Insurance Industry Release for Q3 2018
Insurance Industry Report for the Period
July – September 2018
Third Quarter Release
November 2018
Insurance Industry Release for Q3 2018
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RELIANCE AND LIMITATIONS
The insurance information contained in this report has been extracted from the
quarterly unaudited returns submitted to the Authority in line with Section 54
of the Insurance Act. No adjustments have been made to the returns’ data
except where necessary in consultation with the affected insurer(s) or
reinsurer(s).
The publication of any summary of the returns in this report does not
necessarily mean that the returns so summarized have satisfied all the
requirements of the Insurance Act, or that the Commissioner of Insurance
approves the accuracy or the contents of the returns.
All the amounts are given in thousand Kenya shillings (‘000’ KES) except where
otherwise stated.
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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 ................................................................................................ 4
Chapter Two ............................................................................................ 8 2.0 Insurance Industry at a glance ............................................................................................... 8
2.1 Performance Overview of the Insurance Industry ............................................................. 8
2.2 Industry Financial Position .................................................................................................... 11
Chapter Three ........................................................................................ 12 3.0 Long term insurance business .............................................................................................. 12
3.1 Gross premium income and Market share ........................................................................ 12
3.2 Net premium income and retention ..................................................................................... 15
3.3 Investment income and underwriting expenses .............................................................. 15
3.4 Investments ................................................................................................................................. 16
Chapter Four .......................................................................................... 18 4.0 General insurance business .................................................................................................. 18
4.1 Gross premium income and market share ....................................................................... 18
4.2 Claims and direct expenses ................................................................................................... 20
4.3 Underwriting ratios ................................................................................................................... 22
4.4 Underwriting results ................................................................................................................. 23
4.5 Investments ............................................................................................................................... 24
Chapter Five .......................................................................................... 26 5.0 Reinsurance business .............................................................................................................. 26
5.1 Long term reinsurance business .......................................................................................... 26
5.2 General reinsurance business ............................................................................................... 28
Chapter Six ............................................................................................ 30 6.0 Industry Financial Position .................................................................................................... 30
6.1 Summary of Industry Balance Sheet .................................................................................. 30
6.2 Shareholder’s Funds................................................................................................................. 31
6.3 Assets and Liabilities ................................................................................................................ 32
6.4 Investments ................................................................................................................................. 32
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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
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Executive Summary
The performance and financial position of the insurance industry in Kenya
during the third quarter of 2018 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 third quarters of the last
three years to 2018.
Table 1: Key performance and financial position indicators for long term insurance business
Annual change
(2017/2018)
KES'000' KES'000' KES'000' (%)
Gross Premium income 62,810,418 60,447,039 51,690,926 3.9
Net premium income 58,361,747 56,136,879 48,073,564 4.0
Net Commisions 3,940,180 3,753,362 4,144,986 5.0
Underwriting Management Expense 9,616,468 8,986,759 8,829,920 7.0
Total claims and policyholders' benefits 39,015,208 34,021,469 30,777,949 14.7
Direct expenses 13,556,648 12,740,121 12,974,906 6.4
Investment Income 22,018,084 27,947,114 16,143,812 -21.2
Financial position Indicators
Paid up capital 11,368,942 11,214,942 10,880,756 1.4
Shareholders' funds 44,483,578 45,887,756 40,800,790 -3.1
Total Assets 380,396,584 339,808,007 292,492,492 11.9
Total Liabilities 335,913,006 293,920,251 251,691,702 14.3
Investments 343,529,542 304,622,693 257,891,838 12.8
Some Selected Key Ratios (%) (%) (%)
Retention ratio 92.9 92.9 93.0 0.1
Net Commissions Ratio 6.8 6.7 8.6 1.0
Underwriting Management expense Ratio 16.5 16.0 18.4 2.9
Shareholders' funds to Total Assets 11.7 13.5 13.9 -13.4
Key financial performance indicators for Long term Insurance Business
Performance Indicators2018 Q3 2017 Q3 2016 Q3
Long term insurance business in Q3 2018 experienced a growth of 3.9%
compared to a growth of 16.9% recorded in the previous year during the same
period. As at end of September 2018, long term insurance premium was KES
62.81 billion (2017 Q3: KES 60.45 billion).
The long term insurers’ asset base grew by 11.9% to KES 380.40 billion and
largely composed of income generating investments to the tune of KES 343.53
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billion. Of the total assets, 11.7% (KES 44.48 billion) was funded by the
shareholders through paid up capital and reserves (shareholders’ equity).
General Insurance business
Table 2 summarizes the various performance and financial position indicators
under general insurance business for the third quarters of the last three years
to 2018.
Table 2: Key performance and financial position indicators for general insurance business
Annual
Change
(2017/2018)
KES'000' KES'000' KES'000' (%)
Gross Premium income 101,462,855 99,753,087 93,071,986 1.7
Net Premium income 72,932,258 70,203,349 68,800,391 3.9
Net Earned Premium Income 68,333,414 68,174,556 64,736,168 0.2
Claims Incurred 43,877,324 43,058,071 41,724,410 1.9
Direct Expenses 27,259,824 25,872,765 24,665,619 5.4
Investment Income 4,169,030 4,617,023 3,435,616 -9.7
Underwriting Results (2,803,728) (756,277) (1,653,859) -270.7
Financial Position Indicators
Paid up share capital 28,859,906 27,794,570 27,353,481 3.8
Shareholder's funds 70,029,793 69,071,196 66,350,319 1.4
Total assets 188,989,748 183,745,297 170,072,780 2.9
Total Liabilities 118,959,955 114,674,102 103,722,461 3.7
Investments 122,847,349 118,630,710 111,290,009 3.6
Some Selected key ratios (%) (%) (%)
Retention ratio 71.9 70.4 73.9 2.1
Claims ratio 64.2 63.2 64.5 1.7
Commissions ratio 7.8 7.4 8.1 5.7
Management expense ratio 32.1 30.6 30.0 5.0
Combined ratio 104.1 101.1 102.6 3.0
Shareholder's funds to total assets 37.1 37.6 39.0 -1.4
Key financial performance indicators for General Insurance Business
Performance Indicators2018 Q3 2017 Q3 2016 Q3
In Q3 2018, general insurance premiums recorded a marginal growth of 1.7%
compared to a growth of 7.2% recorded in the previous year. The general
insurance business underwriters incurred KES 43.88 billion in claims as at end
of Q3 2018. The corresponding loss ratio was of 64.2% during this period.
The industry’s trend of underwriting results has been declining over the last
three years. As at end of the 9 months under review, the industry recorded the
highest underwriting loss of KES 2.80 billion compared to a loss of KES 756.28
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million reported in September 2017. Management spending remained high with
Q3 2018 recording a management expense ratio of 32.1%.
Long Term Reinsurance Business
The total net premium income under long term reinsurance business amounted
to KES 1.62 billion, a decline of 12.9% from the third quarter of 2017. Net
investment income amounted to KES 352.70 million, while life reinsurance
claims and direct expenses amounted to KES 735.42 million and KES 671.27
million respectively.
Capital and reserves amounted to KES 6.15 billion which financed 53.7% of
total assets (KES 11.44 billion).
General Reinsurance Business
The general reinsurers’ net premium income for Q3 2018 amounted to KES
10.91 billion which was a decline of 6.7% (Q3 2017: KES 11.69 billion). Claims
were KES 6.65 billion while underwriting operations resulted in a profit of KES
249.65 million as at end of September 2018 which more than doubled from KES
120.59 million recorded in September 2017.
The assets held by the general reinsurance business underwriters amounted to
KES 44.05 billion in September 2018. A large proportion (78.9%) of the total
assets was composed of investments that were mainly held in treasury bills and
bonds (47.0%) and real estate (26.0%).
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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 third quarter 2018 industry release which provides market
information and statistical overview of the insurance industry in Kenya for the
first nine months of 2018. This report includes data for all the insurers and
reinsurers regulated by the Authority.
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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 third quarter of 2018, the following activities were undertaken by
IRA in line with its mandate to regulate and promote the development of the
insurance sector in Kenya.
Industry Circulars
During the third quarter of 2018 the Authority issued circular IC & IA 09/2018
– Printing of Licenses by Insurance Agents. The circular was in relation to an
upgrade of the agent’s online registration system which enables tracking of
application and download of electronic certificates by agents upon approval.
Changes of Names of Regulated Entities
During the quarter, the following insurers changed their names;
1. Cannon Assurance Limited changed to Metropolitan Cannon General
Insurance Limited
2. Phoenix of East Africa Assurance Company Limited changed to MUA
Insurance(Kenya) Limited
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Executive Certificate of Proficiency in Insurance
During the quarter under review, Executive Certificate of Proficiency in
Insurance (ECOP) training was conducted in the following counties:
County No. of Participants Date
Turkana 100 13th – 25th August, 2018
Nyandarua 100 3rd – 15th September, 2018
Trainings and Stakeholders workshops
The following trainings, workshops and events for various stakeholders were
conducted during the third quarter of 2018:
County Training/Event Period
Kisumu ASK Show 24th – 28th July, 2018
Kwale Mobile Clinic & Roadshow 2nd - 3rd November 2018
Kwale Champions Training 31st October – 1st November, 2018
Turkana Champions Training 22nd – 23rd August, 2018
Turkana Mobile Clinic & Roadshow 24th - 25th August, 2018
Mombasa ASK Mombasa 29th August - 2nd September, 2018
Nyandarua Champions Training 12th – 13th September, 2018
Nyandarua Mobile Clinic & Roadshow 14th - 15th September, 2018
Bungoma Workshop for Existing Agents 19th September, 2018
Eldoret Agribusiness Trade Fair 20th – 22nd September, 2018
Nairobi Risk Based workshop for Insurance Companies26th September, 2018
Naivasha Brokers Retreat 28th September, 2018
Recently Developed/Repackaged Insurance Products
During the third quarter of 2018, three new/repackaged insurance products
were filed by various insurance companies and approved by the Authority:
New/Repackaged product Company Class of Business
Jawabu Single Premium Pioneer Assurance Life Assurance
ABC Hakika Education Plan Pioneer Assurance Unit Linked
GALIFEr GA Life Assurance Life Assurance
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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.
Source: KNBS
The overall year-on-year inflation rate stood at 5.7% in September 2018 which
was the highest during the year. The third quarter experienced mixed reactions
with a 0.3% fall in August 2018 and a 1.7% increase in September 2018.
According to the KNBS, the increase in inflation in September 2018 was due to
increase in Housing, Water, Electricity, Gas and Other Fuels’ Index and
transport index by 0.5% and 8.0% respectively compared to previous month.
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Exchange Rates:
Source: CBK
The Kenyan shilling generally appreciated against the Sterling Pound while it
depreciated marginally against the US Dollar and the Euro during the third
quarter of 2018. The shilling opened the quarter at KES 132.6 to the Sterling
Pound, KES 100.7 to the Dollar and KES 117.6 to the Euro and closed at KES
131.7, KES 100.8 and KES 117.7 to the Sterling Pound, Dollar and Euro
respectively.
Capital Markets:
The capital markets registered a decline in performance as at end of Q3 2018
with equity turnover declining by 32.6% to KES 31.8 Billion against KES 47.14
Billion recorded in the preceding quarter.
Market capitalisation also dropped by 14.2% as compared to Q3 2017 to KES 2.
21 Trillion, reflecting an overall decline in investor wealth by KES 364.9 Billion.
Bond turnover of KES 133.69 Billion was recorded in Q3 2018, compared to
KES 158.52 Billion traded in Q2 2018, indicating a decrease of 15.7%.
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Source: CMA
The NSE 20 and NASI indices both declined by 12.5% and 14.1% respectively to
close Q3 2018 at 2875.50 and 149.70 respectively compared to 3285.73 and
174.36 recorded as at end of Q2 2018.
Source: CMA
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Real Estate Market:
The KBA Housing Price Index report for the third quarter of 2018 highlighted
that house prices were generally stable although with signs of softening. House
prices increased by 1.4% in Q3 2018 which was a 0.4% decline from 1.7% rise
experienced during the second quarter of 2018. The drivers of house price
movements in the third quarter of 2018 remained unchanged mirroring those of
preceding quarters. This signaled the consistency of home owner’s preferences
which tilted towards bungalows (38.0%), apartments (35.0%) and maisonettes
(27.0%).
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 as follows:
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 164,273,264 160,200,126 144,762,912 2.5
Net Premium Income 131,294,005 126,340,228 116,873,955 3.9
Net Earned Premium Income (GB) 68,333,414 68,174,556 64,736,168 0.2
Claims Incurred (GB) 43,877,324 43,058,071 41,724,410 1.9
Benefit Payment (LT) 38,687,056 34,021,469 30,777,949 13.7
Commissions 9,270,544 8,784,149 9,394,054 5.5
Management Expenses 31,545,928 29,828,737 28,246,471 5.8
Underwriting Profits/Loss (GB) (2,803,728) (756,277) (1,653,859) -270.7
Profit Before Tax (PBT) 4,629,516 7,944,448 9,286,732 -41.7
Profit After Tax (PAT) 3,085,293 5,675,000 6,508,531 -45.6
Key Performance Indicators for Insurers
Indicator
2018 Q3 2017 Q3 2016 Q3Annual Change
(2018/2017)
Industry gross premiums written stood at KES 164.27 billion as at end of
September 2018 representing an increase of 2.5% from KES 160.20 billion in
Quarter 3 of 2017. The industry growth was largely spurred by the long term
segment that grew by 3.9% compared to a growth of 1.7% in the general
segment.
General insurance business underwriting results declined significantly in
September 2018 to record an underwriting loss of KES 2.80 billion.
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Figure 1 shows the composition of total industry premiums:
Figure 1: Total Industry Premiums composition
The general insurance segment contribution declined to 61.8% of the total
industry premiums as at end of September 2018 compared to 62.3%
contribution recorded in the same period of the previous year.
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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 13,671,113 14,298,437 12,576,846 -4.4
Net Premium Income 12,533,235 13,559,332 11,739,926 -7.6
Net Earned Premium Income (GB) 11,255,653 10,976,338 10,301,902 2.5
Claims Incurred (GB) 6,652,077 6,426,886 5,448,309 3.5
Benefit Payment (LT) 735,419 841,085 719,601 -12.6
Commissions 3,036,968 3,651,397 3,387,238 -16.8
Management Expenses 1,988,231 1,571,200 1,193,485 26.5
Underwriting Results (GB) 249,650 120,586 932,190 107.0
Profit Before Tax (EBT) 3,557,089 3,187,264 3,900,266 11.6
Profit After Tax (PAT) 2,690,954 2,230,212 2,800,383 20.7
Indicator
2018 Q3 2017 Q3 2016 Q3Annual Change
(2018/2017)
Key Performance Indicators for Reinsurers
The reinsurers’ business volume declined by 4.4% to 13.67 billion in Q3 2018
(2017 Q3: KES 14.30 billion). In the period under review, the general reinsurers
underwriting profit increased drastically by 107.0% to KES 249.65 million
compared to KES 120.59 million recorded as at end of September 2017.
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2.2 Industry Financial Position
The following is a summary of the industry financial position as at end of Q3 2018.
2.2.1 Key Industry Financial Position Indicators
Table 5 displays some key Industry financial position indicators as at end of
September 2018:
Table 5: Selected key industry financial position indicators
KES '000' KES '000' KES '000' (%)
Shareholders' Funds 148,947,022 145,672,632 134,604,994 2.2
Total Assets 624,877,210 574,706,930 509,365,097 8.7
Total Liabilities 475,930,194 429,034,290 374,760,101 10.9
Investments 510,435,171 463,864,960 406,878,267 10.0
Key Industry Performance Indicators
Indicator
2018 Q3 2017 Q3 2016 Q3Annual Change
(2018/2017)
2.2.2 Key Financial Position Ratios
Table 6 displays some key Industry financial position ratios as at end of
September 2018:
Table 6: Selected key industry financial position ratios
(%) (%) (%) (%)
Shareholders' funds to Total Assets 23.8 25.3 26.4 -1.5
Return on Assets (ROA) 1.4 2.1 2.8 -0.7
Return on Equity (ROE) 3.9 5.6 8.2 -1.7
Key Industry Performance Ratios
Indicator
2018 Q3 2017 Q3 2016 Q3Annual Change
(2018/2017)
The industry registered a decline on both return on assets and return on equity to close
at 1.4% and 3.9% respectively as at end of September 2018 attributed by decline in
profitability.
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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 September 2018.
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 24,198,069 21,833,876 19,187,370 10.8 38.5
Life Assurances 18,113,527 15,754,063 13,750,371 15.0 28.8
Group Life 6,377,636 6,164,320 7,102,554 3.5 10.2
Group Credit 5,876,213 5,487,882 4,430,729 7.1 9.4
Annuities 5,622,970 7,802,613 3,459,342 -27.9 9.0
Investments 2,622,003 3,404,285 3,760,560 -23.0 4.2
Industry 62,810,418 60,447,039 51,690,926 3.9 100.0
2018 Q3 2017 Q3 2016 Q3Annual change
(2018/2017)
Classwise Gross Premium Income
2018 Q3
DistributionClass of Business
The total GPI reported under long term insurance business in the third quarter
of 2018 amounted to KES 62.81 billion representing an annual growth of 3.9%
(Q3 2017: KES 60.45 billion). Pensions and life assurances were key
contributors to GPI accounting for 38.5% and 28.8% respectively.
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The contribution of long term gross premium by classes is as shown in figure 2.
Figure 2: Class-wise contribution of Long term gross insurance Premium
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Table 8 depicts an analysis of long term insurance business market share.
Table 8: Insurance Market share by gross premium income
2018 Q3 2017 Q3 2016 Q3
1 BRITAM LIFE ASSURANCE 24.6 22.2 23.2
2 JUBILEE INSURANCE COMPANY 14.8 15.8 15.0
3 ICEA LION LIFE ASSURANCE 13.6 17.3 13.7
4 CIC LIFE ASSURANCE COMPANY 7.7 6.4 5.7
5 KENINDIA ASSURANCE COMPANY 6.7 5.9 4.8
6 LIBERTY LIFE ASSURANCE COMPANY 5.4 6.0 6.3
7 SANLAM LIFE ASSURANCE 5.4 6.0 6.9
8 Others 21.7 20.5 24.4
Total 100.0 100.0 100.0
Long Term Insurers' Market Share by Gross Premium Income
Company Market Share
(%)Market Share (%)
Market Share
(%)
Only seven (7) out of twenty five insurers controlled over 5% of the total GPI
under long term insurance business segment in the third quarter of 2018. The
remaining eighteen companies controlled 21.7% of the market (for more details
see Appendix 3).
Among the market leaders, the biggest gainers were Britam Life Assurance
Company and CIC Life Assurance with both gaining market share of 2.4% and
1.3% respectively. The biggest loser was ICEA Lion Life Assurance which lost
market share of 3.6%.
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3.2 Net premium income and retention
Table 9 shows an analysis of net premium income (NPI) for long term insurers:
Table 9: Class-wise net premium income
KES'000' KES'000' KES'000' (%) (%)
Life Assurances 17,954,563 15,588,382 13,611,377 15.2 30.8
Annuities 5,622,970 7,802,613 3,459,342 -27.9 9.6
Group Life 3,232,687 3,193,886 4,400,015 1.2 5.5
Group Credit 4,731,455 4,313,837 3,654,900 9.7 8.1
Investments 2,622,003 3,404,285 3,760,560 -23.0 4.5
Pensions 24,198,069 21,833,876 19,187,370 10.8 41.5
Industry 58,361,747 56,136,879 48,073,564 4.0 100.0
Class of Business2018 Q3 2017 Q3 2016 Q3
Annual change
(2018/2017)
2018 Q3
Distribution
Classwise Net Premium Income
The net premium income reported as at end of September 2018 by the long term
insurers was KES 58.36 billion representing an increase of 4.0% from NPI
reported in the corresponding period of the previous year (KES 56.14 billion).
The overall retention during the period of analysis was 92.9%.
3.3 Investment income and underwriting expenses
Investment income amounted to KES 22.01 billion by the end of September
2018 which was a significant drop of 21.2% (Q3 2017: KES 27.95 billion). Net
commissions for the period were 3.94 billion which increased by 5.0% from KES
3.75 billion net payout over a similar period in 2017. Management spending
increased by 7.0% from KES 8.99 billion in Q3 2017 to KES 9.62 billion
registered in Q3 2018.
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3.4 Investments
Table 10 shows an analysis of the investments under long term insurance
business for the period to 30th September, 2018:
Table 10: Long term insurance business investments
KES'000' KES'000' KES'000' (%) (%)
Government Securities 221,882,110 176,846,213 142,591,613 25.5 64.6
Investment Property 42,547,801 37,034,930 34,150,543 14.9 12.4
Quoted Ordinary Shares 32,144,615 33,810,824 26,941,296 -4.9 9.4
Unquoted Ordinary shares 5,717,364 5,077,861 4,205,996 12.6 1.7
Loans & Mortgages 8,365,724 8,157,465 6,664,798 2.6 2.4
Term Deposits 17,486,036 15,583,935 18,905,513 12.2 5.1
Other Securities 9,494,139 22,031,929 17,625,011 -56.9 2.8
Investment in Subsidiaries 5,891,753 6,079,536 6,807,068 -3.1 1.7
Total 343,529,542 304,622,693 257,891,838 12.8 100.0
Investment Type2018 Q3 2017 Q3 2016 Q3
2018 Q3
Distribution
Annual change
(2018/2017)
Long Term Insurers' Business Investments
Total investments under long term insurance business as at the end of the third
quarter of 2018 amounted to KES 343.53 billion increasing by 12.8% from KES
304.62 billion recorded at the end of the same period in the previous year.
Kenya government securities (treasury bills and bonds) maintained their
attractiveness to long term insurers comprising 64.6% (KES 221.88 billion) of
the total long term insurers’ investments.
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Figure 3 shows the composition of investments under long term business as at
end of September 2018:
Figure 3: Long-term insurance investments portfolio
‘Others’ comprise of unquoted ordinary shares, investments in subsidiaries,
loans, mortgages, corporate securities 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 September 2018.
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 third quarters for the past three years.
Table 11: Class-wise gross premium income
KES'000' KES'000' KES'000' (%) (%)
Aviation 1,447,092 1,217,897 975,484 18.8 1.4
Engineering 3,099,225 3,608,739 3,138,997 -14.1 3.1
Fire Domestic 1,272,052 1,255,783 1,174,137 1.3 1.3
Fire Industrial 9,022,189 9,596,268 8,695,607 -6.0 8.9
Liability 2,332,189 2,370,313 2,255,304 -1.6 2.3
Marine & Transit 2,864,696 2,787,345 2,103,922 2.8 2.8
Motor Private 17,053,831 15,975,963 15,600,168 6.7 16.8
Motor Commercial 18,419,304 18,117,258 18,898,139 1.7 18.2
Personal Accident 2,634,756 2,907,964 3,018,690 -9.4 2.6
Theft 3,429,776 3,250,808 3,267,011 5.5 3.4
Workmen's Compensation 5,293,094 5,060,721 4,841,040 4.6 5.2
Medical 31,861,155 30,836,145 26,977,129 3.3 31.4
Miscellaneous 2,733,496 2,767,883 2,126,356 -1.2 2.7
Total 101,462,855 99,753,087 93,071,984 1.7 100.0
General Insurers' Classwise Gross Premium Income
Class of Business2018 Q3 2017 Q3 2016 Q3
Annual change
(2018/2017)
2018 Q3
Distribution
In Q3 2018, general insurance premium grew marginally by 1.7% to KES 101.46
billion compared to KES 99.75 billion recorded in Q3 2017. The increase was
mainly contributed by Motor Private and Medical insurance classes of insurance
business which increased by KES 1.08 billion and KES 1.03 million respectively.
Insurance Industry Release Report for Q3 2018
19
The compulsory motor classes and medical insurance class maintain a leading
position in terms of contribution to total general premiums. These accounted for
35.0% and 31.4% respectively during the period of analysis.
Table 12 shows the top seven insurers and others in terms of market share
under general insurance business.
Table 12: Market share by gross premium income
Company 2018 Q3 2017 Q3 2016 Q3
Annual
Change
(2018/2017)
Market Share(%) Market Share(%) Market Share(%) (%)
1 JUBILEE INSURANCE COMPANY 8.8 9.3 9.8 -5.8
2 CIC GENERAL INSURANCE COMPANY 8.3 8.1 6.4 1.9
3 APA INSURANCE COMPANY 7.7 6.7 6.9 14.6
4 UAP INSURANCE COMPANY 7.1 7.9 7.4 -10.0
5 BRITAM GENERAL INSURANCE 6.1 6.4 5.0 -3.7
6 OTHERS 62.0 61.6 64.5 0.7
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.
Five insurers had a market share of at least 5.0% of total general insurance
market. These insurers jointly controlled 38.0% of total gross premium income
under general insurance business.
Insurance Industry Release Report for Q3 2018
20
4.2 Claims and direct expenses
The insurers reported claims incurred amounting to KES 43.88 billion during
the period under review. This was an increase of 1.9% from KES 43.06 billion
reported in the previous year’s third quarter.
The claims incurred trend under general insurance business is as shown in
table 13.
Table 13: Class-wise incurred claims
KES'000' KES'000' KES'000' (%) (%)
Aviation 17,470 12,662 15,941 -38.0 0.0
Engineering 359,207 321,907 163,932 11.6 0.8
Fire Domestic 359,128 250,084 394,338 43.6 0.8
Fire Industrial 1,105,760 815,458 849,255 35.6 2.5
Liability 494,100 477,065 492,542 3.6 1.1
Marine & Transit 569,271 739,436 401,861 -23.0 1.3
Motor Private 11,145,778 11,137,822 11,478,246 0.1 25.4
Motor Commercial 10,424,312 9,662,754 10,554,104 7.9 23.8
Personal Accident 426,617 736,890 941,217 -42.1 1.0
Theft 920,170 761,302 890,333 20.9 2.1
Workmen's Compensation 1,857,108 2,346,402 2,029,867 -20.9 4.2
Medical 15,676,239 15,215,177 13,449,665 3.0 35.7
Miscellaneous 522,159 581,102 63,110 -10.1 1.2
Total 43,877,319 43,058,062 41,724,411 1.9 100.0
General Insurers' Classwise Claims Incurred
2018 Q3
DistributionClass of Business2018 Q3 2017 Q3 2016 Q3
Annual change
(2018/2017)
The high premium volume classes of general insurance business contributed the
largest proportions of incurred claims; medical (35.7%), motor private (25.4%)
and motor commercial (23.8%).
Insurance Industry Release Report for Q3 2018
21
Table 14 shows the incurred loss ratios under the various classes of general
insurance business.
Table 14: Class-wise incurred loss ratios
Aviation (95.1) 64.9 56.4
Engineering 50.1 37.8 25.1
Fire Domestic 43.7 28.3 46.4
Fire Industrial 56.8 44.0 45.4
Liability 45.2 44.8 40.9
Marine & Transit 32.7 55.1 35.0
Motor Private 71.1 76.5 76.5
Motor Commercial 62.6 56.0 62.2
Personal Accident 25.4 36.8 41.5
Theft 43.8 40.6 48.9
Workmen's Compensation 43.1 54.5 49.6
Medical 77.1 73.0 75.6
Miscellaneous 40.1 43.8 6.1
Industry average 64.2 63.2 64.5
2017 Q32018 Q3Class of Business 2016 Q3
General Insurers' Claims Incurred Loss Ratios (%)
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
63.9%.
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 21,219 8,783 15,941 -141.6 0.0
Engineering 310,113 312,391 163,932 -0.7 0.7
Fire Domestic 346,054 294,242 394,338 17.6 0.8
Fire Industrial 822,386 643,027 849,255 27.9 1.9
Liability 407,281 339,127 492,542 20.1 0.9
Marine & Transit 514,454 562,526 401,861 -8.5 1.2
Motor Private 10,549,168 9,764,853 11,478,246 8.0 24.0
Motor Commercial 9,731,294 9,032,062 10,554,104 7.7 22.2
Personal Accident 520,319 661,116 941,217 -21.3 1.2
Theft 806,222 766,937 890,333 5.1 1.8
Workmen's Compensation 1,922,706 1,680,963 2,029,867 14.4 4.4
Medical 15,962,654 14,396,036 13,449,665 10.9 36.4
Miscellaneous 574,599 203,682 63,110 182.1 1.3
Total 42,488,469 38,665,746 41,724,411 9.9 96.8
General Insurers' Classwise Paid Claims
Class of Business2018 Q3 2017 Q3 2016 Q3
Annual change
(2017/2018)Distribution
The claims paid increased by 9.9% to KES 42.49 billion as at end of Q3 2018 compared
to KES 38.67 billion paid during the same period in 2017. Medical, motor private and
Insurance Industry Release Report for Q3 2018
22
motor commercial had the highest amounts of paid claims at 36.4%, 24.0% and 22.2%
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 27.26 billion
and were composed of KES 21.92 billion (80.4%) in management expenses and
KES 5.33 billion (19.6%) 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.
Insurance Industry Release Report for Q3 2018
23
Table 16 shows the class-wise retention ratio, incurred claims ratio, management
expense ratio, commission ratio and combined ratio.
Table 16: Underwriting ratios
Retention Incurred Claims Net CommissionManagement
Expense
Combined
ratioCombined ratio
Aviation -0.1 -95.1 290.3 -909.6 -714.4 2563.0
Engineering 24.7 50.1 -23.6 63.2 89.8 71.2
Fire Domestic 71.2 43.7 14.1 39.1 96.9 95.7
Fire Industrial 23.9 56.8 -12.1 67.8 112.5 99.0
Liability 49.1 45.2 4.9 40.9 91.1 91.9
Marine & Transit 61.0 32.7 8.1 35.5 76.4 132.0
Motor Private 93.7 71.1 9.1 32.1 112.3 115.9
Motor Commercial 95.8 62.6 10.5 33.8 106.9 93.6
Personal Accident 69.2 25.4 14.2 44.9 84.4 93.0
Theft 71.4 43.8 8.7 37.3 89.8 87.9
Workmen's Compensation 93.3 43.1 20.0 27.8 90.9 96.6
Medical 70.0 77.1 6.1 23.0 106.2 98.5
Miscellaneous 39.3 40.1 -16.9 42.2 65.4 88.1
Overall 71.9 64.2 7.8 32.1 104.1 101.1
Class of Business
2018 Q3
General Insurers' Underwriting Ratios (%)
2017 Q3
The industry combined ratio was 104.1% in the third quarter of 2018 implying
an underwriting loss. Combined ratios higher than 100% were recorded in 4 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
KES'000' KES'000' KES'000' (%)
Aviation (149,629) (480,374) (93,732) 68.9
Engineering 73,252 244,551 77,461 -70.0
Fire Domestic 25,613 37,671 (76,964) -32.0
Fire Industrial (243,404) 19,418 (82,096) -1353.5
Liability 97,629 86,242 128,067 13.2
Marine & Transit 410,565 (429,314) 223,577 195.6
Motor Private (1,927,636) (2,320,533) (1,785,545) 16.9
Motor Commercial (1,153,556) 1,108,612 (537,014) -204.1
Personal Accident 261,606 139,364 197,248 87.7
Theft 213,556 226,638 94,314 -5.8
Workmen's Compensation 392,549 147,648 251,109 165.9
Medical (1,255,390) 306,294 (581,958) -509.9
Miscellaneous 451,116 157,496 531,669 186.4
Total (2,803,729) (756,277) (1,653,864) 270.7
Annual change
(2017/2018)
General Insurers' Classwise Underwriting Results
Class of Business2018 Q3 2017 Q3 2016 Q3
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24
The general insurance business underwriters made an underwriting loss of KES
2.80 billion at the end of Q3 2018 compared to an underwriting loss of KES
756.28 million recorded at the end of a similar period in 2017.
4.5 Investments
Table 18 shows an analysis of the investments under general insurance
business for the period to 30th September 2018:
Table 18: General insurance business investments
KES'000' KES'000' KES'000' (%) (%)
Investment Property 27,156,461 28,329,467 26,463,923 -4.1 22.1
Government Securities 53,740,927 50,919,995 41,593,321 5.5 43.7
Other Securities 3,633,859 3,866,385 4,555,357 -6.0 3.0
Investment in Subsidiary 5,775,167 4,826,232 5,023,693 19.7 4.7
Quoted Ordinary Shares 8,140,381 8,506,920 7,734,018 -4.3 6.6
Unquoted Ordinary shares 3,363,940 3,434,683 3,516,640 -2.1 2.7
Loans & Mortgages 3,998,062 3,088,086 3,156,881 29.5 3.3
Deposits 17,038,552 15,658,943 19,246,176 8.8 13.9
Total 122,847,349 118,630,710 111,290,009 3.6 100.0
General Insurance Business Investments
2018 Q3 2017 Q3 2016 Q32018 Q3
Distribution
Annual change
(2018/2017)Investment
Total investments under general insurance business as at the end of the third
quarter of 2018 amounted to KES 122.85 billion representing an increase of
3.6% from KES 118.63 billion recorded at the end of the same period in the
previous year.
Kenya government securities (treasury bills and bonds) and investment property
accounted for highest proportions of total general insurers’ investments at
43.7% and 22.1% respectively.
Figure 4 shows the composition of investments under general insurance
business:
Insurance Industry Release Report for Q3 2018
25
Figure 4: General insurance investments portfolio
‘Others’ comprise of unquoted ordinary shares, investments in subsidiaries,
loans, mortgages, corporate securities and other securities.
Insurance Industry Release Report for Q3 2018
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Chapter Five
5.0 Reinsurance business
Three regulated reinsurance companies submitted Q3 2018 returns. 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 Q3 2018:
Table 19: Key performance indicators
KES'000' KES'000' KES'000' KES'000'
Life Assurance 115,076 31,984 50,082 46,328
Group Life 1,509,274 320,720 685,337 624,945
Total 1,624,350 352,704 735,419 671,273
Life Assurance 138,993 17,895 42,270 54,364
Group Life 1,726,624 200,049 798,815 739,367
Total 1,865,617 217,944 841,085 793,731
Life Assurance 122,238 43,684 48,474 52,340
Group Life 1,309,046 427,794 671,127 606,981
Total 1,431,284 471,478 719,601 659,321
Long Term Reinsurers Business Key Indicators
Net premium
income
Investment
income Life benefits Direct Expenses
2018 Q3
2016 Q3
Class of business
2017 Q3
5.1.1 Net premium income
The total net premium income (NPI) reported by long term reinsurance
companies in the third quarter of 2018 was KES 1.62 million compared to KES
1.87 million reported in the third quarter of 2017 representing a decline of
12.9%. Group Life contributed 92.9% of the total NPI recorded in Q3 2018.
Insurance Industry Release Report for Q3 2018
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5.1.2 Investment income and direct expenses
Net investment income reported under long term reinsurance business by the
end of the third quarter of 2018 was KES 352.70 million, which was a growth of
61.8% (2017 Q3: KES 217.94 million).
The total direct expenses incurred by long term reinsurance companies during
the third quarter of 2018 amounted to KES 671.27 million. Life benefits paid
out by the long term reinsurers during the same time amounted to KES 735.42
million.
5.1.3 Investments
Table 20 shows an analysis of the investments under Long Term reinsurers
business for the period to 30th September 2018:
Table 20: Long Term Reinsurance business investment channels
KES'000' KES'000' KES'000' (%) (%)
Investment Property 1,606,555 1,468,661 1,303,200 9.4 17.3
Government Securities 3,966,935 3,656,453 3,344,686 8.5 42.6
Quoted Ordinary Shares 238,456 365,289 47,677 -34.7 2.6
Term Deposits 3,396,973 3,463,869 3,718,614 -1.9 36.5
Other Investments 98,981 117,185 80,075 -15.5 1.1
Total 9,307,900 9,071,457 8,494,252 2.6 100.0
2018 Q3
Distribution
Long Term Reinsurers Investments
2018 Q3 2017 Q3 2016 Q3Annual change
(2017/2018)Investment
Insurance Industry Release Report for Q3 2018
28
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 quarter three 2018:
Table 21: Class-wise performance indicators under general reinsurance
KES'000' KES'000' KES'000' (%)
Net Premium Income 10,908,885 11,693,715 10,308,642 -6.7
Incurred Claims 6,652,077 6,426,886 5,448,309 3.5
Direct Expenses 4,353,926 4,428,866 3,921,402 -1.7
Underwriting Results 249,650 120,586 932,190 107.0
Annual change
(2017/2018)Indicator
Performance Indicators
2018 Q3 2017 Q3 2016 Q3
General Reinsurance Business Indicators
In the third quarter of 2018, the general reinsurers reported an annual decline
in net premium income of 6.7% from KES 11.69 billion reported by the end of
September 2017 to KES 10.91 billion.
The reinsurers incurred KES 6.65 billion in claims and KES 4.35 billion in
direct expenses (commissions and management expenses). The resultant was an
underwriting profit of KES 249.65 million. In the third quarter of 2017, the
general reinsurance business underwriters had reported an underwriting profit
of KES 120.59 million.
Insurance Industry Release Report for Q3 2018
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5.2.2 Investments
Table 22 shows an analysis of the investments under General reinsurers
business for the nine months period to 30th September 2018:
Table 22: General reinsurance business investment channels
KES'000' KES'000' KES'000' (%) (%)
Investment Property 8,871,111 8,248,386 7,539,316 7.5 25.5
Government Securities 16,404,322 13,955,374 10,531,701 17.5 47.2
Other Securities 1,022,396 1,058,841 913,537 (3.4) 2.9
Investment in Subsidiary 4,653,875 4,186,067 3,697,648 11.2 13.4
Quoted Ordinary Shares 1,297,214 1,973,168 2,394,133 (34.3) 3.7
Unquoted Ordinary shares 202,231 202,231 202,231 - 0.6
Loans & Mortgages 779,402 723,225 752,286 7.8 2.2
Deposits 1,519,829 1,192,808 2,918,045 27.4 4.4
Total 34,750,380 31,540,100 28,948,897 10.2 100.0
DistributionInvestment2018 Q3 2017 Q3 2016 Q3
Annual change
(2017/2018)
General Reinsurance Business Investments
Insurance Industry Release Report for Q3 2018
30
Chapter Six
6.0 Industry Financial Position
The following is a summary of financial position of the insurance industry
business in Kenya as at 30th September 2018.
6.1 Summary of Industry Balance Sheet
Table 23 displays balance sheet summary of the industry as at end of Q3 2018:
Table 23: Summary of Industry balance sheet
KES'000' KES'000' KES'000' (%)
Share Capital 44,578,721 43,359,385 42,284,110 2.8
Share Premium 7,879,181 6,210,651 4,338,317 26.9
Revaluation Reserves 5,393,042 4,635,705 10,430,974 16.3
Statutory Reserves 19,646,406 23,520,087 18,550,070 -16.5
Retained Earnings 57,725,622 53,195,835 52,639,279 8.5
Other Reserves 13,724,050 14,750,969 6,362,244 -7.0Total Equity 148,947,022 145,672,632 134,604,994 2.2
Underwriting Provisions 113,883,558 111,410,354 105,382,285 2.2
Actuarial Contract Liabilities 315,276,278 272,229,291 234,000,594 15.8
LongTerm Liabilities 9,967,881 11,333,262 9,283,159 -12.0
Current Liabilities 36,802,477 34,061,383 26,094,063 8.0
Total Liabilities 475,930,194 429,034,290 374,760,101 10.9
Total Equity and Liabilities 624,877,216 574,706,921 509,365,095 8.7
Land And Buildings 9,102,327 8,598,144 8,529,532 5.9
Investments 510,435,171 463,864,960 406,878,267 10.0
Other Fixed Assets 3,537,976 3,715,816 4,143,454 -4.8
Cash and Cash Balances 9,860,829 9,626,367 7,338,261 2.4
Outstanding Premiums 43,240,658 42,733,032 40,700,208 1.2
Other Receivables 10,927,984 10,543,147 11,312,965 3.7
Other Assets 27,706,430 26,661,242 22,327,005 3.9
Intangible Assets 10,065,835 8,964,223 8,135,405 12.3
Total Assets 624,877,210 574,706,930 509,365,097 8.7
Summary of Industry Balance Sheet
2017 Q3 2016 Q3Annual change
(2017/2018)Balance Sheet Items2018 Q3
Insurance Industry Release Report for Q3 2018
31
6.2 Shareholder’s Funds
Investors’ funds grew by 2.2% to stand at KES 148.95 billion as at the end of
September 2018 from KES 145.67 billion reported in the same period of 2017.
Some of the key components of shareholders’ funds were retained earnings at
38.8%, paid up capital at 29.9% and statutory reserves at 13.2%.
The distribution of industry investor’s equity in Q3 2018 is shown in figure 5:
Figure 5: Distribution of industry investors’ equity
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32
6.3 Assets and Liabilities
The insurance industry asset base grew significantly by 8.7% to KES 624.87
billion as at the end of September 2018 from the KES 574.71 billion held as at
the end of September 2017. 81.7% (KES 510.44 billion) of these assets were
held in income generating investments.
The total insurance industry’s liabilities grew by 10.9% to KES 475.93 billion
from KES 429.03 billion registered in the corresponding period of 2017.
6.4 Investments
Investments by the industry insurers and reinsurers grew by 10.0% from KES
463.86 billion reported in Q3 2017 to KES 510.43 billion in Q3 2018.
Investment classes with the highest proportions were; government securities
(57.3%), investment property (15.9%), equities (9.4%) and term deposits (7.2%)
The investment portfolio for the industry is shown in figure 6:
Figure 6: Distribution of industry investment portfolio
Others’ comprise of unquoted ordinary shares, quoted and unquoted preference
shares, corporate bonds, commercial papers and other securities.
Insurance Industry Release Report for Q3 2018
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Statistical Appendices
Appendix 1: Summary of General Insurance Business Profit & Loss Accounts for
the Period Ended 30.09.2018
Appendix 2: Summary of Long Term Insurance Business Profit & Loss Accounts
For the Period Ended 30.09.2018
Appendix 3: Summary of Long Term Insurance Business Gross Premium Income
for the Period Ended 30.09.2018
Appendix 4: Summary of Long Term Insurance Business Market Share per
Class for the Period Ended 30.09.2018
Appendix 5: Summary of Life Assurance Business Revenue Accounts for the
Period Ended 30.09.2018
Appendix 6: Summary of Annuities Business Revenue Accounts for the Period
Ended 30.09.2018
Appendix 7: Summary of Group Life Business Revenue Accounts for the Period
Ended 30.09.2018
Appendix 8: Summary of Group Credit Business Revenue Accounts for the
Period Ended 30.09.2018
Appendix 9: Summary of Investments Business Revenue Accounts for the Period
Ended 30.09.2018
Appendix 10: Summary of Permanent Health Business Revenue Accounts for
the Period Ended 30.09.2018
Appendix 11: Summary of Pensions Business Revenue Accounts for the Period
Ended 30.09.2018
Appendix 12: Summary of Combined Long Term Business Revenue Accounts for
the Period Ended 30.09.2018
Appendix 13: Summary of Gross Premium Income under General Insurance
Business for the Period Ended 30.09.2018
Appendix 14: Summary of General Insurance Business Market Share per Class
for the Period Ended 30.09.2018
Appendix 15: Summary of Claims Paid Under General Insurance Business for
the Period Ended 30.09.2018
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34
Appendix 16: Summary of Claims Incurred Under General Insurance Business
for the Period Ended 30.09.2018
Appendix 17: Summary of Incurred Claims Ratios under General Insurance
Business for the Period Ended 30.09.2018
Appendix 18: Summary of Underwriting Profits under General Insurance
Business for the Period Ended 30.09.2018
Appendix 19: Summary of General Insurance Business Revenue Accounts for
the Period Ended 30.09.2018
Appendix 20: Summary of Long Term Insurance Business Balance Sheets as at
30.09.2018
Appendix 21: Summary of General Insurance Business Balance Sheets as at
30.09.2018
Insurance Industry Release Report for Q3 2018
35
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 - - - - 299,824 - 299,824 ( 299,824 ) - ( 299,824 ) ( 344,837 ) - - - ( 644,662 )
AFRICAN MERCHANT ASSURANCE 39,451 - - 39,451 - - - 39,451 - 39,451 506,236 - - - 545,687
AIG INSURANCE COMPANY 177,352 184,465 ( 31,549 ) 330,269 - - - 330,269 99,080 231,189 1,332,637 - - - 1,563,826
ALLIANZ INSURANCE COMPANY - 13,497 - 13,497 217,677 - 217,677 ( 204,180 ) ( 61,254 ) ( 142,926 ) ( 154,663 ) - - - ( 297,589 )
APA INSURANCE COMPANY 5,185 765,840 - 771,025 - - 143,000 628,025 153,397 474,629 4,277,802 - - 1,500,000 3,252,430
BRITAM GENERAL INSURANCE - - - - 52,633 - 52,633 ( 52,633 ) ( 11,952 ) ( 40,681 ) 716,566 509,891 - - 165,994
CIC GENERAL INSURANCE COMPANY 272,253 - - 272,253 - - - 272,253 - 272,253 2,469,456 - 333,301 204,000 2,204,408
CORPORATE INSURANCE COMPANY ( 8,329 ) - - ( 8,329 ) - - - ( 8,329 ) 26,190 ( 34,519 ) 547,938 - - - 513,419
DIRECTLINE ASSURANCE COMPANY - 115,938 33,876 149,814 121,707 73,661 199,031 ( 49,217 ) ( 16,296 ) ( 32,921 ) 851,153 - - - 818,232
FIDELITY SHIELD INSURANCE 5,818 76,893 - 82,711 - 19,124 74,612 8,099 - 8,099 478,844 - - - 486,943
FIRST ASSURANCE COMPANY - 136,031 - 136,031 392,411 - 392,411 ( 256,379 ) ( 76,914 ) ( 179,466 ) 462,393 - - - 282,928
GA INSURANCE COMPANY 872,374 - - 872,374 - - - 872,374 287,883 584,490 1,846,564 45,469 - 300,000 2,085,586
GEMINIA INSURANCE COMPANY 344,722 - - 344,722 - - - 344,722 103,417 241,305 643,461 - - - 884,766
HERITAGE INSURANCE COMPANY 393,594 - - 393,594 - 11,581 11,581 382,013 102,910 279,103 2,601,771 - 68,653 328,000 2,484,221
ICEA LION GENERAL INSURANCE - 518,926 - 518,926 142,035 63,810 243,344 275,582 88,186 187,395 2,748,505 - - - 2,935,901
INTRA-AFRICA ASSURANCE 35,620 17,988 10,719 64,327 - 8,941 10,167 54,160 16,248 37,912 10,617 - - - 48,530
INVESCO ASSURANCE COMPANY - 17,678 1,130 18,808 107,334 - 107,334 ( 88,526 ) ( 26,558 ) ( 61,968 ) ( 1,510,511 ) - - - ( 1,572,480 )
JUBILEE INSURANCE COMPANY 1,051,158 - - 1,051,158 - - - 1,051,158 315,347 735,811 4,116,230 - - - 4,852,041
KENINDIA ASSURANCE COMPANY 156,043 - 2,040 158,083 - 7,708 50,822 107,261 32,178 75,082 2,045,252 - - - 2,120,334
KENYA ORIENT INSURANCE 99,781 20,082 665 120,529 - 80,693 80,693 39,836 11,951 27,885 ( 144,987 ) - - - ( 117,102 )
MADISON INSURANCE COMPANY - - - - 173,531 - 173,531 ( 173,531 ) - ( 173,531 ) 841,027 - - - 667,496
MAYFAIR INSURANCE COMPANY 253,912 180,153 1,710 435,775 - 10,752 35,237 400,539 120,162 280,377 1,055,428 - - 150,000 1,185,805
METROPOLITAN CANNON GENERAL - 140,094 - 140,094 111,702 - 111,702 28,391 - 28,391 ( 265,937 ) - - - ( 237,545 )
MUA INSURANCE COMPANY - - - - 69,999 - 69,999 ( 69,999 ) - ( 69,999 ) 695,447 - - - 625,448
OCCIDENTAL INSURANCE COMPANY 147,593 - 5,198 152,791 - 67,791 70,344 82,446 24,734 57,712 401,758 - - - 459,471
PACIS INSURANCE COMPANY - - - - 6,259 - 6,259 ( 6,259 ) - ( 6,259 ) 408,138 - - 14,510 387,369
PIONEER INSURANCE COMPANY - 22,318 - 22,318 32,560 - 32,560 ( 10,242 ) - ( 10,242 ) 3,143 - - - ( 7,098 )
RESOLUTION INSURANCE COMPANY - - - - 437,419 - 437,419 ( 437,419 ) ( 131,226 ) ( 306,193 ) ( 1,712,351 ) - - - ( 2,018,544 )
SAHAM INSURANCE COMPANY 31,345 - - 31,345 - - - 31,345 9,404 21,942 228,268 - - - 250,210
SANLAM INSURANE COMPANY 50,783 - - 50,783 - - - 50,783 17,475 33,308 ( 205,454 ) - - - ( 172,146 )
TAKAFUL INSURANCE OF AFRICA - - 28,007 28,007 74,214 29,225 103,439 ( 75,431 ) - ( 75,431 ) ( 136,224 ) - - - ( 211,655 )
TAUSI ASSURANCE COMPANY 56,256 143,550 ( 18,373 ) 181,432 - 3,469 11,966 169,466 38,499 130,967 552,348 - - 72,000 611,316
THE KENYAN ALLIANCE INSURANCE ( 67,274 ) - - ( 67,274 ) - - - ( 67,274 ) ( 20,182 ) ( 47,092 ) 1,092,028 - - - 1,044,937
THE MONARCH INSURANCE - 96,246 - 96,246 56,054 5,360 69,737 26,510 13,087 13,423 111,277 - - - 124,700
TRIDENT INSURANCE COMPANY - 6,674 2,374 9,048 511 21,729 82,617 ( 73,569 ) - ( 73,569 ) 1,295,716 - - - 1,222,147
UAP INSURANCE COMPANY - 537,307 11,589 548,896 192,916 - 192,916 355,979 106,794 249,186 4,685,317 ( 1,604,043 ) - - 6,538,546
XPLICO INSURANCE COMPANY - 7,811 - 7,811 84,857 - 84,857 ( 77,045 ) - ( 77,045 ) 223,121 - - - 146,076
TOTAL 3,917,637 3,001,491 47,386 6,966,515 2,573,643 403,844 3,365,712 3,600,805 1,222,560 2,378,244 32,773,477 ( 1,048,683 ) 401,954 2,568,510 33,229,946
CONTINENTAL REINSURANCE 64,753 - - 64,753 - - - 64,753 30,912 33,841 256,273 - ( 38,288 ) - 328,401
EAST AFRICA REINSURANCE 61,871 364,018 6,825 432,715 - - 59,378 373,337 112,001 261,336 1,650,744 ( 50,792 ) ( 1,345 ) - 1,964,217
KENYA REINSURANCE CORPORATION 2,581,517 - 46,018 2,627,535 - - - 2,627,535 594,497 2,033,038 21,008,791 - - 594,957 22,446,872
TOTAL 2,708,141 364,018 52,843 3,125,003 - - 59,378 3,065,625 737,410 2,328,215 22,915,808 ( 50,792 ) ( 39,633 ) 594,957 24,739,490
GRAND TOTAL 6,625,778 3,365,509 100,229 10,091,518 2,573,643 403,844 3,425,090 6,666,430 1,959,970 4,706,459 55,689,285 ( 1,099,475 ) 362,321 3,163,467 57,969,436
APPENDIX 1: SUMMARY OF GENERAL INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
REINSURERS
INSURERS
Insurance Industry Release Report for Q3 2018
36
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 31,093 38,526 - 69,619 - - 7,411 62,208 - 62,208 ( 134,467 ) - - - ( 72,259 )
BARCLAYS LIFE - 91,460 - 91,460 - - - 91,460 - 91,460 - - - - 91,460
BRITAM LIFE ASSURANCE - ( 24,681 ) - ( 24,681 ) - - - ( 24,681 ) - ( 24,681 ) - - - - ( 24,681 )
CAPEX LIFE ASSURANCE COMPANY - - ( 4,466 ) ( 4,466 ) - - - ( 4,466 ) - ( 4,466 ) 32,225 - - - 27,759
CIC LIFE ASSURANCE COMPANY 86,250 - - 86,250 - - - 86,250 26,250 60,000 - - - - 60,000
CORPORATE INSURANCE COMPANY - - ( 44,609 ) ( 44,609 ) - - - ( 44,609 ) - ( 44,609 ) 152,203 - - - 107,594
FIRST ASSURANCE COMPANY - - - - - - - - 6,964 ( 6,964 ) - ( 6,964 ) - - -
GA LIFE ASSURANCE COMPANY - - 9,911 9,911 - - - 9,911 2,973 6,938 - - - - 6,938
GEMINIA INSURANCE COMPANY 30,725 - - 30,725 - - - 30,725 - 30,725 - - - - 30,725
ICEA LION LIFE ASSURANCE 375,000 89,575 - 464,575 - 55 55 464,520 131,856 332,664 2,126,552 - - - 2,459,216
JUBILEE INSURANCE COMPANY 227,394 386,510 - 613,904 - - - 613,904 68,218 545,685 - - - - 545,685
KENINDIA ASSURANCE COMPANY 45,000 - - 45,000 - - - 45,000 - 45,000 22,379 - - 55,737 11,642
KENYA ORIENT LIFE ASSURANCE - ( 7,734 ) - ( 7,734 ) - 3,945 6,798 ( 14,532 ) 4,937 ( 19,469 ) 5,625 - - - ( 13,844 )
LIBERTY LIFE ASSURANCE COMPANY - - 390,303 390,303 - - - 390,303 27,935 362,368 ( 315,463 ) 391,613 - - ( 344,708 )
MADISON INSURANCE COMPANY - - - - 215,209 - 215,209 ( 215,209 ) ( 64,563 ) ( 150,646 ) 62,000 ( 150,646 ) - - 62,000
METROPOLITAN CANNON INSURANCE - - - - 212,376 - 212,376 ( 212,376 ) 9,599 ( 221,975 ) ( 1,104,935 ) - - - ( 1,326,911 )
OLD MUTUAL LIFE ASSURANCE - 182,233 - 182,233 238,544 6,057 244,601 ( 62,368 ) - ( 62,368 ) ( 2,412,947 ) - - - ( 2,475,316 )
PIONEER ASSURANCE COMPANY - - - - 246,082 - 246,082 ( 246,082 ) - ( 246,082 ) 259,255 - - - 13,173
PRUDENTIAL LIFE ASSURANCE - 50,802 - 50,802 - 237,079 251,705 ( 200,904 ) 27,042 ( 227,946 ) ( 1,525,056 ) - - - ( 1,753,002 )
SAHAM ASSURANCE - - - - - - - - - - - - ( 14,360 ) - 14,360
SANLAM LIFE ASSURANCE - - - - - - - - - - 560,253 - - - 560,253
TAKAFUL INSURANCE OF AFRICA 17,830 - - 17,830 - - - 17,830 - 17,830 41,155 - - - 58,985
THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - 40,029 - - - 40,029
THE MONARCH INSURANCE - - - - - - - - - - 151,510 - - - 151,510
UAP LIFE ASSURANCE COMPANY - - 241,827 241,827 - - - 241,827 80,450 161,377 129,744 - - - 291,121
TOTAL 813,292 806,691 592,966 2,212,949 912,211 247,136 1,184,237 1,028,711 321,661 707,049 ( 1,909,938 ) 234,003 ( 14,360 ) 55,737 ( 1,478,271 )
CONTINENTAL REINSURANCE 47,738 - - 47,738 - - - 47,738 2,835 44,903 131,273 - 38,288 - 137,887
EAST AFRICAN REINSURANCE 38,759 129,643 - 168,402 - 1,091 1,822 166,580 54,715 111,864 515,349 50,792 - - 576,421
KENYA REINSURANCE CORPORATION 277,146 - - 277,146 - - - 277,146 71,174 205,972 3,885,371 - - - 4,091,343
TOTAL 363,643 129,643 - 493,286 - 1,091 1,822 491,464 128,724 362,739 4,531,993 50,792 38,288 - 4,805,651
GRAND TOTAL 1,176,935 936,334 592,966 2,706,235 912,211 248,227 1,186,059 1,520,175 450,385 1,069,788 2,622,055 284,795 23,928 55,737 3,327,380
INSURERS
APPENDIX 2: SUMMARY OF LONG TERM INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
REINSURERS
Insurance Industry Release Report for Q3 2018
37
Company Life Assurances Annuities Pensions Group Life Group Credit Permanent Health Investments Total Market Share (%)
APA LIFE ASSURANCE COMPANY 92,199 7,516 390,163 504,154 178,987 - 161 1,173,180 1.87
BARCLAYS LIFE 282,078 - - 531,264 568,030 - - 1,381,372 2.20
BRITAM LIFE ASSURANCE 5,985,958 1,208,698 6,011,791 918,503 898,258 - 430,991 15,454,199 24.60
CAPEX LIFE ASSURANCE COMPANY 169,838 - - 68,388 - - - 238,226 0.38
CIC LIFE ASSURANCE COMPANY 759,151 791,352 708,594 634,174 1,971,147 - - 4,864,418 7.74
CORPORATE INSURANCE COMPANY 223,200 - - 1,224 - - - 224,424 0.36
FIRST ASSURANCE COMPANY - - - 96,306 8,622 - - 104,928 0.17
GA LIFE ASSURANCE COMPANY - - 1,147,645 30,508 4,976 - - 1,183,129 1.88
GEMINIA INSURANCE COMPANY 40,128 - 9,450 65,417 - - - 114,995 0.18
ICEA LION LIFE ASSURANCE 1,839,732 663,589 5,594,338 263,293 180,012 - 29,241 8,570,205 13.64
JUBILEE INSURANCE COMPANY 2,541,096 577,948 5,384,383 691,412 90,218 - - 9,285,057 14.78
KENINDIA ASSURANCE COMPANY 1,068,590 428,115 2,679,915 42,664 - - - 4,219,284 6.72
KENYA ORIENT LIFE ASSURANCE 31,438 160,052 56,803 20,532 148,926 - - 417,751 0.67
LIBERTY LIFE ASSURANCE COMPANY 927,996 93,889 889,359 317,208 388,946 - 784,292 3,401,690 5.42
MADISON INSURANCE COMPANY 909,895 1,150,710 256,352 78,130 125,265 - 9,925 2,530,277 4.03
METROPOLITAN CANNON INSURANCE 69,772 - - 93,193 25,622 - 8,126 196,713 0.31
OLD MUTUAL LIFE ASSURANCE 654,088 - - 217,266 - - 636,635 1,507,989 2.40
PIONEER ASSURANCE COMPANY 549,193 42,516 127,446 824,168 505,062 - 45,118 2,093,503 3.33
PRUDENTIAL LIFE ASSURANCE 123,912 - - 43,459 135,204 - - 302,575 0.48
SAHAM ASSURANCE 28,601 - 13,631 2,893 343 - - 45,468 0.07
SANLAM LIFE ASSURANCE 1,297,768 498,585 170,054 479,585 361,146 - 601,908 3,409,046 5.43
TAKAFUL INSURANCE OF AFRICA - - - 15,339 25,003 - - 40,342 0.06
THE KENYAN ALLIANCE INSURANCE 19,863 - 176,907 121,897 4,519 - 1,727 324,913 0.52
THE MONARCH INSURANCE 17,310 - - 12,625 - - - 29,935 0.05
UAP LIFE ASSURANCE COMPANY 481,721 - 581,238 304,034 255,927 - 73,879 1,696,799 2.70
TOTAL 18,113,527 5,622,970 24,198,069 6,377,636 5,876,213 - 2,622,003 62,810,418 100
CONTINENTAL REINSURANCE 1,244 - - 142,618 - - - 143,862 7.88
EAST AFRICAN REINSURANCE 33,695 - - 791,872 - - - 825,567 45.21
KENYA REINSURANCE CORPORATION 85,682 - - 771,138 - - - 856,820 46.92
TOTAL 120,621 - - 1,705,628 - - - 1,826,249 100.00
APPENDIX 3: SUMMARY OF LONG TERM INSURANCE BUSINESS GROSS PREMIUM INCOME FOR THE PERIOD ENDED 30.09.2018
REINSURERS
INSURERS
Insurance Industry Release Report for Q3 2018
38
Company Life Assurances Annuities Pensions Group Life Group Credit Permanent Health Investments Total
BRITAM LIFE ASSURANCE 33.05 21.50 24.84 - 15.29 - 16.44 25.76
JUBILEE INSURANCE COMPANY 14.03 10.28 22.25 - 1.54 - - 15.23
ICEA LION LIFE ASSURANCE 10.16 11.80 23.12 - 3.06 - 1.12 14.72
CIC LIFE ASSURANCE COMPANY 4.19 14.07 2.93 - 33.54 - - 7.50
KENINDIA ASSURANCE COMPANY 5.90 7.61 11.07 - - - - 7.40
LIBERTY LIFE ASSURANCE COMPANY 5.12 1.67 3.68 - 6.62 - 29.91 5.47
SANLAM LIFE ASSURANCE 7.16 8.87 0.70 - 6.15 - 22.96 5.19
MADISON INSURANCE COMPANY 5.02 20.46 1.06 - 2.13 - 0.38 4.35
PIONEER ASSURANCE COMPANY 3.03 0.76 0.53 - 8.60 - 1.72 2.25
UAP LIFE ASSURANCE COMPANY 2.66 - 2.40 - 4.36 - 2.82 2.47
OLD MUTUAL LIFE ASSURANCE 3.61 - - - - - 24.28 2.29
BARCLAYS LIFE 1.56 - - - 9.67 - - 1.51
APA LIFE ASSURANCE COMPANY 0.51 0.13 1.61 - 3.05 - 0.01 1.19
GA LIFE ASSURANCE COMPANY - - 4.74 - 0.08 - - 2.04
KENYA ORIENT LIFE ASSURANCE 0.17 2.85 0.23 - 2.53 - - 0.70
CAPEX LIFE ASSURANCE COMPANY 0.94 - - - - - - 0.30
PRUDENTIAL LIFE ASSURANCE 0.68 - - - 2.30 - - 0.46
CORPORATE INSURANCE COMPANY 1.23 - - - - - - 0.40
METROPOLITAN CANNON INSURANCE 0.39 - - - 0.44 - 0.31 0.18
FIRST ASSURANCE COMPANY - - - - 0.15 - - 0.02
GEMINIA INSURANCE COMPANY 0.22 - 0.04 - - - - 0.09
SAHAM ASSURANCE 0.16 - 0.06 - 0.01 - - 0.08
THE MONARCH INSURANCE 0.10 - - - - - - 0.03
THE KENYAN ALLIANCE INSURANCE 0.11 - 0.73 - 0.08 - 0.07 0.36
TAKAFUL INSURANCE OF AFRICA - - - - 0.43 - - 0.04
TOTAL 100.00 100.00 100.00 - 100.00 0.00 100.00 100.00
EAST AFRICAN REINSURANCE 78.05 - - 86.97 - - - 86.66
KENYA REINSURANCE CORPORATION 20.56 - - 6.61 - - - 7.09
CONTINENTAL REINSURANCE 1.40 - - 6.42 - - - 6.25
TOTAL 100.00 - - 100.00 - - - 100.00
APPENDIX 4: SUMMARY OF LONG TERM INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.09.2018
REINSURERS
INSURERS
Figures in %
Insurance Industry Release Report for Q3 2018
39
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 170,057 92,199 90,321 - 13,376 10,535 - - - 31,936 71,739 6,602 2,032 - 150,737
BARCLAYS LIFE (602,618) 282,078 282,078 - 7,583 198,408 - - - 24,971 164,937 43,344 - - (665,513)
BRITAM LIFE ASSURANCE 21,044,731 5,985,958 5,961,468 - 2,067,916 2,046,494 - - - 985,309 1,275,953 1,188,682 85,950 - 23,801,175
CAPEX LIFE ASSURANCE COMPANY 314,875 169,838 169,838 - 85,919 86,659 - - - - 73,485 70,674 - - 395,243
CIC LIFE ASSURANCE COMPANY 648,992 759,151 750,120 - 282,872 458,773 - - - 104,980 130,776 24,794 - - 729,377
CORPORATE INSURANCE COMPANY 528,220 223,200 221,812 - 195,729 195,729 - - - 50,036 36,526 46,885 - - 514,626
FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -
GA LIFE ASSURANCE COMPANY - - - - - - - - - - 2 - - - (2)
GEMINIA INSURANCE COMPANY 608,820 40,128 39,071 - 6,705 5,100 1,465 140 - 5,309 12,829 23,724 - - 646,771
ICEA LION LIFE ASSURANCE 8,254,420 1,839,732 1,810,062 - 566,632 574,380 - - - 345,683 433,621 623,522 - 67,817 9,266,504
JUBILEE INSURANCE COMPANY 7,169,377 2,541,096 2,531,554 - 1,003,911 770,721 259,958 - - 514,038 375,867 668,615 2,409 (36,065) 8,482,618
KENINDIA ASSURANCE COMPANY 6,884,358 1,068,590 1,068,240 - 384,159 384,159 - - - 71,898 136,068 710,320 - 22,500 8,048,293
KENYA ORIENT LIFE ASSURANCE 18,522 31,438 31,333 - 906 - 906 - - 6,289 32,390 3,476 - - 13,746
LIBERTY LIFE ASSURANCE COMPANY 6,633,783 927,996 924,807 - 286,302 269,483 - - - 24,005 132,650 307,910 - - 7,440,362
MADISON INSURANCE COMPANY 3,114,541 909,895 909,895 - 278,632 278,632 - - - 127,799 369,557 86,752 - - 3,335,199
METROPOLITAN CANNON INSURANCE 741,386 69,772 69,785 - 31,779 31,779 57,271 - - (1,072) 2,396 2,184 - (67,960) 790,941
OLD MUTUAL LIFE ASSURANCE 5,626,612 654,088 604,288 289,555 561,974 498,300 65,469 - - 140,730 613,665 169,598 16,106 (211,143) 5,566,925
PIONEER ASSURANCE COMPANY 322,400 549,193 547,468 - 311,434 285,253 - - - 146,028 254,674 42,236 - - 226,148
PRUDENTIAL LIFE ASSURANCE 452,375 123,912 123,832 5,828 117,959 95,790 2,517 10 - 29,298 77,448 22,836 885 - 398,923
SAHAM ASSURANCE 212,049 28,601 22,879 - 29,329 29,329 - - - 3,027 15,277 38,352 - - 225,646
SANLAM LIFE ASSURANCE 5,760,824 1,297,768 1,276,904 - 312,893 238,575 - - - 159,539 351,244 239,523 - - 6,527,893
TAKAFUL INSURANCE OF AFRICA 41,155 - - - - - - - - - - - - - 41,155
THE KENYAN ALLIANCE INSURANCE 46,019 19,863 19,863 - 4,789 5,077 - - - 2,437 3,653 4,740 - - 59,454
THE MONARCH INSURANCE 18,959 17,310 17,224 - - - - - - 1,625 10,758 10,587 - - 34,387
UAP LIFE ASSURANCE COMPANY 761,040 481,721 481,721 - 78,101 17,461 61,657 8 - 12,632 236,206 - - - 914,797
TOTAL 68,770,897 18,113,527 17,954,563 295,383 6,628,900 6,480,637 449,243 158 - 2,786,497 4,811,721 4,335,356 107,382 (224,851) 76,945,405
CONTINENTAL REINSURANCE - 1,244 1,057 - 627 - - - - 355 105 232 10 - 819
EAST AFRICAN REINSURANCE - 33,695 33,695 (13,326) 5,627 - - - - 7,552 2,421 - - - 10,397
KENYA REINSURANCE CORPORATION 1,225,534 85,682 80,324 - 43,828 48,079 - - - 27,263 8,632 31,752 - - 1,253,635
TOTAL 1,225,534 120,621 115,076 (13,326) 50,082 48,079 - - - 35,170 11,158 31,984 10 - 1,264,851
REINSURERS
APPENDIX 5: SUMMARY OF LIFE ASSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
Amounts in Thousand Shillings
INSURERS
Insurance Industry Release Report for Q3 2018
40
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 18,266 7,516 7,516 - 44,043 - - - 44,043 - 3,544 32,287 2,722 - 7,760
BARCLAYS LIFE - - - - - - - - - - - - - - -
BRITAM LIFE ASSURANCE 1,866,255 1,208,698 1,208,698 - 345,564 345,564 - - - - 26,416 238,209 2,301 - 2,938,882
CAPEX LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CIC LIFE ASSURANCE COMPANY (191,576) 791,352 791,352 - 106,816 974,652 - - - 15,809 19,924 73,120 - - (337,488)
CORPORATE INSURANCE COMPANY - - - - - - - - - - - - - - -
FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -
GA LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
GEMINIA INSURANCE COMPANY - - - - - - - - - - - - - - -
ICEA LION LIFE ASSURANCE 9,041,106 663,589 663,589 - 808,545 (596) - - 809,000 17,995 43,374 869,351 - 135,000 9,569,273
JUBILEE INSURANCE COMPANY 8,648,099 577,948 577,948 - 684,335 684,335 - - - 9,383 27,867 700,509 2,839 (267,073) 9,469,205
KENINDIA ASSURANCE COMPANY 727,514 428,115 428,115 - 60,059 60,059 - - - 7,851 - 88,397 - - 1,176,116
KENYA ORIENT LIFE ASSURANCE 101,593 160,052 160,052 - 19,788 - - - 19,788 6,577 7,065 17,698 - - 245,913
LIBERTY LIFE ASSURANCE COMPANY 223,990 93,889 93,889 - 27,532 27,532 - - - - 923 14,308 - - 303,731
MADISON INSURANCE COMPANY 3,388,515 1,150,710 1,150,710 - 415,815 415,815 - - - 25,332 59,494 116,934 - - 4,155,519
METROPOLITAN CANNON INSURANCE - - - - - - - - - - - - - - -
OLD MUTUAL LIFE ASSURANCE 282 - - - 1,024 - - - 1,024 - - 10 4 - (736)
PIONEER ASSURANCE COMPANY 106,335 42,516 42,516 - 13,589 13,589 - - - - - 2,226 - - 137,489
PRUDENTIAL LIFE ASSURANCE - - - - - - - - - - - - - - -
SAHAM ASSURANCE (272) - - - 102 102 - - - - - - - - (374)
SANLAM LIFE ASSURANCE 7,657,219 498,585 498,585 - 714,521 711,481 - - - 9,880 8,127 733,677 - - 8,159,993
TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - -
THE KENYAN ALLIANCE INSURANCE 1,197,794 - - - 82,169 - - - 82,169 - - - - - 1,115,626
THE MONARCH INSURANCE - - - - - - - - - - - - - - -
UAP LIFE ASSURANCE COMPANY 1,309,928 - - - 113,107 - - - 113,107 - - - - - 1,196,821
TOTAL 34,095,048 5,622,970 5,622,970 - 3,437,009 3,232,533 - - 1,069,131 92,827 196,734 2,886,726 7,866 (132,073) 38,137,730
CONTINENTAL REINSURANCE - - - - - - - - - - - - - - -
EAST AFRICAN REINSURANCE - - - - - - - - - - - - - - -
KENYA REINSURANCE CORPORATION - - - - - - - - - - - - - - -
TOTAL - - - - - - - - - - - - - - -
APPENDIX 6: SUMMARY OF ANNUITIES BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
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 - - - - - - - - - - - - - - -
BARCLAYS LIFE - - - - - - - - - - - - - - -
BRITAM LIFE ASSURANCE - - - - - - - - - - - - - - -
CAPEX LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CIC LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CORPORATE INSURANCE COMPANY - - - - - - - - - - - - - - -
FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -
GA LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
GEMINIA INSURANCE COMPANY - - - - - - - - - - - - - - -
ICEA LION LIFE ASSURANCE 22,911 - - - - - - - - - - - - - 22,911
JUBILEE INSURANCE COMPANY - - - - - - - - - - - - - - -
KENINDIA ASSURANCE COMPANY - - - - - - - - - - - - - - -
KENYA ORIENT LIFE ASSURANCE - - - - - - - - - - - - - - -
LIBERTY LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
MADISON INSURANCE COMPANY - - - - - - - - - - - - - - -
METROPOLITAN CANNON INSURANCE - - - - - - - - - - - - - - -
OLD MUTUAL LIFE ASSURANCE - - - - - - - - - - - - - - -
PIONEER ASSURANCE COMPANY - - - - - - - - - - - - - - -
PRUDENTIAL LIFE ASSURANCE - - - - - - - - - - - - - - -
SAHAM ASSURANCE - - - - - - - - - - - - - - -
SANLAM LIFE ASSURANCE - - - - - - - - - - - - - - -
TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - -
THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - - - - - -
THE MONARCH INSURANCE - - - - - - - - - - - - - - -
UAP LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
TOTAL 22,911 - - - - - - - - - - - - - 22,911
CONTINENTAL REINSURANCE - 142,618 121,226 - 55,697 59,638 - - - 32,290 15,787 34,952 1,543 - 46,919
EAST AFRICAN REINSURANCE - 791,872 665,136 (208,779) 235,185 174,186 - - - 175,541 78,268 - - - 28,363
KENYA REINSURANCE CORPORATION 5,712,901 771,138 722,912 - 394,455 436,576 - - - 245,370 77,689 285,768 - - 5,961,945
TOTAL 5,712,901 1,705,628 1,509,274 - 208,779 685,337 670,400 - - - 453,201 171,744 320,720 1,543 - 6,037,227
APPENDIX 7: SUMMARY OF GROUP LIFE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
REINSURERS
Amounts in Thousand Shillings
INSURERS
Insurance Industry Release Report for Q3 2018
42
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 72,541 178,987 160,873 - 26,696 31,602 - - - 19,690 3,853 1,899 160 - 180,007
BARCLAYS LIFE (30,092) 568,030 364,711 - 123,769 230,871 - - - 125,029 82,619 55,088 - - (48,813)
BRITAM LIFE ASSURANCE 84,937 898,258 784,888 - 374,143 374,143 - - - (330) 242,494 91,592 707 - 344,403
CAPEX LIFE ASSURANCE COMPANY - - (17,092) - - - - - - - - - - - (17,092)
CIC LIFE ASSURANCE COMPANY 525,708 1,971,147 1,376,460 - 402,217 557,634 - - - 89,833 361,077 110,126 - 86,250 917,501
CORPORATE INSURANCE COMPANY - - - - - - - - - - - - - - -
FIRST ASSURANCE COMPANY 12,803 8,622 1,564 - 200 - - - - (1,093) 1,579 2,254 - - 16,134
GA LIFE ASSURANCE COMPANY 704 4,976 293 - - - - - - (967) 525 263 - - 1,702
GEMINIA INSURANCE COMPANY - - - - - - - - - - - - - - -
ICEA LION LIFE ASSURANCE 118,538 180,012 106,622 - 61,152 64,675 - - - (4,222) 58,293 15,710 - 6,750 115,374
JUBILEE INSURANCE COMPANY 119,326 90,218 87,109 - 44,867 39,819 - - - 21,542 16,193 14,377 53 - 143,206
KENINDIA ASSURANCE COMPANY - - - - - - - - - - - - - - -
KENYA ORIENT LIFE ASSURANCE 341,239 148,926 135,515 - 14,778 14,778 - - - 8,590 107,168 15,513 - - 361,731
LIBERTY LIFE ASSURANCE COMPANY 333,264 388,946 316,035 - 171,018 166,573 - - - 60,779 - - - - 421,947
MADISON INSURANCE COMPANY 251,615 125,265 125,265 - 38,873 38,873 - - - - 35,345 - - - 302,662
METROPOLITAN CANNON INSURANCE 50,143 25,622 25,622 - 18,099 - - - - - 1,198 1,092 - - 75,660
OLD MUTUAL LIFE ASSURANCE - - - - - - - - - - - - - - -
PIONEER ASSURANCE COMPANY 763,324 505,062 505,062 - 169,935 543,737 - - - - - - - - 724,649
PRUDENTIAL LIFE ASSURANCE 93,635 135,204 136,318 3,856 12,981 12,981 - - - 44,334 48,905 24,918 965 - 151,540
SAHAM ASSURANCE 903 343 244 - - - - - - - 163 - - - 984
SANLAM LIFE ASSURANCE 1,558,977 361,146 346,669 - 420,062 393,566 - - - 31,134 91,579 27,346 - - 1,416,713
TAKAFUL INSURANCE OF AFRICA - 25,003 14,851 - - - - - - (268) 11,588 7,574 - - 11,105
THE KENYAN ALLIANCE INSURANCE 6,658 4,519 4,519 - - - - - - 174 822 1,078 - - 11,260
THE MONARCH INSURANCE - - - - - - - - - - - - - - -
UAP LIFE ASSURANCE COMPANY - 255,927 255,927 - 66,667 40,888 - - - - - - - - 215,039
TOTAL 4,304,223 5,876,213 4,731,455 3,856 1,945,457 2,510,140 - - - 394,225 1,063,401 368,830 1,885 93,000 5,345,712
CONTINENTAL REINSURANCE - - - - - - - - - - - - - - -
EAST AFRICAN REINSURANCE - - - - - - - - - - - - - - -
KENYA REINSURANCE CORPORATION - - - - - - - - - - - - - - -
TOTAL - - - - - - - - - - - - - - -
APPENDIX 8: SUMMARY OF GROUP CREDIT BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
43
Company Life Fund BF Gross Premium Net Premium Other (Fee) Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions
Expense of
Management
Investment
Income
Investment
Expenses
Transfer To
(From) P & L Life Fund CF
APA LIFE ASSURANCE COMPANY 777 161 161 - - - - - - - - - - - 938
BARCLAYS LIFE - - - - - - - - - - - - - - -
BRITAM LIFE ASSURANCE 3,651,874 430,991 430,991 - 1,181,307 1,202,729 - - - - 39,462 - - - 2,840,673
CAPEX LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CIC LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CORPORATE INSURANCE COMPANY - - - - - - - - - - - - - - -
FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -
GA LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
GEMINIA INSURANCE COMPANY - - - - - - - - - - - - - - -
ICEA LION LIFE ASSURANCE 515,490 29,241 29,241 - 83,805 83,805 - - - - - (60,617) - 4,183 396,125
JUBILEE INSURANCE COMPANY - - - - - - - - - - - - - - -
KENINDIA ASSURANCE COMPANY - - - - - - - - - - - - - - -
KENYA ORIENT LIFE ASSURANCE - - - - - - - - - - - - - - -
LIBERTY LIFE ASSURANCE COMPANY 4,425,992 784,292 784,292 - 1,370,821 1,311,238 - - - 105,912 343,563 494,777 - - 3,944,347
MADISON INSURANCE COMPANY 201,389 9,925 9,925 - 48,898 48,898 - - - - 1,605 8,955 - - 169,767
METROPOLITAN CANNON INSURANCE 352,458 8,126 8,126 (2,016) 26,301 26,301 - - - - 45,532 41,494 - - 328,229
OLD MUTUAL LIFE ASSURANCE 5,968,831 636,635 636,635 - 898,697 79,605 797,024 - - - - 134,838 19,407 - 5,844,269
PIONEER ASSURANCE COMPANY 109,099 45,118 45,118 - - - - - - - - - - - 154,217
PRUDENTIAL LIFE ASSURANCE - - - - - - - - - - - - - - -
SAHAM ASSURANCE - - - - - - - - - - - - - - -
SANLAM LIFE ASSURANCE 6,446,386 601,908 601,908 - 1,595,609 1,612,832 - - - 83,941 167,392 118,432 - - 5,302,560
TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - -
THE KENYAN ALLIANCE INSURANCE 5,226 1,727 1,727 - - - - - - - 275 412 - - 7,090
THE MONARCH INSURANCE - - - - - - - - - - - - - - -
UAP LIFE ASSURANCE COMPANY 893,215 73,879 73,879 - 135,853 71,431 67,330 - - - - - - - 828,334
TOTAL 22,570,737 2,622,003 2,622,003 - 2,016 5,341,291 4,436,839 864,354 - - 189,853 597,829 738,291 19,407 4,183 19,816,549
CONTINENTAL REINSURANCE - - - - - - - - - - - - - - -
EAST AFRICAN REINSURANCE - - - - - - - - - - - - - - -
KENYA REINSURANCE CORPORATION - - - - - - - - - - - - - - -
TOTAL - - - - - - - - - - - - - - -
APPENDIX 9: SUMMARY OF INVESTMENTS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
44
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 - - - - - - - - - - - - - - -
BARCLAYS LIFE - - - - - - - - - - - - - - -
BRITAM LIFE ASSURANCE - - - - - - - - - - - - - - -
CAPEX LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CIC LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CORPORATE INSURANCE COMPANY - - - - - - - - - - - - - - -
FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -
GA LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
GEMINIA INSURANCE COMPANY - - - - - - - - - - - - - - -
ICEA LION LIFE ASSURANCE 22,911 - - - - - - - - - - - - - 22,911
JUBILEE INSURANCE COMPANY - - - - - - - - - - - - - - -
KENINDIA ASSURANCE COMPANY - - - - - - - - - - - - - - -
KENYA ORIENT LIFE ASSURANCE - - - - - - - - - - - - - - -
LIBERTY LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
MADISON INSURANCE COMPANY - - - - - - - - - - - - - - -
METROPOLITAN CANNON INSURANCE - - - - - - - - - - - - - - -
OLD MUTUAL LIFE ASSURANCE - - - - - - - - - - - - - - -
PIONEER ASSURANCE COMPANY - - - - - - - - - - - - - - -
PRUDENTIAL LIFE ASSURANCE - - - - - - - - - - - - - - -
SAHAM ASSURANCE - - - - - - - - - - - - - - -
SANLAM LIFE ASSURANCE - - - - - - - - - - - - - - -
TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - -
THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - - - - - -
THE MONARCH INSURANCE - - - - - - - - - - - - - - -
UAP LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
TOTAL 22,911 - - - - - - - - - - - - - 22,911
CONTINENTAL REINSURANCE - - - - - - - - - - - - - - -
EAST AFRICAN REINSURANCE - - - - - - - - - - - - - - -
KENYA REINSURANCE CORPORATION - - - - - - - - - - - - - - -
TOTAL - - - - - - - - - - - - - - -
APPENDIX 10: SUMMARY OF PERMANENT HEALTH BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
45
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 3,146,094 390,163 390,163 - 355,832 355,832 - - - 5,889 20,035 299,771 6,600 31,093 3,416,578
BARCLAYS LIFE - - - - - - - - - - - - - - -
BRITAM LIFE ASSURANCE 27,089,768 6,011,791 6,011,791 - 3,079,704 3,079,704 - - - 97,907 351,910 2,133,652 20,608 - 31,685,083
CAPEX LIFE ASSURANCE COMPANY - - - - - - - - - - - - - - -
CIC LIFE ASSURANCE COMPANY ( 45,675 ) 708,594 708,594 - 137,909 - - - - ( 3,777 ) 17,213 257 - - 649,740
CORPORATE INSURANCE COMPANY 7,518 - - - - - - - - - - - - - 7,518
FIRST ASSURANCE COMPANY - - - - - - - - - - - - - - -
GA LIFE ASSURANCE COMPANY 5,696,989 1,147,645 1,147,645 - 397,401 397,401 - - - 6,306 37,006 555,474 - - 6,959,395
GEMINIA INSURANCE COMPANY - 9,450 9,450 - - - - - - - 116 - 2 - 9,332
ICEA LION LIFE ASSURANCE 42,457,806 5,594,338 5,594,338 - 3,674,656 3,674,656 - - - 53,564 243,828 3,298,009 - 150,000 47,228,107
JUBILEE INSURANCE COMPANY 41,262,186 5,384,383 5,384,383 - 4,266,426 4,266,426 - - - 47,602 225,470 4,211,680 15,599 326,178 45,976,974
KENINDIA ASSURANCE COMPANY 21,760,403 2,679,915 2,679,915 - 2,457,679 3,589,620 - - - 28,808 75,725 1,844,563 - - 22,590,728
KENYA ORIENT LIFE ASSURANCE 62,232 56,803 56,803 - 16,046 16,046 - - - - 1,390 5,858 - - 107,458
LIBERTY LIFE ASSURANCE COMPANY 10,139,106 889,359 889,359 - 2,047,243 2,047,243 - - - 10,221 240,715 379,657 - - 9,109,942
MADISON INSURANCE COMPANY 3,122,871 256,352 256,352 - 192,310 192,310 - - - 1,258 18,579 109,154 - - 3,276,229
METROPOLITAN CANNON INSURANCE - - - - - - - - - - - - - - -
OLD MUTUAL LIFE ASSURANCE - - - - - - - - - - - - - - -
PIONEER ASSURANCE COMPANY 272,667 127,446 127,446 - - - - - - - - - - - 400,113
PRUDENTIAL LIFE ASSURANCE - - - - - - - - - - - - - - -
SAHAM ASSURANCE 866,049 13,631 13,631 - 280,921 280,921 - - - - 9,183 39,914 - - 629,489
SANLAM LIFE ASSURANCE 1,435,210 170,054 170,054 - 422,436 422,436 - - - 1,240 15,130 12,225 - - 1,178,684
TAKAFUL INSURANCE OF AFRICA - - - - - - - - - - - - - - -
THE KENYAN ALLIANCE INSURANCE 529,125 176,907 176,907 - 101,746 96,899 - - - 2,752 32,192 42,215 - - 616,402
THE MONARCH INSURANCE 5,717 - - - - - - - - - 5,475 13,027 - - 13,270
UAP LIFE ASSURANCE COMPANY 4,443,591 581,238 581,238 - 816,039 816,039 - - - - - - - - 4,208,789
TOTAL 162,251,657 24,198,069 24,198,069 - 19,235,533 19,235,533 - - - 251,770 1,293,967 12,945,456 42,809 507,271 178,063,831
CONTINENTAL REINSURANCE - - - - - - - - - - - - - - -
EAST AFRICAN REINSURANCE - - - - - - - - - - - - - - -
KENYA REINSURANCE CORPORATION - - - - - - - - - - - - - - -
TOTAL - - - - - - - - - - - - - - -
APPENDIX 11: SUMMARY OF PENSIONS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
REINSURERS
Amounts in Thousand Shillings
INSURERS
Insurance Industry Release Report for Q3 2018
46
Company Life Fund BF Gross Premium Net Premium Other (Fee) Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions
Expense of
Management
Investment
Income
Investment
Expenses
Transfer To
(From) P & L Life Fund CF
APA LIFE ASSURANCE COMPANY 3,407,735 669,026 649,034 - 439,947 397,969 - - 44,043 57,515 99,171 340,559 11,514 31,093 3,756,020
BARCLAYS LIFE ( 632,710 ) 850,108 646,789 - 131,352 429,279 - - - 150,000 247,556 98,432 - - ( 714,326 )
BRITAM LIFE ASSURANCE 53,737,565 14,535,696 14,397,836 - 7,048,634 7,048,634 - - - 1,082,886 1,936,235 3,652,135 109,566 - 61,610,216
CAPEX LIFE ASSURANCE COMPANY 314,875 169,838 152,746 - 85,919 86,659 - - - - 73,485 70,674 - - 378,151
CIC LIFE ASSURANCE COMPANY 937,449 4,230,244 3,626,526 - 929,814 1,991,059 - - - 206,845 528,990 208,297 - 86,250 1,959,130
CORPORATE INSURANCE COMPANY 535,738 223,200 221,812 - 195,729 195,729 - - - 50,036 36,526 46,885 - - 522,144
FIRST ASSURANCE COMPANY 12,803 8,622 1,564 - 200 - - - - ( 1,093 ) 1,579 2,254 - - 16,134
GA LIFE ASSURANCE COMPANY 5,697,693 1,152,621 1,147,938 - 397,401 397,401 - - - 5,339 37,533 555,737 - - 6,961,095
GEMINIA INSURANCE COMPANY 608,820 49,578 48,521 - 6,705 5,100 1,465 140 - 5,309 12,945 23,724 2 - 656,103
ICEA LION LIFE ASSURANCE 60,433,182 8,306,912 8,203,852 - 5,194,790 4,396,920 - - 809,000 413,020 779,116 4,745,975 - 363,750 66,621,205
JUBILEE INSURANCE COMPANY 57,198,988 8,593,645 8,580,994 - 5,999,539 5,761,301 259,958 - - 592,565 645,397 5,595,181 20,900 23,040 64,072,003
KENINDIA ASSURANCE COMPANY 29,372,275 4,176,620 4,176,270 - 2,901,897 4,033,838 - - - 108,557 211,793 2,643,280 - 22,500 31,815,137
KENYA ORIENT LIFE ASSURANCE 523,586 397,219 383,703 - 51,518 30,824 906 - 19,788 21,456 148,013 42,545 - - 728,848
LIBERTY LIFE ASSURANCE COMPANY 21,756,135 3,084,482 3,008,382 - 3,902,916 3,822,069 - - - 200,917 717,851 1,196,652 - - 21,220,329
MADISON INSURANCE COMPANY 10,078,931 2,452,147 2,452,147 - 974,528 974,528 - - - 154,389 484,580 321,795 - - 11,239,376
METROPOLITAN CANNON INSURANCE 1,143,987 103,520 103,533 ( 2,016 ) 76,179 58,080 57,271 - - ( 1,072 ) 49,126 44,770 - ( 67,960 ) 1,194,830
OLD MUTUAL LIFE ASSURANCE 11,595,725 1,290,723 1,240,923 289,555 1,461,695 577,905 862,493 - 1,024 140,730 613,665 304,446 35,517 ( 211,143 ) 11,410,458
PIONEER ASSURANCE COMPANY 1,573,825 1,269,335 1,267,610 - 494,958 842,579 - - - 146,028 254,674 44,462 - - 1,642,616
PRUDENTIAL LIFE ASSURANCE 546,010 259,116 260,150 9,684 130,940 108,771 2,517 10 - 73,632 126,353 47,754 1,850 - 550,463
SAHAM ASSURANCE 1,078,729 42,575 36,754 - 310,352 310,352 - - - 3,027 24,623 78,266 - - 855,745
SANLAM LIFE ASSURANCE 22,858,616 2,929,461 2,894,120 - 3,465,521 3,378,890 - - - 285,734 633,472 1,131,203 - - 22,585,843
TAKAFUL INSURANCE OF AFRICA 41,155 25,003 14,851 - - - - - - ( 268 ) 11,588 7,574 - - 52,260
THE KENYAN ALLIANCE INSURANCE 1,784,822 203,016 203,016 - 188,704 101,976 - - 82,169 5,363 36,942 48,445 - - 1,809,832
THE MONARCH INSURANCE 24,676 17,310 17,224 - - - - - - 1,625 16,233 23,614 - - 47,657
UAP LIFE ASSURANCE COMPANY 7,407,774 1,392,765 1,392,765 - 1,209,767 945,819 128,987 8 113,107 12,632 236,206 - - - 7,363,780
TOTAL 292,038,384 56,432,782 55,129,060 297,223 35,599,005 35,895,682 1,313,597 158 1,069,131 3,715,172 7,963,652 21,274,659 179,349 247,530 318,355,049
CONTINENTAL REINSURANCE - 143,862 122,283 - 56,324 59,638 - - - 32,645 15,892 35,184 1,553 - 47,738
EAST AFRICAN REINSURANCE - 825,567 698,831 ( 222,105 ) 240,812 174,186 - - - 183,093 80,689 - - - 38,760
KENYA REINSURANCE CORPORATION 6,938,435 856,820 803,236 - 438,283 484,655 - - - 272,633 86,321 317,520 - - 7,215,580
TOTAL 6,938,435 1,826,249 1,624,350 ( 222,105 ) 735,419 718,479 - - - 488,371 182,902 352,704 1,553 - 7,302,078
APPENDIX 12: SUMMARY OF COMBINED LONG TERM BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
REINSURERS
Amounts in Thousand Shillings
INSURERS
Insurance Industry Release Report for Q3 2018
47
AAR INSURANCE KENYA - 119 1,240 1,236 2,478 ( 1,406 ) - - - 20,175 1,214 39,167 4,648,888 19,107 4,732,218 4.66
AFRICAN MERCHANT ASSURANCE - 142,430 2,913 351,414 13,173 203,373 486,068 400,362 - 25,165 31,132 83,563 - 9,108 1,748,701 1.72
AIG INSURANCE COMPANY 12,441 33,097 69,536 577,933 516,073 36,740 708,653 170,868 - 147,193 319,115 287,955 - - 2,879,604 2.84
ALLIANZ INSURANCE COMPANY 31,500 6,398 17,374 90,857 100,417 74,189 82,572 60,310 - 3,053 16,619 46,351 - 30,973 560,613 0.55
APA INSURANCE COMPANY 21,879 137,072 68,639 646,844 74,946 164,309 1,056,442 1,221,155 - 170,622 194,803 565,188 3,300,074 231,473 7,853,446 7.74
BRITAM GENERAL INSURANCE - 233,630 91,619 389,048 98,122 307,826 1,016,623 957,859 - 535,397 175,233 184,658 1,599,973 576,133 6,166,121 6.08
CIC GENERAL INSURANCE COMPANY - 191,013 81,379 625,756 80,792 84,313 1,764,799 1,891,079 14,248 254,203 431,377 333,336 2,499,592 167,588 8,419,475 8.30
CORPORATE INSURANCE COMPANY - 10,815 4,861 32,770 3,888 45,710 71,261 31,817 - 3,166 8,782 24,737 - ( 4,547 ) 233,260 0.23
DIRECTLINE ASSURANCE COMPANY - - - - - - 135,963 40,433 1,946,003 - - - - - 2,122,399 2.09
FIDELITY SHIELD INSURANCE 89,444 67,234 23,592 132,081 5,908 39,551 486,991 482,719 71,444 3,640 61,809 150,123 - 32,471 1,647,007 1.62
FIRST ASSURANCE COMPANY - 149,725 24,033 262,540 21,763 64,382 487,270 426,689 - 124,826 73,236 88,433 1,466,475 64,030 3,253,402 3.21
GA INSURANCE COMPANY 110,470 269,635 79,494 942,092 82,169 247,830 496,242 525,385 80,914 136,572 313,824 426,328 1,121,136 105,991 4,938,082 4.87
GEMINIA INSURANCE COMPANY - 115,995 50,324 271,817 28,895 192,054 934,743 1,107,152 - 44,015 232,615 313,936 - 83,817 3,375,363 3.33
HERITAGE INSURANCE COMPANY 56,034 186,709 138,314 422,054 191,849 84,197 637,574 503,593 13,048 196,145 95,508 286,034 1,294,962 215,022 4,321,043 4.26
ICEA LION GENERAL INSURANCE 830,751 109,450 89,986 723,722 128,605 189,213 808,413 418,909 - 197,191 196,587 408,624 239,424 61,623 4,402,498 4.34
INTRA-AFRICA ASSURANCE - 29,852 24,991 91,364 11,057 71,738 277,339 207,223 551 19,294 57,784 122,916 - 54,639 968,748 0.95
INVESCO ASSURANCE COMPANY - - 212 338 336 303 134,781 53,127 1,014,637 206 214 927 - 14 1,205,095 1.19
JUBILEE INSURANCE COMPANY 74,333 179,051 46,603 686,536 281,549 169,734 985,788 565,003 - 170,835 98,922 150,068 5,406,337 84,845 8,899,604 8.77
KENINDIA ASSURANCE COMPANY 35 153,492 46,029 542,102 51,229 228,212 278,002 492,959 - 33,179 188,382 320,900 123,221 10,808 2,468,550 2.43
KENYA ORIENT INSURANCE - 49,353 20,937 56,800 13,995 7,610 421,445 409,360 - 8,238 71,184 56,493 - 63,438 1,178,853 1.16
MADISON INSURANCE COMPANY - 9,443 35,957 50,598 230,466 35,962 573,096 675,292 - 27,931 18,188 35,581 1,752,289 81,588 3,526,391 3.48
MAYFAIR INSURANCE COMPANY 12,353 327,293 54,403 468,148 36,339 112,279 289,627 249,344 - 36,996 114,691 270,149 - 113,981 2,085,603 2.06
METROPOLITAN CANNON INSURANCE - 58,240 11,291 39,802 5,243 24,408 287,150 211,189 - 43,078 24,777 72,748 - 67,335 845,261 0.83
MUA INSURANCE COMPANY 154,311 99,070 5,151 109,870 37,273 17,329 117,031 64,991 - 9,430 10,945 16,701 - 17,760 659,862 0.65
OCCIDENTAL INSURANCE COMPANY - 72,709 50,695 243,724 11,193 127,851 558,967 484,403 - 43,637 96,104 258,668 - 22,469 1,970,420 1.94
PACIS INSURANCE COMPANY - 8,900 9,784 82,600 12,258 1,918 262,622 257,611 - 78,112 32,987 60,635 248,834 3,141 1,059,402 1.04
PIONEER INSURANCE COMPANY - 11,795 8,454 27,396 19,694 32,093 147,543 80,559 - 31,076 13,032 28,419 - 14,371 414,432 0.41
RESOLUTION INSURANCE COMPANY - 7,822 3,143 20,540 33,066 26,065 312,713 309,067 - 92,511 11,557 40,058 3,144,673 26,893 4,028,108 3.97
SAHAM INSURANCE COMPANY - 212,571 17,011 181,098 39,805 18,986 364,007 149,571 - 34,638 29,730 69,813 548,260 249,029 1,914,519 1.89
SANLAM INSURANE COMPANY - 26,471 23,545 98,093 68,154 22,337 385,670 313,826 85,646 11,897 72,717 63,832 502,267 127,696 1,802,151 1.78
TAKAFUL INSURANCE OF AFRICA - 22,553 5,440 34,601 7,165 7,847 161,131 164,123 - 7,093 44,140 45,458 64,583 8,222 572,356 0.56
TAUSI ASSURANCE COMPANY - 61,859 38,006 259,437 16,470 113,627 142,716 92,062 - 12,623 96,498 156,329 7,580 18,938 1,016,145 1.00
THE KENYAN ALLIANCE INSURANCE - 18,396 28,853 50,048 11,032 24,162 388,530 289,654 - 19,685 32,526 88,565 - 698 952,149 0.94
THE MONARCH INSURANCE - 17,382 2,339 24,982 3,402 1,193 494,910 333,783 - 8,684 3,034 10,321 - 34,036 934,066 0.92
TRIDENT INSURANCE COMPANY - 10,801 445 ( 22,682 ) 2,432 4,407 105,824 59,727 18,987 3,062 6,870 ( 10,072 ) 16,903 5,338 202,042 0.20
UAP INSURANCE COMPANY 53,541 68,850 95,459 506,616 90,948 84,354 937,922 823,829 - 81,152 253,635 196,074 3,875,684 133,828 7,201,892 7.10
XPLICO INSURANCE COMPANY - - - 14 5 - 253,403 128,612 520,181 36 5 78 - 1,640 903,974 0.89
TOTAL 1,447,092 3,099,225 1,272,052 9,022,189 2,332,189 2,864,696 17,053,831 14,653,645 3,765,659 2,634,756 3,429,776 5,293,094 31,861,155 2,733,496 101,462,855 100
CONTINENTAL REINSURANCE 16,334 319,738 ( 857 ) 500,909 32,943 48,053 1,142 75,339 - 10,322 1,191 4,941 393,780 169,638 1,573,473 13.28
EAST AFRICAN REINSURANCE 1,882 163,047 - 935,767 4,588 118,314 - 195,721 - 20,395 - - 549,729 347,223 2,336,666 19.73
KENYA REINSURANCE CORPORATION 26,208 475,554 6,693 2,449,101 71,114 290,922 6,774 368,163 - 125,098 1,236 1,024 2,288,089 1,824,748 7,934,724 66.99
TOTAL 44,424 958,339 5,836 3,885,777 108,645 457,289 7,916 639,223 - 155,815 2,427 5,965 3,231,598 2,341,609 11,844,863 100.00
APPENDIX 13: SUMMARY OF GROSS PREMIUM INCOME UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018
Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor
Commercial
Total
Market Share (%)
INSURERS
REINSURERS
Motor
Commercial PSVPersonal Accident Theft
Workmens'
CompensationMedical Miscellaneous
Insurance Industry Release Report for Q3 2018
48
AAR INSURANCE KENYA - 0.00 0.10 0.01 0.11 ( 0.05 ) - - - 0.77 0.04 0.74 14.59 0.70 4.66
AFRICAN MERCHANT ASSURANCE - 4.60 0.23 3.89 0.56 7.10 2.85 2.73 - 0.96 0.91 1.58 - 0.33 1.72
AIG INSURANCE COMPANY 0.86 1.07 5.47 6.41 22.13 1.28 4.16 1.17 - 5.59 9.30 5.44 - - 2.84
ALLIANZ INSURANCE COMPANY 2.18 0.21 1.37 1.01 4.31 2.59 0.48 0.41 - 0.12 0.48 0.88 - 1.13 0.55
APA INSURANCE COMPANY 1.51 4.42 5.40 7.17 3.21 5.74 6.19 8.33 - 6.48 5.68 10.68 10.36 8.47 7.74
BRITAM GENERAL INSURANCE - 7.54 7.20 4.31 4.21 10.75 5.96 6.54 - 20.32 5.11 3.49 5.02 21.08 6.08
CIC GENERAL INSURANCE COMPANY - 6.16 6.40 6.94 3.46 2.94 10.35 12.91 0.38 9.65 12.58 6.30 7.85 6.13 8.30
CORPORATE INSURANCE COMPANY - 0.35 0.38 0.36 0.17 1.60 0.42 0.22 - 0.12 0.26 0.47 - ( 0.17 ) 0.23
DIRECTLINE ASSURANCE COMPANY - - - - - - 0.80 0.28 51.68 - - - - - 2.09
FIDELITY SHIELD INSURANCE 6.18 2.17 1.85 1.46 0.25 1.38 2.86 3.29 1.90 0.14 1.80 2.84 - 1.19 1.62
FIRST ASSURANCE COMPANY - 4.83 1.89 2.91 0.93 2.25 2.86 2.91 - 4.74 2.14 1.67 4.60 2.34 3.21
GA INSURANCE COMPANY 7.63 8.70 6.25 10.44 3.52 8.65 2.91 3.59 2.15 5.18 9.15 8.05 3.52 3.88 4.87
GEMINIA INSURANCE COMPANY - 3.74 3.96 3.01 1.24 6.70 5.48 7.56 - 1.67 6.78 5.93 - 3.07 3.33
HERITAGE INSURANCE COMPANY 3.87 6.02 10.87 4.68 8.23 2.94 3.74 3.44 0.35 7.44 2.78 5.40 4.06 7.87 4.26
ICEA LION GENERAL INSURANCE 57.41 3.53 7.07 8.02 5.51 6.60 4.74 2.86 - 7.48 5.73 7.72 0.75 2.25 4.34
INTRA-AFRICA ASSURANCE - 0.96 1.96 1.01 0.47 2.50 1.63 1.41 0.01 0.73 1.68 2.32 - 2.00 0.95
INVESCO ASSURANCE COMPANY - - 0.02 0.00 0.01 0.01 0.79 0.36 26.94 0.01 0.01 0.02 - 0.00 1.19
JUBILEE INSURANCE COMPANY 5.14 5.78 3.66 7.61 12.07 5.93 5.78 3.86 - 6.48 2.88 2.84 16.97 3.10 8.77
KENINDIA ASSURANCE COMPANY 0.00 4.95 3.62 6.01 2.20 7.97 1.63 3.36 - 1.26 5.49 6.06 0.39 0.40 2.43
KENYA ORIENT INSURANCE - 1.59 1.65 0.63 0.60 0.27 2.47 2.79 - 0.31 2.08 1.07 - 2.32 1.16
MADISON INSURANCE COMPANY - 0.30 2.83 0.56 9.88 1.26 3.36 4.61 - 1.06 0.53 0.67 5.50 2.98 3.48
MAYFAIR INSURANCE COMPANY 0.85 10.56 4.28 5.19 1.56 3.92 1.70 1.70 - 1.40 3.34 5.10 - 4.17 2.06
METROPOLITAN CANNON INSURANCE - 1.88 0.89 0.44 0.22 0.85 1.68 1.44 - 1.63 0.72 1.37 - 2.46 0.83
MUA INSURANCE COMPANY 10.66 3.20 0.40 1.22 1.60 0.60 0.69 0.44 - 0.36 0.32 0.32 - 0.65 0.65
OCCIDENTAL INSURANCE COMPANY - 2.35 3.99 2.70 0.48 4.46 3.28 3.31 - 1.66 2.80 4.89 - 0.82 1.94
PACIS INSURANCE COMPANY - 0.29 0.77 0.92 0.53 0.07 1.54 1.76 - 2.96 0.96 1.15 0.78 0.11 1.04
PIONEER INSURANCE COMPANY - 0.38 0.66 0.30 0.84 1.12 0.87 0.55 - 1.18 0.38 0.54 - 0.53 0.41
RESOLUTION INSURANCE COMPANY - 0.25 0.25 0.23 1.42 0.91 1.83 2.11 - 3.51 0.34 0.76 9.87 0.98 3.97
SAHAM INSURANCE COMPANY - 6.86 1.34 2.01 1.71 0.66 2.13 1.02 - 1.31 0.87 1.32 1.72 9.11 1.89
SANLAM INSURANE COMPANY - 0.85 1.85 1.09 2.92 0.78 2.26 2.14 2.27 0.45 2.12 1.21 1.58 4.67 1.78
TAKAFUL INSURANCE OF AFRICA - 0.73 0.43 0.38 0.31 0.27 0.94 1.12 - 0.27 1.29 0.86 0.20 0.30 0.56
TAUSI ASSURANCE COMPANY - 2.00 2.99 2.88 0.71 3.97 0.84 0.63 - 0.48 2.81 2.95 0.02 0.69 1.00
THE KENYAN ALLIANCE INSURANCE - 0.59 2.27 0.55 0.47 0.84 2.28 1.98 - 0.75 0.95 1.67 - 0.03 0.94
THE MONARCH INSURANCE - 0.56 0.18 0.28 0.15 0.04 2.90 2.28 - 0.33 0.09 0.19 - 1.25 0.92
TRIDENT INSURANCE COMPANY - 0.35 0.03 ( 0.25 ) 0.10 0.15 0.62 0.41 0.50 0.12 0.20 ( 0.19 ) 0.05 0.20 0.20
UAP INSURANCE COMPANY 3.70 2.22 7.50 5.62 3.90 2.94 5.50 5.62 - 3.08 7.40 3.70 12.16 4.90 7.10
XPLICO INSURANCE COMPANY - - - 0.00 0.00 - 1.49 0.88 13.81 0.00 0.00 0.00 - 0.06 0.89
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 36.77 33.36 -14.68 12.89 30.32 10.51 14.43 11.79 6.62 49.07 82.83 12.19 7.24 13.28
EAST AFRICAN REINSURANCE 4.24 17.01 0.00 24.08 4.22 25.87 0.00 30.62 13.09 0.00 0.00 17.01 14.83 19.73
KENYA REINSURANCE CORPORATION 59.00 49.62 114.68 63.03 65.46 63.62 85.57 57.60 80.29 50.93 17.17 70.80 77.93 66.99
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 30.09.2018
Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private Motor CommercialTotal
INSURERS
REINSURERS
Motor
Commercial
PSV
Personal
AccidentTheft
Workmens'
CompensationMedical Miscellaneous
Insurance Industry Release Report for Q3 2018
49
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 - - 474 - - - - - - 3,206 - 850 2,574,454 4,691 2,583,676
AFRICAN MERCHANT ASSURANCE - 166 309 9,597 7,811 - 285,922 235,214 250,727 1,862 2,697 8,397 - 4,219 806,923
AIG INSURANCE COMPANY 2,715 770 10,626 30,781 56,550 2,726 163,632 35,937 - 110,885 10,434 ( 5,559 ) - - 419,497
ALLIANZ INSURANCE COMPANY 840 3,547 4,393 4,417 - 2,249 30,033 24,195 - 51 734 3,295 - - 73,754
APA INSURANCE COMPANY 268 14,214 12,438 53,812 67,285 44,762 799,561 739,340 - 56,930 61,246 249,295 1,246,858 59,475 3,405,482
BRITAM GENERAL INSURANCE - 16,927 15,597 66,586 3,671 17,897 667,313 508,808 - 26,061 103,958 42,106 1,193,558 226,954 2,889,435
CIC GENERAL INSURANCE COMPANY - 28,317 21,266 65,233 95,282 7,445 1,292,991 950,233 - 52,576 89,635 105,310 1,434,706 176,405 4,319,401
CORPORATE INSURANCE COMPANY - 4,978 117 6,701 ( 10 ) 2,145 36,888 14,120 - - 1,950 6,276 - - 73,166
DIRECTLINE ASSURANCE COMPANY - - - - - - 44,804 13,874 1,278,693 - - - - - 1,337,371
FIDELITY SHIELD INSURANCE - 4,555 4,285 23,123 3,322 13,842 346,077 314,136 60,769 4,568 10,873 73,671 - 162 859,383
FIRST ASSURANCE COMPANY - 8,863 13,437 25,484 4,241 27,260 288,254 246,665 - 15,864 17,456 81,778 313,897 362 1,043,559
GA INSURANCE COMPANY 5,732 31,379 31,630 60,085 5,489 63,432 310,121 292,702 14,068 4,693 112,977 184,351 191,896 69 1,308,627
GEMINIA INSURANCE COMPANY - 36,082 11,891 43,687 4,004 59,025 564,651 411,912 - 3,008 39,978 151,066 - ( 274 ) 1,325,030
HERITAGE INSURANCE COMPANY 237 18,576 33,975 ( 5,428 ) 13,190 9,336 413,322 213,762 - 20,794 22,497 41,991 250,242 27,698 1,060,192
ICEA LION GENERAL INSURANCE 9,566 20,881 23,858 86,798 10,269 17,986 565,608 262,354 - 58,527 76,595 136,592 190,312 7,222 1,466,566
INTRA-AFRICA ASSURANCE - 8,337 18,469 45,113 606 ( 28 ) 173,777 110,322 - 2,913 14,048 46,973 - 2,085 422,615
INVESCO ASSURANCE COMPANY - 1,518 3,144 - - - 47,584 31,454 568,631 - - 63 - ( 15,564 ) 636,829
JUBILEE INSURANCE COMPANY - 8,321 18,923 71,098 48,465 20,339 686,546 264,568 - 115,723 51,788 15,217 2,735,813 4,646 4,041,447
KENINDIA ASSURANCE COMPANY - 21,351 8,270 31,869 8,833 62,646 146,620 245,577 - 5,274 54,933 291,195 94,856 ( 1,445 ) 969,980
KENYA ORIENT INSURANCE - 2,341 1,219 9,556 6,806 717 281,442 293,496 - 187 2,232 12,846 - 1,774 612,617
MADISON INSURANCE COMPANY - 1,992 1,162 12,631 27,120 943 512,303 515,057 - 4,665 5,235 9,604 1,443,587 3,425 2,537,724
MAYFAIR INSURANCE COMPANY - 25,634 9,570 30,112 1,172 43,260 132,770 170,495 - 2,672 12,708 164,397 - 385 593,174
METROPOLITAN CANNON INSURANCE - ( 3,577 ) 1,885 ( 13,644 ) 2,334 9,859 192,884 176,820 - ( 18,213 ) 9,982 33,631 - 2,000 393,962
MUA INSURANCE COMPANY 394 8,683 3,361 11,733 5,899 1,499 74,267 45,392 - 2,687 1,091 24,587 - 571 180,165
OCCIDENTAL INSURANCE COMPANY - 24,023 51,922 82,197 2,039 57,358 268,638 231,286 - 5,306 24,070 139,474 - 6,323 892,637
PACIS INSURANCE COMPANY - 1,741 478 13,905 2,751 - 172,192 54,655 - 3,641 15,118 3,730 75,966 22 344,199
PIONEER GENERAL INSURANCE - 77 741 946 324 19,410 61,147 30,314 - 12,180 131 132 - 19 125,421
RESOLUTION INSURANCE COMPANY - 1,022 7,457 ( 723 ) - - 192,574 79,808 - 310 4,433 2,924 988,388 - 1,276,193
SAHAM INSURANCE COMPANY - 1,382 2,680 1,607 283 408 162,340 54,973 - 75 5,332 9,511 110,310 ( 2,211 ) 346,691
SANLAM INSURANCE COMPANY - 823 4,865 14,270 3,422 2,780 192,874 95,094 88,645 2,078 4,697 4,665 251,654 2,927 668,795
TAKAFUL INSURANCE OF AFRICA - - 620 500 4,205 - 47,251 55,084 - 414 4,644 6,349 12,698 23,925 155,690
TAUSI ASSURANCE COMPANY - 4,250 6,197 19,187 1,214 22,247 42,374 26,946 - 1,318 18,514 43,586 1,905 ( 400 ) 187,339
THE KENYAN ALLIANCE INSURANCE - 103 887 3,749 10,435 192 211,701 84,899 - 10,559 ( 262 ) ( 15,176 ) - 762 307,850
THE MONARCH INSURANCE - 308 330 370 260 3 195,179 110,503 - 1,547 77 2,281 - 1,706 312,564
TRIDENT INSURANCE COMPANY - 350 924 10 380 1,623 25,905 24,182 - 171 766 4,486 564 - 59,360
UAP INSURANCE COMPANY 1,467 12,179 18,654 17,024 9,629 3,093 777,804 387,667 - 7,787 25,655 41,447 2,846,991 29,276 4,178,674
XPLICO INSURANCE COMPANY - - - - - - 141,819 90,694 27,223 - - 1,365 3,999 7,390 272,492
TOTAL 21,219 310,113 346,054 822,386 407,281 514,454 10,549,168 7,442,538 2,288,756 520,319 806,222 1,922,706 15,962,654 574,599 42,488,480
CONTINENTAL REINSURANCE 1,520 42,835 ( 50 ) 147,566 212 42,527 383 43,697 - 8,293 437 26 236,999 38,709 563,154
EAST AFRICA REINSURANCE 8,459 66,977 - 501,854 20 72,765 - 164,059 - 3,723 - - 249,785 131,703 1,199,346
KENYA REINSURANCE CORPORATION 35,828 139,297 667 1,260,556 30,662 251,535 287 423,093 - 87,374 - 56,102 1,489,025 836,455 4,610,881
TOTAL 45,807 249,109 617 1,909,976 30,894 366,827 670 630,849 - 99,390 437 56,128 1,975,809 1,006,867 6,373,381
APPENDIX 15: SUMMARY OF CLAIMS PAID UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
50
Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor
Commercial
Motor
Commercial PSV
Personal
AccidentTheft
Workmens'
CompensationMedical Miscellaneous
Total
AAR INSURANCE KENYA - - 432 - - ( 500 ) - - - ( 1,492 ) - 5,232 2,561,956 ( 478 ) 2,565,149
AFRICAN MERCHANT ASSURANCE - ( 9,056 ) 122 78,151 7,763 465 186,355 44,999 566,826 ( 110,235 ) 13,299 ( 17,340 ) - ( 6,363 ) 754,983
AIG INSURANCE COMPANY 1,194 45 2,432 51,643 64,329 3,401 111,823 ( 200 ) - 31,435 70,841 ( 7,318 ) - - 329,624
ALLIANZ INSURANCE COMPANY 842 4,162 5,881 ( 676 ) 363 19,913 50,088 27,649 - 309 5,463 11,590 - 467 126,051
APA INSURANCE COMPANY ( 577 ) 11,249 22,012 42,588 56,443 60,632 638,422 545,161 - 70,679 48,844 160,740 1,251,464 80,478 2,988,134
BRITAM GENERAL INSURANCE - 30,756 16,790 58,780 13,697 15,915 708,538 489,784 - 45,781 118,677 64,265 1,220,240 269,837 3,053,061
CIC GENERAL INSURANCE COMPANY - ( 16,672 ) 18,305 82,621 81,045 34,305 1,402,787 1,128,552 - 35,676 86,621 149,585 1,548,712 80,859 4,632,396
CORPORATE INSURANCE COMPANY 1,703 9,001 ( 5,828 ) 23,763 ( 26,284 ) 17,088 54,593 29,478 - ( 20,835 ) 5,822 9,670 - ( 2,425 ) 95,746
DIRECTLINE ASSURANCE COMPANY - - - - - - 74,945 18,058 1,354,590 - - - - - 1,447,592
FIDELITY SHIELD INSURANCE - 5,560 4,235 27,578 9,492 10,751 369,290 268,414 72,113 1,607 17,885 60,019 - 195 847,139
FIRST ASSURANCE COMPANY - 12,612 3,545 38,585 ( 3,304 ) 39,665 340,532 322,632 - 20,576 16,227 32,806 342,751 ( 4,688 ) 1,161,940
GA INSURANCE COMPANY 6,595 49,969 43,113 65,800 10,389 59,242 271,314 269,396 14,168 12,606 140,055 246,136 162,957 ( 48,596 ) 1,303,145
GEMINIA INSURANCE COMPANY - 59,466 21,700 ( 16,017 ) 39,862 73,240 684,130 468,237 - 6,935 29,364 189,568 - ( 6,718 ) 1,549,768
HERITAGE INSURANCE COMPANY ( 406 ) 44,458 31,433 21,389 38,171 23,328 510,265 273,668 3,114 28,641 12,070 36,401 245,925 56,709 1,325,166
ICEA LION GENERAL INSURANCE 8,677 23,414 35,547 121,198 12,412 21,761 449,164 230,741 - 67,778 99,490 198,949 165,888 6,948 1,441,967
INTRA-AFRICA ASSURANCE - ( 11,041 ) 24,703 72,594 ( 8,257 ) ( 12,044 ) 183,103 141,956 - ( 3,228 ) 24,097 50,033 - 3,969 465,886
INVESCO ASSURANCE COMPANY - 1,516 2,169 17 8 5 89,169 37,908 470,625 ( 3 ) 1,896 181 - ( 15,562 ) 587,929
JUBILEE INSURANCE COMPANY 16 18,196 22,528 61,715 71,060 21,152 684,083 298,382 - 144,145 68,730 20,377 2,252,897 4,845 3,668,126
KENINDIA ASSURANCE COMPANY - 11,715 8,852 51,945 9,743 35,796 157,857 338,721 - 7,347 24,269 308,463 104,512 ( 1,907 ) 1,057,313
KENYA ORIENT INSURANCE - ( 3,260 ) 1,201 10,800 3,995 ( 464 ) 232,140 284,831 - ( 488 ) ( 873 ) 3,055 - ( 8,975 ) 521,961
MADISON INSURANCE COMPANY - 5,613 ( 183 ) 20,327 70,651 75 505,053 511,408 - 9,746 11,425 31,130 1,539,314 13,306 2,717,864
MAYFAIR INSURANCE COMPANY 17 37,806 9,106 70,573 5,712 40,493 126,332 73,970 - 3,397 28,461 28,061 - 6,020 429,948
METROPOLITAN CANNON INSURANCE - 12,385 1,308 22,412 ( 5,923 ) 7,800 201,104 194,389 - 5,782 ( 3,876 ) 57,441 - ( 152 ) 492,672
MUA INSURANCE COMPANY ( 2,058 ) 9,834 2,536 4,640 4,698 ( 1,380 ) 70,861 29,189 - 3,707 1,390 3,307 - 3,886 130,611
OCCIDENTAL INSURANCE COMPANY - 28,398 54,524 96,151 1,668 51,156 377,236 247,132 - 8,704 21,412 152,225 - 4,237 1,042,844
PACIS INSURANCE COMPANY - 1,149 491 11,767 2,315 - 182,452 55,976 - 8,620 1,976 8,160 82,420 ( 2 ) 355,324
PIONEER GENERAL INSURANCE - 2,917 943 796 5,431 4,576 86,662 45,136 - 1,483 524 1,819 - 6,019 156,306
RESOLUTION INSURANCE COMPANY - 971 8,117 4,346 ( 2 ) 127 269,811 138,067 - ( 1,023 ) 5,134 2,151 1,039,809 644 1,468,152
SAHAM INSURANCE COMPANY - 1,173 4,243 9,671 382 1,949 223,285 68,645 - ( 754 ) 7,675 20,019 116,125 ( 271 ) 452,143
SANLAM INSURANCE COMPANY - 3,784 6,688 7,853 7,468 6,546 161,744 96,163 11,564 955 9,090 9,341 220,961 10,700 552,857
TAKAFUL INSURANCE OF AFRICA - ( 716 ) 1,020 ( 1,518 ) 6,160 479 53,510 91,249 - ( 476 ) ( 5,798 ) 8,441 10,927 23,748 187,027
TAUSI ASSURANCE COMPANY - 5,544 10,897 24,670 2,569 23,839 52,851 9,665 - 560 26,453 36,813 2,017 3,218 199,096
THE KENYAN ALLIANCE INSURANCE - 1,684 ( 20,451 ) 4,757 4,301 12,757 302,683 168,598 - 41,199 13,719 ( 34,461 ) - 472 495,260
THE MONARCH INSURANCE - 630 615 611 1,070 ( 171 ) 287,097 183,834 - 1,624 107 3,642 - 3,039 482,099
TRIDENT INSURANCE COMPANY - 1,489 1,731 7,291 694 1,088 101,467 58,673 - 148 128 8,564 155,385 - 336,658
UAP INSURANCE COMPANY 1,467 4,743 18,371 28,940 6,139 ( 3,684 ) 808,975 380,047 - 5,712 19,575 467 2,654,824 31,555 3,957,131
XPLICO INSURANCE COMPANY - ( 287 ) - ( 1 ) ( 160 ) ( 30 ) 136,057 45,409 315,395 ( 1 ) ( 2 ) ( 2,424 ) ( 2,845 ) 7,145 498,256
TOTAL 17,470 359,207 359,128 1,105,760 494,100 569,271 11,145,778 7,615,917 2,808,395 426,617 920,170 1,857,108 15,676,239 522,159 43,877,319
CONTINENTAL REINSURANCE 2,565 63,294 ( 50 ) 183,511 2,320 45,602 383 48,591 - 8,954 437 343 262,195 45,690 663,834
EAST AFRICA REINSURANCE 8,017 105,269 - 383,163 370 93,708 - 216,451 - 3,127 - - 297,772 194,762 1,302,638
KENYA REINSURANCE CORPORATION 30,754 306,967 14,882 241,785 36,707 298,369 1,587,291 ( 31,293 ) - 874,000 ( 92,148 ) 57,123 526,782 834,386 4,685,605
TOTAL 41,336 475,530 14,832 808,459 39,397 437,679 1,587,674 233,749 - 886,081 ( 91,711 ) 57,466 1,086,749 1,074,838 6,652,079
APPENDIX 16: SUMMARY OF CLAIMS INCURRED UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
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 0.00 0.0 43.6 0.0 0.0 -833.3 0.00 0.00 0.00 -15.1 0.0 21.3 80.3 -3.1 79.0
AFRICAN MERCHANT ASSURANCE 0.00 -43.0 4.6 209.3 48.2 0.2 24.9 24.6 -6549.1 -795.9 -47.5 -13.1 0.00 -122.5 57.4
AIG INSURANCE COMPANY 186.0 0.1 10.0 52.5 1567.1 47.4 71.4 -0.6 0.00 -87.9 109.9 -4.1 0.00 0.00 58.2
ALLIANZ INSURANCE COMPANY 1122.7 381.8 159.4 -11.7 2.5 81.1 99.1 63.3 0.00 19.9 470.5 38.7 0.00 86.6 71.2
APA INSURANCE COMPANY -450.8 25.0 65.4 36.7 107.1 40.9 71.2 54.5 0.00 40.3 36.3 41.8 78.7 108.1 64.2
BRITAM GENERAL INSURANCE 0.00 136.8 27.0 50.5 31.2 18.6 73.3 57.8 0.00 14.8 87.8 40.3 74.7 53.5 62.5
CIC GENERAL INSURANCE COMPANY 0.00 -34.0 30.5 39.0 144.0 101.2 79.9 60.6 0.0 17.1 25.6 58.2 76.6 190.2 67.0
CORPORATE INSURANCE COMPANY 0.00 89.6 -196.8 201.6 -532.7 22.2 136.5 271.4 0.00 -395.3 37.2 93.8 0.00 -36.2 49.0
DIRECTLINE ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 57.7 48.4 65.4 0.00 0.00 0.00 0.00 0.00 64.6
FIDELITY SHIELD INSURANCE 0.0 22.2 32.7 67.4 88.2 28.1 82.8 54.9 116.7 32.0 208.0 46.8 0.00 2.6 66.5
FIRST ASSURANCE COMPANY 0.00 46.7 23.0 47.6 -19.3 67.7 91.2 100.2 0.00 26.4 45.2 37.0 83.7 -58.6 76.7
GA INSURANCE COMPANY 480.7 133.7 96.4 152.3 20.7 40.3 62.3 58.2 21.4 12.8 56.9 82.5 60.6 -128.7 58.2
GEMINIA INSURANCE COMPANY 0.0 337.5 51.6 -11.3 69.3 48.8 83.0 56.8 0.00 37.6 13.7 64.1 0.00 -19.6 59.1
HERITAGE INSURANCE COMPANY -87.1 133.5 32.8 24.8 32.1 42.8 81.7 60.6 -77.9 21.1 15.8 16.6 69.7 64.8 56.8
ICEA LION GENERAL INSURANCE 207.5 54.5 55.7 78.6 28.8 21.6 57.3 59.4 0.00 82.9 63.0 59.9 136.1 72.6 63.1
INTRA-AFRICA ASSURANCE 0.00 -57.2 138.4 177.4 -67.6 -20.7 64.4 75.0 0.0 -40.0 68.9 49.4 0.00 15.1 58.7
INVESCO ASSURANCE COMPANY 0.00 8422.2 999.5 -0.9 3.0 -19.2 84.5 69.4 48.9 -5.4 1207.6 47.3 0.00 141472.7 52.4
JUBILEE INSURANCE COMPANY 2.3 49.0 72.7 33.1 77.2 26.2 73.7 56.1 0.00 68.7 71.7 26.6 65.6 6.4 63.4
KENINDIA ASSURANCE COMPANY 0.0 23.4 32.9 57.6 45.3 22.2 62.4 85.0 0.00 49.2 32.3 99.9 98.1 -31.3 70.9
KENYA ORIENT INSURANCE 0.00 -25.8 6.1 72.7 21.7 -8.1 47.1 57.3 0.00 -5.3 -1.7 4.8 0.00 -51.9 43.4
MADISON INSURANCE COMPANY 0.00 94.1 -0.4 121.3 31.5 -0.5 82.2 71.5 0.00 59.1 57.3 115.8 93.5 16.1 80.0
MAYFAIR INSURANCE COMPANY 5.3 68.3 38.0 108.4 20.9 48.5 53.5 37.0 0.00 16.4 114.8 11.6 0.00 19.7 42.6
METROPOLITAN CANNON 0.00 41.6 17.4 180.6 -121.5 124.3 77.2 77.5 0.00 119.2 -20.1 84.2 0.00 -1.0 72.5
MUA INSURANCE COMPANY -75.1 57.7 55.0 26.3 23.6 -32.4 75.3 67.8 0.00 43.8 15.7 22.4 0.00 242.6 55.1
OCCIDENTAL INSURANCE COMPANY 0.00 190.7 174.4 222.5 58.6 117.8 66.3 50.5 0.00 90.9 50.7 69.5 0.00 46.6 70.8
PACIS INSURANCE COMPANY 0.00 31.0 8.2 80.6 24.1 0.0 82.1 28.8 0.00 15.0 8.2 18.3 62.7 -0.4 50.1
PIONEER INSURANCE COMPANY 0.00 46.0 38.4 2.4 21.5 43.9 104.2 85.3 0.00 3.8 5.2 10.6 0.00 69.2 54.2
RESOLUTION INSURANCE COMPANY 0.00 41.5 296.1 507.1 0.0 0.6 91.1 50.0 0.00 -2.2 47.8 4.1 81.1 42.8 71.9
SAHAM INSURANCE COMPANY 0.0 15.5 59.0 63.5 39.6 -29.0 72.2 55.5 0.0 -13.0 49.8 24.8 88.4 -0.5 61.0
SANLAM INSURANE COMPANY 0.00 36.3 37.6 90.5 45.5 42.2 52.2 38.6 18.0 14.5 82.5 16.3 85.2 45.2 52.6
TAKAFUL INSURANCE OF AFRICA 0.00 -23.1 35.5 -17.2 267.5 -33.5 38.4 69.4 0.00 -10.7 -17.7 31.0 -228.7 81.4 49.8
TAUSI ASSURANCE COMPANY 0.00 47.3 47.1 62.6 22.3 30.6 44.3 13.2 0.00 6.2 33.6 28.9 32.2 41.3 34.0
THE KENYAN ALLIANCE INSURANCE 0.00 5.2 -144.9 21.6 150.8 54.8 78.3 76.1 0.00 205.5 72.2 -56.2 0.00 27.4 61.5
THE MONARCH INSURANCE 0.00 9.3 36.5 10.7 30.3 -18.0 62.1 60.8 0.00 7.1 7.3 31.3 0.00 11.2 57.0
TRIDENT INSURANCE COMPANY 0.00 -31.1 226.6 -43.9 20.0 259.7 90.3 78.7 0.0 3.6 2.5 -138.9 54.3 0.0 69.7
UAP INSURANCE COMPANY -44.6 16.5 24.9 15.8 11.7 -7.7 83.6 51.6 0.00 10.4 16.5 0.3 76.7 79.8 66.6
XPLICO INSURANCE COMPANY 0.00 -12.5 0.0 -2.8 -156.9 -6.1 71.9 29.1 65.9 -2.2 -10.5 -1385.1 0.00 240.1 60.0
TOTAL -95.1 50.1 43.7 56.8 45.2 32.7 71.1 59.0 75.4 25.4 43.8 43.1 77.1 40.1 64.2
CONTINENTAL REINSURANCE 18.6 32.7 7.4 41.1 9.5 118.8 42.4 77.9 0.00 82.8 46.7 10.3 78.7 34.8 52.7
EAST AFRICA REINSURANCE 436.2 54.1 0.00 42.6 9.3 67.0 0.00 129.8 0.00 15.0 0.00 0.00 73.5 56.6 59.9
KENYA REINSURANCE CORPORATION 621.9 52.9 -113.4 22.1 31.2 62.4 -2760.8 -5.1 0.00 267.0 -39.0 1286.8 16.8 63.9 59.9
TOTAL 200.8 49.1 -107.5 33.2 27.0 66.7 -2805.5 27.7 0.00 246.8 -38.6 740.0 28.1 60.4 59.1
APPENDIX 17: SUMMARY OF INCURRED CLAIMS RATIOS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Insurance Industry Release Report for Q3 2018
52
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 - 29 641 176 1,558 235 - - - 9,184 276 9,653 ( 517,260 ) 16,273 ( 479,236 )
AFRICAN MERCHANT ASSURANCE - 9,364 1,076 ( 151,149 ) 1,407 124,356 343,802 ( 33,542 ) ( 575,480 ) 120,778 ( 52,378 ) 103,466 - 10,784 ( 97,516 )
AIG INSURANCE COMPANY ( 1,771 ) 20,903 10,586 64,819 ( 73,118 ) 8,394 127,622 25,973 - ( 134,466 ) ( 9,584 ) 137,995 - - 177,352
ALLIANZ INSURANCE COMPANY ( 12,952 ) ( 6,212 ) ( 11,360 ) ( 35,936 ) ( 29,324 ) ( 32,565 ) ( 43,064 ) ( 16,854 ) - ( 471 ) ( 10,725 ) ( 9,980 ) - ( 8,234 ) ( 217,677 )
APA INSURANCE COMPANY 493 12,411 ( 7,881 ) ( 30,463 ) ( 23,638 ) 41,836 ( 76,222 ) 74,488 - 41,082 38,308 51,817 ( 72,118 ) ( 44,927 ) 5,186
BRITAM GENERAL INSURANCE - ( 11,142 ) 5,465 ( 15,768 ) 3,638 29,821 ( 320,159 ) ( 164,311 ) - 60,598 ( 72,622 ) ( 16,466 ) ( 103,751 ) 37,492 ( 567,205 )
CIC GENERAL INSURANCE COMPANY - 44,377 9,251 29,948 ( 60,002 ) ( 45,342 ) ( 237,212 ) 17,159 14,248 40,437 33,003 ( 9,995 ) 78,817 ( 87,420 ) ( 172,730 )
CORPORATE INSURANCE COMPANY ( 1,703 ) ( 3,438 ) 6,748 ( 17,939 ) 29,419 40,820 ( 54,834 ) ( 37,852 ) - 24,348 ( 6,298 ) ( 14,728 ) - 12,448 ( 23,008 )
DIRECTLINE ASSURANCE COMPANY - - - - - - 39,791 14,790 ( 176,287 ) - - - - - ( 121,707 )
FIDELITY SHIELD INSURANCE ( 13,391 ) 15,188 3,161 ( 2,946 ) ( 6,402 ) 21,278 ( 60,025 ) 86,812 ( 28,166 ) 1,013 ( 22,075 ) 10,645 - 725 5,818
FIRST ASSURANCE COMPANY - 15,864 2,178 8,555 10,768 ( 63 ) ( 165,885 ) ( 177,798 ) - 13,336 3,881 9,826 ( 136,762 ) 23,688 ( 392,411 )
GA INSURANCE COMPANY ( 11,235 ) ( 15,894 ) ( 15,486 ) 7,160 23,292 62,664 71,958 82,697 44,091 65,260 37,707 ( 79,824 ) ( 141,071 ) 291,567 422,886
GEMINIA INSURANCE COMPANY 281 ( 65,662 ) 4,782 67,933 8,615 23,632 ( 92,240 ) 78,979 - 2,567 120,995 1,030 - 41,287 192,200
HERITAGE INSURANCE COMPANY 173 ( 34,434 ) 9,171 ( 17,094 ) 25,555 4,498 ( 118,928 ) 4,801 ( 7,108 ) ( 25,906 ) 19,419 76,622 28,445 ( 9,100 ) ( 43,887 )
ICEA LION GENERAL INSURANCE 1,839 3,790 1,422 15,325 12,841 17,437 ( 42,687 ) ( 26,547 ) - ( 15,133 ) ( 10,632 ) ( 1,040 ) ( 98,879 ) 230 ( 142,035 )
INTRA-AFRICA ASSURANCE - 24,344 ( 14,455 ) ( 44,149 ) 15,662 45,121 2,035 ( 27,980 ) 551 9,236 ( 4,081 ) ( 2,185 ) - 19,137 23,237
INVESCO ASSURANCE COMPANY - ( 1,502 ) ( 2,048 ) ( 2,011 ) 93 ( 581 ) ( 55,685 ) ( 11,968 ) ( 46,977 ) ( 150 ) ( 1,859 ) ( 186 ) - 15,542 ( 107,334 )
JUBILEE INSURANCE COMPANY ( 6,094 ) ( 9,513 ) ( 1,077 ) 24,338 ( 36,497 ) 28,203 ( 73,636 ) 48,319 - ( 2,526 ) 690 20,609 471,259 47,694 511,768
KENINDIA ASSURANCE COMPANY ( 22,351 ) 20,500 4,953 ( 26,782 ) 193 53,151 12,601 ( 86,516 ) - 3,252 35,406 ( 126,956 ) ( 33,549 ) 6,923 ( 159,174 )
KENYA ORIENT INSURANCE - ( 2,384 ) 8,816 ( 23,406 ) 956 2,632 49,515 4,106 - 2,624 26,612 35,676 - ( 5,366 ) 99,781
MADISON INSURANCE COMPANY - ( 4,142 ) 29,624 ( 19,390 ) 120,016 ( 16,250 ) ( 81,386 ) ( 51,711 ) - ( 4,608 ) ( 1,035 ) ( 20,449 ) ( 300,419 ) 36,426 ( 313,324 )
MAYFAIR INSURANCE COMPANY 231 34,857 5,711 2,743 13,117 11,674 17,903 34,877 - 11,376 ( 10,784 ) 104,925 - 27,282 253,912
METROPOLITAN CANNON INSURANCE - 13,424 1,298 ( 17,516 ) 14,817 ( 10,120 ) ( 59,008 ) ( 24,509 ) - ( 10,519 ) 13,323 ( 24,346 ) ( 16,488 ) 7,941 ( 111,702 )
MUA INSURANCE COMPANY ( 60,011 ) ( 11,429 ) ( 788 ) ( 19,368 ) 6,031 ( 1,156 ) ( 23,851 ) ( 9,795 ) - ( 1,015 ) 2,834 3,046 - ( 9,216 ) ( 124,719 )
OCCIDENTAL INSURANCE COMPANY - ( 14,962 ) ( 36,869 ) ( 57,716 ) 301 ( 21,399 ) ( 20,152 ) 59,065 - ( 653 ) 10,042 ( 39,474 ) - 3,626 ( 118,191 )
PACIS INSURANCE COMPANY - ( 832 ) 965 ( 28,537 ) 857 ( 25 ) ( 71,679 ) 31,532 - 9,558 5,881 5,226 ( 35,045 ) ( 409 ) ( 82,509 )
PIONEER GENERAL INSURANCE - 1,462 ( 2,100 ) 31,978 13,180 ( 6,844 ) ( 83,596 ) ( 21,584 ) - 27,234 3,186 5,482 - ( 956 ) ( 32,560 )
RESOLUTION INSURANCE COMPANY - ( 1,008 ) ( 7,616 ) ( 6,012 ) 10,376 13,241 ( 118,997 ) ( 59,456 ) - 14,876 3,186 26,079 ( 378,144 ) 229 ( 503,245 )
SAHAM INSURANCE COMPANY ( 3,671 ) 9,563 ( 3,550 ) 7,337 2,723 ( 7,892 ) ( 97,228 ) ( 19,555 ) ( 603 ) 2,063 ( 3,011 ) ( 31,746 ) 37,337 40,974 ( 67,258 )
SANLAM INSURANCE COMPANY - 620 ( 1,126 ) 4,272 754 ( 655 ) ( 42,038 ) ( 889 ) 13,041 1,543 4,778 6,623 ( 15,390 ) 2,679 ( 25,789 )
TAKAFUL INSURANCE OF AFRICA - ( 7,392 ) ( 1,278 ) ( 8,790 ) ( 7,403 ) ( 5,265 ) 11,307 ( 37,322 ) - 667 17,094 ( 4,902 ) ( 34,298 ) ( 15,286 ) ( 92,868 )
TAUSI ASSURANCE COMPANY - ( 1,461 ) ( 1,788 ) ( 20,402 ) 1,861 2,187 8,257 32,293 - 3,815 13,021 24,834 ( 790 ) ( 5,572 ) 56,256
THE KENYAN ALLIANCE INSURANCE - 23,764 16,060 ( 9,424 ) ( 7,185 ) ( 5,888 ) ( 130,499 ) ( 104,026 ) - ( 33,006 ) ( 13,510 ) 41,116 - 898 ( 221,701 )
THE MONARCH INSURANCE - ( 3,875 ) 210 ( 7,785 ) 631 607 ( 48,063 ) ( 28,748 ) - 18,017 347 1,988 - 10,616 ( 56,054 )
TRIDENT INSURANCE COMPANY - 9,753 ( 1,636 ) 3,931 472 ( 458 ) ( 78,394 ) ( 39,725 ) 1,737 ( 1,118 ) ( 3,249 ) 2,816 105,483 ( 124 ) ( 511 )
UAP INSURANCE COMPANY ( 19,467 ) 5,834 12,552 50,675 22,112 32,885 ( 352,313 ) 15,245 - 8,291 45,415 92,874 ( 95,612 ) ( 11,408 ) ( 192,916 )
XPLICO INSURANCE COMPANY - 2,487 1 ( 11 ) ( 47 ) 396 ( 64,646 ) 50,790 ( 73,841 ) 22 ( 5 ) 2,478 2,845 ( 5,327 ) ( 84,857 )
TOTAL ( 149,629 ) 73,252 25,613 ( 243,404 ) 97,629 410,565 ( 1,927,636 ) ( 318,762 ) ( 834,794 ) 261,606 213,556 392,549 ( 1,255,390 ) 451,116 ( 2,803,728 )
CONTINENTAL REINSURANCE 5,713 ( 8,570 ) ( 831 ) 55,202 11,704 ( 26,920 ) 299 ( 2,198 ) - ( 3,247 ) 183 1,482 ( 61,855 ) 13,991 ( 15,046 )
EAST AFRICA REINSURANCE ( 6,682 ) 21,889 ( 82,071 ) 270,562 1,869 ( 1,664 ) - ( 76,098 ) ( 22,796 ) 8,090 - ( 8,127 ) ( 66,235 ) 23,133 61,871
KENYA REINSURANCE CORPORATION ( 42,802 ) 73,682 ( 30,073 ) ( 172,628 ) 37,806 51,146 ( 1,646,635 ) 563,588 - ( 646,148 ) 284,887 ( 53,422 ) 1,873,375 ( 89,952 ) 202,825
TOTAL ( 43,771 ) 87,001 ( 112,975 ) 153,136 51,379 22,562 ( 1,646,336 ) 485,292 ( 22,796 ) ( 641,305 ) 285,070 ( 60,067 ) 1,745,285 ( 52,828 ) 249,650
APPENDIX 18: SUMMARY OF UNDERWRITING PROFITS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Amounts in Thousand Shillings
Insurance Industry Release Report for Q3 2018
53
Company
Gross Direct
Premium
Inward
Reinsurance
Outward
Reinsurance
Net Premium
Written UPR B/F
Unexpired Risk
Reserve (B/F)
UPR C/F Unexpired Risk
Reserve (B/F)
Net Earned
Premium Income Incurred Claims Net Commisions
Expense of
Management
Underwriting
Profit /(Loss)
Investment
Income
Operating
Profit
AAR INSURANCE KENYA 4,732,218 - 946,564 3,785,655 1,676,743 - 2,216,671 - 3,245,727 2,565,149 348,890 810,923 ( 479,236 ) 179,411 ( 299,824 )
AFRICAN MERCHANT ASSURANCE 1,743,962 4,740 510,314 1,238,387 645,412 - 568,777 - 1,315,022 754,983 57,773 599,782 ( 97,516 ) 136,967 39,451
AIG INSURANCE COMPANY 2,824,956 54,646 2,254,453 625,150 295,730 - 354,354 - 566,525 329,624 ( 409,856 ) 469,405 177,352 - 177,352
ALLIANZ INSURANCE COMPANY 560,614 - 353,504 207,111 85,741 - 115,837 - 177,014 126,051 33,067 235,573 ( 217,677 ) 13,497 ( 204,180 )
APA INSURANCE COMPANY 7,725,353 128,093 2,189,615 5,663,830 2,067,579 50,809 3,044,413 86,192 4,651,614 2,988,134 357,230 1,301,064 5,186 - 5,186
BRITAM GENERAL INSURANCE 6,166,122 - 1,106,384 5,059,738 2,397,155 94,336 2,575,993 88,975 4,886,261 3,053,061 481,234 1,919,172 ( 567,205 ) 514,573 ( 52,633 )
CIC GENERAL INSURANCE COMPANY 8,318,800 100,675 951,170 7,468,305 3,712,099 - 4,270,064 - 6,910,340 4,632,396 862,792 1,587,882 ( 172,730 ) 444,983 272,253
CORPORATE INSURANCE COMPANY 183,294 49,966 43,069 190,191 107,269 - 101,999 - 195,461 95,746 23,285 99,438 ( 23,008 ) 14,679 ( 8,329 )
DIRECTLINE ASSURANCE COMPANY 2,122,399 - 53,183 2,069,216 693,915 - 523,535 - 2,239,596 1,447,592 241,282 672,428 ( 121,707 ) - ( 121,707 )
FIDELITY SHIELD INSURANCE 1,641,311 5,696 379,371 1,267,636 686,163 - 679,598 - 1,274,201 847,139 128,832 292,413 5,818 - 5,818
FIRST ASSURANCE COMPANY 3,160,527 92,876 1,388,342 1,865,061 664,752 27,444 1,012,044 30,397 1,514,816 1,161,940 129,826 615,461 ( 392,411 ) - ( 392,411 )
GA INSURANCE COMPANY 4,876,117 61,963 2,403,728 2,534,352 1,157,317 - 1,453,535 - 2,238,135 1,303,145 ( 61,261 ) 573,365 422,886 449,487 872,374
GEMINIA INSURANCE COMPANY 3,351,166 24,197 334,920 3,040,443 1,310,846 - 1,730,841 - 2,620,448 1,549,768 363,113 515,367 192,200 152,522 344,722
HERITAGE INSURANCE COMPANY 4,267,201 53,842 1,785,145 2,535,898 1,264,377 - 1,467,794 - 2,332,481 1,325,166 69,987 981,216 ( 43,887 ) 437,481 393,594
ICEA LION GENERAL INSURANCE 4,362,656 39,840 1,858,770 2,543,725 1,071,633 - 1,330,856 - 2,284,502 1,441,967 174,732 809,838 ( 142,035 ) - ( 142,035 )
INTRA-AFRICA ASSURANCE 966,330 2,417 144,316 824,432 368,795 - 399,983 - 793,244 465,886 53,819 250,302 23,237 12,383 35,620
INVESCO ASSURANCE COMPANY 1,205,095 - 132,933 1,072,162 216,827 - 166,556 - 1,122,433 587,929 125,664 516,173 ( 107,334 ) - ( 107,334 )
JUBILEE INSURANCE COMPANY 8,804,501 95,102 2,694,201 6,205,402 2,907,014 - 3,331,149 - 5,781,267 3,668,126 352,443 1,248,931 511,768 539,390 1,051,158
KENINDIA ASSURANCE COMPANY 2,423,186 45,361 852,621 1,615,926 679,437 - 804,040 - 1,491,324 1,057,313 97,918 495,267 ( 159,174 ) 315,217 156,043
KENYA ORIENT INSURANCE 1,167,219 11,631 178,187 1,000,664 702,279 - 500,678 - 1,202,265 521,961 123,262 457,260 99,781 - 99,781
MADISON INSURANCE COMPANY 3,518,638 7,751 114,155 3,412,234 1,722,429 - 1,739,267 - 3,395,396 2,717,864 306,358 684,498 ( 313,324 ) 139,793 ( 173,531 )
MAYFAIR INSURANCE COMPANY 2,015,589 70,013 966,545 1,119,057 495,996 - 603,426 2,868 1,008,759 429,948 19,494 305,405 253,912 - 253,912
METROPOLITAN CANNON INSURANCE 839,472 5,790 184,960 660,302 418,415 71,008 404,451 65,728 679,545 492,672 66,738 231,838 ( 111,702 ) - ( 111,702 )
MUA INSURANCE COMPANY 573,294 86,567 313,934 345,926 122,062 - 230,887 - 237,101 130,611 15,591 215,619 ( 124,719 ) 54,720 ( 69,999 )
OCCIDENTAL INSURANCE COMPANY 1,969,900 519 495,562 1,474,857 758,729 - 759,712 - 1,473,875 1,042,844 146,144 403,078 ( 118,191 ) 265,784 147,593
PACIS INSURANCE COMPANY 1,059,404 - 279,943 779,461 417,039 - 487,247 - 709,253 355,324 88,883 347,555 ( 82,509 ) 76,250 ( 6,259 )
PIONEER GENERAL INSURANCE 412,008 2,424 61,063 353,368 163,930 - 228,872 - 288,426 156,306 46,969 117,712 ( 32,560 ) - ( 32,560 )
RESOLUTION INSURANCE COMPANY 4,028,108 - 2,266,243 1,761,865 1,305,103 79,235 1,024,016 79,235 2,042,951 1,468,152 88,218 989,827 ( 503,245 ) 65,826 ( 437,419 )
SAHAM INSURANCE COMPANY 1,904,521 9,999 1,084,416 830,103 433,802 55,442 518,672 59,494 741,181 452,143 ( 18,925 ) 375,221 ( 67,258 ) 98,603 31,345
SANLAM INSURANCE COMPANY 1,802,150 - 541,947 1,260,203 492,768 - 702,878 - 1,050,094 552,857 59,320 463,706 ( 25,789 ) 76,572 50,783
TAKAFUL INSURANCE OF AFRICA 572,357 - 305,313 267,044 474,387 - 365,913 - 375,518 187,027 45,584 235,776 ( 92,868 ) 18,654 ( 74,214 )
TAUSI ASSURANCE COMPANY 991,241 24,905 321,421 694,725 219,998 - 329,202 - 585,522 199,096 71,277 258,894 56,256 - 56,256
THE KENYAN ALLIANCE INSURANCE 952,150 - 106,873 845,277 564,157 - 604,492 - 804,942 495,260 92,003 439,380 ( 221,701 ) 154,427 ( 67,274 )
THE MONARCH INSURANCE 912,536 21,529 47,440 886,625 476,687 - 516,974 - 846,338 482,099 83,857 336,436 ( 56,054 ) - ( 56,054 )
TRIDENT INSURANCE COMPANY 194,920 7,123 51,455 150,588 464,522 - 131,822 - 483,288 336,658 27,493 119,648 ( 511 ) - ( 511 )
UAP INSURANCE COMPANY 7,110,360 91,532 806,466 6,395,426 3,144,164 135,394 3,570,952 165,510 5,938,523 3,957,131 552,970 1,621,338 ( 192,916 ) - ( 192,916 )
XPLICO INSURANCE COMPANY 903,974 - 22,061 881,913 171,929 - 223,816 - 830,026 498,256 84,358 332,269 ( 84,857 ) 7,811 ( 77,045 )
TOTAL 100,363,649 1,099,197 28,530,587 72,932,258 34,557,200 513,668 39,091,316 578,399 68,333,414 43,877,324 5,330,364 21,929,460 ( 2,803,728 ) 4,169,030 1,365,304
CONTINENTAL REINSURANCE - 1,573,474 329,472 1,244,002 415,725 - 400,079 - 1,259,648 663,834 431,768 179,092 ( 15,046 ) 79,799 64,753
EAST AFRICA REINSURANCE - 2,336,665 110,286 2,226,379 871,854 - 922,044 - 2,176,189 1,302,638 594,922 216,758 61,871 - 61,871
KENYA REINSURANCE CORPORATION - 7,934,725 496,221 7,438,504 4,781,322 - 4,400,009 - 7,819,816 4,685,605 1,521,907 1,409,479 202,825 2,378,693 2,581,517
TOTAL - 11,844,864 935,979 10,908,885 6,068,901 - 5,722,132 - 11,255,653 6,652,077 2,548,597 1,805,329 249,650 2,458,492 2,708,141
APPENDIX 19: SUMMARY OF GENERAL INSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018
INSURERS
REINSURERS
Insurance Industry Release Report for Q3 2018
54
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 550,000 699,000 180,000 150,000 800,000 300,000 250,000 500,000 150,000 200,000
Share Premium - - - - - - - - - -
Revaluation Reserves 7,299 2,760 - 778 - ( 86 ) - 576,421 - -
Statutory Reserves 420 ( 585,015 ) - 27,759 1,254,780 21,057 152,203 - 207,491 567,284
Retained Earnings ( 72,259 ) 441,867 - - 32,468 - ( 44,609 ) - - 10,981
Other Reserves - - 8,611,717 195,823 ( 73,190 ) 116,831 - - - -
Total Equity 485,460 558,612 8,791,717 374,360 2,014,058 437,802 357,594 1,076,421 357,491 778,265
Underwriting Provisions 214,843 - 828,137 1,745 459,435 56,690 53,890 382,155 7,837 1,412
Actuarial Contract Liabilities 4,270,374 2,126,843 55,605,575 407,981 8,729,126 - 537,759 66,372 14,046 6,383,770
LongTerm Liabilities 17,282 400,000 3,690,601 - 473,809 30,844 - 247,038 89,740 20,976
Current Liabilities 65,408 382,452 1,181,379 34,120 534,773 60,372 95,812 139,353 22,992 37,138
Total Equity And Liabilities 5,053,367 3,467,907 70,097,409 818,206 12,211,202 585,708 1,045,056 1,911,338 492,106 7,221,562
Land And Buildings - - 124,940 - - - - - - -
Investment Property 273,000 - 6,089,356 524,000 2,195,638 - 370,000 - 78,000 1,139,511
Other Fixed Assets 12,551 43,427 267,607 10,214 114,936 - 613 - 3 1,686
Government Securities 3,287,398 2,004,609 30,344,966 165,600 4,693,400 399,835 157,241 1,222,065 312,417 5,487,567
Other Securities 42,977 - - - 588,548 - - - - -
Investment in Related Companies - - 2,870,758 - - - - - - -
Corporate Bonds 114,412 - 569,369 - 377,579 10,246 - 87,358 - 182,878
Commercial Papers 116,315 - - - 11,985 - - - - -
Debentures - - - - - - - - - -
Ordinary Shares Quoted 209,940 - 8,561,208 2 757,432 - 1,200 15,120 - 172,719
Ordinary Shares Unquoted 9,474 - 106,783 - 17,000 - 1,054 - - -
Preference Shares Quoted - - - - - - - - - -
Preference Shares Unquoted - - - - - - - - - -
Loans Secured & Unsecured 24,884 - 1,632,544 - 337,605 1,377 70,586 - - 4,511
Mortgages - - 1,191,228 - 107,945 - - - - -
Term Deposits 605,046 340,918 991,599 36,000 847,546 86,678 285,632 258,293 61,159 123,040
Cash and Cash Balances 29,375 63,722 858,150 3,451 57,599 1,420 8,714 23,799 5,967 27,467
Outstanding Premiums 239,618 214,223 439,898 5,567 778,700 49,643 - 285,308 34,405 1,212
Other Receivables 37,485 6,802 1,178,731 - 597,869 - 149,925 12,949 - -
Other Assets 44,413 794,207 13,837,814 73,373 721,780 36,508 - 6,445 155 72,762
Intangible Assets 6,479 - 1,032,457 - 5,640 - 90 - - 8,210
Total Assets 5,053,367 3,467,907 70,097,409 818,206 12,211,202 585,708 1,045,056 1,911,338 492,106 7,221,562
Amounts in Thousand Shillings Continued next page
APPENDIX 20 i: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Insurance Industry Release Report for Q3 2018
55
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 - - 30,241 ( 365 ) - - 376,565 - - -
Statutory Reserves 129,132 6,607,906 2,036,726 318,516 27,829 4,091,343 2,338,349 1,435,263 - -
Retained Earnings - 2,459,213 1,950,620 11,642 ( 13,844 ) - ( 344,708 ) 62,000 ( 1,326,911 ) ( 2,475,316 )
Other Reserves 13,030 - - 2,815,378 - 39,841 - - 710,379 -
Total Equity 397,162 9,517,119 4,517,587 3,306,559 186,985 4,631,184 2,982,546 1,947,263 291,261 1,584,512
Underwriting Provisions 81,695 129,640 701,042 151,376 - - 462,893 117,672 298,443 385,195
Actuarial Contract Liabilities 707,698 64,749,347 64,416,808 29,050,701 717,731 2,438,795 18,707,569 9,021,923 1,426,194 11,577,956
LongTerm Liabilities - 1,119,058 63,508 34,760 - - 1,163,534 509,860 206,364 -
Current Liabilities 60,160 727,922 426,919 383,306 8,891 1,869,738 622,648 204,005 198,986 810,287
Total Equity And Liabilities 1,246,715 76,243,085 70,125,863 32,926,702 913,608 8,939,716 23,939,192 11,800,723 2,421,248 14,357,949
Land And Buildings 118,030 - - 1,093,620 - - 559,088 - 90,000 -
Investment Property - 10,276,000 4,393,022 1,903,042 175,000 1,606,555 1,066,500 4,807,881 755,000 2,281,543
Other Fixed Assets - 93,743 52,970 15,823 16,401 - 92,758 56,435 14,257 129,980
Government Securities 637,812 52,430,647 47,773,182 28,653,005 409,904 2,345,035 13,734,003 3,121,222 997,080 4,629,133
Other Securities - - - - - - - 59,209 - 21,702
Investment in Related Companies - 1,074,063 1,887,398 - - - - - - -
Corporate Bonds 1,125 1,405,258 881,264 51,885 24,458 - 1,520,825 133,640 58,163 591,893
Commercial Papers - - - 76,889 35,764 - - - - -
Debentures - - - - - - - - - -
Ordinary Shares Quoted - 6,243,316 5,397,782 178,015 - 223,336 3,158,180 6,945 78,469 3,463,442
Ordinary Shares Unquoted - - 2,560,392 153 60,825 - 182,137 2,341,503 2,963 419,379
Preference Shares Quoted - 1,223 - - - - - - - -
Preference Shares Unquoted - - - - - - - - - -
Loans Secured & Unsecured 2,499 540,366 823,671 94,333 9,449 - 1,183,762 93,377 17,769 186,320
Mortgages - 550,537 - 4,813 - - 388,703 86,979 30,066 24,181
Term Deposits 433,433 2,940,953 3,577,838 362,562 55,096 3,052,002 995,655 372,411 241,135 1,464,685
Cash and Cash Balances 50,463 139,923 1,558,461 341,624 15,373 12,956 190,850 26,693 25,420 268,916
Outstanding Premiums 3,070 129,618 372,297 - 59,234 1,302,799 224,592 202,794 46,000 117,714
Other Receivables - 152,929 251,674 138,395 27,773 - 312,596 477,929 - 488,474
Other Assets 282 249,258 534,022 - 24,297 - 195,971 - 60,384 252,443
Intangible Assets - 15,252 61,891 12,543 33 397,035 133,571 13,705 4,542 18,145
Total Assets 1,246,715 76,243,085 70,125,863 32,926,702 913,608 8,939,716 23,939,192 11,800,723 2,421,248 14,357,949
Amounts in Thousand Shillings Continued next page
APPENDIX 20 ii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Insurance Industry Release Report for Q3 2018
56
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 150,000 406,185 150,000 200,000 150,000 400,000 154,976 1,585,456 12,668,942
Share Premium - 2,127,525 - 30,260 - - - - 4,533,809
Revaluation Reserves - - 3,460 - - 107,075 - 27,534 1,131,682
Statutory Reserves 564,755 - 211,988 - 572,188 59,039 6,000 25,369 - 19,646,406
Retained Earnings 13,173 - 1,523,534 - 560,253 - 40,029 - 291,121 72,186
Other Reserves - - - 14,360 - 9,000 - 151,510 - 12,575,959
Total Equity 727,928 798,189 139,099 1,362,702 218,039 553,104 331,855 1,904,111 50,628,985
Underwriting Provisions 1,110,562 56,074 - - 7,897 27,716 79,658 762,189 6,378,196
Actuarial Contract Liabilities 2,228,627 555,226 872,452 19,971,673 44,670 2,384,864 136,558 8,125,640 315,276,278
LongTerm Liabilities 257,531 - - 310,018 - 18,049 - 136,054 8,789,026
Current Liabilities 73,980 109,725 39,345 1,939,421 22,627 85,104 148,016 475,981 10,760,860
Total Equity And Liabilities 4,398,627 1,519,214 1,050,897 23,583,814 293,232 3,068,837 696,088 11,403,975 391,833,346
Land And Buildings - - - 860,000 - 125,000 - - 2,970,678
Investment Property 1,290,347 - 75,000 2,460,284 - 1,096,500 368,177 930,000 44,154,356
Other Fixed Assets 48,452 37,005 2,263 125,058 - 1,290 21,150 31,911 1,190,533
Government Securities 428,882 1,201,732 623,334 13,885,508 51,235 294,226 68,684 6,489,323 225,849,045
Other Securities - - - 260,319 - - - - 972,755
Investment in Related Companies - - - - - - 59,534 - 5,891,753
Corporate Bonds 1,000 - 63,392 1,370,106 27,522 51,411 - 853,028 8,376,812
Commercial Papers - - - - - - - - 240,953
Debentures - - - - - - - - -
Ordinary Shares Quoted 25,160 - - 2,207,649 - - - 1,683,156 32,383,071
Ordinary Shares Unquoted - - - - - - - 15,701 5,717,364
Preference Shares Quoted - - - - - - - - 1,223
Preference Shares Unquoted - - - - - - - - -
Loans Secured & Unsecured 145,451 18,476 8,651 578,616 - 2,739 - 16,883 5,793,869
Mortgages - - - 126,250 - - - 62,530 2,573,232
Term Deposits 630,697 113,507 259,846 765,432 112,368 1,346,555 4,167 518,756 20,883,009
Cash and Cash Balances 42,623 44,813 1,156 399,468 19,739 285 2,628 283,924 4,504,979
Outstanding Premiums 1,382,862 12,329 7,529 169,736 50,325 67,228 98,079 95,502 6,390,282
Other Receivables 254,015 2,577 - - 22,217 - - 410,010 4,522,350
Other Assets 141,552 54,331 9,725 228,093 9,827 83,605 71,215 13,250 17,515,712
Intangible Assets 7,585 34,444 - 147,294 - - 2,454 - 1,901,370
Total Assets 4,398,627 1,519,214 1,050,897 23,583,814 293,232 3,068,837 696,088 11,403,975 391,833,346
Amounts in Thousand Shillings
APPENDIX 20 iii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Insurance Industry Release Report for Q3 2018
57
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
DIRECT ASSURANCE
COMPANY
Share Capital 560,000 987,386 450,000 1,000,000 1,250,000 2,668,000 1,700,000 800,000 400,000 300,000
Share Premium 600,523 - - - - - - - - -
Revaluation Reserves - - 23,583 - 272,157 - - ( 157 ) - ( 104,067 )
Statutory Reserves - - - - - - - - - -
Retained Earnings ( 644,662 ) 545,687 1,563,826 ( 297,589 ) 3,252,430 165,994 2,204,408 328,401 302,419 818,232
Other Reserves - 20,852 - - - - ( 97,270 ) - 1,092 -
Total Equity 515,861 1,553,925 2,037,409 702,411 4,774,588 2,833,994 3,807,138 1,128,244 703,511 1,014,165
Underwriting Provisions 3,149,280 1,970,367 995,274 209,956 8,242,524 6,120,019 7,600,697 1,053,264 331,023 4,335,808
Actuarial Contract Liabilities - - - - - - - - - -
LongTerm Liabilities - - - - - - - - - -
Current Liabilities 346,006 292,567 1,895,399 441,004 773,567 1,553,239 1,040,270 86,980 241,222 143,431
Total Equity And Liabilities 4,011,147 3,816,859 4,928,081 1,353,371 13,790,679 10,507,251 12,448,105 2,268,488 1,275,755 5,493,404
Land And Buildings - 732,676 - - - 40,545 232,429 - - 397,000
Investment Property - 530,000 - - 1,125,000 - 1,602,670 - 253,500 1,692,606
Other Fixed Assets 100,481 131,838 123,147 59,248 83,213 95,089 189,012 16,212 3,814 23,988
Government Securities 1,398,343 532,934 3,248,760 383,535 6,330,912 4,863,336 2,540,549 786,606 112,550 805,692
Other Securities - - - - 27,124 - 267,323 - - -
Investment in Related Companies - - - - 618,675 - - - 277,000 539,962
Corporate Bonds 111,142 8,025 - - 398,911 374,410 239,862 18,211 - -
Commercial Papers - - - - - - 61,186 - - -
Debentures - - - - - - - - - -
Ordinary Shares Quoted - 26,065 - - 1,098,320 666,883 520,765 - 1,736 112,751
Ordinary Shares Unquoted - - - - 15,527 13,843 22,999 - 604 -
Preference Shares Quoted - - - - - - - - - -
Preference Shares Unquoted - - - - - - - - - -
Loans Secured & Unsecured - 12,048 17,663 - 31,359 - 4,289 9,237 - 16,852
Mortgages - - - - 77,469 - 127,483 4,568 - -
Term Deposits 743,675 471,485 1,287 200,844 1,131,246 624,063 2,427,872 230,536 27,158 562,589
Cash and Cash Balances 128,218 34,673 48,190 256,601 210,520 553,003 37,702 13,913 1,604 943,993
Outstanding Premiums 361,415 1,030,365 548,553 169,831 1,958,070 1,328,925 2,655,051 646,865 331,595 97,601
Other Receivables 665,856 79,975 70,322 - 70,904 - 507,390 - 164,988 -
Other Assets 273,274 180,007 857,773 190,746 324,140 1,018,516 948,096 373,725 83,931 248,018
Intangible Assets 228,744 46,766 12,386 92,566 289,288 928,638 63,428 168,615 17,275 52,353
Total Assets 4,011,147 3,816,859 4,928,081 1,353,371 13,790,679 10,507,251 12,448,105 2,268,488 1,275,755 5,493,404
APPENDIX 21 i: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Amounts in thousand Shillings Continued next page
Insurance Industry Release Report for Q3 2018
58
Company
EAST AFRICA
REINSURANCE
COMPANY
FIDELITY SHIELD
INSURANCE
COMPANY
FIRST ASSURANCE
COMPANY
GA GENERAL
INSURANCE
COMPANY
GEMINIA
INSURANCE
COMPANY LIMITED
HERITAGE
INSURANCE
COMPANY
ICEA LION GENERAL
INSURANCE
COMPANY
INTRA-AFRICA
ASSURANCE
COMPANY
INVESCO
ASSURANCE
COMPANY
JUBILEE
INSURANCE
COMPANY
Share Capital 1,000,000 600,000 660,000 700,000 550,000 500,000 1,000,000 500,000 1,925,000 2,000,000
Share Premium - - 512,139 - - - - - - -
Revaluation Reserves 312,344 109,028 249,165 829,766 617,992 - 374,210 339,072 138 ( 5,413 )
Statutory Reserves - - - - - - - - - -
Retained Earnings 1,964,217 486,943 282,928 2,085,586 779,766 2,484,221 2,935,901 48,530 ( 1,572,480 ) 4,852,041
Other Reserves 5,279 - - 289,005 66,608 - - - - -
Total Equity 3,281,839 1,195,971 1,704,231 3,904,357 2,014,366 2,984,221 4,310,110 887,602 352,658 6,846,628
Underwriting Provisions 2,698,944 1,761,069 2,362,088 4,856,183 3,548,812 3,434,349 4,660,825 939,077 2,431,479 5,430,495
Actuarial Contract Liabilities - - - - - - - - - -
LongTerm Liabilities 134,494 - - 2,134 1,904 - 484,447 45,556 - -
Current Liabilities 1,002,870 90,756 976,838 1,688,352 141,479 1,013,023 1,030,704 78,798 377,955 2,243,691
Total Equity And Liabilities 7,118,147 3,047,796 5,043,157 10,451,026 5,706,560 7,431,594 10,486,086 1,951,032 3,162,092 14,520,815
Land And Buildings 518,519 275,117 344,250 1,136,250 373,019 - - 136,800 71,189 -
Investment Property 801,766 1,035,912 1,410,000 1,390,757 1,012,000 - 2,730,000 301,200 1,423,480 -
Other Fixed Assets 10,771 15,077 43,318 43,350 195,250 79,830 103,252 28,015 38,615 67,994
Government Securities 2,329,187 483,023 1,199,881 3,095,434 1,031,406 3,206,074 4,660,536 243,135 177,000 3,815,272
Other Securities - - - - - - 47,126 - - -
Investment in Related Companies - - - 356,109 86,571 146,557 50,147 - - 1,926,811
Corporate Bonds 528,177 - 43,766 293,625 24,300 163,753 254,660 - - 11,070
Commercial Papers - - - 10,000 - - - - - -
Debentures - - - - - - - - - -
Ordinary Shares Quoted 31,733 115,522 - 446,968 170,698 301,425 887,848 58,621 1,586 1,525,028
Ordinary Shares Unquoted - - - 304,729 7,371 - 7,860 - 625 597,240
Preference Shares Quoted - - - - - - - - - 402
Preference Shares Unquoted - - - - - - - - - -
Loans Secured & Unsecured 8,311 2,319 30,843 218,733 154,079 46,676 - 20,063 - 3,977
Mortgages 61,022 8,385 - - - 257,963 - 12,733 - 53,184
Term Deposits 1,059,572 256,962 297,324 811,165 941,852 1,107,281 195,565 272,780 54,229 387,161
Cash and Cash Balances 71,040 149,617 53,964 141 123,795 225,665 27,709 59,524 17,152 516,365
Outstanding Premiums 1,147,206 423,549 1,191,029 1,794,786 1,458,733 1,323,015 853,945 665,622 583,133 3,740,360
Other Receivables 110,909 - - 43,848 - 61,483 117,305 97,386 275,943 1,205,415
Other Assets 81,211 202,239 300,956 111,546 106,179 438,316 294,392 - - 395,992
Intangible Assets 358,722 80,074 127,826 393,586 21,307 73,556 255,739 55,153 519,140 274,545
Total Assets 7,118,147 3,047,796 5,043,157 10,451,026 5,706,560 7,431,594 10,486,086 1,951,032 3,162,092 14,520,815
APPENDIX 21 ii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Amounts in thousand Shillings Continued next page
Insurance Industry Release Report for Q3 2018
59
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 1,000,000 453,960 300,000 693,000 572,060 600,000 410,000
Share Premium 1,198 - - - - 583,040 - - 5,712 - 1,490,000
Revaluation Reserves 307,534 49,534 15,317 - 430,377 - ( 4,710 ) ( 20,497 ) - - 1,470
Statutory Reserves - - - - - - - - - - -
Retained Earnings 2,120,334 ( 117,102 ) 22,446,872 667,496 1,185,805 ( 237,545 ) 625,448 459,471 387,369 ( 7,098 ) ( 2,018,544 )
Other Reserves 387,375 50,000 166,096 - - - - - ( 477 ) - -
Total Equity 3,216,442 793,154 23,878,158 1,272,496 2,616,182 799,455 920,738 1,131,973 964,664 592,902 ( 117,075 )
Underwriting Provisions 2,669,122 1,204,192 9,794,138 2,857,792 1,880,738 1,306,236 472,410 2,086,843 963,209 353,155 1,555,720
Actuarial Contract Liabilities - - - - - - - - - - -
LongTerm Liabilities 257,500 81,667 - - - - - 11,782 - - -
Current Liabilities 1,296,330 525,173 995,187 69,034 395,060 462,923 189,741 105,077 376,912 145,827 2,705,034
Total Equity And Liabilities 7,439,394 2,604,186 34,667,483 4,199,322 4,891,980 2,568,614 1,582,890 3,335,675 2,304,785 1,091,884 4,143,679
Land And Buildings 746,886 138,776 23,000 - 221,275 90,000 - - 113,850 - -
Investment Property 1,205,953 358,323 8,069,345 931,725 460,458 276,000 - 510,000 730,000 - -
Other Fixed Assets 58,628 27,458 58,258 52,621 88,842 24,129 20,139 75,951 32,662 7,846 120,599
Government Securities 2,642,893 151,628 13,288,529 535,113 1,036,222 952,570 519,000 1,339,701 251,265 70,000 258,803
Other Securities - - - 21,202 - - - - - - -
Investment in Related Companies 81,905 192,768 4,653,875 - 473,121 20,883 143,807 - - - -
Corporate Bonds 51,885 5,090 475,919 16,908 92,931 26,044 - 13,233 - - -
Commercial Papers 30,756 - - - - - - - - - -
Debentures - - - - - - - - - - -
Ordinary Shares Quoted 58,347 8,338 1,265,481 1,670 169,945 118,613 48,271 192,983 57,896 - -
Ordinary Shares Unquoted 547,506 599,570 202,231 63,359 642,694 241,493 - 825 103,256 - -
Preference Shares Quoted - - 89 - - - - - - - -
Preference Shares Unquoted - - - - - - - - - - -
Loans Secured & Unsecured 10,275 - - - 14,102 4,076 1,947 - - - -
Mortgages - - 696,264 - - 32,777 - - - - -
Term Deposits 483,024 61,470 229,721 843,315 893,566 220,210 206,101 179,937 124,713 724,006 718,858
Cash and Cash Balances 145,147 28,419 418,897 108,241 40,330 12,495 5,984 82,639 9,435 12,441 63,168
Outstanding Premiums 741,198 700,239 2,863,365 1,105,529 604,798 274,700 394,501 747,116 737,644 200,143 775,235
Other Receivables - 4,159 414,672 284,973 - 157,495 63,424 28,925 - - 1,187,275
Other Assets 589,117 223,765 ( 108,581 ) 24,071 148,456 36,087 116,354 29,757 69,314 43,068 782,024
Intangible Assets 45,873 104,183 2,116,418 210,596 5,240 81,041 63,362 134,609 74,751 34,379 237,717
Total Assets 7,439,394 2,604,186 34,667,483 4,199,322 4,891,980 2,568,614 1,582,890 3,335,675 2,304,785 1,091,884 4,143,679
APPENDIX 21 iii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Amounts in thousand Shillings Continued next page
Insurance Industry Release Report for Q3 2018
60
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
XPLICO INSURANCE
COMPANY TOTAL
Share Capital 402,000 788,600 470,203 600,000 300,000 316,476 500,000 1,000,000 887,500 31,909,779
Share Premium - 102,760 50,000 - - - - - - 3,345,372
Revaluation Reserves ( 2,218 ) 77,618 - 174,111 2,750 - 192,586 - 19,670 4,261,360
Statutory Reserves - - - - - - - - - -
Retained Earnings 250,210 ( 172,146 ) ( 211,655 ) 611,316 1,044,937 124,700 1,222,147 6,538,546 146,076 57,653,436
Other Reserves - - 33,202 ( 2,067 ) ( 16,604 ) - 25,000 - 220,000 1,148,091
Total Equity 649,991 796,832 341,750 1,383,360 1,331,082 441,176 1,939,733 7,538,546 1,273,246 98,318,034
Underwriting Provisions 943,163 1,589,098 778,819 843,984 1,453,182 1,183,004 1,625,367 6,890,265 923,392 107,505,362
Actuarial Contract Liabilities - - - - - - - - - -
LongTerm Liabilities - - 40,000 62,656 - - 56,715 - - 1,178,855
Current Liabilities 307,415 242,548 261,715 222,035 26,015 48,966 570,773 1,441,316 196,385 26,041,617
Total Equity And Liabilities 1,900,569 2,628,478 1,422,284 2,512,035 2,810,279 1,673,146 4,192,588 15,870,127 2,393,023 233,043,866
Land And Buildings - - - 299,408 - - 240,660 - - 6,131,649
Investment Property - 516,700 21,100 - 1,070,451 483,227 1,716,399 3,711,700 657,300 36,027,572
Other Fixed Assets 8,343 32,133 27,265 23,237 50,386 28,517 10,813 46,806 101,296 2,347,443
Government Securities 799,346 943,376 32,907 1,149,032 332,692 102,645 239,061 4,145,310 110,991 70,145,249
Other Securities - - - - - - 20,193 - 103,000 485,968
Investment in Related Companies - - - - - - 615,600 - 245,251 10,429,042
Corporate Bonds 70,447 20,000 55,044 11,170 26,249 - 20,000 713,022 - 4,067,854
Commercial Papers - - - - - - - - - 101,942
Debentures - - - - - - - - - -
Ordinary Shares Quoted 33,808 732 - 204,214 17,865 - 6,220 1,287,263 - 9,437,595
Ordinary Shares UnQuoted - - - 6,916 64,897 59 7,985 114,582 - 3,566,171
Preference Shares Quoted - - - - - - - - - 491
Preference Shares Unquoted - - - - - - - - - -
Loans Secured & Unsecured - 2,234 - 7,734 170,317 - 877,291 1,328,149 20,034 3,012,608
Mortgages 6,789 - - 135,863 - - - 290,356 - 1,764,856
Term Deposits 367,299 78,595 357,123 264,879 98,094 133,772 20,536 534,408 214,108 18,558,381
Cash and Cash Balances 71,616 46,516 126,546 45,311 35,247 4,965 66,712 444,070 114,282 5,355,850
Outstanding Premiums 188,892 604,764 330,804 255,502 613,792 725,447 208,975 1,913,073 555,010 36,850,376
Other Receivables 81,115 - - - 180,914 2,831 31,888 343,256 152,983 6,405,634
Other Assets 159,795 366,644 406,180 27,402 74,844 125,736 40,671 525,471 81,486 10,190,718
Intangible Assets 113,120 16,784 65,314 81,367 74,530 65,947 69,583 472,660 37,284 8,164,465
Total Assets 1,900,569 2,628,478 1,422,284 2,512,035 2,810,279 1,673,146 4,192,588 15,870,127 2,393,023 233,043,866
APPENDIX 21 iv: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018
Amounts in thousand Shillings