Insurance Industry Report for the Period January September ... · The Insurance Regulatory...

Insurance Industry Report for the Period

January – September 2019

Third Quarter Release

November 2019

Insurance Industry Release for Q3 2019

i

DATA ACCURACY STATEMENT

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

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

of the Insurance Act without any adjustments whatsoever, unless in

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

Whereas a rigorous validation has been carried out to ensure completeness of

the information in this report, the Insurance Regulatory Authority does not

guarantee the accuracy or completeness of the information contained in the

report. Further, the Authority expressly disclaims liability for any errors or

omissions in the report.


ii

Contents

Executive Summary ............................................................................... vii

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

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

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

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

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

2.2 Industry Financial Position ............................................................................... 12

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

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

3.2 Net premium income ........................................................................................ 16

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

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 ............................................................................. 19

4.3 Underwriting ratios ........................................................................................... 22

4.4 Underwriting results ......................................................................................... 22

4.5 Investments ...................................................................................................... 23

Chapter Five .......................................................................................... 25 5.0 Reinsurance business ....................................................................................... 25

5.1 Long term reinsurance business ....................................................................... 25

5.2 General reinsurance business .......................................................................... 27

Chapter Six ............................................................................................ 29 6.0 Industry Financial Position ............................................................................... 29

6.1 Summary of Industry Balance Sheet ................................................................. 29

6.2 Shareholder’s Funds ......................................................................................... 29

6.3 Assets and Liabilities ........................................................................................ 30

6.4 Investments ...................................................................................................... 30

Statistical Appendices ............................................................................ 32


iii

List of Tables

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

business ................................................................................................................................................... vii

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

business .................................................................................................................................................. viii

Table 3: Trainings and Stakeholders workshops ........................................................................... 3

Table 4: Recently Developed/Repackaged Insurance Products ................................................. 3

Table 5: Nature of Insurance Fraud Cases ...................................................................................... 4

Table 6: Selected key operating performance indicators for direct insurance business ... 10

Table 7: Selected key operating performance indicators for reinsurance business ........... 12

Table 8: Selected key industry financial position indicators ..................................................... 12

Table 9: Selected key industry financial position ratios ............................................................. 13

Table 10: Class-wise gross premium income................................................................................. 14

Table 11: Insurance Market share by gross premium income .................................................. 15

Table 12: Class-wise net premium income ..................................................................................... 16

Table 13: Long term insurance business investments ................................................................ 17

Table 14: Class-wise gross premium income................................................................................. 18

Table 15: Market share by gross premium income ...................................................................... 19

Table 16: Class-wise incurred claims .............................................................................................. 20

Table 17: Class-wise incurred loss ratios ....................................................................................... 20

Table 18: Class-wise claims paid ..................................................................................................... 21

Table 19: Underwriting ratios ............................................................................................................ 22

Table 20: Class-wise underwriting results .................................................................................... 23

Table 21: General insurance business investments .................................................................... 23

Table 22: Key performance indicators ............................................................................................. 25

Table 23: Long Term Reinsurance business investment channels .......................................... 26


iv

Table 24: Class-wise performance indicators under general reinsurance ............................ 27

Table 25: General reinsurance business investment channels ................................................ 28

Table 26: Summary of Industry balance sheet ............................................................................. 29


v

List of Figures

Figure 1: Inflation Rates ........................................................................................................................ 5

Figure 2: Trend in Exchange Rates..................................................................................................... 6

Figure 3: Trend in Stock Market .......................................................................................................... 7

Figure 4: Trend in Share Indices ......................................................................................................... 8

Figure 5: Trends in House Price Index ............................................................................................... 9

Figure 6: Total Industry Premiums composition ............................................................................ 11

Figure 7: Class-wise contribution of Long-term gross insurance Premium ........................... 15

Figure 8: Long-term insurance investments portfolio .................................................................. 17

Figure 9: General insurance investments portfolio....................................................................... 24

Figure 10: Distribution of industry investors’ equity ................................................................... 30

Figure 11: Distribution of industry investment portfolio ............................................................. 31

../../../../GIBSON/Documents/FAD/REPORTS/QUARTERLY/2019/Q3%202019/Quarter%203%202019%20%20Industry%20Release.doc#_Toc26197436











vi

Definition of Ratios

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

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

premium)*100

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

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

Management Expense Ratio (LT) = (Management expense / Net Premium)*100

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

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

Return on Assets (ROA) = (Profit before tax/average total assets)*100

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

Abbreviations

LT = Long Term

GB = General Business

Insurance Industry Release Report for Q3 2019

vii

Executive Summary

The performance and financial position of the insurance industry in Kenya

during the third quarter of 2019 is as outlined below:

Long Term Insurance Business

Table 1 summarizes the key financial performance and financial position

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

three years to 2019.

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

Annual change

(2014/2013)(2018/2019)

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

Gross Premium income 69,689,045 62,810,418 60,447,039 11.0

Net premium income 65,290,372 58,361,747 56,136,879 11.9

Net Commisions 4,434,450 3,940,180 3,876,391 12.5

Underwriting Management Expense 10,981,300 9,616,468 8,986,759 14.2

Total claims and policyholders' benefits 42,015,348 39,015,208 34,021,469 7.7

Direct expenses 15,415,750 13,556,648 12,863,150 13.7

Investment Income 32,658,083 22,018,084 27,947,114 48.3

Financial position Indicators

Paid up capital 12,328,180 11,368,942 11,214,942 8.4

Shareholders' funds 49,357,084 44,483,578 45,887,756 11.0

Total Assets 436,436,431 380,396,584 339,808,007 14.7

Total Liabilities 387,079,347 335,913,006 293,920,251 15.2

Investments 401,524,844 343,529,542 304,622,693 16.9

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

Retention Ratio 93.69 92.92 92.87 0.8

Net Commissions Ratio 6.79 6.75 6.91 0.0

Underwriting Management Expense Ratio 16.82 16.48 16.01 0.3

Shareholders' Funds to Total Assets 11.31 11.69 13.50 -0.4

Key financial performance indicators for Long term Insurance Business

Performance Indicators2019 Q3 2018 Q3 2017 Q3

The premium reported by the long-term insurers in Q3 2019 amounted to KES

69.69 billion, a growth of 11.0% from KES 62.81 billion reported in Q3 2018.

The long-term insurers’ asset base grew by 14.7% to KES 436.44 billion and

largely composed of income generating investments of KES 401.52 billion. Of the

total assets, 11.3% (KES 49.36 billion) was funded through shareholders’ equity.


viii

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 2019.

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

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

Gross Premium income 105,232,095 101,462,855 99,222,568 3.7

Net Premium income 74,201,368 72,932,258 69,701,976 1.7

Net Earned Premium Income 68,839,681 68,333,414 67,467,770 0.7

Claims Incurred 44,931,292 43,877,324 42,726,890 2.4

Direct Expenses 26,565,554 27,259,824 25,500,343 -2.5

Investment Income 8,628,885 4,169,030 4,613,064 107.0

Underwriting Results (2,657,157) (2,803,728) (759,460) 5.2

Financial Position Indicators

Paid up share capital 27,670,232 28,859,906 27,794,570 -4.1

Shareholder's funds 71,521,810 70,029,793 67,674,883 2.1

Total assets 191,606,206 188,989,748 181,593,683 1.4


Investments 124,651,831 122,847,349 117,330,398 1.5

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

Retention ratio 70.5 71.9 70.2 -1.4

Claims ratio 65.3 64.2 63.3 1.1

Commissions ratio 6.8 7.8 7.4 -1.0

Management expense ratio 31.8 32.1 30.4 -0.3

Combined ratio 103.9 104.1 101.1 -0.2

Shareholder's funds to total assets 37.3 37.1 37.3 0.3

2018 Q3 2017 Q3Annual change

(2019/2018)

Key financial performance indicators for General Insurance Business

Performance Indicators2019 Q3

In Q3 2019, general insurance premiums recorded a growth of 3.7% to KES

105.23 billion compared to a growth of 2.9% recorded in the previous year. The

general insurance business underwriters incurred KES 44.93 billion in claims

by the end of Q3 2019. The claims incurred loss ratio was 65.3% during this

period.

The general insurance business underwriters reported an overall underwriting

loss of KES 2.66 billion compared to a loss of KES 2.80 billion reported in Q3

2018, a reduction of 5.2% in the losses.


ix

Long Term Reinsurance Business

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

companies in Q3 2019 was KES 1.87 billion compared to KES 1.62 billion

reported in Q3 2018 representing an increase of 15.1%. Group Life contributed

92.4% of the total NPI recorded in the period under review.

General Reinsurance Business

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

35.0% from KES 10.91 billion reported by the end Q3 2018 to KES 14.73 billion

in Q3 2019.

The reinsurers incurred KES 9.09 billion in claims and KES 5.85 billion in

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

significant increase in operating profit from KES 249.65 million reported in Q3

2018 to KES 456.25 million registered in Q3 2019.


1

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 2019 industry release which provides market

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

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

reinsurers regulated by the Authority except for Invesco Assurance Company

Limited


2

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 2019, the following activities were

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

development of the insurance sector in Kenya.

Industry Circulars

The Authority issued the following circulars during the third quarter in

fulfillment of its mandate:

1. IC14/2019 - Submission of Premium Rates and Tariffs;

2. IC &RE 13/2019 - Renewal of Reinsurance Contracts for the Year 2020;

3. IC 12/2019 - Renewal of Registration of Insurance Agents Under the

Insurance Act, Cap 487 for the Year 2020;

4. MIP 11/2019 - Application for Renewal of Registration for the Year 2020

for Medical Insurance providers;

5. ISP 10/2019 - Applications for Renewal and Registration for the Year

2020 for Claims Settling Agents, Insurance Surveyors, Loss Adjusters,

Motor Assessors, Insurance Investigators and Risk Managers;

6. IB 09/2019 - Application for Renewal of Registration for the Year 2020 for

Insurance Brokers;

7. IC&RE 07/2019 - Continuous Monitoring of Insurers’ Risk Profile;

8. IC 06/2019 - Reporting of Suspicious Transactions in Insurance Business

in Compliance with anti-Money Laundering and Combating Financing of

Terrorism Legal Requirements and

9. IC&RE 05/2019 - Engagement of directors, Principal Officers and

Management Staff.


3

Trainings and Stakeholders workshops

The following trainings, workshops and events for various stakeholders were

conducted during the quarter three of 2019:

Table 3: Trainings and Stakeholders workshops

County Training/Event Period

Kisii Insurance Champions and Focused Group Training 10th and 11th September, 2019

Nakuru Mt. Longonot Annual Charity Climb 21st September 2019

Kitui Insurance Champions and Focused Group Training 25th

and 26th

September, 2019

Malindi Joint Financial Sector Conference 25th

– 27th

September 2019

Recently Developed/Repackaged Insurance Products

During Q3 2019, five new/repackaged insurance products were filed by various

insurance companies and approved by the Authority:

Table 4: Recently Developed/Repackaged Insurance Products

New/Repackaged Product Company Class of Business

APA Imarisha Jamii APA Insurance Limited Medical

King Afya Kenindia Assurance Company Limited Medical

Tulizo 846 Pacis Insurance Company Limited Microinsurance

Income Drawdown APA Life Assurance Company Limited Life Assurance

Jamii Plus Product Revamp APA Life Assurance Company Limited Life Assurance

Long Term Insurers

General Insurers

Insurance Fraud Cases

During Q3 2019, 31 fraud cases were reported to the Insurance Fraud

Investigation Unit (IFIU). The number of fraud cases reported in each month of

Q3 2019 were 3 in July, 19 in August and 9 in September.

The classification of fraud cases by nature in Q3 2019 is illustrated in the table

below.


4

Table 5: Nature of the Insurance Fraud Cases reported

Nature of Cases No. of Cases

1 Theft by Insurance Company Employees 6

2 Theft by Agents 5

3 Fraudulent Medical Claims 4

4 Fraudulent Motor Insurance (Damage/Theft) Claim 4

5 Forgery of Company Documents 4

6 All Risks Fraudulent Claim 2

7 Fraudulent Funeral Claim 1

8 Complaint Against Broker/Agent 1

9 Others 4

TOTAL 31


5

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. The

trend in inflation rates

Source: KNBS

The overall year-on-year inflation rate stood at 3.83% in September 2019. The

average inflation rate for the past 12 months from July 2018 to September 2019

was 5.03%. The highest inflation rate during the past 12 months was 6.58%

recorded in April 2019 whereas the lowest inflation rate was 3.83% recorded in

September 2019. The lowest inflation rate was experienced at the end of the

third quarter of 2019 due to decrease in both food and non-alcoholic drinks

prices.

Figure 1: Inflation Rates


6

Exchange Rates:

Source: CBK

The Kenyan shilling generally appreciated against both the Sterling Pound and

the Euro while it depreciated against the US Dollar during the third quarter of

2019. During the quarter, the shilling opened at KES 128.92 to the Sterling

Pound, KES 103.16 to the US Dollar and KES 115.83 to the Euro while it closed

at KES 128.16, KES 103.80 and KES 114.35 to the Sterling Pound, US Dollar

and Euro respectively.

Capital Markets:

The capital markets registered a decline of 7.1% in equity turnover to KES 30.39

billion as at end of Q3 2019 from KES 32.7 billion recorded in Q2 2019. The

Bond turnover also recorded a decrease of 9.8% to KES 182.02 billion in Q3

2019, compared to KES 201.71 billion traded in Q2 2019.

Figure 2: Trend in Exchange Rates


7

Market capitalization reduced by 3.9% to KES 2.19 trillion, reflecting an overall

decrease in investors’ wealth by KES 88.94 billion in Q3 2019.

Source: CMA

The NSE 20 index decreased by 7.6% to close the quarter at 2431.97 compared

to 2633.32 at the end of the previous quarter. The NASI index also declined by

2.8% to close Q3 2019 at 145.46 compared to 149.61 at the end of Q2 2019.

Figure 3: Trend in Stock Market


8

Source: CMA

Real Estate Market:

The KBA Housing Price Index report indicated a depressed housing market

during the third quarter of 2019. The housing index declined for the third

consecutive quarter by 2.28% in Q3 2019 compared to a decline of 1.78%

during the previous quarter. According to the report, the reduction in house

prices was due to the interplay between demand and supply conditions coupled

with tight credit conditions that has limited credit to households for home

ownership.

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

Figure 4: Trend in Share Indices


9

Figure 5: Trends in House Price Index

Source: KBA


10

Chapter Two

2.0 Insurance Industry at a glance

The following performance and financial position of the Kenya insurance

industry is summarized from the data submitted by both insurance and

reinsurance companies:

2.1 Performance Overview of the Insurance Industry

The performance overview of the insurance industry is highlighted below:

2.1.1 Key performance indicators of direct insurance business

Table 6 displays some key operating performance indicators of the direct

insurance business:

Table 6: Selected key operating performance indicators for direct insurance

business

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

Gross Premium Income 174,921,138 164,273,264 159,669,607 6.5

Net Premium Income 139,491,740 131,294,005 125,838,855 6.2

Net Earned Premium Income (GB) 68,839,681 68,333,414 67,467,770 0.7

Claims Incurred (GB) 44,931,288 43,877,324 42,726,890 2.4

Benefit Payment (LT) 35,907,226 38,687,056 34,021,469 -7.2

Commissions 9,134,890 9,270,544 8,784,149 -1.5

Management Expenses 32,846,414 31,545,928 29,828,737 4.1

Underwriting Profits/Loss (GB) (2,657,157) (2,803,728) (759,460) 5.2

Profit Before Tax (PBT) 9,274,565 4,629,516 7,944,448 100.3

Profit After Tax (PAT) 6,100,234 3,085,293 5,675,000 97.7

Key Performance Indicators for Insurers

Indicator

2019 Q3 2018 Q3 2017 Q3Annual change

(2019/2018)

Industry gross written premium stood at KES 174.92 billion as at end of Q3

2019 representing an increase of 6.5% from KES 164.27 billion in Q3 2018.

Long term insurance and general insurance segments grew by 11.0% and 3.7%

respectively.

General insurance business underwriting results reported was a loss of KES

2.66 billion and this was an improvement of 5.2% compared to Q3 2018.


11

Figure 6 shows the composition of total industry premiums:

General insurance business remained the largest contributor to industry

insurance activity contributing 60.2% of the total premium. Motor insurance

and medical insurance classes of business account for 66.5% of the gross

premium income under the general insurance business.

2.1.2 Key operating indicators for reinsurance business

Table 7 displays some key operating performance indicators for the reinsurance

business in Kenya:

Figure 6: Total Industry Premiums composition


12

Table 7: Selected key operating performance indicators for reinsurance business

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

Gross Premium Income 17,962,786 13,671,113 14,298,437 31.4


Net Earned Premium Income (GB) 13,006,448 11,255,653 10,976,338 15.6

Claims Incurred (GB) 9,093,014 6,652,077 6,426,886 36.7

Benefit Payment (LT) 1,087,976 735,419 841,085 47.9

Commissions 4,186,665 3,036,968 3,651,397 37.9

Management Expenses 2,505,212 1,988,231 1,571,200 26.0

Underwriting Results (GB) (1,938,162) 249,650 120,586 -876.4

Profit Before Tax (EBT) 1,648,145 3,557,089 3,187,264 -53.7

Profit After Tax (PAT) 1,175,529 2,690,954 2,230,212 -56.3

Indicator


(2019/2018)

Key Performance Indicators for Reinsurers

The reinsurers’ business volume increased significantly by 31.4% to 17.96

billion in Q3 2019 (2018 Q3: KES 13.67 billion).

The reinsurers’ underwriting performance fell significantly in the period under

review from an underwriting profit of KES 249.65 million in Q3 2018 to an

underwriting loss of KES 1.94 billion.

2.2 Industry Financial Position

The following is a summary of the industry financial position as at end of Q3

2019.

2.2.1 Key Industry Financial Position Indicators

Table 8 displays some key Industry financial position indicators as at end of Q3

2019.

Table 8: Selected key industry financial position indicators

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

Shareholders' Funds 158,048,949 148,947,022 145,672,632 6.1

Total Assets 690,862,842 624,877,210 574,706,930 10.6


Investments 577,040,283 510,435,171 463,864,960 13.0

Indicator


(2019/2018)

Key Industry Performance Indicators

2.2.2 Key Financial Position Ratios

Table 9 displays some key industry financial position ratios as at end of Q3

2019:


13

Table 9: Selected key industry financial position ratios

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

Shareholders' funds to Total Assets 22.88 23.84 25.35 -1.0

Return on Assets (ROA) 1.66 1.36 2.40 0.3

Return on Equity (ROE) 4.74 3.92 5.64 0.8

Key Industry Performance Ratios

Indicator


(2019/2018)

The return on assets and return on equity remained relatively stable with

marginal changes of 0.3% and 0.8% between Q3 2019 and Q3 2018.


14

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 Q3 2019.

3.1 Gross premium income and Market share

Table 10 shows the composition of gross premium income (GPI) under long term

insurance business:

Table 10: Class-wise gross premium income

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

Pensions 26,852,137 24,198,069 21,833,876 11.0 38.5

Life Assurances 20,252,669 18,113,527 15,754,063 11.8 29.1

Group Credit 7,441,603 5,876,213 5,487,882 26.6 10.7

Group Life 6,537,349 6,377,636 6,164,320 2.5 9.4

Annuities 5,869,638 5,622,970 7,802,613 4.4 8.4

Investments 2,735,649 2,622,003 3,404,285 4.3 3.9

Industry 69,689,045 62,810,418 60,447,039 11.0 100.0


(2019/2018)

Classwise Gross Premium Income

2019 Q3

DistributionClass of Business

The total GPI reported under long term insurance business in Q3 2019

amounted to KES 69.68 billion (Q3 2018: 62.81 billion). Pensions and Life

Assurance classes remained the biggest contributors to the life GPI accounting

for 38.5% and 29.1% respectively.

The contribution of long-term gross premium by classes is as shown in figure 7.


15

Table 11 depicts an analysis of long-term insurance business market share.

Table 11: Insurance Market share by gross premium income

2019 Q3 2018 Q3 2017 Q3

1 BRITAM LIFE ASSURANCE 25.2 24.6 22.2

2 JUBILEE INSURANCE COMPANY 15.2 14.8 15.8

3 ICEA LION LIFE ASSURANCE 13.7 13.6 17.3

4 CIC LIFE ASSURANCE COMPANY 7.0 7.7 6.4

5 LIBERTY LIFE ASSURANCE COMPANY 5.6 5.4 6.0

6 SANLAM LIFE ASSURANCE 5.0 5.4 6.0

7 OTHERS 28.3 28.5 26.3

Total 100.0 100.0 100.0

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

Long Term Insurers' Market Share by Gross Premium Income

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

long term insurance business segment in Q3 2019. The remaining nineteen

companies controlled 28.3% of the market indicating that the Kenyan long-term

insurance segment is dominated by a few players.

Figure 7: Class-wise contribution of Long-term gross insurance Premium


16

3.2 Net premium income

Table 12 shows an analysis of net premium income (NPI) for long term insurers:

Table 12: Class-wise net premium income

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

Pensions 26,852,137 24,198,069 21,833,876 11.0 41.1

Life Assurances 20,093,863 17,954,563 15,588,382 11.9 30.8

Group Credit 6,118,670 4,731,455 4,313,837 29.3 9.4

Annuities 5,861,392 5,622,970 7,802,613 4.2 9.0

Group Life 3,628,791 3,232,687 3,193,886 12.3 5.6

Investments 2,735,519 2,622,003 3,404,285 4.3 4.2

Industry 65,290,372 58,361,747 56,136,879 11.9 100.0

2019 Q3

Distribution

Classwise Net Premium Income

Class of Business2019 Q3 2018 Q3 2017 Q3

Annual change

(2019/2018)

The net premium income reported by the end of Q3 2019 by the long-term

insurers was KES 65.29 billion representing an increase of 11.9% from the

amount of net premium income reported in Q3 2018 (KES 58.36 billion).

3.3 Investment income and underwriting expenses

Investment income amounted to KES 32.66 billion by the end of Q3 2019, this

represented a significant increase of 48.3% (Q3 2018: KES 22.02 billion). Net

commissions for the period were KES 4.43 billion while management expenses

were KES 10.98 billion during the same period.

3.4 Investments

Table 13 is an analysis of the investments under long term insurance business

as at 30th September 2019:


17

Table 13: Long term insurance business investments

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

Government Securities 276,328,026 221,882,110 176,846,213 24.5 68.8

Investment Property 45,777,858 42,547,801 37,034,930 7.6 11.4

Quoted Ordinary Shares 30,141,907 32,144,615 33,810,824 -6.2 7.5

Term Deposits 23,731,923 17,486,036 15,583,935 35.7 5.9

Loans & Mortgages 8,176,981 8,365,724 8,157,465 -2.3 2.0

Unquoted Ordinary shares 6,445,234 5,717,364 5,077,861 12.7 1.6

Other Securities 5,856,862 9,494,139 22,031,929 -38.3 1.5

Investment in Subsidiaries 5,066,053 5,891,753 6,079,536 -14.0 1.3

Total 401,524,844 343,529,542 304,622,693 16.9 100.0

Long Term Insurers' Business Investments

Investment Type2019 Q3 2018 Q3 2017 Q3

2019 Q3

Distribution

Annual change

(2019/2018)

Total investments under long term insurance business as at 30th September

2019 amounted to KES 401.52 billlion, an increase of 16.9% compared to KES

343.53 billion as at end of Q3 2018. Kenya government securities (treasury bills

and bonds) maintained their attractiveness to long term insurers comprising

68.8% (KES 276.33 billion) of the total long term insurers’ investments.

Figure 8 shows the composition of investments under long term business as at

the end of Q3 2019:

Figure 8: Long-term insurance investments portfolio


18

Chapter Four

4.0 General insurance business

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

at end of Q3 2019.

4.1 Gross premium income and market share

Gross premium income for general insurance business indicates the amount of

insurance business written including inward reinsurances.

Table 14 shows the class-wise gross premium income under general insurance

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

Table 14: Class-wise gross premium income

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

Aviation 1,652,221 1,447,092 1,217,897 14.2 1.6

Engineering 3,025,758 3,099,225 3,602,998 -2.4 2.9

Fire Domestic 1,310,123 1,272,052 1,255,772 3.0 1.2

Fire Industrial 9,448,820 9,022,189 9,596,199 4.7 9.0

Liability 2,764,930 2,332,189 2,370,063 18.6 2.6

Marine & Transit 2,498,229 2,864,696 2,786,120 -12.8 2.4

Motor Private 17,965,656 17,053,831 15,738,251 5.3 17.1

Motor Commercial 18,331,269 18,419,304 17,838,701 -0.5 17.4

Personal Accident 2,898,134 2,634,756 2,907,908 10.0 2.8

Theft 3,451,352 3,429,776 3,250,772 0.6 3.3

Workmen's Compensation 5,368,237 5,293,094 5,060,398 1.4 5.1

Medical 33,660,613 31,861,155 30,836,145 5.6 32.0

Miscellaneous 2,856,753 2,733,496 2,761,344 4.5 2.7

Total 105,232,095 101,462,855 99,222,568 3.7 100.0

General Insurers' Classwise Gross Premium Income

Class of Business2019 Q3 2018 Q3 2017 Q3

Annual change

(2019/2018)2019 Q3

Distribution

In Q3 2019, general insurance premiums grew by 3.7% to KES 105.23 billion

compared to KES 101.46 billion recorded in Q3 2018. The motor and medical

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

general insurance business premium of 34.5% and 32.0% respectively.


19

Table 15 shows the top five insurers and others in terms of market share under

general insurance business.

Table 15: Market share by gross premium income

2019 Q3 2018 Q3 2017 Q3Annual Change

(2019/2018)

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

1 JUBILEE INSURANCE COMPANY 9.4 8.8 9.4 7.7

2 CIC GENERAL INSURANCE COMPANY 8.3 8.3 8.2 0.0

3 APA INSURANCE COMPANY 7.1 7.7 6.8 -8.0

4 UAP INSURANCE COMPANY 7.0 7.1 7.9 -0.6

5 BRITAM GENERAL INSURANCE 6.2 6.1 6.4 1.1

6 GA INSURANCE COMPANY 5.1 4.9 4.7 5.5

7 OTHERS 56.8 57.1 56.7 -0.6

Total 100.0 100.0 100.0

General Insurers' Market Share by Gross Premium Income

Company

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

income underwritten in comparison with the industry total premiums under

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

low in the general insurance segment.

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

market. These insurers jointly controlled 43.2% of total gross premium income

under general insurance business.

4.2 Claims and direct expenses

The insurers reported claims incurred amounting to KES 44.93 billion during

the period under review. This was an increase of 2.4% from KES 43.88 billion

reported in the previous year’s third quarter.

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

table 16. 4


20

Table 16: Class-wise incurred claims

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

Aviation 6,523 17,470 12,662 -62.66 0.01

Engineering 531,504 359,207 321,639 47.97 1.18

Fire Domestic 305,924 359,128 249,901 -14.81 0.68

Fire Industrial 682,177 1,105,760 815,458 -38.31 1.52

Liability 533,635 494,100 477,065 8.00 1.19

Marine & Transit 513,640 569,271 737,673 -9.77 1.14

Motor Private 12,400,599 11,145,778 11,048,685 11.26 27.60

Motor Commercial 11,421,712 10,424,312 9,536,283 9.57 25.42

Personal Accident 451,353 426,617 736,878 5.80 1.00

Theft 785,730 920,170 760,670 -14.61 1.75

Workmen's Compensation 1,509,313 1,857,108 2,344,784 -18.73 3.36

Medical 15,079,147 15,676,239 15,104,079 -3.81 33.56

Miscellaneous 710,035 522,159 581,102 35.98 1.58

Total 44,931,292 43,877,319 42,726,880 2.40 100.00

2018 Q3 2017 Q3Class of Business

2019 Q3Annual change

(2019/2018)

General Insurers' Classwise Claims Incurred

2019 Q3

Distribution

The high premium volume classes of general insurance business contributed the

largest proportions of incurred claims; medical (33.6%), motor private (27.6%)

and motor commercial (25.4%).

Table 17 shows the incurred loss ratios under the various classes of general

insurance business.

Table 17: Class-wise incurred loss ratios

Aviation 36.20 (95.09) 66.00

Engineering 80.36 50.11 38.06

Fire Domestic 34.02 43.72 28.28

Fire Industrial 31.14 56.83 44.05

Liability 48.37 45.24 44.88

Marine & Transit 34.50 32.73 55.07

Motor Private 78.75 71.14 77.60

Motor Commercial 67.96 62.63 56.02

Personal Accident 25.03 25.39 36.83

Theft 37.93 43.81 40.56

Workmen's Compensation 35.60 43.09 54.52

Medical 73.76 77.10 72.91

Miscellaneous 51.95 40.08 44.19

Industry average 65.27 64.21 63.33

2018 Q32019 Q3Class of Business 2017 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

64.27%.


21

Table 18 shows the claims paid trend under various classes of general insurance

business

Table 18: Class-wise claims paid

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

Aviation 11,751 21,219 12,662 -44.62 0.03

Engineering 309,361 310,113 321,639 -0.24 0.69

Fire Domestic 307,243 346,054 249,901 -11.22 0.68

Fire Industrial 691,311 822,386 815,458 -15.94 1.54

Liability 396,492 407,281 477,065 -2.65 0.88

Marine & Transit 500,479 514,454 737,673 -2.72 1.11

Motor Private 10,897,594 10,549,168 11,048,685 3.30 24.25

Motor Commercial 10,250,007 9,731,294 9,536,283 5.33 22.81

Personal Accident 541,233 520,319 736,878 4.02 1.20

Theft 730,396 806,222 760,670 -9.41 1.63

Workmen's Compensation 1,210,986 1,922,706 2,344,784 -37.02 2.70

Medical 15,702,956 15,962,654 15,104,079 -1.63 34.95

Miscellaneous 611,641 574,599 581,102 6.45 1.36

Total 42,161,450 42,488,469 42,726,880 -0.77 93.84

Class of Business2019 Q3

General Insurers' Classwise Paid Claims


(2019/2018)

2019 Q3

Distribution

The claims paid for the past nine months remained relatively stable at KES 42.16

billion compared to KES 42.49 billion paid in Q3 2018, representing a small

decline of 0.8%.

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

claims at 35.0%, 24.3% and 22.8% respectively of total industry paid claims

under general insurance business.

Direct expenses include commissions and underwriting management expenses.

The items constituting underwriting management expenses include; staff welfare

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

others.

During the period under review, direct expenses amounted to KES 26.57 billion

and were composed of KES 21.87 billion (82.3%) in management expenses and

KES 4.70 billion (17.7%) in commissions.


22

4.3 Underwriting ratios

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

earned premium income that is expensed as claims, underwriting management

expenses and commissions.

Table 19 shows the class-wise retention ratio, incurred claims ratio, management

expense ratio, commission ratio and combined ratio.

Table 19: Underwriting ratios

Retention Incurred

ClaimsNet Commission

Management

Expense

Combined

ratioCombined ratio

Aviation 1.28 36.20 -276.97 888.11 647.33 -714.38

Engineering 22.65 80.36 -6.65 67.68 141.39 89.78

Fire Domestic 73.00 34.02 7.50 35.72 77.24 96.88

Fire Industrial 25.96 31.14 0.75 63.22 95.10 112.51

Liability 46.74 48.37 -13.87 53.39 87.90 91.06

Marine & Transit 58.54 34.50 9.08 35.84 79.42 76.39

Motor Private 93.85 78.75 8.90 32.99 120.64 112.30

Motor Commercial 95.98 67.96 9.51 30.01 107.48 106.93

Personal Accident 74.82 25.03 13.14 42.74 80.91 84.43

Theft 68.84 37.93 8.79 38.21 84.93 89.83

Workmen's Compensation 93.04 35.60 18.61 29.01 83.21 90.89

Medical 65.53 73.76 3.95 23.42 101.13 106.17

Miscellaneous 44.73 51.95 -20.94 44.63 75.63 65.37

Overall 70.51 65.27 6.83 31.76 103.86 104.10

Class of Business

2019 Q3

General Insurers' Underwriting Ratios (%)

2018 Q3

The industry combined ratio was 103.9% in Q3 2019 translating to an

underwriting loss of KES 2.66 billion. Combined ratios higher than 100% were

recorded in 5 out of the 13 classes of general insurance business.

4.4 Underwriting results

Table 20 displays an analysis of underwriting results under general insurance

business:


23

Table 20: Class-wise underwriting results

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

Aviation (98,621) (149,629) (177,042) 34.1

Engineering (273,754) 73,252 239,603 -473.7

Fire Domestic 204,711 25,613 37,782 699.2

Fire Industrial 107,273 (243,404) 18,663 144.1

Liability 133,539 97,629 85,035 36.8

Marine & Transit 306,463 410,565 (429,073) -25.4

Motor Private (3,249,684) (1,927,636) (2,512,977) -68.6

Motor Commercial (1,256,550) (1,153,556) 1,031,333 -8.9

Personal Accident 344,220 261,606 139,262 31.6

Theft 312,088 213,556 225,897 46.1

Workmen's Compensation 711,766 392,549 148,688 81.3

Medical (231,682) (1,255,390) 287,497 81.5

Miscellaneous 333,078 451,116 145,862 -26.2

Total (2,657,153) (2,803,729) (759,471) 5.2

General Insurers' Classwise Underwriting Results


(2019/2018)Class of Business

The underwriting performance of general insurance slightly improved by 5.2% in

Q3 2019 to a loss of 2.66 billion compared to a loss of 2.80 billion reported in

Q3 2018. Motor private incurred the highest losses at KES 3.25 billion followed

by Motor Commercial and engineering classes with losses of KES 1.26 billion

and KES 273.75 million respectively.

4.5 Investments

Table 21 shows an analysis of the investments under general insurance

business for the quarter as at 30th September 2019:

Table 21: General insurance business investments

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


Investment Property 26,923,378 27,156,461 27,672,167 -0.9 21.6

Deposits 20,882,623 17,038,552 15,444,835 22.6 16.8

Quoted Ordinary Shares 6,245,401 8,140,381 8,506,920 -23.3 5.0

Investment in Subsidiary 5,772,629 5,775,167 4,580,981 0.0 4.6

Loans & Mortgages 3,050,507 3,998,062 3,087,433 -23.7 2.4

Unquoted Ordinary shares 2,961,501 3,363,940 3,434,683 -12.0 2.4

Other Securities 2,160,087 3,633,859 3,763,385 -40.6 1.7

Total 124,651,831 122,847,349 117,330,398 1.5 100.0

General Insurance Business Investments

2019 Q3 2018 Q3 2017 Q32019 Q3

Distribution

Annual change

(2019/2018)Investment


24

Total investments under general insurance business as at end of Q3 2019

amounted to KES 124.65 billion indicating an increase of 1.5% from KES

122.85 billion reported in Q3 2018. Kenya government securities (treasury bills

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

general insurers’ investments at 45.5% and 21.6% respectively.

Figure 9 shows the composition of investments under general insurance

business:

Figure 9: General insurance investments portfolio


25

Chapter Five

5.0 Reinsurance business

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

the Q3 2019. Their operating performance was analyzed as follows:

5.1 Long term reinsurance business

Table 22 shows some key performance indicators under long term reinsurance

business as at end of Q3 2019.

Table 22: Key performance indicators

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

Life Assurance 141,248 57,241 63,668 57,700

Group Life 1,728,233 540,689 1,024,308 782,578

Total 1,869,481 597,930 1,087,976 840,278

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

Long Term Reinsurance Business Key Indicators

Net premium

income

Investment

income Life benefits Direct Expenses

2019 Q3

2017 Q3

Class of business

2018 Q3

5.1.1 Net premium income

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

companies in Q3 2019 increased by 15.1% to KES 1.87 billion compared to KES

1.62 billion reported in the Q3 2018. Group Life contributed 92.4% of the total

NPI recorded in the period under review.


26

5.1.2 Investment income and direct expenses

Net investment income reported under long term reinsurance business by the

end of Q3 2019 was KES 597.93 million, a significant increase of 69.5% (Q3

2018: KES 352.70 million).

The total direct expenses incurred by long term reinsurance companies during

the Q3 2019 amounted to KES 840.28 million. Life benefits paid out by the

long-term reinsurers during the same period amounted to KES 1.09 billion.

5.1.3 Investments

Table 23 shows an analysis of the investments under Long Term reinsurers

business for the period to 30th September 2019:

Table 23: Long Term Reinsurance business investment channels

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


Term Deposits 4,511,175 3,396,973 3,463,869 32.8 38.4


Quoted Ordinary Shares 299,187 238,456 365,289 25.5 2.5

Other Investments 50,450 98,981 117,185 -49.0 0.4

Total 11,757,975 9,307,900 9,071,457 26.3 100.0

2019 Q3

Distribution

Long Term Reinsurers' Investments


(2019/2018)Investment

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

44.4% of the total investment, followed by term deposits at 38.4%.


27

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 24 shows some key performance indicators under general re-insurance

business as at end of Q3 2019:

Table 24: Class-wise performance indicators under general reinsurance

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


Incurred Claims 9,093,014 6,652,077 6,426,886 36.7

Direct Expenses 5,851,599 4,353,926 4,428,866 34.4

Operating Profit 456,254 249,650 120,586 82.8

General Reinsurance Business Indicators

Indicator

Performance Indicators


(2019/2018)

In Q3 2019, the general reinsurers reported a significant increase in the net

premium income of 35.0% from KES 10.91 billion reported by the end of Q3

2018 to KES 14.73 billion in Q3 2019.

The reinsurers incurred KES 9.09 billion in claims and KES 5.85 billion in

direct expenses (commissions and management expenses) representing an

increase of 36.7% and 34.4% respectively. The operating profit for the general

reinsurance business as at Q3 2019 was 456.25 million compared to 249.65

million reported in Q3 2019.

5.2.2 Investments

Table 25 shows an analysis of the investments under General reinsurance

business for the period ended 30th September, 2019.


28

Table 25: General reinsurance business investment channels

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



Investment in Subsidiary 4,710,558 4,653,875 4,186,067 1.2 12.0

Deposits 5,634,499 1,519,829 1,192,808 270.7 14.4

Quoted Ordinary Shares 1,096,001 1,297,214 1,973,168 (15.5) 2.8

Other Securities 500,359 1,022,396 1,058,841 (51.1) 1.3

Loans & Mortgages 747,047 779,402 723,225 (4.2) 1.9

Unquoted Ordinary shares 202,231 202,231 202,231 - 0.5

Total 39,105,633 34,750,380 31,540,100 12.5 100.0

General Reinsurance Business Investments

2019 Q3

DistributionInvestment2019 Q3 2018 Q3 2017 Q3

Annual change

(2019/2018)


29

Chapter Six 6.0 Industry Financial Position

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

Kenya as at 30th September, 2019.

6.1 Summary of Industry Balance Sheet

Table 26 displays balance sheet summary of the industry as at end of Q3 2019:

Table 26: Summary of Industry balance sheet

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

Share Capital 51,597,903 44,578,721 43,359,385 15.7

Share Premium 8,258,620 7,879,181 6,210,651 4.8

Revaluation Reserves 4,003,242 5,393,042 4,635,705 -25.8

Statutory Reserves 24,984,089 19,646,406 23,520,087 27.2

Retained Earnings 56,177,494 57,725,622 53,195,835 -2.7

Other Reserves 13,027,601 13,724,050 14,750,969 -5.1

Total Equity 158,048,949 148,947,022 145,672,632 6.1

Underwriting Provisions 117,557,617 113,883,558 111,410,354 3.2

Actuarial Contract Liabilities 360,649,230 315,276,278 272,229,291 14.4

LongTerm Liabilities 13,385,787 9,967,881 11,333,262 34.3

Current Liabilities 41,221,267 36,802,477 34,061,383 12.0


Total Equity and Liabilities 690,862,850 624,877,216 574,706,921 10.6

Land and Buildings 8,860,586 9,102,327 8,598,144 -2.7

Investments 577,040,283 510,435,171 463,864,960 13.0

Other Fixed Assets 3,378,187 3,537,976 3,715,816 -4.5

Cash and Cash Balances 11,100,536 9,860,829 9,626,367 12.6

Outstanding Premiums 42,500,883 43,240,658 42,733,032 -1.7

Other Receivables 10,717,409 10,927,984 10,543,147 -1.9

Other Assets 27,888,789 27,706,430 26,661,242 0.7

Intangible Assets 9,376,169 10,065,835 8,964,223 -6.9

Total Assets 690,862,842 624,877,210 574,706,930 10.6

Summary of Industry Balance Sheet


(2019/18)Balance Sheet Items2019 Q3

6.2 Shareholder’s Funds

Total equity increased by 6.1% to stand at KES 158.05 billion as at end of Q3

2019 (Q3 2018: KES 148.95 billion). The key components of shareholders’ funds

were retained earnings at 35.5%, paid up capital at 32.6% and statutory

reserves at 15.8%.


30

The distribution of shareholders’ equity in Q3 2019 is shown in figure 10:

6.3 Assets and Liabilities

The insurance industry asset base grew by 10.6% to KES 690.86 billion as at

end of Q3 2019 from KES 624.88 billion held as at end of Q3 2018. A significant

portion of the total assets (83.5%, KES 577.04 billion) of these assets were held

in income generating investments.

The total insurance industry’s liabilities grew by 12.0% to KES 532.81 billion

from KES 475.93 billion reported in Q3 2018.

6.4 Investments

Investments in income generating assets grew by 13.0% from KES 510.44 billion

reported at the end of Q3 2018 to KES 577.04 billion a year later. Asset classes

with the highest proportions of above 5% were; government securities (61.5%),

investment property (14.5%), term deposits (9.5%) and listed equities (6.5%).

The investment portfolio for the industry is shown in figure 11:

Figure 10: Distribution of industry investors’ equity


31

Figure 11: Distribution of industry investment portfolio


32

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

the Period Ended 30.09.2019

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

for the Period Ended 30.09.2019

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

Income for the Period Ended 30.09.2019

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

Class for the Period Ended 30.09.2019

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

Period Ended 30.09.2019

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

Ended 30.09.2019

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

Ended 30.09.2019

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

Period Ended 30.09.2019

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

Ended 30.09.2019

Appendix 10: Summary of Permanent Health Business Revenue Accounts for


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

Ended 30.09.2019

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


Appendix 13: Summary of Gross Premium Income under General Insurance

Business for the Period Ended 30.09.2019

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


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



33

Appendix 16: Summary of Claims Incurred Under General Insurance Business


Appendix 17: Summary of Incurred Claims Ratios under General Insurance


Appendix 18: Summary of Underwriting Profits under General Insurance


Appendix 19: Summary of General Insurance Business Revenue Accounts for


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

30.09.2019

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

30.09.2019


34

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 728,588 - - 728,588 - - - 728,588 224,093 504,495 ( 597,384 ) - - - ( 92,890 )

AFRICAN MERCHANT ASSURANCE - - - - 3,600 - 3,600 ( 3,600 ) - ( 3,600 ) 545,835 - - - 542,235

AIG INSURANCE COMPANY 121,571 243,300 ( 3,798 ) 361,073 - - - 361,073 108,322 252,751 1,410,391 - - - 1,663,142

ALLIANZ INSURANCE COMPANY - - - - 69,738 - 69,738 ( 69,738 ) ( 25,094 ) ( 44,644 ) ( 289,750 ) - - - ( 334,394 )

APA INSURANCE COMPANY - 847,248 52,444 899,692 151,588 26,959 409,435 490,258 129,745 360,513 3,463,395 - - 600,000 3,223,908

BRITAM GENERAL INSURANCE - - - - 163,329 - 163,329 ( 163,329 ) 26,563 ( 189,892 ) 232,938 - - - 43,046

CIC GENERAL INSURANCE COMPANY ( 293,244 ) 573,822 - 280,578 - - - 280,578 - 280,578 2,569,662 - 24,940 228,000 2,597,300

CORPORATE INSURANCE COMPANY ( 71,986 ) - - ( 71,986 ) - - - ( 71,986 ) - ( 71,986 ) 520,865 - - - 448,879

DIRECTLINE ASSURANCE COMPANY - 88,955 34,773 123,728 67,223 43,724 117,118 6,610 3,354 3,257 764,099 - - - 767,356

FIDELITY SHIELD INSURANCE - 140,241 - 140,241 90,399 26,098 175,425 ( 35,184 ) - ( 35,184 ) 535,852 - - - 500,668

FIRST ASSURANCE COMPANY - 131,389 - 131,389 83,157 - 83,157 48,233 - 48,233 73,997 - - - 122,230

GA INSURANCE COMPANY 900,424 34,359 - 934,782 - - - 934,782 308,478 626,304 2,410,783 34,359 - 300,000 2,702,728

GEMINIA INSURANCE COMPANY 354,046 - - 354,046 - - - 354,046 130,214 223,832 601,455 - - - 825,287

HERITAGE INSURANCE COMPANY 554,139 - - 554,139 - 46,280 46,280 507,858 142,309 365,550 2,585,766 - - 150,000 2,801,315

ICEA LION GENERAL INSURANCE 73,408 686,283 - 759,691 - 85,890 123,390 636,301 203,616 432,684 3,247,157 - - - 3,679,841

INTRA-AFRICA ASSURANCE 20,827 17,972 10,227 49,026 - 526 839 48,187 14,456 33,731 26,526 - - - 60,257

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

JUBILEE INSURANCE COMPANY 469,097 - - 469,097 - - - 469,097 140,729 328,368 5,108,199 - - - 5,436,567

KENINDIA ASSURANCE COMPANY 10,269 - 1,924 12,193 - 6,882 18,840 ( 6,647 ) - ( 6,647 ) 2,234,184 - - - 2,227,537

KENYA ORIENT INSURANCE - 19,054 ( 7,669 ) 11,386 217,774 73,653 291,428 ( 280,042 ) - ( 280,042 ) ( 235,251 ) - - - ( 515,293 )

MADISON INSURANCE COMPANY - - - - 173,513 - 173,513 ( 173,513 ) - ( 173,513 ) 719,952 - - - 546,439

MAYFAIR INSURANCE COMPANY 228,531 200,575 823 429,929 - 764 24,146 405,783 121,735 284,048 1,265,037 - - 175,000 1,374,085

METROPOLITAN CANNON GENERAL - 166,379 - 166,379 123,643 - 123,643 42,736 - 42,736 ( 177,826 ) - - - ( 135,090 )

MUA INSURANCE COMPANY 9,602 - - 9,602 - - - 9,602 - 9,602 545,461 - - - 555,063

OCCIDENTAL INSURANCE COMPANY - - 1,233 1,233 26,665 67,337 96,930 ( 95,697 ) ( 4,785 ) ( 90,912 ) 588,633 - - - 497,720

PACIS INSURANCE COMPANY - - - - 273,969 - 273,969 ( 273,969 ) - ( 273,969 ) 450,127 - - 922 175,235

PIONEER INSURANCE COMPANY - 35,579 - 35,579 46,689 - 46,689 ( 11,110 ) - ( 11,110 ) ( 5,516 ) - - - ( 16,626 )

RESOLUTION INSURANCE COMPANY - - - - 338,536 - 338,536 ( 338,536 ) ( 103,872 ) ( 234,664 ) ( 2,070,236 ) - - - ( 2,304,900 )

SAHAM INSURANCE COMPANY - - - - 31,017 - 31,017 ( 31,017 ) - ( 31,017 ) 263,429 - - - 232,413

SANLAM INSURANE COMPANY 74,318 - - 74,318 - - - 74,318 22,307 52,010 ( 89,247 ) - - - ( 37,237 )

TAKAFUL INSURANCE OF AFRICA - 22,928 17,655 40,583 32,646 - 32,646 7,937 - 7,937 - ( 39,885 ) - - 47,822

TAUSI ASSURANCE COMPANY 39,293 161,978 ( 7,505 ) 193,766 - 6,497 14,971 178,795 35,366 143,428 718,609 - - 48,000 814,038

THE KENYAN ALLIANCE INSURANCE - - - - 15,411 - 15,411 ( 15,411 ) - ( 15,411 ) 949,140 - - - 933,729

THE MONARCH INSURANCE 2,138 19,938 - 22,075 - 2,566 15,532 6,544 - 6,544 218,015 - - - 224,558

TRIDENT INSURANCE COMPANY - 14,524 - 14,524 62,552 36,029 98,581 ( 84,058 ) - ( 84,058 ) 1,080,557 - - - 996,499

UAP INSURANCE COMPANY 43,957 797,848 - 841,805 - - - 841,805 252,542 589,264 5,143,356 - - - 5,732,620

XPLICO INSURANCE COMPANY - - - - 97,984 - 97,984 ( 97,984 ) - ( 97,984 ) 164,740 - - - 66,757

TOTAL 3,264,978 4,202,372 100,107 7,567,456 2,069,433 423,205 2,886,147 4,681,310 1,730,078 2,951,232 34,972,950 ( 5,526 ) 24,940 1,501,922 36,402,844

CONTINENTAL REINSURANCE 140,199 - - 140,199 - - - 140,199 42,060 98,139 346,008 - - - 444,148

EAST AFRICA REINSURANCE 8,423 363,893 23,137 395,453 - - 39,611 355,841 106,752 249,089 2,251,662 ( 216,251 ) - 100,000 2,617,001

GHANA REINSURANCE COMPANY 39,009 - - 39,009 - - - 39,009 11,703 27,307 52,705 - - - 80,012

KENYA REINSURANCE CORPORATION 288,603 - 42,329 330,932 - - - 330,932 122,292 208,640 22,165,652 - - - 22,374,293

WAICA REINSURANCE KENYA LIMITED ( 19,980 ) 33,700 - 13,720 - 4,374 4,374 9,346 3,592 5,754 ( 18,617 ) - - - ( 12,862 )

TOTAL 456,254 397,593 65,466 919,313 - 4,374 43,985 875,327 286,399 588,929 24,797,410 ( 216,251 ) - 100,000 25,502,592

GRAND TOTAL 3,721,232 4,599,965 165,573 8,486,769 2,069,433 427,579 2,930,132 5,556,637 2,016,477 3,540,161 59,770,360 ( 221,777 ) 24,940 1,601,922 61,905,436

APPENDIX 1: SUMMARY OF GENERAL INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

REINSURERS

Amounts in Thousand Shillings

INSURERS


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

APA LIFE ASSURANCE COMPANY 38,445 67,979 - 106,424 - 1,817 9,573 96,851 - 96,851 ( 194,646 ) - - - ( 97,795 )

BARCLAYS LIFE - 226,378 - 226,378 226,378 - 226,378 - - - - - - - -

BRITAM LIFE ASSURANCE - - 2,983,173 2,983,173 - - - 2,983,173 894,952 2,088,221 - - - - 2,088,221

CAPEX LIFE ASSURANCE COMPANY - - ( 16,207 ) ( 16,207 ) - - - ( 16,207 ) - ( 16,207 ) 18,442 - - - 2,235

CIC LIFE ASSURANCE COMPANY 86,250 - - 86,250 - - - 86,250 26,250 60,000 - - - - 60,000

CORPORATE INSURANCE COMPANY - - ( 127,945 ) ( 127,945 ) - - - ( 127,945 ) - ( 127,945 ) 103,460 - - - ( 24,485 )

GA LIFE ASSURANCE COMPANY - - 12,089 12,089 - - - 12,089 3,627 8,462 - - - ( 40,000 ) 48,462

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

ICEA LION LIFE ASSURANCE 420,000 105,511 - 525,511 - 936 936 524,575 148,185 376,391 2,303,415 - - - 2,679,806

JUBILEE INSURANCE COMPANY 464,189 195,891 - 660,080 - - - 660,080 139,257 520,823 - - - - 520,823

KENINDIA ASSURANCE COMPANY - - - - - - - - - - 29,214 - - 55,737 ( 26,523 )

KENYA ORIENT LIFE ASSURANCE - 20,991 - 20,991 - - 5,983 15,009 4,263 10,746 1,350 - - - 12,096

KUSCCO MUTUAL ASSURANCE LIMITED - - 848 848 - - - 848 - 848 - - - - 848

LIBERTY LIFE ASSURANCE COMPANY - - 490,973 490,973 - - - 490,973 152,011 338,961 ( 315,546 ) 197,612 - 130,000 ( 304,197 )

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

METROPOLITAN CANNON INSURANCE - - - - 46,857 - 46,857 ( 46,857 ) 10,206 ( 57,063 ) ( 1,089,774 ) - - - ( 1,146,837 )

OLD MUTUAL LIFE ASSURANCE - 207,805 - 207,805 24,150 6,196 30,346 177,460 29,649 147,811 ( 2,171,124 ) - - - ( 2,023,313 )

PIONEER ASSURANCE COMPANY - - - - 240,393 - 240,393 ( 240,393 ) - ( 240,393 ) 259,389 - - - 18,996

PRUDENTIAL LIFE ASSURANCE - 67,781 12,866 80,647 - 243,030 243,030 ( 162,383 ) 35,853 ( 198,236 ) 1,780,950 - - - 1,582,714

SAHAM ASSURANCE - 79,761 - 79,761 - 79,761 79,761 - - - - - - - -

SANLAM LIFE ASSURANCE - - - - - - - - - - 560,253 - - - 560,253

TAKAFUL INSURANCE OF AFRICA 852 - - 852 - - - 852 - 852 - - - - 852

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

THE MONARCH INSURANCE - - - - 27,859 - 27,859 ( 27,859 ) - ( 27,859 ) 61,012 - - - 33,153

UAP LIFE ASSURANCE COMPANY - - 166,739 166,739 - - - 166,739 - 166,739 ( 49,818 ) - - - 116,921

TOTAL 1,009,736 972,097 3,522,536 5,504,369 565,637 331,740 911,116 4,593,255 1,444,253 3,149,002 1,430,694 197,612 - 145,737 4,236,347

CONTINENTAL REINSURANCE 58,165 - - 58,165 - - - 58,165 17,449 40,715 156,963 - - - 197,679

EAST AFRICAN REINSURANCE 80,320 121,946 1,741 204,007 - - - 204,007 53,127 150,881 530,345 215,456 - - 465,769

KENYA REINSURANCE CORPORATION 510,646 - - 510,646 - - - 510,646 115,642 395,004 4,320,953 - - - 4,715,957

TOTAL 649,131 121,946 1,741 772,818 - - - 772,818 186,218 586,600 5,008,261 215,456 - - 5,379,405

GRAND TOTAL 1,658,867 1,094,043 3,524,277 6,277,187 565,637 331,740 911,116 5,366,073 1,630,471 3,735,602 6,438,955 413,068 - 145,737 9,615,752

INSURERS

APPENDIX 2: SUMMARY OF LONG TERM INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

REINSURERS



36

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

APA LIFE ASSURANCE COMPANY 110,915 20,587 426,196 429,755 164,381 - 101 1,151,935 1.65

BARCLAYS LIFE 489,762 - - 754,654 602,767 - - 1,847,183 2.65

BRITAM LIFE ASSURANCE 6,464,718 2,092,779 6,871,454 518,500 1,105,308 - 511,807 17,564,566 25.20

CAPEX LIFE ASSURANCE COMPANY 102,278 - - 82,547 - - - 184,825 0.27

CIC LIFE ASSURANCE COMPANY 798,959 282,375 774,969 399,786 2,646,785 - - 4,902,874 7.04

CORPORATE INSURANCE COMPANY 212,110 - - 12,035 - - - 224,145 0.32

GA LIFE ASSURANCE COMPANY 216,727 - 1,649,730 32,121 3,742 - - 1,902,320 2.73

GEMINIA INSURANCE COMPANY 29,596 - 99,996 472,347 3,189 - - 605,128 0.87

ICEA LION LIFE ASSURANCE 2,169,415 525,987 6,333,248 293,379 171,874 - 21,942 9,515,845 13.65

JUBILEE INSURANCE COMPANY 2,728,838 923,785 6,004,534 813,412 97,292 - - 10,567,861 15.16

KENINDIA ASSURANCE COMPANY 1,110,235 348,381 2,060,232 43,314 - - - 3,562,162 5.11

KENYA ORIENT LIFE ASSURANCE 36,016 181,844 57,077 20,298 229,239 - - 524,474 0.75

LIBERTY LIFE ASSURANCE COMPANY 999,739 24,906 1,123,798 506,619 424,553 - 828,112 3,907,727 5.61

KUSCCO MUTUAL ASSURANCE LIMITED - - - - 293,731 - - 293,731 -

MADISON INSURANCE COMPANY 1,059,789 1,035,897 232,111 252,800 140,695 - 5,624 2,726,916 3.91

METROPOLITAN CANNON INSURANCE 67,414 - - 99,934 30,197 - 7,487 205,032 0.29

OLD MUTUAL LIFE ASSURANCE 718,829 - - 264,755 - - 632,986 1,616,570 2.32

PIONEER ASSURANCE COMPANY 624,448 17,410 260,159 315,573 601,648 - 63,115 1,882,353 2.70

PRUDENTIAL LIFE ASSURANCE 183,669 - 13,342 80,228 194,495 - - 471,734 0.68

SAHAM ASSURANCE 23,614 - 21,604 5,274 26 - - 50,518 0.07

SANLAM LIFE ASSURANCE 1,484,942 395,776 146,469 533,081 441,846 - 500,636 3,502,750 5.03

TAKAFUL INSURANCE OF AFRICA - - - 1,663 6,897 - - 8,560 0.01

THE KENYAN ALLIANCE INSURANCE 11,004 19,911 251,006 194,632 - - 122,350 598,903 0.86

THE MONARCH INSURANCE 19,064 - - 23,703 - - - 42,767 0.06

UAP LIFE ASSURANCE COMPANY 590,588 - 526,212 386,939 282,938 - 41,489 1,828,166 2.62

TOTAL 20,252,669 5,869,638 26,852,137 6,537,349 7,441,603 - 2,735,649 69,689,045 100

CONTINENTAL REINSURANCE 2,222 - - 158,631 - - - 160,853 7.47

EAST AFRICAN REINSURANCE 33,875 - - 867,644 - - - 901,519 41.89

KENYA REINSURANCE CORPORATION 108,957 - - 980,617 - - - 1,089,574 50.63

TOTAL 145,054 - - 2,006,892 - - - 2,151,946 100.00

APPENDIX 3: SUMMARY OF LONG TERM INSURANCE BUSINESS GROSS PREMIUM INCOME FOR THE PERIOD ENDED 30.09.2019

REINSURERS


INSURERS


37

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

BRITAM LIFE ASSURANCE 31.92 35.65 25.59 7.93 14.85 - 18.71 25.20

JUBILEE INSURANCE COMPANY 13.47 15.74 22.36 12.44 1.31 - - 15.16

ICEA LION LIFE ASSURANCE 10.71 8.96 23.59 4.49 2.31 - 0.80 13.65

CIC LIFE ASSURANCE COMPANY 3.94 4.81 2.89 6.12 35.57 - - 7.04

LIBERTY LIFE ASSURANCE COMPANY 4.94 0.42 4.19 7.75 5.71 - 30.27 5.61

KENINDIA ASSURANCE COMPANY 5.48 5.94 7.67 0.66 - - - 5.11

SANLAM LIFE ASSURANCE 7.33 6.74 0.55 8.15 5.94 - 18.30 5.03

MADISON INSURANCE COMPANY 5.23 17.65 0.86 3.87 1.89 - 0.21 3.91

GA LIFE ASSURANCE COMPANY 1.07 - 6.14 0.49 0.05 - - 2.73

PIONEER ASSURANCE COMPANY 3.08 0.30 0.97 4.83 8.08 - 2.31 2.70

BARCLAYS LIFE 2.42 - - 11.54 8.10 - - 2.65

UAP LIFE ASSURANCE COMPANY 2.92 - 1.96 5.92 3.80 - 1.52 2.62

OLD MUTUAL LIFE ASSURANCE 3.55 - - 4.05 - - 23.14 2.32

APA LIFE ASSURANCE COMPANY 0.55 0.35 1.59 6.57 2.21 - 0.00 1.65

GEMINIA INSURANCE COMPANY 0.15 - 0.37 7.23 0.04 - - 0.87

THE KENYAN ALLIANCE INSURANCE 0.05 0.34 0.93 2.98 - - 4.47 0.86

KENYA ORIENT LIFE ASSURANCE 0.18 3.10 0.21 0.31 3.08 - - 0.75

PRUDENTIAL LIFE ASSURANCE 0.91 - 0.05 1.23 2.61 - - 0.68

KUSCCO MUTUAL ASSURANCE LIMITED - - - - 3.95 - - 0.42

CORPORATE INSURANCE COMPANY 1.05 - - 0.18 - - - 0.32

METROPOLITAN CANNON INSURANCE 0.33 - - 1.53 0.41 - 0.27 0.29

CAPEX LIFE ASSURANCE COMPANY 0.51 - - 1.26 - - - 0.27

SAHAM ASSURANCE 0.12 - 0.08 0.08 0.00 - - 0.07

THE MONARCH INSURANCE 0.09 - - 0.36 - - - 0.06

TAKAFUL INSURANCE OF AFRICA - - - 0.03 0.09 - - 0.01

TOTAL 100.00 100.00 100.00 99.97 99.91 0.00 100.00 99.99

KENYA REINSURANCE CORPORATION 75.11 - - 48.86 - - - 50.63

EAST AFRICAN REINSURANCE 23.35 - - 43.23 - - - 41.89

CONTINENTAL REINSURANCE 1.53 - - 7.90 - - - 7.47

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 30.09.2019

REINSURERS

INSURERS

Figures in %


38

Company Life Fund BF Gross Premium Net Premium

Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid

Net

Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To

(From) P & L Life Fund CF

APA LIFE ASSURANCE COMPANY 261,850 110,915 102,611 - 21,603 21,603 - - - 44,679 74,147 22,076 2,665 - 243,444

BARCLAYS LIFE (766,831) 489,762 489,762 - 37,937 295,082 - - - 86,406 209,630 89,633 - - (778,556)

BRITAM LIFE ASSURANCE 23,933,916 6,464,718 6,461,686 (3,151) 2,579,955 415,314 1,014,133 1,183,966 - 944,940 1,419,968 2,058,978 92,756 - 27,380,352

CAPEX LIFE ASSURANCE COMPANY 414,001 102,278 102,278 - 108,538 105,695 - - - - 122,234 138,448 - - 426,798

CIC LIFE ASSURANCE COMPANY 955,956 798,959 784,222 - 315,722 646,066 - - - 80,176 193,014 86,431 - - 907,354

CORPORATE INSURANCE COMPANY 630,278 212,110 209,820 - 143,442 174,844 - - - 44,080 59,781 29,735 - - 591,128

GA LIFE ASSURANCE COMPANY - 216,727 216,727 - 12,338 12,338 - - - 4,335 8 15,084 - - 215,130

GEMINIA INSURANCE COMPANY 706,443 29,596 29,587 - 78,557 79,370 - - - 3,302 30,173 16,579 - - 639,764

ICEA LION LIFE ASSURANCE 9,719,554 2,169,415 2,133,198 - 596,864 769,373 - - - 388,630 533,100 816,219 - - 10,977,868

JUBILEE INSURANCE COMPANY 8,499,237 2,728,838 2,726,587 - 1,393,292 1,003,001 451,815 - - 499,566 402,969 1,004,063 2,534 (64,675) 9,934,677

KENINDIA ASSURANCE COMPANY 8,306,070 1,110,235 1,108,914 - 553,404 562,255 - - - 73,977 192,863 842,468 - - 9,428,357

KENYA ORIENT LIFE ASSURANCE 11,373 36,016 35,994 - 1,155 1,155 - - - 7,225 41,040 2,668 - - 615

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

LIBERTY LIFE ASSURANCE COMPANY 7,401,363 999,739 997,232 - 305,086 271,284 - - - 20,200 152,300 326,310 - - 8,281,119

MADISON INSURANCE COMPANY 3,616,157 1,059,789 1,059,789 - 385,484 385,484 - - - 156,933 375,592 185,172 - - 3,943,110

METROPOLITAN CANNON INSURANCE 914,855 67,414 66,483 - 32,672 32,672 67,739 - - (1,616) 74,035 35,620 - - 844,127

OLD MUTUAL LIFE ASSURANCE 4,472,928 718,829 658,712 327,344 712,308 643,780 66,400 - - 224,935 544,574 401,322 15,844 (66,878) 4,431,651

PIONEER ASSURANCE COMPANY 180,083 624,448 623,725 - 300,817 273,426 - - - 167,011 260,007 109,033 - - 212,396

PRUDENTIAL LIFE ASSURANCE 374,437 183,669 183,669 - 91,013 77,030 1,902 376 - 44,286 125,719 49,750 1,559 - 356,984

SAHAM ASSURANCE 217,584 23,614 20,072 - 11,217 20,888 1,529 - - 1,505 14,075 39,189 - - 238,848

SANLAM LIFE ASSURANCE 5,628,360 1,484,942 1,462,139 - 208,456 210,802 - - - 191,460 558,716 267,436 - - 6,396,957

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

THE KENYAN ALLIANCE INSURANCE 68,289 11,004 11,004 - 4,016 4,016 - - - - 1,507 1,522 - - 75,292

THE MONARCH INSURANCE - 19,064 19,064 - - 4,763 2,585 - - (1,231) 6,561 3,021 - - 9,407

UAP LIFE ASSURANCE COMPANY 1,004,644 590,588 590,588 - 99,012 43,952 63,438 - - 23,446 255,536 139,183 - - 1,348,043

TOTAL 76,550,547 20,252,669 20,093,863 324,193 7,992,888 6,054,193 1,669,541 1,184,342 - 3,004,245 5,647,549 6,679,940 115,358 (131,553) 86,104,865

CONTINENTAL REINSURANCE - 2,222 1,442 - 246 - - - - 671 287 409 - - 893

EAST AFRICAN REINSURANCE - 33,875 33,875 4,981 1,965 - - - - 5,265 2,735 - - - 30,855

KENYA REINSURANCE CORPORATION 1,354,345 108,957 105,931 - 61,457 62,957 - - - 36,573 12,169 56,832 - - 1,405,409

TOTAL 1,354,345 145,054 141,248 4,981 63,668 62,957 - - - 42,509 15,191 57,241 - - 1,437,157

REINSURERS

APPENDIX 5: SUMMARY OF LIFE ASSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019


INSURERS


39


Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid

Net

Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 487,598 20,587 20,587 - 44,980 - - - 44,980 - 3,508 28,909 2,164 - 486,441

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

BRITAM LIFE ASSURANCE 3,870,706 2,092,779 2,092,779 - 510,734 - - - 510,734 42,421 25,093 469,552 - - 5,854,788

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

CIC LIFE ASSURANCE COMPANY (291,510) 282,375 282,375 - 142,354 436,455 - - - 5,014 16,891 120,302 - - (347,193)

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

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


ICEA LION LIFE ASSURANCE 10,423,588 525,987 525,987 - - (679) - - 910,335 17,561 18,407 1,909,020 - - 11,912,971

JUBILEE INSURANCE COMPANY 8,816,107 923,785 923,785 - 775,598 775,598 - - - 16,402 28,271 881,810 2,118 36,525 9,762,788

KENINDIA ASSURANCE COMPANY 1,226,564 348,381 348,381 - 104,037 104,037 - - - 7,076 - 120,037 - - 1,583,869

KENYA ORIENT LIFE ASSURANCE 294,551 181,844 181,844 - 42,079 - - - 42,079 7,396 10,151 13,470 - - 430,239


LIBERTY LIFE ASSURANCE COMPANY 283,026 24,906 24,906 - - - - - - - 969 20,110 - - 327,073

MADISON INSURANCE COMPANY 4,614,967 1,035,897 1,035,897 - 506,670 506,670 - - - 21,072 59,331 288,665 - - 5,352,455

METROPOLITAN CANNON INSURANCE - - - - 470 470 - - - - - - - - (470)

OLD MUTUAL LIFE ASSURANCE (1,123) - - - 760 - - - 760 - - 92 4 - (1,795)

PIONEER ASSURANCE COMPANY 207,396 17,410 17,410 - 16,646 16,646 - - - 364 - - - - 207,795

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

SAHAM ASSURANCE (408) - - - 102 - - - 102 - - - - - (510)

SANLAM LIFE ASSURANCE 8,448,916 395,776 395,776 - 781,707 - - - 781,707 7,916 8,656 1,060,947 - - 9,107,361


THE KENYAN ALLIANCE INSURANCE 1,259,129 19,911 19,911 - 85,746 85,746 - - - 2,011 2,727 2,754 - - 1,191,309

THE MONARCH INSURANCE - - (8,246) - - - - - - - - - - - (8,246)

UAP LIFE ASSURANCE COMPANY 1,161,033 - - - 113,710 - - - 109,229 - - - - - 1,051,805

TOTAL 40,800,540 5,869,638 5,861,392 - 3,125,593 1,924,943 - - 2,399,926 127,233 174,004 4,915,668 4,286 36,525 46,910,680

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

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

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

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

APPENDIX 6: SUMMARY OF ANNUITIES BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



40


Other (Fee)

Income Total Benefits Claims Surrenders

Bonuses

Paid

Annuities

Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY (23,440) 429,755 178,838 - 111,300 109,088 - - - 7,280 82,439 20,182 1,500 35,625 (60,351)

BARCLAYS LIFE 134,486 754,654 167,797 - 116,034 226,817 - - - (17,803) 104,815 38,005 - - 26,459

BRITAM LIFE ASSURANCE 1,946,127 518,500 352,683 2,294 309,067 377,175 - - - 22,131 179,255 436,263 3,401 - 2,155,405

CAPEX LIFE ASSURANCE COMPANY - 82,547 59,944 - - - - - - (1,853) - - - - 61,797

CIC LIFE ASSURANCE COMPANY (93,238) 399,786 276,611 - 324,859 501,210 - - - (3,862) 119,802 24,600 - 11,213 (420,391)

CORPORATE INSURANCE COMPANY 18,125 12,035 7,299 - - 7,211 - - - 2,260 3,392 1,687 - - 14,248

GA LIFE ASSURANCE COMPANY 5,519 32,121 2,183 - 1,200 1,500 - - - (16,184) 5,833 1,475 - - 18,028

GEMINIA INSURANCE COMPANY 401,719 472,347 435,181 - 237,557 184,435 - - - 72,536 53,851 29,589 - - 555,667

ICEA LION LIFE ASSURANCE 135,560 293,379 126,985 - 95,590 50,276 - - - (81,305) 64,424 23,057 - - 252,206

JUBILEE INSURANCE COMPANY 177,115 813,412 368,282 - 454,114 197,737 - - - 64,702 142,472 145,201 602 142,805 142,279

KENINDIA ASSURANCE COMPANY 52,652 43,314 21,423 - 3,111 2,661 - - - 4,148 1,892 11,822 - - 77,197

KENYA ORIENT LIFE ASSURANCE 8,051 20,298 11,724 - 1,200 1,200 - - - (1,180) 13,351 1,504 - - 7,907


LIBERTY LIFE ASSURANCE COMPANY 295,572 506,619 408,679 - 243,601 237,701 - - - 63,251 156,909 50,336 - - 296,726

MADISON INSURANCE COMPANY (131,221) 252,800 178,143 - 53,884 53,884 - - - 9,483 14,327 7,911 - - (22,861)

METROPOLITAN CANNON INSURANCE 40,832 99,934 58,102 - 104,350 104,350 - - - 3,920 57,280 83,228 - (46,857) 63,470

OLD MUTUAL LIFE ASSURANCE 166,168 264,755 193,420 - 92,497 107,959 - - - 22,189 38,500 55,208 1,649 42,728 201,771

PIONEER ASSURANCE COMPANY 2,009,661 315,573 168,603 - 1,219,922 1,354,543 - - - 80,501 111,432 99,308 - 240,393 490,703

PRUDENTIAL LIFE ASSURANCE 44,296 80,228 40,795 - 19,694 19,694 - - - 8,315 31,925 9,173 360 - 33,970

SAHAM ASSURANCE 10,847 5,274 4,483 - 1,850 1,850 - - - 307 1,912 2,810 - - 14,071

SANLAM LIFE ASSURANCE (608,949) 533,081 306,117 - 194,503 220,466 - - - 11,118 96,863 19,910 - - (611,369)

TAKAFUL INSURANCE OF AFRICA - 1,663 1,663 - - - - - - - 2,568 1,203 - - 298

THE KENYAN ALLIANCE INSURANCE 624,984 194,632 115,691 - 81,940 88,067 - - - (13,449) 26,652 26,917 - - 666,323

THE MONARCH INSURANCE - 23,703 21,134 - 49,143 16,867 - - - 3,620 8,157 4,354 - - (3,157)

UAP LIFE ASSURANCE COMPANY 1,995,539 386,939 123,011 - 304,508 170,915 - - - 77,231 131,640 121,727 - - 1,860,491

TOTAL 7,210,405 6,537,349 3,628,791 2,294 4,019,924 4,035,606 - - - 317,356 1,449,691 1,215,470 7,512 425,907 5,820,887

CONTINENTAL REINSURANCE - 158,631 111,258 - 45,743 34,092 - - - 28,579 20,517 29,202 - - 57,272

EAST AFRICAN REINSURANCE - 867,644 663,597 111,413 425,456 430,738 - - - 206,376 88,431 - - - 49,464

KENYA REINSURANCE CORPORATION 6,187,532 980,617 953,378 - 553,109 566,609 - - - 329,158 109,517 511,487 - - 6,647,114

TOTAL 6,187,532 2,006,892 1,728,233 111,413 1,024,308 1,031,439 - - - 564,113 218,465 540,689 - - 6,753,850

APPENDIX 7: SUMMARY OF GROUP LIFE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

REINSURERS


INSURERS


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 176,081 164,381 152,355 - 38,596 36,953 - - - 13,614 3,814 5,455 405 - 279,105

BARCLAYS LIFE 27,587 602,767 383,196 - 129,233 93,614 - - - 87,359 104,815 98,740 - - 223,736

BRITAM LIFE ASSURANCE 390,375 1,105,308 1,034,365 - 176,594 155,996 - - - 10,884 390,903 134,502 - - 1,001,458


CIC LIFE ASSURANCE COMPANY 660,109 2,646,785 1,976,350 - 694,510 1,123,310 - - - (25,569) 801,754 164,629 - 75,038 826,556


GA LIFE ASSURANCE COMPANY 1,371 3,742 73 - - - - - - (1,923) 679 172 - - 2,861

GEMINIA INSURANCE COMPANY - 3,189 3,189 - 804 - - - - 446 - - - - 2,743

ICEA LION LIFE ASSURANCE 92,538 171,874 115,990 - 62,743 40,190 - - - 1,629 55,220 15,954 - - 127,443

JUBILEE INSURANCE COMPANY 111,660 97,292 84,809 - 30,958 - - - - 30,480 - 21,577 90 - 187,477

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

KENYA ORIENT LIFE ASSURANCE 386,426 229,239 210,635 - 48,437 48,437 - - - 17,220 84,928 16,981 - - 463,457

KUSCCO MUTUAL ASSURANCE LIMITED - 293,731 293,731 - 257,143 - - - - - 72,132 - - - 221,599

LIBERTY LIFE ASSURANCE COMPANY 493,447 424,553 346,868 - 54,703 46,173 - - - 39,786 - - - - 754,357

MADISON INSURANCE COMPANY 317,665 140,695 140,695 - 35,754 35,754 - - - 8,858 43,556 - - - 370,191

METROPOLITAN CANNON INSURANCE 62,996 30,197 30,197 - 24,945 24,945 - - - - 1,366 - - - 66,881

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

PIONEER ASSURANCE COMPANY 877,596 601,648 527,770 - 442,637 442,637 - - - 160,148 - - - - 802,582

PRUDENTIAL LIFE ASSURANCE 146,684 194,495 192,511 - 39,946 39,946 - - - 67,813 79,076 17,519 1,079 - 168,800

SAHAM ASSURANCE 983 26 22 - - - - - - - - - - - 1,005

SANLAM LIFE ASSURANCE 1,653,721 441,846 341,116 - 276,190 281,226 - - - 22,057 107,937 76,389 - - 1,660,006

TAKAFUL INSURANCE OF AFRICA - 6,897 1,860 - - - - - - (4,931) 11,226 4,988 - - 553

THE KENYAN ALLIANCE INSURANCE 12,226 - - - - - - - - 311 - - - - 11,916

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

UAP LIFE ASSURANCE COMPANY 563,560 282,938 282,938 - 74,596 45,460 - - - - - 250,056 - - 1,051,094

TOTAL 5,975,025 7,441,603 6,118,670 - 2,387,789 2,414,641 - - - 428,182 1,757,406 806,962 1,574 75,038 8,223,820




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

APPENDIX 8: SUMMARY OF GROUP CREDIT BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



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 1,008 101 101 - - - - - - - - - - - 1,109

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

BRITAM LIFE ASSURANCE 2,460,327 511,807 511,807 - 823,987 468,896 183,868 171,565 - 23,790 43,917 126,788 - - 2,206,887


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




ICEA LION LIFE ASSURANCE 307,348 21,942 21,942 - 53,548 75,654 - - - - - 36,709 - - 290,345

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


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


LIBERTY LIFE ASSURANCE COMPANY 4,175,496 828,112 827,982 - 1,374,156 1,427,193 - - - 124,718 349,009 783,643 - - 3,886,201

MADISON INSURANCE COMPANY 163,039 5,624 5,624 - 31,068 31,068 - - - - 1,586 11,121 - - 147,129

METROPOLITAN CANNON INSURANCE 344,271 7,487 7,487 (4,145) 29,779 29,779 - - - - 3,895 - - - 313,940

OLD MUTUAL LIFE ASSURANCE 6,363,955 632,986 632,986 - 793,199 52,441 699,586 - - - - 519,569 21,281 - 6,743,201

PIONEER ASSURANCE COMPANY 189,283 63,115 63,115 - - - - - - - - - - - 252,398


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

SANLAM LIFE ASSURANCE 4,856,628 500,636 500,636 - 1,364,035 1,363,574 - - - 123,153 188,366 664,351 - - 4,346,521


THE KENYAN ALLIANCE INSURANCE 15,884 122,350 122,350 - 15,437 15,437 - - - 7,075 16,754 16,921 - - 115,889


UAP LIFE ASSURANCE COMPANY 867,854 41,489 41,489 - 103,683 61,578 42,435 - - - - 90,488 - - 895,817

TOTAL 19,745,093 2,735,649 2,735,519 - 4,145 4,588,892 3,525,620 925,889 171,565 - 278,736 603,527 2,249,590 21,281 - 19,199,437




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

APPENDIX 9: SUMMARY OF INVESTMENTS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



43


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 - - - - - - - - - - - - - - -


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




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

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


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


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

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

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


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


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

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


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


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

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




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

APPENDIX 10: SUMMARY OF PERMANENT HEALTH BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



44


Other (Fee)


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF

APA LIFE ASSURANCE COMPANY 3,516,473 426,196 426,196 - 310,676 310,676 - - - 8,524 16,199 364,463 10,795 19,297 3,941,642

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

BRITAM LIFE ASSURANCE 33,194,940 6,871,454 6,871,454 - 3,478,931 3,478,931 - - - 43,627 295,702 2,637,117 21,502 - 38,863,749


CIC LIFE ASSURANCE COMPANY 1,664,127 774,969 774,969 - - - - - - 3,066 20,345 1,910 - - 2,417,595

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

GA LIFE ASSURANCE COMPANY 7,501,665 1,649,730 1,649,730 - 479,079 479,079 - - - 10,381 45,721 756,371 - - 9,372,585

GEMINIA INSURANCE COMPANY 22,633 99,996 99,996 - - - - - - - - 4,805 - - 127,434

ICEA LION LIFE ASSURANCE 47,812,662 6,333,248 6,333,248 - - - 3,827,044 - - 85,280 276,102 5,050,948 - - 55,008,432

JUBILEE INSURANCE COMPANY 46,699,823 6,004,534 6,004,534 - 4,298,718 4,298,718 - - - 82,181 228,738 3,219,389 14,730 349,534 50,949,846

KENINDIA ASSURANCE COMPANY 23,238,229 2,060,232 2,060,232 - 1,997,285 2,028,573 - - - 27,630 100,886 2,091,888 - - 25,233,260

KENYA ORIENT LIFE ASSURANCE 116,473 57,077 57,077 - 35,155 35,155 - - - - 1,694 7,769 - - 144,470


LIBERTY LIFE ASSURANCE COMPANY 8,435,253 1,123,798 1,123,798 - 1,466,110 1,466,110 - - - 14,157 252,731 880,823 - - 8,706,876

MADISON INSURANCE COMPANY 3,537,962 232,111 232,111 - 208,812 208,812 - - - 540 23,156 175,381 - - 3,712,946

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


PIONEER ASSURANCE COMPANY 469,710 260,159 260,159 - - - - - - - - - - - 729,869

PRUDENTIAL LIFE ASSURANCE - 13,342 13,342 - - - - - - - - - - - 13,342

SAHAM ASSURANCE 650,084 21,604 21,604 - 558,445 558,445 - - - - 8,609 37,762 - - 142,397

SANLAM LIFE ASSURANCE 1,107,372 146,469 146,469 - 246,484 246,484 - - - 661 17,494 139,364 - - 1,128,566


THE KENYAN ALLIANCE INSURANCE 589,013 251,006 251,006 - 129,147 120,795 - - - 2,651 34,372 34,714 - - 716,914

THE MONARCH INSURANCE - - - - - - - - - - 27,374 1,511 - - ( 25,863 )

UAP LIFE ASSURANCE COMPANY 4,613,986 526,212 526,212 - 583,298 650,260 - - - - - 414,141 - - 4,904,079

TOTAL 183,176,373 26,852,137 26,852,137 - 17,709,082 13,882,038 3,827,044 - - 278,698 1,349,123 15,818,356 47,027 368,831 206,094,107




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

APPENDIX 11: SUMMARY OF PENSIONS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

REINSURERS


INSURERS


45


Other (Fee)


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 4,419,570 1,151,935 880,688 - 527,155 478,320 - - 44,980 74,097 180,107 441,085 17,529 54,922 4,891,390

BARCLAYS LIFE ( 604,758 ) 1,847,183 1,040,755 - 283,204 615,513 - - - 155,962 419,260 226,378 - - ( 528,361 )

BRITAM LIFE ASSURANCE 65,796,391 17,564,566 17,324,774 ( 857 ) 7,879,268 4,896,312 1,198,001 1,355,531 510,734 1,087,793 2,354,838 5,863,200 117,659 - 77,462,639

CAPEX LIFE ASSURANCE COMPANY 414,001 184,825 162,222 - 108,538 105,695 - - - ( 1,853 ) 122,234 138,448 - - 488,595

CIC LIFE ASSURANCE COMPANY 2,895,444 4,902,874 4,094,527 - 1,477,445 2,707,041 - - - 58,825 1,151,806 397,872 - 86,251 3,383,921

CORPORATE INSURANCE COMPANY 654,371 224,145 217,119 - 143,442 182,055 - - - 46,340 63,173 31,422 - - 611,344

GA LIFE ASSURANCE COMPANY 7,508,555 1,902,320 1,868,713 - 492,617 492,917 - - - ( 3,391 ) 52,241 773,102 - - 9,608,604

GEMINIA INSURANCE COMPANY 1,130,795 605,128 567,953 - 316,918 263,805 - - - 76,284 84,024 50,973 - - 1,325,608

ICEA LION LIFE ASSURANCE 68,491,250 9,515,845 9,257,350 - 808,745 934,814 3,827,044 - 910,335 411,795 947,253 7,851,907 - - 78,569,265

JUBILEE INSURANCE COMPANY 64,303,942 10,567,861 10,107,997 - 6,952,680 6,275,054 451,815 - - 693,331 802,450 5,272,040 20,074 464,189 70,977,067

KENINDIA ASSURANCE COMPANY 32,823,515 3,562,162 3,538,950 - 2,657,837 2,697,526 - - - 112,831 295,641 3,066,215 - - 36,322,683

KENYA ORIENT LIFE ASSURANCE 816,874 524,474 497,274 - 128,026 85,947 - - 42,079 30,661 151,164 42,392 - - 1,046,688

KUSCCO MUTUAL ASSURANCE LIMITED - 293,731 293,731 - 257,143 - - - - - 72,132 - - - 221,599

LIBERTY LIFE ASSURANCE COMPANY 21,084,157 3,907,727 3,729,465 - 3,443,656 3,448,461 - - - 262,112 911,918 2,061,222 - - 22,252,352

MADISON INSURANCE COMPANY 12,118,569 2,726,916 2,652,259 - 1,221,672 1,221,672 - - - 196,886 517,548 668,250 - - 13,502,970

METROPOLITAN CANNON INSURANCE 1,362,954 205,032 162,269 ( 4,145 ) 192,216 192,216 67,739 - - 2,304 136,576 118,848 - ( 46,857 ) 1,287,948

OLD MUTUAL LIFE ASSURANCE 11,001,928 1,616,570 1,485,118 327,344 1,598,764 804,180 765,986 - 760 247,124 583,074 976,191 38,778 ( 24,150 ) 11,374,828

PIONEER ASSURANCE COMPANY 3,933,729 1,882,353 1,660,782 - 1,980,022 2,087,252 - - - 408,024 371,439 208,341 - 240,393 2,695,743

PRUDENTIAL LIFE ASSURANCE 565,417 471,734 430,317 - 150,653 136,670 1,902 376 - 120,414 236,720 76,442 2,998 - 573,096

SAHAM ASSURANCE 879,090 50,518 46,181 - 571,614 581,183 1,529 - 102 1,812 24,596 79,761 - - 395,811

SANLAM LIFE ASSURANCE 21,086,048 3,502,750 3,152,253 - 3,071,375 2,322,552 - - 781,707 356,365 978,032 2,228,397 - - 22,028,042

TAKAFUL INSURANCE OF AFRICA - 8,560 3,523 - - - - - - ( 4,931 ) 13,794 6,191 - - 851

THE KENYAN ALLIANCE INSURANCE 2,569,525 598,903 519,962 - 316,286 314,061 - - - ( 1,401 ) 82,012 82,828 - - 2,777,643

THE MONARCH INSURANCE - 42,767 31,952 - 49,143 21,630 2,585 - - 2,389 42,092 8,886 - - ( 27,859 )

UAP LIFE ASSURANCE COMPANY 10,206,616 1,828,166 1,564,238 - 1,278,807 972,165 105,873 - 109,229 100,677 387,176 1,015,595 - - 11,111,329

TOTAL 333,457,983 69,689,045 65,290,372 322,342 35,907,226 31,837,041 6,422,474 1,355,907 2,399,926 4,434,450 10,981,300 31,685,986 197,038 774,748 372,353,796

CONTINENTAL REINSURANCE - 160,853 112,700 - 45,989 34,092 - - - 29,250 20,804 29,611 - - 58,165

EAST AFRICAN REINSURANCE - 901,519 697,472 116,394 427,421 430,738 - - - 211,641 91,166 - - - 80,319

KENYA REINSURANCE CORPORATION 7,541,877 1,089,574 1,059,309 - 614,566 629,566 - - - 365,731 121,686 568,319 - - 8,052,523

TOTAL 7,541,877 2,151,946 1,869,481 116,394 1,087,976 1,094,396 - - - 606,622 233,656 597,930 - - 8,191,007

APPENDIX 12: SUMMARY OF COMBINED LONG TERM BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

REINSURERS


INSURERS


46

AAR INSURANCE KENYA - 234 1,204 6,366 4,501 238 - - - 22,267 2,121 80,627 4,324,416 15,981 4,457,955 4.24

AFRICAN MERCHANT ASSURANCE - 37,262 1,721 170,037 12,920 217 443,180 317,063 - 52,808 11,969 56,255 - 59,029 1,162,461 1.10

AIG INSURANCE COMPANY 34,207 43,662 72,856 561,573 772,362 35,678 725,665 153,148 - 357,792 292,261 3,954 - - 3,053,158 2.90

ALLIANZ INSURANCE COMPANY 5,778 22,208 20,713 92,759 90,297 48,458 136,509 129,110 - 3,222 23,772 71,485 75,524 20,802 740,637 0.70

APA INSURANCE COMPANY 20,456 136,463 60,736 650,433 122,644 151,537 1,141,118 1,163,348 - 157,025 190,665 454,387 2,901,866 303,585 7,454,263 7.08

BRITAM GENERAL INSURANCE - 404,240 96,644 473,201 118,124 275,203 1,144,133 941,447 - 642,485 193,103 198,450 1,431,631 615,757 6,534,418 6.21

CIC GENERAL INSURANCE COMPANY - 411,482 72,099 625,990 84,899 69,867 1,670,758 1,707,745 - 221,868 521,298 330,364 2,845,322 156,754 8,718,446 8.28

CORPORATE INSURANCE COMPANY - 30,157 5,369 84,941 13,495 48,917 130,070 90,591 - 3,645 52,349 2,400 - 7,244 469,178 0.45

DIRECTLINE ASSURANCE COMPANY - - - - - - 127,277 41,657 2,259,196 - - - - - 2,428,130 2.31

FIDELITY SHIELD INSURANCE 218,543 64,913 19,228 172,289 21,520 61,834 608,438 507,749 32,717 15,183 84,030 162,075 - 24,985 1,993,504 1.89

FIRST ASSURANCE COMPANY - 114,995 24,168 219,438 26,437 41,699 459,491 481,221 - 92,027 63,841 83,600 1,400,388 41,013 3,048,318 2.90

GA INSURANCE COMPANY 118,989 261,111 96,381 1,042,497 83,237 211,831 594,815 549,081 92,131 83,736 315,746 503,446 1,323,820 125,330 5,402,151 5.13

GEMINIA INSURANCE COMPANY 11,097 131,778 53,507 415,128 48,096 142,867 1,051,550 1,398,553 - 38,927 179,607 490,649 - 167,437 4,129,196 3.92

HERITAGE INSURANCE COMPANY 26,653 125,199 146,598 520,809 197,969 98,456 687,554 490,116 51,097 188,960 115,119 307,654 1,515,261 194,310 4,665,755 4.43

ICEA LION GENERAL INSURANCE 1,023,493 158,500 91,659 738,577 133,586 128,564 938,008 485,905 - 207,679 230,421 402,286 128,741 103,671 4,771,090 4.53

INTRA-AFRICA ASSURANCE - 24,923 29,106 98,753 10,855 72,280 270,781 176,451 - 15,942 49,232 121,316 - 41,248 910,887 0.87

INVESCO ASSURANCE COMPANY - - - - - - - - - - - - - - - 0.00

JUBILEE INSURANCE COMPANY 4,972 102,352 36,996 591,733 250,398 184,386 1,100,971 567,048 - 240,638 42,630 200,037 6,419,587 202,187 9,943,935 9.45

KENINDIA ASSURANCE COMPANY - 132,535 42,588 500,441 46,532 205,494 264,290 418,314 - 38,322 176,804 308,143 117,149 12,444 2,263,056 2.15

KENYA ORIENT INSURANCE - 57,828 20,537 94,574 23,090 12,546 431,679 217,454 28,871 8,891 73,379 41,524 - 65,526 1,075,899 1.02

MADISON INSURANCE COMPANY - 62,377 12,420 83,348 237,503 40,882 422,012 695,562 - 20,392 21,182 52,225 1,744,279 97,208 3,489,390 3.32

MAYFAIR INSURANCE COMPANY 23,011 202,884 58,265 518,867 39,480 146,629 377,093 344,521 - 40,638 95,669 343,838 - 176,590 2,367,485 2.25

METROPOLITAN CANNON INSURANCE - 33,154 10,770 31,160 6,132 20,407 276,084 170,944 - 36,551 23,041 73,999 - 30,515 712,757 0.68

MUA INSURANCE COMPANY 136,108 24,409 6,158 73,670 49,736 17,904 137,905 107,654 - 9,774 9,138 18,416 - 21,826 612,698 0.58

OCCIDENTAL INSURANCE COMPANY - 98,531 49,405 268,908 11,353 135,248 581,525 582,167 - 41,961 95,093 259,598 - 25,456 2,149,245 2.04

PACIS INSURANCE COMPANY - 19,781 11,878 115,798 15,152 3,014 293,868 238,420 - 50,290 32,456 66,488 354,149 2,386 1,203,680 1.14

PIONEER INSURANCE COMPANY - 16,070 9,448 49,595 29,936 17,610 273,243 125,309 - 33,535 14,453 29,821 - 56,002 655,022 0.62

RESOLUTION INSURANCE COMPANY - 9,741 4,209 22,944 28,049 18,933 337,644 255,875 73,441 79,725 11,067 45,723 3,006,802 27,619 3,921,772 3.73

SAHAM INSURANCE COMPANY - 21,238 15,108 123,416 30,262 6,061 367,487 148,997 - 32,444 33,522 65,805 664,085 111,813 1,620,238 1.54

SANLAM INSURANE COMPANY - 68,896 28,203 209,323 87,303 27,306 373,838 358,873 164,197 8,894 84,926 74,355 689,539 18,242 2,193,895 2.08

TAKAFUL INSURANCE OF AFRICA - 14,047 5,684 40,629 17,945 11,988 223,383 235,165 - 2,466 51,495 30,889 252,471 1,798 887,960 0.84

TAUSI ASSURANCE COMPANY - 55,814 40,976 258,933 19,952 108,309 147,165 116,524 - 10,777 94,596 158,798 11,903 16,178 1,039,925 0.99

THE KENYAN ALLIANCE INSURANCE - 10,450 28,221 74,165 12,331 25,288 438,984 308,585 - 26,018 32,812 123,470 137,610 1,924 1,219,858 1.16

THE MONARCH INSURANCE - 15,741 2,804 24,393 27,669 8,835 404,937 383,872 - 13,954 4,786 30,248 - 28,130 945,369 0.90

TRIDENT INSURANCE COMPANY - ( 885 ) 524 6,290 1,224 1,527 303,713 139,113 30,561 6,603 3,434 1,057 10,399 2,467 506,027 0.48

UAP INSURANCE COMPANY 28,914 113,595 133,928 487,832 86,756 117,981 830,175 731,978 - 92,496 225,311 173,783 4,305,671 78,587 7,407,007 7.04

XPLICO INSURANCE COMPANY - 73 12 10 3,185 235 250,313 70,625 748,873 199 24 1,072 - 2,709 1,077,330 1.02

TOTAL 1,652,221 3,025,758 1,310,123 9,448,820 2,764,930 2,498,229 17,965,656 14,850,185 3,481,084 2,898,134 3,451,352 5,368,237 33,660,613 2,856,753 105,232,095 100

CONTINENTAL REINSURANCE 18,131 158,603 12,239 662,706 59,480 44,769 - 67,210 - - 19,076 - 337,805 259,561 1,639,580 10.37

EAST AFRICAN REINSURANCE 5,358 232,309 - 1,262,886 14,384 143,989 - 239,524 - 21,833 - - 573,350 426,491 2,920,124 18.47

GHANA REINSURANCE COMPANY 690 41,558 20,572 150,861 7,920 21,231 14,127 15,304 - 480 25,658 1,228 28,354 31,844 359,827 2.28

KENYA REINSURANCE CORPORATION 26,976 563,661 2,040,041 273,102 109,014 387,314 59,944 523,712 - 163,553 8,840 2,707 2,339,211 4,140,747 10,638,822 67.29

WAICA REINSURANCE KENYA LIMITED 2,772 54,882 210 92,801 38,228 25,794 675 957 - 528 2,486 435 - 32,719 252,487 1.60

TOTAL 53,927 1,051,013 2,073,062 2,442,356 229,026 623,097 74,746 846,707 - 186,394 56,060 4,370 3,278,720 4,891,362 15,810,840 100

INSURERS

REINSURERS


Motor Commercial

PSVPersonal Accident Theft

Workmens'

CompensationMedical Miscellaneous

APPENDIX 13: SUMMARY OF GROSS PREMIUM INCOME UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2019

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

Market Share (%)


47

JUBILEE INSURANCE COMPANY 0.30 3.38 2.82 6.26 9.06 7.38 6.13 3.82 - 8.30 1.24 3.73 19.07 7.08 9.45

CIC GENERAL INSURANCE COMPANY - 13.60 5.50 6.63 3.07 2.80 9.30 11.50 - 7.66 15.10 6.15 8.45 5.49 8.28

APA INSURANCE COMPANY 1.24 4.51 4.64 6.88 4.44 6.07 6.35 7.83 - 5.42 5.52 8.46 8.62 10.63 7.08

UAP INSURANCE COMPANY 1.75 3.75 10.22 5.16 3.14 4.72 4.62 4.93 - 3.19 6.53 3.24 12.79 2.75 7.04

BRITAM GENERAL INSURANCE - 13.36 7.38 5.01 4.27 11.02 6.37 6.34 - 22.17 5.59 3.70 4.25 21.55 6.21

GA INSURANCE COMPANY 7.20 8.63 7.36 11.03 3.01 8.48 3.31 3.70 2.65 2.89 9.15 9.38 3.93 4.39 5.13

ICEA LION GENERAL INSURANCE 61.95 5.24 7.00 7.82 4.83 5.15 5.22 3.27 - 7.17 6.68 7.49 0.38 3.63 4.53

HERITAGE INSURANCE COMPANY 1.61 4.14 11.19 5.51 7.16 3.94 3.83 3.30 1.47 6.52 3.34 5.73 4.50 6.80 4.43

AAR INSURANCE KENYA - 0.01 0.09 0.07 0.16 0.01 - - - 0.77 0.06 1.50 12.85 0.56 4.24

GEMINIA INSURANCE COMPANY 0.67 4.36 4.08 4.39 1.74 5.72 5.85 9.42 - 1.34 5.20 9.14 - 5.86 3.92

RESOLUTION INSURANCE COMPANY - 0.32 0.32 0.24 1.01 0.76 1.88 1.72 2.11 2.75 0.32 0.85 8.93 0.97 3.73

MADISON INSURANCE COMPANY - 2.06 0.95 0.88 8.59 1.64 2.35 4.68 - 0.70 0.61 0.97 5.18 3.40 3.32

AIG INSURANCE COMPANY 2.07 1.44 5.56 5.94 27.93 1.43 4.04 1.03 - 12.35 8.47 0.07 - - 2.90

FIRST ASSURANCE COMPANY - 3.80 1.84 2.32 0.96 1.67 2.56 3.24 - 3.18 1.85 1.56 4.16 1.44 2.90

DIRECTLINE ASSURANCE COMPANY - - - - - - 0.71 0.28 64.90 - - - - - 2.31

MAYFAIR INSURANCE COMPANY 1.39 6.71 4.45 5.49 1.43 5.87 2.10 2.32 - 1.40 2.77 6.41 - 6.18 2.25

KENINDIA ASSURANCE COMPANY - 4.38 3.25 5.30 1.68 8.23 1.47 2.82 - 1.32 5.12 5.74 0.35 0.44 2.15

SANLAM INSURANE COMPANY - 2.28 2.15 2.22 3.16 1.09 2.08 2.42 4.72 0.31 2.46 1.39 2.05 0.64 2.08

OCCIDENTAL INSURANCE COMPANY - 3.26 3.77 2.85 0.41 5.41 3.24 3.92 - 1.45 2.76 4.84 - 0.89 2.04

FIDELITY SHIELD INSURANCE 13.23 2.15 1.47 1.82 0.78 2.48 3.39 3.42 0.94 0.52 2.43 3.02 - 0.87 1.89

SAHAM INSURANCE COMPANY - 0.70 1.15 1.31 1.09 0.24 2.05 1.00 - 1.12 0.97 1.23 1.97 3.91 1.54

THE KENYAN ALLIANCE INSURANCE - 0.35 2.15 0.78 0.45 1.01 2.44 2.08 - 0.90 0.95 2.30 0.41 0.07 1.16

PACIS INSURANCE COMPANY - 0.65 0.91 1.23 0.55 0.12 1.64 1.61 - 1.74 0.94 1.24 1.05 0.08 1.14

AFRICAN MERCHANT ASSURANCE - 1.23 0.13 1.80 0.47 0.01 2.47 2.14 - 1.82 0.35 1.05 - 2.07 1.10

XPLICO INSURANCE COMPANY - 0.00 0.00 0.00 0.12 0.01 1.39 0.48 21.51 0.01 0.00 0.02 - 0.09 1.02

KENYA ORIENT INSURANCE - 1.91 1.57 1.00 0.84 0.50 2.40 1.46 0.83 0.31 2.13 0.77 - 2.29 1.02

TAUSI ASSURANCE COMPANY - 1.84 3.13 2.74 0.72 4.34 0.82 0.78 - 0.37 2.74 2.96 0.04 0.57 0.99

THE MONARCH INSURANCE - 0.52 0.21 0.26 1.00 0.35 2.25 2.58 - 0.48 0.14 0.56 - 0.98 0.90

INTRA-AFRICA ASSURANCE - 0.82 2.22 1.05 0.39 2.89 1.51 1.19 - 0.55 1.43 2.26 - 1.44 0.87

TAKAFUL INSURANCE OF AFRICA - 0.46 0.43 0.43 0.65 0.48 1.24 1.58 - 0.09 1.49 0.58 0.75 0.06 0.84

ALLIANZ INSURANCE COMPANY 0.35 0.73 1.58 0.98 3.27 1.94 0.76 0.87 - 0.11 0.69 1.33 0.22 0.73 0.70

METROPOLITAN CANNON INSURANCE - 1.10 0.82 0.33 0.22 0.82 1.54 1.15 - 1.26 0.67 1.38 - 1.07 0.68

PIONEER INSURANCE COMPANY - 0.53 0.72 0.52 1.08 0.70 1.52 0.84 - 1.16 0.42 0.56 - 1.96 0.62

MUA INSURANCE COMPANY 8.24 0.81 0.47 0.78 1.80 0.72 0.77 0.72 - 0.34 0.26 0.34 - 0.76 0.58

TRIDENT INSURANCE COMPANY - ( 0.03 ) 0.04 0.07 0.04 0.06 1.69 0.94 0.88 0.23 0.10 0.02 0.03 0.09 0.48

CORPORATE INSURANCE COMPANY - 1.00 0.41 0.90 0.49 1.96 0.72 0.61 - 0.13 1.52 0.04 - 0.25 0.45


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 33.62 15.09 0.59 27.13 25.97 7.18 0.00 7.94 0.00 34.03 0.00 10.30 5.31 10.37

EAST AFRICAN REINSURANCE 9.94 22.10 0.00 51.71 6.28 23.11 0.00 28.29 11.71 0.00 0.00 17.49 8.72 18.47

GHANA REINSURANCE COMPANY 1.28 3.95 0.99 6.18 3.46 3.41 18.90 1.81 0.26 45.77 28.10 0.86 0.65 2.28

KENYA REINSURANCE CORPORATION 50.02 53.63 98.41 11.18 47.60 62.16 80.20 61.85 87.75 15.77 61.95 71.35 84.65 67.29

WAICA REINSURANCE KENYA LIMITED 5.14 5.22 0.01 3.80 16.69 4.14 0.90 0.11 0.28 4.43 9.95 0.00 0.67 1.60

TOTAL 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00 100.00 100.00 100.00 100.00

INSURERS

REINSURERS

figures in %

Motor

Commercial PSV

Personal

AccidentTheft

Workmens'


APPENDIX 14: SUMMARY OF GENERAL INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.09.2019

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


48

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 - - - - - - - - - 9,761 - 2,418 1,344,929 292 1,357,400

AFRICAN MERCHANT ASSURANCE - 200 1,670 2,756 512 - 193,859 288,321 - 1,138 1,369 3,826 - 31,306 524,956

AIG INSURANCE COMPANY - 190 1,895 19,921 1,812 1,958 88,869 84,755 - 22,147 76,746 26,231 - - 324,525

ALLIANZ INSURANCE COMPANY - 4 3,599 5,053 - 12,125 53,707 18,978 - 439 1,178 7,177 - - 102,259

APA INSURANCE COMPANY - 23,649 25,748 75,783 40,135 48,117 872,307 812,709 - 51,256 86,365 130,239 1,468,497 87,862 3,722,667

BRITAM GENERAL INSURANCE - ( 27,031 ) 9,240 61,024 4,996 18,416 716,836 556,101 - 86,647 71,446 40,385 1,160,900 301,208 3,000,168

CIC GENERAL INSURANCE COMPANY - 29,746 9,396 13,553 103,450 12,637 1,332,938 956,281 - 18,385 59,456 76,345 1,830,494 72,852 4,515,533

CORPORATE INSURANCE COMPANY 4 ( 7,358 ) 65 4,469 92 7,247 58,538 45,579 - - 129 - 1,048 6,225 116,038

DIRECTLINE ASSURANCE COMPANY - - - - - - 103,401 34,703 1,755,055 - - - - - 1,893,159

FIDELITY SHIELD INSURANCE - 6,912 2,923 12,007 3,563 13,118 412,617 289,125 70,725 10,735 9,168 61,316 - 503 892,711

FIRST ASSURANCE COMPANY - 51,797 3,141 32,241 9,969 21,807 257,366 232,532 - 34,606 13,805 5,836 350,961 ( 9,732 ) 1,004,328

GA INSURANCE COMPANY 1,915 28,717 37,014 57,343 6,609 29,676 356,541 357,640 24,696 6,891 110,460 183,365 212,895 2,953 1,416,714

GEMINIA INSURANCE COMPANY - 42,192 6,101 35,847 19,461 42,491 734,021 631,204 - 2,919 38,343 45,911 - - 1,598,491

HERITAGE INSURANCE COMPANY 598 7,876 23,682 23,328 30,565 7,195 389,644 224,725 - 28,188 8,580 23,651 326,841 13,473 1,108,346

ICEA LION GENERAL INSURANCE 7,312 13,277 12,973 64,093 23,374 26,688 517,792 249,964 - 61,432 45,321 65,634 81,126 1,275 1,170,261

INTRA-AFRICA ASSURANCE - 11,288 20,041 42,155 1,148 32,005 182,242 106,176 - 13,652 12,726 34,630 - 4,385 460,448


JUBILEE INSURANCE COMPANY - 17,140 6,734 41,368 41,084 27,525 747,892 378,181 - 142,990 37,794 22,759 2,634,616 20,812 4,118,894

KENINDIA ASSURANCE COMPANY - 15,734 5,148 63,000 5,773 45,367 131,849 287,864 - 503 26,515 122,193 92,416 1,317 797,679

KENYA ORIENT INSURANCE - 1,938 2,598 2,188 2,921 1,822 262,519 226,602 - 54 2,676 4,262 - 3,484 511,063

MADISON INSURANCE COMPANY - 1,715 872 11,904 23,072 844 453,471 415,959 - 1,470 4,630 19,658 1,429,578 14,528 2,377,701

MAYFAIR INSURANCE COMPANY - 26,014 13,880 21,680 871 47,651 159,516 118,861 - 2,502 9,945 98,984 - 11,728 511,632

METROPOLITAN CANNON INSURANCE - ( 75,135 ) 4,893 10,622 1,026 9,312 163,247 188,482 - ( 2,534 ) 4,645 26,595 - 395 331,547

MUA INSURANCE COMPANY 1,922 15,176 2,111 3,260 43,889 1,082 76,284 31,911 - 3,553 2,137 490 - 616 182,431

OCCIDENTAL INSURANCE COMPANY - 95,344 67,162 42,094 1,231 39,346 387,382 381,260 - 2,926 34,788 85,265 - 4,990 1,141,789

PACIS INSURANCE COMPANY - 604 1,441 8,874 4,239 - 197,257 103,371 - 8,251 7,309 11,945 134,421 64 477,777

PIONEER GENERAL INSURANCE - 90 1,008 373 6,495 10,283 142,052 46,695 - 372 442 23,255 - 203 231,269

RESOLUTION INSURANCE COMPANY - 103 180 3,789 65 429 163,141 76,929 68,617 281 2,210 12,074 890,686 - 1,218,506

SAHAM INSURANCE COMPANY - 5,071 3,273 4,232 1,072 3,511 219,320 53,942 - 384 6,866 9,810 158,676 11,483 477,639

SANLAM INSURANCE COMPANY - 5,096 3,466 4,561 331 9,437 306,565 110,796 58,201 331 9,070 5,022 302,986 1,960 817,823

TAKAFUL INSURANCE OF AFRICA - 4,600 ( 96 ) ( 3,753 ) ( 5,721 ) - 40,335 102,420 - 8 1,200 2,333 89,838 2,176 233,339

TAUSI ASSURANCE COMPANY - 6,904 15,979 9,073 2,409 14,703 51,397 33,897 - 94 20,040 19,912 2,655 72 177,134

THE KENYAN ALLIANCE INSURANCE - 137 1,505 4,393 12,371 3,221 70,723 75,580 - 24,687 264 1,998 21,278 9,072 225,230

THE MONARCH INSURANCE - 217 634 775 57 - 217,066 140,346 - 2,224 22 681 - 500 362,522

TRIDENT INSURANCE COMPANY - 1,389 1,036 384 129 - 80,148 44,154 - 712 602 1,538 21,503 169 151,764

UAP INSURANCE COMPANY - 5,765 17,931 12,921 9,492 10,416 659,722 377,921 - 4,229 24,149 33,256 3,144,127 15,470 4,315,399

XPLICO INSURANCE COMPANY - - - - - 2,050 97,030 98,261 90,488 - - 1,992 2,485 - 292,306

TOTAL 11,751 309,361 307,243 691,311 396,492 500,479 10,897,594 8,182,225 2,067,782 541,233 730,396 1,210,986 15,702,956 611,641 42,161,448

CONTINENTAL REINSURANCE 122 89,052 198 180,209 2 5,949 - 29,531 - - - - 237,503 44,175 586,741

EAST AFRICA REINSURANCE ( 5,713 ) 69,880 - 566,287 691 45,117 - 175,130 - 9,112 - - 230,649 157,212 1,248,364

GHANA REINSURANCE COMPANY - 4,055 2,460 18,042 35 487 2,004 2,171 - 1 1,852 - 12,114 1,591 44,811

KENYA REINSURANCE CORPORATION 10,740 343,078 1,330,440 ( 59,038 ) 18,904 261,816 20,693 515,333 - 84,525 2,421 17 1,675,206 2,378,345 6,582,480

WAICA REINSURANCE KENYA LIMITED - - - 4 - - - - - 14 - - - 1,782 1,799

TOTAL 5,149 506,065 1,333,098 705,504 19,632 313,369 22,697 722,165 - 93,652 4,273 17 2,155,472 2,583,105 8,464,195

APPENDIX 15: SUMMARY OF CLAIMS PAID UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



49

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor

Commercial

Motor

Commercial PSV

Personal

AccidentTheft

Workmens'


Total

AAR INSURANCE KENYA - 22 290 692 1,437 22 - - - 13,008 991 13,744 1,054,846 557 1,085,610

AFRICAN MERCHANT ASSURANCE - ( 4,561 ) 3,309 4,402 ( 12,543 ) 2,575 153,296 338,735 ( 5,300 ) ( 1,715 ) 2,828 ( 32,892 ) - 48,912 497,046

AIG INSURANCE COMPANY ( 634 ) 20,458 ( 682 ) 16,264 27,839 2,232 69,712 76,626 - ( 35,917 ) 67,020 117,902 - - 360,821

ALLIANZ INSURANCE COMPANY ( 623 ) 5,798 13,923 16,772 ( 3,604 ) 3,965 81,065 31,985 - 253 4,187 9,701 ( 98 ) ( 1,538 ) 161,787

APA INSURANCE COMPANY 1 29,942 24,803 11,816 50,819 34,837 954,267 877,880 - 30,062 63,424 ( 2,513 ) 1,486,410 90,076 3,651,824

BRITAM GENERAL INSURANCE - ( 47,763 ) 8,238 52,635 15,905 37,483 877,896 716,121 - 102,893 83,138 61,779 1,042,863 344,460 3,295,647

CIC GENERAL INSURANCE COMPANY - 11,582 5,936 65,385 75,525 3,242 1,445,460 1,062,223 - 27,881 98,590 152,406 1,868,915 21,267 4,838,411

CORPORATE INSURANCE COMPANY 4 ( 1,162 ) 1,484 2,888 209 4,169 107,918 66,783 - ( 428 ) ( 1,639 ) ( 13,790 ) 1,048 57,759 225,244

DIRECTLINE ASSURANCE COMPANY - - - - - - 135,745 46,204 1,365,045 - - - - - 1,546,995

FIDELITY SHIELD INSURANCE - 4,890 1,422 9,825 10,376 12,299 488,808 306,792 67,725 11,094 15,356 67,398 - 552 996,538

FIRST ASSURANCE COMPANY - 64,540 3,422 22,024 30,370 1,898 281,569 258,368 - 25,131 13,543 ( 19,647 ) 345,432 ( 9,161 ) 1,017,489

GA INSURANCE COMPANY 850 20,147 30,453 40,802 ( 6,056 ) 16,376 361,968 318,101 24,746 6,908 123,718 174,156 214,562 1,008 1,327,739

GEMINIA INSURANCE COMPANY - 89,442 8,596 73,356 36,104 68,412 912,567 877,003 - 6,607 61,308 153,596 - 7,542 2,294,533

HERITAGE INSURANCE COMPANY 122 10,134 28,966 5,477 36,153 3,918 389,032 287,238 3,087 11,353 9,655 64,003 339,710 10,470 1,199,318

ICEA LION GENERAL INSURANCE 4,391 23,787 16,308 30,865 14,100 21,490 533,283 144,333 - 90,388 39,853 125,598 71,324 1,672 1,117,391

INTRA-AFRICA ASSURANCE - 9,191 27,087 48,304 6,335 31,322 179,707 108,164 - 11,842 18,785 38,889 - 8,967 488,592


JUBILEE INSURANCE COMPANY 880 22,096 9,843 39,394 43,302 36,429 903,566 412,473 - 91,708 11,600 69,226 2,711,238 28,626 4,380,382

KENINDIA ASSURANCE COMPANY - 16,897 3,997 106,466 20,197 70,488 204,171 382,426 - ( 2,277 ) 21,648 132,256 91,721 1,388 1,049,377

KENYA ORIENT INSURANCE - 4,086 ( 151 ) 652 4,441 1,664 311,982 227,161 - 1,339 6,515 6,893 - 6,560 571,142

MADISON INSURANCE COMPANY - 4,118 ( 80 ) 18,042 71,964 2,279 459,745 464,686 - 4,321 8,068 30,373 1,413,798 23,091 2,500,404

MAYFAIR INSURANCE COMPANY 28 37,533 15,124 ( 1,574 ) 19,334 61,793 149,036 174,030 - 3,384 7,938 164,225 - 1,712 632,564

METROPOLITAN CANNON INSURANCE - 13,689 1,803 9,401 562 ( 651 ) 206,547 184,746 - 12,806 1,117 ( 1,823 ) - ( 302 ) 427,896

MUA INSURANCE COMPANY 1,474 18,392 1,607 3,185 27,025 2,507 63,153 33,813 - 2,554 ( 1,899 ) ( 818 ) - 1,282 152,273

OCCIDENTAL INSURANCE COMPANY - 100,222 57,709 34,744 845 40,599 413,911 410,127 - 2,696 46,955 69,377 - 3,739 1,180,924

PACIS INSURANCE COMPANY - 12,758 1,664 12,593 14,688 - 283,800 132,262 - 8,976 942 ( 3,297 ) 132,221 19,384 615,990

PIONEER GENERAL INSURANCE - 279 637 325 2,839 2,157 187,586 51,068 - 1,675 666 10,462 - ( 2,258 ) 255,435

RESOLUTION INSURANCE COMPANY - 592 ( 599 ) 2,319 93 1,299 283,842 112,912 141,062 2,038 2,414 10,520 883,816 293 1,440,602

SAHAM INSURANCE COMPANY - 5,129 3,816 4,436 1,534 2,555 258,220 51,074 - 7,450 7,426 24,653 166,627 10,451 543,370

SANLAM INSURANCE COMPANY - 7,704 2,835 4,761 5,294 7,623 223,898 ( 49,544 ) 211,238 408 4,185 7,214 306,107 ( 3,214 ) 728,509

TAKAFUL INSURANCE OF AFRICA - 8,068 ( 553 ) ( 4,405 ) ( 6,756 ) ( 1,020 ) 29,993 98,578 - ( 1,850 ) 14,783 ( 5,027 ) 68,930 22,369 223,111

TAUSI ASSURANCE COMPANY - 19,318 12,418 12,467 6,492 19,721 39,499 53,232 - 11 23,284 49,785 3,138 ( 3,220 ) 236,143

THE KENYAN ALLIANCE INSURANCE - 785 1,385 ( 413 ) 2,729 1,370 228,997 244,960 - 1,630 18,056 2,101 20,319 7,437 529,356

THE MONARCH INSURANCE - 284 1,254 861 459 ( 8 ) 268,432 189,340 - 1,899 21 910 - 799 464,249

TRIDENT INSURANCE COMPANY 15 1,402 675 5,510 3,322 611 92,065 145,400 - 1,948 264 34,077 ( 10,535 ) 320 275,074

UAP INSURANCE COMPANY 15 701 18,985 31,906 32,164 20,482 698,446 340,783 - 11,269 10,989 ( 3,218 ) 2,867,060 8,982 4,038,564

XPLICO INSURANCE COMPANY - 21,004 - - 138 ( 498 ) 121,417 118,321 319,705 8 1 1,094 ( 305 ) 53 580,938

TOTAL 6,523 531,504 305,924 682,177 533,635 513,640 12,400,599 9,294,404 2,127,308 451,353 785,730 1,509,313 15,079,147 710,035 44,931,292

CONTINENTAL REINSURANCE 1,161 94,692 198 211,702 1,214 8,362 - 33,971 - 1,199 - 19 267,665 48,771 668,954

EAST AFRICA REINSURANCE ( 5,830 ) 38,652 - 648,303 ( 169 ) 38,012 - 194,186 - 13,909 - - 260,330 182,242 1,369,635

GHANA REINSURANCE COMPANY 109 9,985 4,683 33,792 1,669 1,774 6,011 6,503 - 2,041 4,047 3,292 12,747 3,774 90,427

KENYA REINSURANCE CORPORATION 14,188 732,435 1,329,093 ( 177,381 ) 20,133 181,867 24,458 651,715 - 31,495 ( 102,289 ) 910 1,301,158 2,950,589 6,958,371

WAICA REINSURANCE KENYA LIMITED - ( 174 ) 3 672 318 160 - 2,524 - 16 17 1 - 2,090 5,627

TOTAL 9,628 875,590 1,333,977 717,088 23,165 230,175 30,469 888,899 - 48,660 ( 98,225 ) 4,222 1,841,900 3,187,466 9,093,014

APPENDIX 16: SUMMARY OF CLAIMS INCURRED UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



50

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

Motor Commercial

PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA 0.00 -0.3 23.3 12.1 71.1 9.1 0.00 0.00 0.00 63.1 57.6 25.7 48.2 8.8 47.8

AFRICAN MERCHANT ASSURANCE 0.00 -31.4 302.2 42.1 -67.8 453.3 29.8 91.8 378.8 -5.2 51.4 -48.3 0.00 115.7 46.2

AIG INSURANCE COMPANY 14.3 47.6 -2.7 30.8 13.6 194.9 41.0 166.0 0.00 -16.3 117.3 -92.2 0.00 0.00 52.4

ALLIANZ INSURANCE COMPANY -201.6 156.7 1007.5 178.7 -20.0 13.3 78.9 38.9 0.00 10.2 224.4 22.7 6.8 138.6 55.4

APA INSURANCE COMPANY 0.5 69.5 60.1 8.1 92.4 24.8 91.2 82.0 0.00 21.9 45.5 -0.6 85.1 61.9 71.6

BRITAM GENERAL INSURANCE 0.00 -642.4 13.7 44.5 32.7 55.2 88.6 86.9 0.00 25.5 54.9 40.3 76.0 63.9 69.6

CIC GENERAL INSURANCE COMPANY 0.00 18.6 9.1 37.8 146.0 5.5 92.7 66.3 0.00 18.1 29.7 59.6 79.1 33.9 71.8

CORPORATE INSURANCE COMPANY 0.00 -4.8 41.4 3.8 4.7 8.1 127.6 125.4 0.00 193.7 -3.3 82.0 0.00 -1461.1 69.2

DIRECTLINE ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 95.1 103.4 62.8 0.00 0.00 0.00 0.00 0.00 65.6

FIDELITY SHIELD INSURANCE 0.0 56.5 12.7 28.4 126.3 35.6 89.4 67.8 143.8 156.5 55.7 46.3 0.00 8.4 74.9

FIRST ASSURANCE COMPANY 0.00 253.2 21.1 26.8 133.9 4.5 65.5 63.8 0.00 35.6 34.6 -25.0 73.2 -129.9 60.2

GA INSURANCE COMPANY 25.7 125.5 41.2 41.7 -12.2 11.8 77.8 70.2 31.5 15.4 50.3 46.2 72.8 2.6 55.8

GEMINIA INSURANCE COMPANY 0.0 337.9 23.1 20.1 148.4 62.3 98.4 60.7 0.00 30.1 48.2 46.0 0.00 25.4 66.4

HERITAGE INSURANCE COMPANY 20.7 24.3 28.6 5.9 34.0 6.0 66.2 68.6 7.8 8.5 9.9 26.0 67.6 12.6 47.6

ICEA LION GENERAL INSURANCE 96.3 43.2 26.8 24.7 36.7 27.1 67.1 38.7 0.00 138.9 26.7 39.4 80.3 11.0 51.5

INTRA-AFRICA ASSURANCE 0.00 43.1 104.3 76.3 68.7 54.5 65.2 61.9 0.00 101.9 35.9 34.4 0.00 77.7 59.9

INVESCO ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

JUBILEE INSURANCE COMPANY -2838.7 91.9 33.5 25.8 64.8 54.9 98.2 84.5 0.00 66.0 21.9 36.9 70.8 39.4 72.6

KENINDIA ASSURANCE COMPANY 0.0 101.1 14.0 209.4 126.5 43.4 83.9 98.7 0.00 -26.3 34.6 48.0 96.3 22.4 77.6

KENYA ORIENT INSURANCE 0.00 38.1 -1.6 3.7 21.6 30.4 76.5 83.5 0.0 26.0 27.3 22.9 0.00 44.3 67.5

MADISON INSURANCE COMPANY 0.00 54.4 -0.3 88.5 86.4 115.6 89.6 69.1 0.00 22.1 45.8 69.7 85.2 49.5 80.4

MAYFAIR INSURANCE COMPANY 4.2 62.1 59.1 -2.3 70.1 51.3 49.9 57.8 0.00 16.0 30.8 56.4 0.00 6.7 49.9

METROPOLITAN CANNON 0.00 68.4 22.5 84.8 9.2 -3.6 80.3 63.1 0.0 1234.9 6.0 -2.7 0.00 -2.8 68.1

MUA INSURANCE COMPANY 52.6 53.8 32.7 14.3 70.7 31.0 53.0 46.6 0.00 34.6 -21.7 -5.5 0.00 21.8 44.9

OCCIDENTAL INSURANCE COMPANY 0.00 537.6 171.0 71.7 26.5 87.5 71.5 76.0 0.00 19.1 104.1 32.0 0.00 42.2 76.0

PACIS INSURANCE COMPANY 0.00 198.4 23.4 23.7 130.1 0.0 102.9 63.8 0.00 24.3 3.9 -7.5 88.1 1678.3 75.3

PIONEER INSURANCE COMPANY 0.00 4.7 11.0 4.1 15.3 40.8 87.7 50.9 0.00 9.1 4.2 43.9 0.00 -166.6 61.2

RESOLUTION INSURANCE COMPANY 0.00 28.1 -27.4 36.1 0.4 7.0 100.3 46.2 343.7 2.6 24.8 26.0 72.6 4.2 73.0

SAHAM INSURANCE COMPANY 0.00 132.5 35.7 54.7 52.7 97.3 69.9 41.5 0.00 45.8 40.9 45.8 88.0 31.1 65.3

SANLAM INSURANE COMPANY 0.00 98.6 7.1 27.5 20.3 38.4 69.0 -20.9 161.5 5.9 20.2 13.0 85.6 -26.7 58.0

TAKAFUL INSURANCE OF AFRICA 0.00 316.1 -14.9 -64.8 -61.2 17.5 17.3 71.5 0.00 -54.1 39.0 -15.8 234.6 31.8 44.4

TAUSI ASSURANCE COMPANY 0.00 123.6 50.4 28.7 49.2 26.8 31.1 56.1 0.00 0.1 31.1 39.4 34.8 -31.8 38.1

THE KENYAN ALLIANCE INSURANCE 0.00 92.2 5.0 -1.6 20.9 10.7 115.4 47.8 0.00 14.2 59.5 1.7 69.9 147.2 53.6

THE MONARCH INSURANCE 0.00 5.1 57.5 18.1 6.6 -0.9 59.8 53.1 0.00 9.1 0.8 4.3 0.00 2.8 51.6

TRIDENT INSURANCE COMPANY 0.00 3689.5 100.0 103.9 239.0 38.0 38.6 157.8 0.0 183.1 14.7 1537.8 -10.4 7.9 58.5

UAP INSURANCE COMPANY 5.1 2.1 22.2 19.1 64.5 40.4 79.3 50.1 0.00 18.8 10.7 -2.0 76.5 46.1 66.9

XPLICO INSURANCE COMPANY 0.00 29583.1 0.0 0.0 8.2 -218.4 51.2 146.4 51.3 6.7 7.1 182.3 0.00 -8.7 61.6

TOTAL 36.2 80.4 34.0 31.1 48.4 34.5 78.7 67.8 68.6 25.0 37.9 35.6 73.8 51.9 65.3

CONTINENTAL REINSURANCE 7.8 51.9 1.9 37.8 2.7 20.5 0.00 57.4 0.00 42.0 0.0 0.9 85.6 27.3 47.1

EAST AFRICA REINSURANCE -336.4 19.9 0.00 65.5 -1.3 28.0 0.00 112.1 0.00 70.5 0.00 0.00 61.2 59.8 60.7

GHANA REINSURANCE COMPANY 24.9 31.6 42.0 41.0 30.1 9.7 43.4 43.3 0.00 -82.1 18.0 -92.5 68.8 13.2 37.4

KENYA REINSURANCE CORPORATION 601.4 148.5 73.8 -70.8 16.8 59.4 40.7 124.2 0.00 28.7 -1499.4 43.6 57.6 96.6 77.4

WAICA REINSURANCE KENYA LIMITED 0.0 -1.8 -0.2 1.5 1.7 2.3 0.0 -83.9 0.00 17.2 1.1 0.5 0.00 9.7 5.8

TOTAL 54.7 96.0 73.2 37.2 11.5 45.3 41.0 115.6 0.00 37.4 -235.9 455.9 61.1 88.8 69.9


APPENDIX 17: SUMMARY OF INCURRED CLAIMS RATIOS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS


51

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

Motor Commercial

PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA - ( 4,345 ) 500 2,284 ( 1,116 ) 159 - - - ( 808 ) ( 71 ) 9,137 532,319 4,712 542,771

AFRICAN MERCHANT ASSURANCE - ( 3,210 ) ( 3,241 ) ( 69,756 ) 21,519 ( 2,265 ) 96,321 ( 152,619 ) 3,901 7,883 ( 4,984 ) 68,606 - ( 36,696 ) ( 74,539 )

AIG INSURANCE COMPANY ( 30,087 ) ( 26,588 ) 21,211 46,044 82,450 2,887 109,300 ( 21,864 ) - 259,859 ( 49,210 ) ( 272,430 ) - - 121,571

ALLIANZ INSURANCE COMPANY ( 7,319 ) ( 12,270 ) ( 21,808 ) ( 44,437 ) ( 7,096 ) ( 6,463 ) ( 29,050 ) 13,898 - 640 ( 7,524 ) 5,329 3,659 ( 8,983 ) ( 121,425 )

APA INSURANCE COMPANY 2,301 ( 7,346 ) ( 1,264 ) 21,854 ( 23,314 ) 70,736 ( 209,914 ) ( 118,206 ) - 51,552 29,172 238,088 ( 217,493 ) 12,245 ( 151,588 )

BRITAM GENERAL INSURANCE - 64,564 15,193 ( 5,615 ) 4,285 9,633 ( 458,373 ) ( 367,857 ) - 49,108 ( 23,101 ) ( 13,138 ) ( 123,815 ) ( 16,441 ) ( 865,558 )

CIC GENERAL INSURANCE COMPANY - 52,624 23,309 105,981 ( 116,570 ) 8,383 ( 406,196 ) ( 94,549 ) - 12,688 24,939 ( 8,195 ) 84,572 19,769 ( 293,244 )

CORPORATE INSURANCE COMPANY ( 4 ) 13,835 579 31,037 ( 3,040 ) 34,025 ( 66,668 ) ( 42,376 ) - ( 3,327 ) 40,004 ( 23,977 ) ( 1,048 ) ( 63,017 ) ( 83,978 )

DIRECTLINE ASSURANCE COMPANY - - - - - - ( 5,670 ) ( 5,680 ) ( 55,873 ) - - - - - ( 67,223 )

FIDELITY SHIELD INSURANCE ( 29,106 ) ( 2,587 ) 5,431 5,197 ( 11,367 ) 15,137 ( 89,183 ) 26,026 ( 29,716 ) ( 7,502 ) 1,695 21,057 - 4,517 ( 90,399 )

FIRST ASSURANCE COMPANY - ( 42,005 ) 1,599 24,620 ( 20,348 ) 22,629 ( 71,229 ) ( 86,725 ) - ( 3,551 ) 4,061 48,182 24,979 14,629 ( 83,157 )

GA INSURANCE COMPANY ( 11,124 ) ( 85,492 ) 87,847 ( 246,635 ) 323,412 86,341 ( 15,361 ) 9,543 45,665 13,917 52,399 131,756 ( 288,587 ) 267,779 371,458

GEMINIA INSURANCE COMPANY 9,741 ( 98,507 ) 9,896 184,922 ( 29,666 ) ( 9,758 ) ( 256,086 ) 302,776 - 4,353 11,878 61,456 - ( 8,295 ) 182,710

HERITAGE INSURANCE COMPANY ( 5,554 ) 3,825 6,449 12,852 6,642 26,657 ( 68,708 ) ( 62,471 ) 36,596 ( 2,015 ) 46,147 68,025 11,922 18,678 99,045

ICEA LION GENERAL INSURANCE 11,242 11,222 17,964 67,505 7,474 1,261 ( 121,189 ) 43,552 - ( 52,838 ) 42,154 64,309 ( 31,772 ) 12,524 73,408

INTRA-AFRICA ASSURANCE - 4,844 ( 10,237 ) ( 9,102 ) ( 1,856 ) 2,377 ( 7,065 ) ( 1,389 ) - ( 6,055 ) 11,535 18,354 - 5,864 7,269


JUBILEE INSURANCE COMPANY ( 915 ) ( 7,797 ) 10,603 45,909 ( 24,364 ) 2,223 ( 338,021 ) ( 109,647 ) - ( 26,123 ) 28,724 50,118 304,983 6,907 ( 57,400 )

KENINDIA ASSURANCE COMPANY 1 ( 15,878 ) 9,694 ( 133,881 ) ( 14,361 ) 23,040 ( 45,882 ) ( 131,003 ) - 4,922 17,602 13,581 ( 33,831 ) 12,634 ( 293,364 )

KENYA ORIENT INSURANCE - 7,092 2,884 11,694 2,881 1,515 ( 145,344 ) ( 130,023 ) 28,871 ( 216 ) 7,780 1,510 - ( 6,429 ) ( 217,785 )

MADISON INSURANCE COMPANY - ( 10,663 ) 19,073 ( 16,232 ) ( 52,081 ) ( 11,975 ) ( 81,884 ) ( 12,749 ) - 5,865 1,268 ( 10,277 ) ( 121,811 ) ( 5,415 ) ( 296,881 )

MAYFAIR INSURANCE COMPANY 209 9,913 1,610 73,810 1,912 17,012 12,284 33,805 - 11,773 6,966 24,580 - 34,657 228,531

METROPOLITAN CANNON INSURANCE - ( 9,812 ) 1,557 ( 8,742 ) ( 488 ) 9,915 ( 79,293 ) 27,150 ( 81,529 ) ( 22,186 ) 7,161 26,063 ( 8,653 ) 15,215 ( 123,643 )

MUA INSURANCE COMPANY ( 36,738 ) 7,084 460 ( 8,022 ) ( 11,823 ) ( 815 ) ( 906 ) ( 4,248 ) - 318 6,099 7,120 - ( 2,935 ) ( 44,407 )

OCCIDENTAL INSURANCE COMPANY - ( 81,403 ) ( 38,438 ) 8,208 1,297 ( 9,012 ) ( 51,325 ) ( 75,368 ) - 7,172 ( 13,935 ) 45,645 - 4,916 ( 202,244 )

PACIS INSURANCE COMPANY - ( 14,958 ) ( 452 ) ( 16,731 ) ( 11,565 ) ( 49 ) ( 149,110 ) ( 38,517 ) - 248 5,432 11,386 ( 118,357 ) ( 19,085 ) ( 351,758 )

PIONEER GENERAL INSURANCE - 1,869 2,687 ( 2,845 ) 4,482 ( 746 ) ( 66,437 ) 6,959 - 2,768 8,387 841 - ( 4,654 ) ( 46,689 )

RESOLUTION INSURANCE COMPANY - ( 1,365 ) 931 ( 10,912 ) 8,606 6,292 ( 166,746 ) 24,775 ( 153,790 ) 24,931 1,964 7,144 ( 135,460 ) 1,162 ( 392,468 )

SAHAM INSURANCE COMPANY - ( 2,552 ) ( 595 ) 959 2,990 ( 289 ) ( 104,817 ) ( 1,149 ) 105 ( 887 ) ( 709 ) ( 8,480 ) ( 26,076 ) 9,508 ( 131,991 )

SANLAM INSURANCE COMPANY - ( 1,352 ) 15,984 13,003 6,980 2,190 ( 83,303 ) 152,893 ( 148,379 ) 2,945 7,633 7,995 ( 17,390 ) 2,305 ( 38,496 )

TAKAFUL INSURANCE OF AFRICA - ( 4,461 ) 1,947 3,333 8,446 ( 7,214 ) 51,891 ( 59,767 ) - 3,998 481 21,055 ( 104,793 ) 52,438 ( 32,646 )

TAUSI ASSURANCE COMPANY - ( 6,276 ) ( 3,378 ) 15,769 ( 2,032 ) 15,812 20,122 ( 10,458 ) - 2,496 3,165 ( 7,173 ) 461 10,786 39,293

THE KENYAN ALLIANCE INSURANCE - ( 4,652 ) 9,184 ( 9,259 ) 1,893 5,161 ( 259,099 ) 103,900 - ( 5,218 ) ( 6,065 ) 48,144 ( 18,763 ) ( 3,342 ) ( 138,116 )

THE MONARCH INSURANCE - 2,130 ( 669 ) ( 4,419 ) ( 5,513 ) ( 6 ) ( 16,542 ) ( 11,198 ) - 10,709 3,917 5,957 - 17,772 2,138

TRIDENT INSURANCE COMPANY ( 15 ) ( 5,631 ) ( 283 ) ( 4,201 ) ( 2,683 ) 363 221 ( 118,345 ) 5,935 ( 4,521 ) ( 290 ) ( 32,682 ) 96,804 2,777 ( 62,552 )

UAP INSURANCE COMPANY ( 1,253 ) 17,362 18,479 23,073 ( 12,551 ) ( 9,296 ) ( 152,067 ) 94,033 - 1,299 47,402 83,323 ( 43,463 ) ( 22,384 ) 43,957

XPLICO INSURANCE COMPANY - ( 20,968 ) 5 8 104 603 5,645 ( 69,679 ) ( 21,759 ) 23 12 ( 643 ) ( 69 ) ( 1,040 ) ( 107,757 )

TOTAL ( 98,621 ) ( 273,754 ) 204,711 107,273 133,539 306,463 ( 3,249,684 ) ( 886,577 ) ( 369,973 ) 344,220 312,088 711,766 ( 231,682 ) 333,078 ( 2,657,157 )

CONTINENTAL REINSURANCE 6,601 14,906 5,671 54,890 22,416 11,204 ( 20 ) 9,963 - 1,654 5,362 2,161 ( 84,070 ) 17,784 68,523

EAST AFRICA REINSURANCE 6,807 72,016 - ( 46,249 ) 8,432 44,838 - ( 74,538 ) - ( 1,785 ) - - 18,776 ( 19,874 ) 8,423

GHANA REINSURANCE COMPANY 12 1,654 ( 3,867 ) ( 27,411 ) 670 6,655 2,683 2,916 - ( 4,192 ) 5,964 ( 6,520 ) ( 4,577 ) 10,732 ( 15,282 )

KENYA REINSURANCE CORPORATION ( 24,020 ) ( 528,062 ) ( 136,904 ) ( 179,636 ) 43,437 ( 53,547 ) 28,764 ( 281,071 ) - ( 18,366 ) 107,432 456 ( 91,622 ) ( 846,705 ) ( 1,979,846 )

WAICA REINSURANCE KENYA LIMITED ( 25,007 ) 224 ( 1,566 ) 22,121 ( 2,397 ) ( 4,291 ) ( 10 ) ( 12,906 ) - ( 56 ) 488 199 - 3,222 ( 19,980 )

TOTAL ( 35,607 ) ( 439,262 ) ( 136,666 ) ( 176,285 ) 72,558 4,859 31,417 ( 355,636 ) - ( 22,745 ) 119,246 ( 3,704 ) ( 161,493 ) ( 834,841 ) ( 1,938,162 )

APPENDIX 18: SUMMARY OF UNDERWRITING PROFITS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



52

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 4,457,955 - 2,359,121 2,098,834 1,708,428 - 1,536,672 - 2,270,589 1,085,610 ( 149,147 ) 791,355 542,771 185,817 728,588

AFRICAN MERCHANT ASSURANCE 1,158,688 3,773 231,105 931,356 544,621 - 400,769 - 1,075,207 497,046 63,461 589,240 ( 74,539 ) 70,939 ( 3,600 )

AIG INSURANCE COMPANY 2,981,847 71,312 2,280,219 772,940 300,424 - 384,298 - 689,066 360,821 ( 410,399 ) 617,074 121,571 - 121,571

ALLIANZ INSURANCE COMPANY 740,637 - 357,606 383,031 115,285 - 206,126 - 292,190 161,787 47,334 204,494 ( 121,425 ) 51,687 ( 69,738 )

APA INSURANCE COMPANY 7,350,917 103,346 2,101,547 5,352,716 2,480,032 54,795 2,785,161 - 5,102,382 3,651,824 370,162 1,231,985 ( 151,588 ) - ( 151,588 )

BRITAM GENERAL INSURANCE 6,534,419 - 1,276,034 5,258,384 2,207,159 77,413 2,704,764 100,033 4,738,160 3,295,647 516,878 1,791,193 ( 865,558 ) 702,229 ( 163,329 )

CIC GENERAL INSURANCE COMPANY 8,628,227 90,219 1,390,250 7,328,195 3,526,159 - 4,113,303 - 6,741,051 4,838,411 623,314 1,572,570 ( 293,244 ) 573,822 280,578

CORPORATE INSURANCE COMPANY 365,990 103,190 44,469 424,711 114,641 - 213,691 - 325,660 225,244 66,261 118,134 ( 83,978 ) 11,993 ( 71,986 )

DIRECTLINE ASSURANCE COMPANY 2,428,130 - 75,057 2,353,073 591,651 - 585,068 - 2,359,656 1,546,995 243,292 636,592 ( 67,223 ) - ( 67,223 )

FIDELITY SHIELD INSURANCE 1,991,316 2,187 593,022 1,400,481 666,914 - 736,972 - 1,330,424 996,538 121,845 302,441 ( 90,399 ) - ( 90,399 )

FIRST ASSURANCE COMPANY 2,974,880 73,437 1,211,121 1,837,197 785,598 49,209 936,273 44,297 1,691,434 1,017,489 124,693 632,408 ( 83,157 ) - ( 83,157 )

GA INSURANCE COMPANY 5,325,823 76,326 2,575,905 2,826,245 1,242,800 - 1,691,383 - 2,377,662 1,327,739 7,416 671,049 371,458 528,965 900,424

GEMINIA INSURANCE COMPANY 3,927,535 201,662 490,173 3,639,024 1,786,374 - 1,968,765 - 3,456,633 2,294,533 435,855 543,534 182,710 171,336 354,046

HERITAGE INSURANCE COMPANY 4,610,777 54,977 1,663,125 3,002,629 1,305,962 - 1,791,594 - 2,516,997 1,199,318 106,835 1,111,799 99,045 455,093 554,139

ICEA LION GENERAL INSURANCE 4,712,200 58,889 2,152,913 2,618,177 1,027,437 - 1,476,531 - 2,169,083 1,117,391 157,021 821,263 73,408 - 73,408

INTRA-AFRICA ASSURANCE 893,556 17,331 116,240 794,647 431,995 - 410,435 - 816,207 488,592 77,746 242,600 7,269 13,558 20,827


JUBILEE INSURANCE COMPANY 9,826,538 117,394 2,897,974 7,045,959 2,909,123 - 3,924,929 - 6,030,153 4,380,382 329,830 1,377,342 ( 57,400 ) 526,498 469,097

KENINDIA ASSURANCE COMPANY 2,225,301 37,754 809,098 1,453,957 661,831 - 762,680 - 1,353,108 1,049,377 84,042 513,053 ( 293,364 ) 303,633 10,269

KENYA ORIENT INSURANCE 1,068,196 7,702 215,004 860,894 430,359 - 444,680 - 846,574 571,142 75,847 417,369 ( 217,785 ) - ( 217,785 )

MADISON INSURANCE COMPANY 3,480,278 9,111 343,592 3,145,797 1,939,328 - 1,975,552 - 3,109,573 2,500,404 278,074 627,976 ( 296,881 ) 123,368 ( 173,513 )

MAYFAIR INSURANCE COMPANY 2,260,587 106,899 978,159 1,389,328 637,351 - 759,980 - 1,266,698 632,564 76,020 329,583 228,531 - 228,531

METROPOLITAN CANNON INSURANCE 712,054 703 106,596 606,161 345,863 48,612 328,988 42,918 628,729 427,896 66,003 258,472 ( 123,643 ) - ( 123,643 )

MUA INSURANCE COMPANY 531,097 81,602 237,592 375,107 196,786 - 232,824 - 339,069 152,273 30,277 200,926 ( 44,407 ) 54,010 9,602

OCCIDENTAL INSURANCE COMPANY 2,149,245 - 542,571 1,606,674 727,140 - 780,052 - 1,553,762 1,180,924 152,073 423,009 ( 202,244 ) 175,578 ( 26,665 )

PACIS INSURANCE COMPANY 1,203,681 - 265,731 937,950 408,583 - 528,177 - 818,355 615,990 96,163 457,961 ( 351,758 ) 77,789 ( 273,969 )

PIONEER GENERAL INSURANCE 651,292 3,732 139,714 515,311 232,320 - 330,586 - 417,044 255,435 40,434 167,863 ( 46,689 ) - ( 46,689 )

RESOLUTION INSURANCE COMPANY 3,921,773 - 2,220,122 1,701,651 1,315,803 92,245 1,042,903 92,089 1,974,707 1,440,602 10,727 915,846 ( 392,468 ) 53,931 ( 338,536 )

SAHAM INSURANCE COMPANY 1,607,442 12,795 795,116 825,120 503,749 3,554 500,463 - 831,961 543,370 17,752 402,829 ( 131,991 ) 100,974 ( 31,017 )

SANLAM INSURANCE COMPANY 2,193,895 - 721,485 1,472,410 660,832 - 877,545 - 1,255,697 728,509 90,667 475,017 ( 38,496 ) 112,814 74,318

TAKAFUL INSURANCE OF AFRICA 887,962 - 375,900 512,063 517,700 - 527,198 - 502,565 223,111 14,880 297,221 ( 32,646 ) - ( 32,646 )

TAUSI ASSURANCE COMPANY 1,030,675 9,251 329,576 710,351 235,509 - 325,861 - 619,998 236,143 75,444 269,118 39,293 - 39,293

THE KENYAN ALLIANCE INSURANCE 1,219,858 - 173,291 1,046,567 624,076 - 682,917 - 987,726 529,356 70,962 525,524 ( 138,116 ) 122,705 ( 15,411 )

THE MONARCH INSURANCE 908,904 36,463 47,152 898,215 553,284 - 551,646 - 899,853 464,249 87,603 345,864 2,138 - 2,138

TRIDENT INSURANCE COMPANY 503,681 2,347 5,677 500,352 238,919 - 268,659 - 470,611 275,074 57,388 200,702 ( 62,552 ) - ( 62,552 )

UAP INSURANCE COMPANY 7,332,486 74,520 884,074 6,522,932 3,139,386 113,713 3,647,998 90,005 6,038,028 4,038,564 549,046 1,406,461 43,957 - 43,957

XPLICO INSURANCE COMPANY 1,077,329 - 24,400 1,052,929 191,737 - 301,598 - 943,069 580,938 94,641 375,247 ( 107,757 ) 9,774 ( 97,984 )

TOTAL 103,875,171 1,356,922 31,030,731 74,201,368 35,305,159 439,541 40,737,041 369,342 68,839,681 44,931,288 4,700,440 21,865,114 ( 2,657,157 ) 4,426,513 1,769,356

CONTINENTAL REINSURANCE - 1639579 232,921 1,406,658 489,823 - 476,345 - 1,420,136 668,954 486,251 196,409 68,523 71,676 140,199

EAST AFRICA REINSURANCE - 2,920,124 131,767 2,788,356 1,096,998 - 1,627,370 - 2,257,985 1,369,635 643,475 236,453 8,423 - 8,423

GHANA REINSURANCE COMPANY - 359,826 62,837 296,989 61,706 - 116,827 - 241,868 90,427 90,377 76,345 ( 15,282 ) 54,291 39,009

KENYA REINSURANCE CORPORATION - 10,638,824 579,730 10,059,094 4,572,660 - 5,642,330 - 8,989,424 6,958,371 2,348,057 1,662,843 ( 1,979,846 ) 2,268,449 288,603

WAICA REINSURANCE KENYA LIMITED - 252,487 78,150 174,337 9,667 - 86,969 - 97,035 5,627 11,883 99,506 ( 19,980 ) - ( 19,980 )

TOTAL - 15,810,840 1,085,405 14,725,434 6,230,854 - 7,949,841 - 13,006,448 9,093,014 3,580,043 2,271,556 ( 1,938,162 ) 2,394,416 456,254

APPENDIX 19: SUMMARY OF GENERAL INSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2019

INSURERS

REINSURERS



53

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

GA LIFE

INSURANCE

COMPANY

Share Capital 700,000 699,000 180,000 150,000 800,000 300,000 150,000 500,000 200,000

Share Premium - - - - - - - - -

Revaluation Reserves - - - 1,608 - ( 71 ) - - -

Statutory Reserves 80,878 264,441 - 2,235 888,917 21,057 ( 23,485 ) - 778,704

Retained Earnings ( 97,795 ) - - - 113,492 - - - 12,800

Other Reserves - - 8,697,257 195,823 10,430 197,679 - 465,769 -

Total Equity 683,083 963,441 8,877,257 349,666 1,812,839 518,665 126,515 965,769 991,504

Underwriting Provisions 141,348 - 846,899 1,682 518,852 89,680 38,612 381,987 12,623

Actuarial Contract Liabilities 4,795,301 2,610,553 67,094,077 486,360 10,747,679 - 634,646 84,891 8,804,653

LongTerm Liabilities 31,680 400,000 3,727,396 - 495,824 37,516 - 201,232 25,247

Current Liabilities 136,891 754,079 2,630,944 24,531 523,487 116,028 94,553 464,142 67,014

Total Equity And Liabilities 5,788,303 4,728,073 83,176,572 862,240 14,098,681 761,889 894,327 2,098,021 9,901,041

Land And Buildings - - 129,313 - - - - - -

Investment Property 155,000 - 6,677,171 637,000 2,196,875 - 385,000 - 1,392,096

Other Fixed Assets 14,548 36,396 167,720 9,118 82,134 - 850 - 4,902

Government Securities 4,005,548 2,470,683 47,151,902 130,600 6,286,088 480,434 145,697 989,935 7,830,523

Other Securities 41,160 - - - 687,151 - - - -

Investment in Related Companies - - 1,722,196 - - - - - -

Corporate Bonds 20,736 - 488,397 - 186,727 6,038 - 44,412 90,641

Commercial Papers 109,301 - - - 41,968 - - - -

Debentures - - - - - - - - -

Ordinary Shares Quoted 293,398 - 8,122,282 2 863,224 - - 19,013 169,957

Ordinary Shares Unquoted 8,060 - 41,843 - 9,471 - 932 - -

Preference Shares Quoted - - - - - - - - -

Preference Shares Unquoted - - - - - - - - -

Loans Secured & Unsecured 39,613 - 1,747,772 - 400,919 - 62,821 - 4,934

Mortgages - - 1,221,049 - 62,786 - - - -

Term Deposits 779,190 577,226 1,505,533 4,000 1,414,649 62,112 124,261 590,217 295,335

Cash and Cash Balances 33,715 96,694 274,288 7,254 74,357 4,192 18,155 42,026 33,510

Outstanding Premiums 197,061 248,406 671,888 27,074 681,901 80,076 2,667 276,246 12,023

Other Receivables 38,360 106,432 587,725 - 408,330 - 152,279 16,696 -

Other Assets 51,316 1,192,236 11,612,473 44,266 698,745 129,037 - 723 58,021

Intangible Assets 1,296 - 1,055,021 2,924 3,356 - 1,665 118,753 9,100

Total Assets 5,788,303 4,728,073 83,176,572 862,240 14,098,681 761,889 894,327 2,098,021 9,901,041

Amounts in Thousand Shillings Continued next page

APPENDIX 20 i: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019


54

Company GEMINIA INSURANCE

COMPANY

ICEA LION LIFE

ASSURANCE

COMPANY

JUBILEE INSURANCE

COMPANY

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT LIFE

ASSURANCE

KENYA

REINSURANCE

CORPORATION

KUSCCO MUTUAL

ASSURANCE LIMITED

LIBERTY LIFE

ASSURANCE

MADISON

INSURANCE

COMPANY

METROPOLITAN

CANNON

INSURANCE

Share Capital 255,000 450,000 500,000 161,388 183,000 500,000 400,100 612,340 450,000 416,726

Share Premium - - - - - - - - - 491,067

Revaluation Reserves - - - 129,951 - - - 384,883 - 2,500

Statutory Reserves 148,118 8,301,355 3,773,081 318,516 131,307 4,715,957 - 2,259,597 1,018,686 -

Retained Earnings - 2,679,806 2,069,672 ( 26,523 ) 12,096 - 19,237 ( 304,197 ) 62,000 ( 1,146,837 )

Other Reserves - - - 1,611,936 - ( 42,049 ) 134,105 - - 590,379

Total Equity 403,118 11,431,161 6,342,753 2,195,268 326,402 5,173,908 553,442 2,952,622 1,530,686 353,836

Underwriting Provisions - 146,648 810,841 148,039 - - - 452,647 34,751 242,831

Actuarial Contract Liabilities 1,331,871 75,519,257 70,802,292 34,710,382 917,479 2,656,625 - 19,312,007 12,148,430 1,287,948

LongTerm Liabilities - 1,840,901 63,508 13,786 - 1,850,773 - 1,133,348 200,025 203,988

Current Liabilities 123,801 812,848 2,833,663 685,309 8,455 375,075 432,356 588,301 84,664 166,048

Total Equity And Liabilities 1,858,791 89,750,816 80,853,056 37,752,785 1,252,336 10,056,381 985,798 24,438,926 13,998,556 2,254,650

Land And Buildings - - - 1,054,898 - - - 855,500 - 92,500

Investment Property - 10,534,000 4,477,799 2,010,974 175,000 1,680,958 - 1,079,500 5,684,700 797,000

Other Fixed Assets - 88,724 40,814 13,688 14,181 - 20,449 65,078 49,116 11,157

Government Securities 642,048 63,566,234 58,297,909 33,525,754 576,815 3,745,836 351,000 14,961,785 4,103,410 961,652

Other Securities - - - - - - - - 4,633 -

Investment in Related Companies - 1,246,846 2,097,011 - - - - - - -

Corporate Bonds 750 1,121,589 709,116 51,631 65,620 - - 677,665 69,810 15,439

Commercial Papers - - - - 42,720 - - - 9,156 -

Debentures - - - - - - - - - -

Ordinary Shares Quoted - 6,767,608 3,959,397 129,293 - 280,174 - 3,262,286 23,594 63,138

Ordinary Shares Unquoted - 1,099 3,373,177 153 57,929 - - 133,102 2,397,807 3,386

Preference Shares Quoted - 1,223 - - - - - - - -

Preference Shares Unquoted - - - - - - - - - -

Loans Secured & Unsecured 18,071 554,298 861,284 151,823 10,056 - - 1,129,460 54,070 13,409

Mortgages - 542,120 - 4,813 - - - 381,166 90,530 28,196

Term Deposits 691,167 4,937,823 3,445,212 664,974 127,467 3,858,846 - 655,513 810,034 160,608

Cash and Cash Balances 70,623 60,855 1,271,238 68,469 5,168 6,761 55,895 334,224 134,780 11,427

Outstanding Premiums 322,632 - 440,061 616 86,532 188,042 - 294,625 186,918 40,891

Other Receivables - 50,960 1,659,761 66,288 26,078 - 530,505 180,072 343,668 -

Other Assets 113,500 261,320 179,994 - 53,969 - - 265,474 24,071 52,780

Intangible Assets - 16,117 40,282 9,411 10,800 295,764 27,949 163,478 12,259 3,065

Total Assets 1,858,791 89,750,816 80,853,056 37,752,785 1,252,336 10,056,381 985,798 24,438,926 13,998,556 2,254,650

Continued from previous page


APPENDIX 20 ii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019

Continued next page


55


Company OLD MUTUAL ASSURANCE

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 2,174,871 150,000 412,185 150,000 843,138 150,000 400,000 154,976 1,585,456 13,628,180

Share Premium 1,884,957 - 2,421,891 - 30,260 - - - - 4,828,175

Revaluation Reserves - - - - - - - - 27,534 546,405

Statutory Reserves - 506,830 - - 1,524,245 9,658 ( 81,083 ) 33,153 311,922 24,984,089

Retained Earnings ( 2,023,313 ) 5,396 ( 1,955,991 ) - 560,253 - - - 116,921 97,017

Other Reserves - - - ( 11,998 ) - 9,000 72,117 1,114 - 11,931,562

Total Equity 2,036,514 662,226 878,084 138,002 2,957,897 168,658 391,034 189,243 2,041,833 56,015,426

Underwriting Provisions 340,558 1,268,315 18,867 12,098 - - 69,689 79,088 619,706 6,275,761

Actuarial Contract Liabilities 11,374,829 2,677,426 667,503 399,756 19,615,711 - 2,748,772 254,187 8,966,595 360,649,230

LongTerm Liabilities - 238,763 - - 1,467,382 - - - 130,940 12,062,309

Current Liabilities 1,087,171 85,902 214,189 46,460 1,207,716 128,662 63,481 103,796 490,425 14,349,991

Total Equity And Liabilities 14,839,072 4,932,634 1,778,643 596,316 25,248,706 297,320 3,272,976 626,314 12,249,499 449,352,722

Land And Buildings - - - 75,000 - - 130,428 - - 2,337,639

Investment Property 2,276,562 1,460,903 - - 3,416,241 - 1,241,500 340,537 840,000 47,458,816

Other Fixed Assets 84,923 43,679 62,143 1,123 175,867 - 352 20,371 27,391 1,034,724

Government Securities 3,673,347 669,047 1,359,045 227,782 17,131,209 54,521 281,482 72,671 7,851,274 281,544,231

Other Securities 22,606 - - - 135,499 - - - - 891,049

Investment in Related Companies - - - - - - - - - 5,066,053

Corporate Bonds 288,276 - - 46,458 586,328 27,207 - - 315,055 4,811,895

Commercial Papers - - - - - - - - - 203,145

Debentures - - - - - - - - - -

Ordinary Shares Quoted 3,326,379 20,985 - - 1,449,204 - - - 1,691,160 30,441,094

Ordinary Shares Unquoted 402,574 - - - - - - - 15,701 6,445,234

Preference Shares Quoted - - - - - - - - - 1,223


Loans Secured & Unsecured 154,111 164,910 26,126 7,094 265,239 - - - 23,627 5,689,637

Mortgages 6,734 - - - 88,928 - - - 61,022 2,487,344

Term Deposits 3,498,178 728,232 121,606 221,100 903,938 117,943 1,217,364 72,394 658,176 28,243,098

Cash and Cash Balances 370,510 53,703 30,231 1,702 499,066 14,513 106 7,465 305,976 3,886,903

Outstanding Premiums 32,288 1,390,076 2,440 10,241 148,204 61,202 105,129 109,176 280,515 5,896,930

Other Receivables 234,855 214,959 440 - - 21,935 - - 100,449 4,739,792

Other Assets 457,023 177,517 146,934 5,816 235,099 - 296,614 1,856 79,153 16,137,937

Intangible Assets 10,705 8,624 29,678 - 213,886 - - 1,844 - 2,035,977

Total Assets 14,839,072 4,932,634 1,778,643 596,316 25,248,706 297,320 3,272,976 626,314 12,249,499 449,352,722


APPENDIX 20 iii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019


56

Company

AAR INSURANCE

KENYA

AFRICAN MERCHANT

ASSURANCE

AIG INSURANCE

COMPANY

ALLIANZ INSURANCE

COMPANY

APA INSURANCE

COMPANY

BRITAM GENERAL

INSURANCE COMPANY

CIC GENERAL

INSURANCE COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE COMPANY

DIRECTLINE

ASSURANCE COMPANY

Share Capital 500,000 987,386 450,000 1,340,290 1,250,000 2,668,000 1,700,000 800,000 400,000 300,000

Share Premium 660,523 - - - - - - - - -

Revaluation Reserves - 20,358 40,963 - 206,620 - - 1,201 - ( 93,266 )

Statutory Reserves - - - - - - - - - -

Retained Earnings ( 92,890 ) 542,235 1,663,142 ( 334,394 ) 3,223,908 43,046 2,597,300 444,148 447,879 767,356

Other Reserves - - - - ( 17,429 ) - ( 48,346 ) - 2,092 -

Total Equity 1,067,633 1,549,979 2,154,105 1,005,896 4,663,099 2,711,046 4,248,954 1,245,349 849,971 974,090

Underwriting Provisions 2,272,061 1,373,605 1,107,169 346,760 8,030,056 6,095,653 7,748,822 1,108,348 541,840 3,999,405

Actuarial Contract Liabilities - - - - - - - - - -

LongTerm Liabilities - - - - - - - - 6,053 -

Current Liabilities 708,346 237,825 2,083,393 454,491 814,697 1,690,448 511,907 274,249 210,152 266,663

Total Equity And Liabilities 4,048,041 3,161,408 5,344,667 1,807,147 13,507,853 10,497,147 12,509,683 2,627,946 1,608,016 5,240,158

Land And Buildings - 720,173 - - - - 229,768 - - 397,000

Investment Property - 531,000 - - 1,000,000 - 1,602,000 - 832,500 1,703,394

Other Fixed Assets 73,566 111,619 143,664 47,594 74,563 94,692 133,652 14,956 5,090 29,709

Government Securities 1,004,836 507,375 3,917,390 901,501 6,124,301 6,026,157 2,508,115 990,631 112,550 841,309

Other Securities - - - - 28,943 - 298,625 - - -

Investment in Related Companies - - - - 627,608 - - - - 536,006

Corporate Bonds 111,138 - - - 221,068 286,480 110,515 9,004 - -

Commercial Papers - - - - - - 64,662 - - -

Debentures - 2,350 - - - - - - - -

Ordinary Shares Quoted - 2,563 - - 1,215,947 1,154 439,501 - - 97,520

Ordinary Shares Unquoted - - - - 11,658 3,944 18,212 - 932 -

Preference Shares Quoted - - - - - - - - - -


Loans Secured & Unsecured - 8,959 10,836 - 39,942 - - 6,284 - 16,203

Mortgages - - - - 77,841 - 62,158 2,997 - -

Term Deposits 999,946 326,543 3,219 230,908 1,865,231 902,817 2,459,482 190,203 3,044 410,986

Cash and Cash Balances 410,549 77,544 176,547 116,098 147,864 373,394 8,900 20,599 5,042 766,230

Outstanding Premiums 386,223 640,010 893,065 98,294 1,127,653 1,442,052 2,772,475 816,685 442,470 118,059

Other Receivables 588,848 21,882 75,430 43,924 8,469 - 698,200 - 91,783 -

Other Assets 237,577 187,884 114,418 10,065 689,222 758,250 999,431 378,180 95,343 265,235

Intangible Assets 235,356 23,506 10,097 358,762 247,543 608,208 103,986 198,407 19,261 58,507

Total Assets 4,048,041 3,161,408 5,344,667 1,807,147 13,507,853 10,497,147 12,509,683 2,627,946 1,608,016 5,240,158

APPENDIX 21 i: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019

Amounts in thousand Shillings Continued next page


57

Company

EAST AFRICA

REINSURANCE

COMPANY

FIDELITY SHIELD

INSURANCE

COMPANY

FIRST ASSURANCE

COMPANY

GA GENERAL

INSURANCE

COMPANY

GEMINIA INSURANCE

COMPANY LIMITED

GHANA RE-

INSURANCE

COMPANY LIMITED

HERITAGE

INSURANCE

COMPANY

ICEA LION GENERAL

INSURANCE

COMPANY

INTRA-AFRICA

ASSURANCE

COMPANY

INVESCO

ASSURANCE

COMPANY

JUBILEE INSURANCE

COMPANY

Share Capital 1,000,000 600,000 660,000 700,000 550,000 1,000,000 500,000 1,000,000 500,000 - 2,000,000

Share Premium - - 512,139 - - 10,871 - - - - -

Revaluation Reserves 299,955 101,899 256,865 854,966 617,992 - - ( 3,317 ) 348,572 - ( 340,339 )

Statutory Reserves - - - - - - - - - - -

Retained Earnings 2,617,002 500,668 122,230 2,702,728 825,287 80,012 2,801,315 3,679,841 60,148 - 5,436,567

Other Reserves 4,218 - - 309,723 36,824 - - - - - -

Total Equity 3,921,175 1,202,567 1,551,233 4,567,417 2,030,103 1,090,883 3,301,315 4,676,524 908,720 - 7,096,228

Underwriting Provisions 3,113,699 1,881,155 2,304,311 5,114,558 4,348,211 272,707 3,840,362 4,510,532 956,265 - 6,265,119

Actuarial Contract Liabilities - - - - - - - - - - -

LongTerm Liabilities 119,483 - - - 3,700 - - 423,484 34,172 - -

Current Liabilities 952,039 125,298 1,251,462 1,601,715 499,695 52,108 968,337 971,571 23,202 - 1,398,110

Total Equity And Liabilities 8,106,395 3,209,020 5,107,006 11,283,690 6,881,709 1,415,698 8,110,014 10,582,110 1,922,359 - 14,759,457

Land And Buildings 487,913 272,117 354,250 1,163,250 497,532 30,884 - - 134,070 - -

Investment Property 825,183 1,015,883 1,532,000 1,576,163 1,012,000 - - 2,757,160 313,430 - -

Other Fixed Assets 10,109 8,826 32,879 44,871 267,167 7,594 61,979 68,572 31,440 - 51,983

Government Securities 2,187,651 934,952 1,137,625 3,573,748 974,959 969,196 3,561,572 4,527,788 284,518 - 3,302,430

Other Securities - - - - - - - 49,681 - - -

Investment in Related Companies - - - 376,109 86,571 - 146,557 50,147 - - 2,069,908

Corporate Bonds 221,334 - 27,206 80,329 24,300 - 39,299 222,244 - - 3,690

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 38,750 60,509 - 433,597 140,895 - 21,485 859,792 57,094 - 1,116,577

Ordinary Shares Unquoted - - - 337,803 7,596 - - 6,471 - - 624,298

Preference Shares Quoted - - - - - - - - - - 402

Preference Shares Unquoted - - - - - - - - - - -

Loans Secured & Unsecured 12,875 228 22,911 245,079 138,319 1,393 38,324 - 25,649 - -

Mortgages 67,998 6,802 - - - - 209,861 - 12,733 - 39,560

Term Deposits 1,772,760 180,005 644,067 1,066,214 1,232,578 88,789 1,745,029 484,589 305,200 - 491,435

Cash and Cash Balances 140,211 83,316 13,143 166 339,849 30,846 383,375 101,786 65,657 - 1,948,754

Outstanding Premiums 1,530,137 384,446 881,943 1,759,979 1,839,898 221,313 1,381,567 736,743 558,569 - 3,704,383

Other Receivables 55,554 - - 38,026 137,343 23,874 35,758 127,043 72,085 - 719,987

Other Assets 274,817 185,612 338,233 154,286 168,619 9,238 379,767 309,887 - - 414,057

Intangible Assets 481,103 76,325 122,749 434,069 14,082 32,572 105,442 280,208 61,913 - 271,993

Total Assets 8,106,395 3,209,020 5,107,006 11,283,690 6,881,709 1,415,698 8,110,014 10,582,110 1,922,359 - 14,759,457


APPENDIX 21 ii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019



58

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 400,000 850,721 6,499,491 605,000 1,000,000 453,960 300,000 693,000 601,549 600,000 410,000

Share Premium 1,198 - - - - 583,040 - - 5,712 - 1,490,000

Revaluation Reserves 375,304 ( 30,516 ) 15,725 - 436,394 - 521 ( 9,867 ) - - 6,621


Retained Earnings 2,227,537 ( 515,293 ) 16,809,815 546,439 1,374,085 ( 135,090 ) 555,063 497,720 175,235 ( 16,626 ) ( 2,304,900 )

Other Reserves 427,860 190,000 ( 57,864 ) - - - - - - - -

Total Equity 3,431,898 494,913 23,267,167 1,151,439 2,810,479 901,910 855,584 1,180,853 782,496 583,374 398,279-

Underwriting Provisions 2,969,327 1,183,514 11,572,061 3,172,740 2,322,798 1,130,814 441,683 2,061,725 1,080,169 589,106 1,904,544


LongTerm Liabilities 310,146 163,227 - - - - - 6,463 - - -

Current Liabilities 741,710 434,343 1,767,424 141,637 271,439 334,968 148,250 199,345 439,698 134,589 2,807,131

Total Equity And Liabilities 7,453,081 2,275,997 36,606,651 4,465,816 5,404,716 2,367,693 1,445,518 3,448,386 2,302,362 1,307,070 4,313,396

Land And Buildings 789,607 135,238 - - 259,237 92,500 - - 113,850 - -

Investment Property 1,272,538 312,323 8,503,331 1,034,439 426,088 264,000 - 540,000 730,000 - -

Other Fixed Assets 64,297 18,939 68,949 54,151 99,637 17,754 13,882 70,311 32,598 15,015 74,789

Government Securities 2,758,345 152,195 12,549,432 473,403 1,315,763 1,100,541 504,456 1,383,154 234,700 90,000 266,764

Other Securities - - - - - - - - - - -

Investment in Related Companies 105,612 107,000 4,710,558 - 640,274 22,179 143,807 - - - -

Corporate Bonds 51,895 - 269,940 - 1,344 6,032 - 9,410 - - -

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 33,231 6,920 1,057,251 8,336 142,984 - 54,814 196,685 40,975 - -

Ordinary Shares Unquoted 624,274 286,725 202,231 - 663,877 65,767 - 825 162,258 - -

Preference Shares Quoted - - 81 - - - - - - - -


Loans Secured & Unsecured 11,066 - - - 11,142 890 1,869 - - - -

Mortgages - - 655,500 - - 32,627 - - - - -

Term Deposits 447,699 43,454 2,834,635 935,059 1,060,974 362,848 194,612 277,131 136,512 712,566 732,344

Cash and Cash Balances 30,663 69,062 287,703 205,860 56,173 3,050 14,850 97,307 18,071 10,483 18,871

Outstanding Premiums 772,262 728,566 2,945,994 1,198,547 597,450 183,987 404,316 678,219 696,978 299,540 679,928

Other Receivables - 46,800 459,872 268,041 - 136,196 8,571 27,747 - 101,179 1,413,681

Other Assets 455,588 252,036 450,616 62,861 122,813 23,199 57,916 30,621 57,158 10,964 884,142

Intangible Assets 36,003 116,738 1,610,559 225,120 6,960 56,121 46,424 136,976 79,262 67,323 242,876

Total Assets 7,453,081 2,275,997 36,606,651 4,465,816 5,404,716 2,367,693 1,445,518 3,448,386 2,302,362 1,307,070 4,313,396


APPENDIX 21 iii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019



59

Company

SAHAM INSURANCE

COMPANY

SANLAM INSURANCE

COMPANY

TAKAFUL

INSURANCE OF

AFRICA

TAUSI ASSURANCE

COMPANY

THE KENYAN

ALLIANCE

INSURANCE

COMPANY

THE MONARCH

INSURANCE

COMPANY

TRIDENT

INSURANCE

COMPANY

UAP INSURANCE

COMPANY

WAICA

REINSURANCE

KENYA LIMITED

XPLICO INSURANCE

COMPANY TOTAL

Share Capital 402,000 1,028,998 486,804 600,000 300,000 445,024 500,000 1,000,000 1,000,000 887,500 37,969,723

Share Premium - 100,361 66,601 - - - - - - - 3,430,445

Revaluation Reserves ( 11,977 ) - - 171,009 2,750 - 188,404 - - - 3,456,837


Retained Earnings 232,413 ( 37,237 ) ( 211,551 ) 814,038 933,729 224,558 996,499 5,732,620 ( 12,862 ) 66,757 56,080,477

Other Reserves - - - 10,040 ( 6,079 ) - 25,000 - - 220,000 1,096,039

Total Equity 622,436 1,092,122 341,854 1,595,087 1,230,400 669,583 1,709,904 6,732,620 987,138 1,174,257 102,033,522

Underwriting Provisions 934,829 1,587,432 1,350,572 835,003 1,786,625 1,305,599 1,797,883 6,657,436 91,570 1,275,788 111,281,856


LongTerm Liabilities 103,913 - 35,738 62,545 - - 54,554 - - - 1,323,478

Current Liabilities 306,380 263,028 587,381 178,249 326,521 35,283 472,437 1,843,741 68,528 273,486 26,871,276

Total Equity And Liabilities 1,967,558 2,942,582 2,315,546 2,670,884 3,343,546 2,010,465 4,034,777 15,233,797 1,147,235 2,723,531 241,510,131

Land And Buildings - - 24,500 295,586 284,812 - 240,660 - - - 6,522,947

Investment Property 101,869 509,700 - - 1,065,349 687,343 1,716,399 3,713,400 - 674,400 36,251,892

Other Fixed Assets 9,949 84,511 52,122 27,619 46,780 29,625 9,149 122,854 26,305 89,702 2,343,463

Government Securities 623,284 873,050 35,000 1,440,089 332,728 109,007 239,061 4,354,039 189,514 129,000 73,542,129

Other Securities - - - - - - 35,178 - - 77,250 489,677

Investment in Related Companies - - - - - - 615,600 - - 245,251 10,483,187

Corporate Bonds 50,346 - 62,475 3,620 - - - 290,992 - - 2,102,661

Commercial Papers - - - - - - - - - - 64,662

Debentures - - - - - - - - - - 2,350

Ordinary Shares Quoted 25,470 - - 172,533 16,558 - 6,220 1,094,041 - - 7,341,402

Ordinary Shares UnQuoted - - - 6,441 24,817 59 7,878 107,666 - - 3,163,732

Preference Shares Quoted - 613 - - - - - - - - 1,096


Loans Secured & Unsecured - 548 - 5,339 122,021 - 937,663 536,228 - 20,034 2,213,802

Mortgages 5,219 - - 97,989 - - - 312,467 - - 1,583,752

Term Deposits 346,537 91,110 374,590 284,612 171,402 194,939 - 950,833 748,112 214,108 26,517,122

Cash and Cash Balances 167,634 94,065 226,233 25,026 94,656 14,937 9,167 442,385 9,561 108,006 7,213,633

Outstanding Premiums 234,538 746,151 365,456 179,539 835,888 798,940 137,123 1,394,407 124,671 865,489 36,603,953

Other Receivables 540 8,390 - - 153,698 2,333 31,888 445,514 - 134,961 5,977,617

Other Assets 300,718 428,449 1,111,618 50,220 130,580 94,719 48,791 1,085,345 11,382 110,995 11,750,852

Intangible Assets 101,452 105,996 63,551 82,271 64,257 78,563 - 383,625 37,691 54,335 7,340,192

Total Assets 1,967,558 2,942,582 2,315,546 2,670,884 3,343,546 2,010,465 4,034,777 15,233,797 1,147,235 2,723,531 241,510,131


APPENDIX 21 iv: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2019

Amounts in thousand Shillings

Insurance Industry Report for the Period January September ... · The Insurance Regulatory...

Documents

Transcript of Insurance Industry Report for the Period January September ... · The Insurance Regulatory...