted - - - - - - - - - - -

Loans Secured & Unsecured 7,900 753 23,352 226,901 157,139 1,855 40,308 - 25,643 - 6,635

Mortgages 69,889 7,577 - - - - 215,825 - 12,733 - 45,245

Term Deposits 1,343,697 269,824 797,441 1,890,300 1,127,789 48,698 961,712 250,843 299,612 59,303 576,639

Cash and Cash Balances 144,218 97,345 131,032 73,305 176,171 89,764 251,706 102,405 32,092 48,929 796,274

Outstanding Premiums 1,197,584 460,478 865,102 2,037,350 1,249,053 140,161 952,682 818,162 688,666 635,911 3,901,286

Other Receivables 40,932 - - 94,760 28,288 51,277 47,212 135,941 89,895 262,521 773,613

Other Assets 215,636 154,545 295,328 123,246 552,538 9,238 343,930 376,767 - - 330,949

Intangible Assets 339,493 82,515 130,246 480,439 7,211 21,760 92,856 260,725 74,533 532,719 259,430

Total Assets 7,615,148 3,156,593 5,203,300 11,665,310 6,200,929 1,316,393 7,680,668 10,511,900 2,005,645 3,239,522 14,343,413


APPENDIX 21 ii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019



61

Company

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT

INSURANCE

COMPANY

KENYA

REINSURANCE

CORPORATION

MADISON

INSURANCE

COMPANY

MAYFAIR

INSURANCE

COMPANY

METROPOLITAN

CANNON

INSURANCE

MUA INSURANCE

COMPANY

OCCIDENTAL

INSURANCE

COMPANY

PACIS INSURANCE

COMPANY

PIONEER

GENERAL

INSURANCE

RESOLUTION

INSURANCE

COMPANY

Share Capital 400,000 810,721 1,249,873 605,000 1,000,000 453,960 300,000 693,000 582,282 600,000 410,000

Share Premium 1,198 - - - - 583,040 - - 5,712 - 1,490,000

Revaluation Reserves 375,304 ( 30,516 ) 15,725 - 436,576 - 1,063 13,181 - - 4,694


Retained Earnings 2,215,758 ( 208,144 ) 21,464,337 591,057 1,193,403 ( 177,325 ) 551,487 575,686 371,951 834 ( 2,147,006 )

Other Reserves 427,860 190,000 274,255 - - - - 51,975 30,000 - -

Total Equity 3,420,120 762,061 23,004,190 1,196,057 2,629,979 859,674 852,550 1,333,842 989,946 600,834 ( 242,311 )

Underwriting Provisions 3,044,418 1,062,002 11,206,527 3,269,893 2,371,298 1,236,428 429,836 2,337,729 932,855 539,213 2,054,163


LongTerm Liabilities 310,146 178,296 - - 80,406 - - 6,463 - - -

Current Liabilities 1,447,063 117,891 136,184 328,236 417,280 307,446 143,619 124,717 389,993 264,624 2,745,476

Total Equity And Liabilities 8,221,747 2,120,251 34,346,901 4,794,186 5,498,963 2,403,549 1,426,005 3,802,751 2,312,794 1,404,672 4,557,328

Land And Buildings 789,545 137,007 - - 263,669 92,500 - - 113,850 - -

Investment Property 1,272,538 330,323 8,456,090 1,030,000 426,088 264,000 - 540,000 730,000 - -

Other Fixed Assets 45,732 23,766 72,896 49,678 95,285 20,276 16,967 80,149 33,094 16,108 90,318

Government Securities 2,775,277 155,059 12,479,150 541,412 1,035,092 1,033,193 516,456 1,417,061 235,700 70,000 135,625

Other Securities - - - - - - - - - - -

Investment in Related Companies 105,612 134,000 4,661,743 - 640,287 22,179 143,807 - - - -

Corporate Bonds 51,885 5,422 471,383 - 50,565 16,542 - 11,321 - - -

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 37,832 6,920 1,341,493 1,197 169,707 - 55,356 201,570 40,975 - -

Ordinary Shares Unquoted 624,274 316,725 202,231 - 643,154 65,767 - 825 132,757 - -

Preference Shares Quoted - - 81 - - - - - - - -


Loans Secured & Unsecured 10,696 - - - 12,238 2,276 1,784 - - - -

Mortgages - - 714,111 - - 33,416 - - - - -

Term Deposits 373,164 41,156 439,572 1,545,267 1,115,096 334,604 173,604 168,133 130,768 734,749 779,826

Cash and Cash Balances 58,993 146,524 290,954 134,306 37,370 60,155 3,841 127,606 29,234 31,586 183,506

Outstanding Premiums 951,910 444,042 3,039,249 1,156,320 865,690 226,942 379,926 1,035,023 735,675 360,638 940,084

Other Receivables - - 478,928 118,340 - 140,863 21,275 29,236 - 113,921 1,348,413

Other Assets 1,081,932 269,949 292,723 62,861 140,359 17,979 68,266 20,395 44,798 10,938 812,380

Intangible Assets 42,357 109,360 1,406,299 154,806 4,364 72,859 44,724 171,433 85,943 66,732 267,175

Total Assets 8,221,747 2,120,251 34,346,901 4,794,186 5,498,963 2,403,549 1,426,005 3,802,751 2,312,794 1,404,672 4,557,328


APPENDIX 21 iii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019



62

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 1,028,998 486,804 600,000 300,000 316,476 500,000 1,000,000 1,000,000 - 33,229,500

Share Premium - 100,361 66,601 - - - - - - - 3,430,445

Revaluation Reserves ( 11,977 ) - - 171,009 2,750 - 192,586 - - - 3,450,337


Retained Earnings 265,614 ( 86,887 ) ( 228,333 ) 688,646 954,371 208,183 1,021,049 5,303,772 ( 33,852 ) - 58,736,754

Other Reserves - - - ( 6,992 ) ( 5,611 ) - 25,000 1,300,000 - - 3,883,880

Total Equity 655,638 1,042,473 325,072 1,452,663 1,251,509 524,659 1,738,635 7,603,772 966,148 - 102,730,919

Underwriting Provisions 965,185 1,537,206 1,202,344 963,110 1,604,080 1,247,128 1,608,788 7,182,740 79,493 - 112,937,066


LongTerm Liabilities - - 40,738 62,545 - - 56,351 - - - 1,332,261

Current Liabilities 445,453 368,424 591,450 280,267 328,464 40,273 792,991 1,176,029 35,441 - 25,262,927

Total Equity And Liabilities 2,066,276 2,948,102 2,159,605 2,758,586 3,184,053 1,812,060 4,196,764 15,962,540 1,081,082 - 242,263,176

Land And Buildings - - - 296,641 - - 240,660 - - - 6,162,144

Investment Property 101,869 516,700 21,100 - 1,065,349 665,964 1,716,399 3,713,400 - - 36,855,902

Other Fixed Assets 11,828 82,918 19,834 23,182 56,673 22,834 7,800 133,423 27,025 - 2,335,241

Government Securities 700,453 743,700 32,907 1,188,330 332,128 104,161 236,561 3,944,125 196,751 - 71,310,896

Other Securities - - - - - - 20,193 - - - 491,067

Investment in Related Companies - - - - - - 615,600 - - - 10,125,872

Corporate Bonds 60,978 20,000 56,750 7,225 10,493 - 20,000 480,054 - - 3,232,359

Commercial Papers - - - - - - - - - - 65,815

Debentures - - - - - - - - - - 5,350

Ordinary Shares Quoted 25,470 - - 193,344 17,026 - 6,220 1,178,589 - - 8,612,011

Ordinary Shares UnQuoted - - - 6,771 81,219 59 7,985 109,663 - - 3,205,532

Preference Shares Quoted - 568 - - - - - - - - 1,051


Loans Secured & Unsecured - 1,558 - 6,441 164,462 - 1,024,977 1,388,904 - - 3,189,592

Mortgages 6,024 - - 112,702 - - - 304,801 - - 1,687,920

Term Deposits 489,051 176,838 403,895 426,463 89,852 119,244 11,830 933,859 742,867 - 24,551,559

Cash and Cash Balances 133,181 112,492 125,099 32,804 14,517 10,684 11,391 498,973 3,245 - 7,139,428

Outstanding Premiums 223,425 848,335 391,302 318,588 774,987 736,951 205,059 2,058,692 87,640 - 38,692,932

Other Receivables 645 - - - 395,662 2,831 31,888 440,439 - - 5,601,742

Other Assets 192,848 344,832 999,654 37,357 108,242 78,044 - 397,269 8,987 - 11,212,815

Intangible Assets 120,505 100,162 109,063 108,738 73,443 71,288 40,202 380,348 14,566 - 7,783,956

Total Assets 2,066,276 2,948,102 2,159,605 2,758,586 3,184,053 1,812,060 4,196,764 15,962,540 1,081,082 - 242,263,176


APPENDIX 21 iv: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 31.03.2019

Amounts in thousand Shillings

Insurance Industry Report for the Period January March ... · The Insurance Regulatory Authority...

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