Insurance Industry Report for the Period July …...Insurance Industry Release Report for Q3 2018 v billion. Of the total assets, 11.7% (KES 44.48 billion) was funded by the shareholders

Insurance Industry Release for Q3 2018

Insurance Industry Report for the Period

July – September 2018

Third Quarter Release

November 2018


i

RELIANCE AND LIMITATIONS

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

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

of the Insurance Act. No adjustments have been made to the returns’ data

except where necessary in consultation with the affected insurer(s) or

reinsurer(s).

The publication of any summary of the returns in this report does not

necessarily mean that the returns so summarized have satisfied all the

requirements of the Insurance Act, or that the Commissioner of Insurance

approves the accuracy or the contents of the returns.

All the amounts are given in thousand Kenya shillings (‘000’ KES) except where

otherwise stated.


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Contents

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

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

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

1.3 Economy and Market Analysis ................................................................................................ 4

Chapter Two ............................................................................................ 8 2.0 Insurance Industry at a glance ............................................................................................... 8

2.1 Performance Overview of the Insurance Industry ............................................................. 8

2.2 Industry Financial Position .................................................................................................... 11

Chapter Three ........................................................................................ 12 3.0 Long term insurance business .............................................................................................. 12

3.1 Gross premium income and Market share ........................................................................ 12

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

3.3 Investment income and underwriting expenses .............................................................. 15

3.4 Investments ................................................................................................................................. 16

Chapter Four .......................................................................................... 18 4.0 General insurance business .................................................................................................. 18

4.1 Gross premium income and market share ....................................................................... 18

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

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

4.4 Underwriting results ................................................................................................................. 23

4.5 Investments ............................................................................................................................... 24

Chapter Five .......................................................................................... 26 5.0 Reinsurance business .............................................................................................................. 26

5.1 Long term reinsurance business .......................................................................................... 26

5.2 General reinsurance business ............................................................................................... 28

Chapter Six ............................................................................................ 30 6.0 Industry Financial Position .................................................................................................... 30

6.1 Summary of Industry Balance Sheet .................................................................................. 30

6.2 Shareholder’s Funds................................................................................................................. 31

6.3 Assets and Liabilities ................................................................................................................ 32

6.4 Investments ................................................................................................................................. 32


iii

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 2018

iv

Executive Summary

The performance and financial position of the insurance industry in Kenya

during the third quarter of 2018 is as outlined below:

Long Term Insurance business

Table 1 summarizes the key financial performance and financial position

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

three years to 2018.

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

Annual change

(2017/2018)

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

Gross Premium income 62,810,418 60,447,039 51,690,926 3.9

Net premium income 58,361,747 56,136,879 48,073,564 4.0

Net Commisions 3,940,180 3,753,362 4,144,986 5.0

Underwriting Management Expense 9,616,468 8,986,759 8,829,920 7.0

Total claims and policyholders' benefits 39,015,208 34,021,469 30,777,949 14.7

Direct expenses 13,556,648 12,740,121 12,974,906 6.4

Investment Income 22,018,084 27,947,114 16,143,812 -21.2

Financial position Indicators

Paid up capital 11,368,942 11,214,942 10,880,756 1.4

Shareholders' funds 44,483,578 45,887,756 40,800,790 -3.1

Total Assets 380,396,584 339,808,007 292,492,492 11.9

Total Liabilities 335,913,006 293,920,251 251,691,702 14.3

Investments 343,529,542 304,622,693 257,891,838 12.8

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

Retention ratio 92.9 92.9 93.0 0.1

Net Commissions Ratio 6.8 6.7 8.6 1.0

Underwriting Management expense Ratio 16.5 16.0 18.4 2.9

Shareholders' funds to Total Assets 11.7 13.5 13.9 -13.4

Key financial performance indicators for Long term Insurance Business

Performance Indicators2018 Q3 2017 Q3 2016 Q3

Long term insurance business in Q3 2018 experienced a growth of 3.9%

compared to a growth of 16.9% recorded in the previous year during the same

period. As at end of September 2018, long term insurance premium was KES

62.81 billion (2017 Q3: KES 60.45 billion).

The long term insurers’ asset base grew by 11.9% to KES 380.40 billion and

largely composed of income generating investments to the tune of KES 343.53


v

billion. Of the total assets, 11.7% (KES 44.48 billion) was funded by the

shareholders through paid up capital and reserves (shareholders’ equity).

General Insurance business

Table 2 summarizes the various performance and financial position indicators

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

to 2018.

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

Annual

Change

(2017/2018)

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

Gross Premium income 101,462,855 99,753,087 93,071,986 1.7

Net Premium income 72,932,258 70,203,349 68,800,391 3.9

Net Earned Premium Income 68,333,414 68,174,556 64,736,168 0.2

Claims Incurred 43,877,324 43,058,071 41,724,410 1.9

Direct Expenses 27,259,824 25,872,765 24,665,619 5.4

Investment Income 4,169,030 4,617,023 3,435,616 -9.7

Underwriting Results (2,803,728) (756,277) (1,653,859) -270.7

Financial Position Indicators

Paid up share capital 28,859,906 27,794,570 27,353,481 3.8

Shareholder's funds 70,029,793 69,071,196 66,350,319 1.4

Total assets 188,989,748 183,745,297 170,072,780 2.9


Investments 122,847,349 118,630,710 111,290,009 3.6

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

Retention ratio 71.9 70.4 73.9 2.1

Claims ratio 64.2 63.2 64.5 1.7

Commissions ratio 7.8 7.4 8.1 5.7

Management expense ratio 32.1 30.6 30.0 5.0

Combined ratio 104.1 101.1 102.6 3.0

Shareholder's funds to total assets 37.1 37.6 39.0 -1.4

Key financial performance indicators for General Insurance Business

Performance Indicators2018 Q3 2017 Q3 2016 Q3

In Q3 2018, general insurance premiums recorded a marginal growth of 1.7%

compared to a growth of 7.2% recorded in the previous year. The general

insurance business underwriters incurred KES 43.88 billion in claims as at end

of Q3 2018. The corresponding loss ratio was of 64.2% during this period.

The industry’s trend of underwriting results has been declining over the last

three years. As at end of the 9 months under review, the industry recorded the

highest underwriting loss of KES 2.80 billion compared to a loss of KES 756.28


vi

million reported in September 2017. Management spending remained high with

Q3 2018 recording a management expense ratio of 32.1%.

Long Term Reinsurance Business

The total net premium income under long term reinsurance business amounted

to KES 1.62 billion, a decline of 12.9% from the third quarter of 2017. Net

investment income amounted to KES 352.70 million, while life reinsurance

claims and direct expenses amounted to KES 735.42 million and KES 671.27

million respectively.

Capital and reserves amounted to KES 6.15 billion which financed 53.7% of

total assets (KES 11.44 billion).

General Reinsurance Business

The general reinsurers’ net premium income for Q3 2018 amounted to KES

10.91 billion which was a decline of 6.7% (Q3 2017: KES 11.69 billion). Claims

were KES 6.65 billion while underwriting operations resulted in a profit of KES

249.65 million as at end of September 2018 which more than doubled from KES

120.59 million recorded in September 2017.

The assets held by the general reinsurance business underwriters amounted to

KES 44.05 billion in September 2018. A large proportion (78.9%) of the total

assets was composed of investments that were mainly held in treasury bills and

bonds (47.0%) and real estate (26.0%).


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Chapter One

1.1 Introduction

About Insurance Regulatory Authority

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

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

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

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

insurance investigators, insurance surveyors, loss adjustors, claim settling

agents and risk managers.

The Authority has been working with various stakeholders locally, regionally

and internationally to put in place policies that will enhance the regulatory

environment for the insurance sector growth and enhance insurance access in

the country.

About this Release

This is the third quarter 2018 industry release which provides market

information and statistical overview of the insurance industry in Kenya for the

first nine months of 2018. This report includes data for all the insurers and

reinsurers regulated by the Authority.


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 2018, the following activities were undertaken by

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

insurance sector in Kenya.

Industry Circulars

During the third quarter of 2018 the Authority issued circular IC & IA 09/2018

– Printing of Licenses by Insurance Agents. The circular was in relation to an

upgrade of the agent’s online registration system which enables tracking of

application and download of electronic certificates by agents upon approval.

Changes of Names of Regulated Entities

During the quarter, the following insurers changed their names;

1. Cannon Assurance Limited changed to Metropolitan Cannon General

Insurance Limited

2. Phoenix of East Africa Assurance Company Limited changed to MUA

Insurance(Kenya) Limited


3

Executive Certificate of Proficiency in Insurance

During the quarter under review, Executive Certificate of Proficiency in

Insurance (ECOP) training was conducted in the following counties:

County No. of Participants Date

Turkana 100 13th – 25th August, 2018

Nyandarua 100 3rd – 15th September, 2018

Trainings and Stakeholders workshops

The following trainings, workshops and events for various stakeholders were

conducted during the third quarter of 2018:

County Training/Event Period

Kisumu ASK Show 24th – 28th July, 2018

Kwale Mobile Clinic & Roadshow 2nd - 3rd November 2018

Kwale Champions Training 31st October – 1st November, 2018

Turkana Champions Training 22nd – 23rd August, 2018

Turkana Mobile Clinic & Roadshow 24th - 25th August, 2018

Mombasa ASK Mombasa 29th August - 2nd September, 2018

Nyandarua Champions Training 12th – 13th September, 2018

Nyandarua Mobile Clinic & Roadshow 14th - 15th September, 2018

Bungoma Workshop for Existing Agents 19th September, 2018

Eldoret Agribusiness Trade Fair 20th – 22nd September, 2018

Nairobi Risk Based workshop for Insurance Companies26th September, 2018

Naivasha Brokers Retreat 28th September, 2018

Recently Developed/Repackaged Insurance Products

During the third quarter of 2018, three new/repackaged insurance products

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

New/Repackaged product Company Class of Business

Jawabu Single Premium Pioneer Assurance Life Assurance

ABC Hakika Education Plan Pioneer Assurance Unit Linked

GALIFEr GA Life Assurance Life Assurance


4

1.3 Economy and Market Analysis

Some key economic indicators’ trends are analyzed as follows:

Inflation:

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

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

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

Source: KNBS

The overall year-on-year inflation rate stood at 5.7% in September 2018 which

was the highest during the year. The third quarter experienced mixed reactions

with a 0.3% fall in August 2018 and a 1.7% increase in September 2018.

According to the KNBS, the increase in inflation in September 2018 was due to

increase in Housing, Water, Electricity, Gas and Other Fuels’ Index and

transport index by 0.5% and 8.0% respectively compared to previous month.


5

Exchange Rates:

Source: CBK

The Kenyan shilling generally appreciated against the Sterling Pound while it

depreciated marginally against the US Dollar and the Euro during the third

quarter of 2018. The shilling opened the quarter at KES 132.6 to the Sterling

Pound, KES 100.7 to the Dollar and KES 117.6 to the Euro and closed at KES

131.7, KES 100.8 and KES 117.7 to the Sterling Pound, Dollar and Euro

respectively.

Capital Markets:

The capital markets registered a decline in performance as at end of Q3 2018

with equity turnover declining by 32.6% to KES 31.8 Billion against KES 47.14

Billion recorded in the preceding quarter.

Market capitalisation also dropped by 14.2% as compared to Q3 2017 to KES 2.

21 Trillion, reflecting an overall decline in investor wealth by KES 364.9 Billion.

Bond turnover of KES 133.69 Billion was recorded in Q3 2018, compared to

KES 158.52 Billion traded in Q2 2018, indicating a decrease of 15.7%.


6

Source: CMA

The NSE 20 and NASI indices both declined by 12.5% and 14.1% respectively to

close Q3 2018 at 2875.50 and 149.70 respectively compared to 3285.73 and

174.36 recorded as at end of Q2 2018.

Source: CMA


7

Real Estate Market:

The KBA Housing Price Index report for the third quarter of 2018 highlighted

that house prices were generally stable although with signs of softening. House

prices increased by 1.4% in Q3 2018 which was a 0.4% decline from 1.7% rise

experienced during the second quarter of 2018. The drivers of house price

movements in the third quarter of 2018 remained unchanged mirroring those of

preceding quarters. This signaled the consistency of home owner’s preferences

which tilted towards bungalows (38.0%), apartments (35.0%) and maisonettes

(27.0%).

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

Source: KBA


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Chapter Two

2.0 Insurance Industry at a glance

The performance and financial position of the Kenya insurance industry is

summarized as follows:

2.1 Performance Overview of the Insurance Industry

The performance overview of the insurance industry is highlighted below:

2.1.1 Key performance indicators of direct insurance business

Table 3 displays some key operating performance indicators of the direct

insurance business:

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

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

Gross Premium Income 164,273,264 160,200,126 144,762,912 2.5

Net Premium Income 131,294,005 126,340,228 116,873,955 3.9

Net Earned Premium Income (GB) 68,333,414 68,174,556 64,736,168 0.2

Claims Incurred (GB) 43,877,324 43,058,071 41,724,410 1.9

Benefit Payment (LT) 38,687,056 34,021,469 30,777,949 13.7

Commissions 9,270,544 8,784,149 9,394,054 5.5

Management Expenses 31,545,928 29,828,737 28,246,471 5.8

Underwriting Profits/Loss (GB) (2,803,728) (756,277) (1,653,859) -270.7

Profit Before Tax (PBT) 4,629,516 7,944,448 9,286,732 -41.7

Profit After Tax (PAT) 3,085,293 5,675,000 6,508,531 -45.6

Key Performance Indicators for Insurers

Indicator

2018 Q3 2017 Q3 2016 Q3Annual Change

(2018/2017)

Industry gross premiums written stood at KES 164.27 billion as at end of

September 2018 representing an increase of 2.5% from KES 160.20 billion in

Quarter 3 of 2017. The industry growth was largely spurred by the long term

segment that grew by 3.9% compared to a growth of 1.7% in the general

segment.

General insurance business underwriting results declined significantly in

September 2018 to record an underwriting loss of KES 2.80 billion.


9

Figure 1 shows the composition of total industry premiums:

Figure 1: Total Industry Premiums composition

The general insurance segment contribution declined to 61.8% of the total

industry premiums as at end of September 2018 compared to 62.3%

contribution recorded in the same period of the previous year.


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2.1.2 Key operating indicators for reinsurance business

Table 4 displays some key operating performance indicators for the reinsurance

business in Kenya:

Table 4: Selected key operating performance indicators for reinsurance business

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

Gross Premium Income 13,671,113 14,298,437 12,576,846 -4.4

Net Premium Income 12,533,235 13,559,332 11,739,926 -7.6

Net Earned Premium Income (GB) 11,255,653 10,976,338 10,301,902 2.5

Claims Incurred (GB) 6,652,077 6,426,886 5,448,309 3.5

Benefit Payment (LT) 735,419 841,085 719,601 -12.6

Commissions 3,036,968 3,651,397 3,387,238 -16.8

Management Expenses 1,988,231 1,571,200 1,193,485 26.5

Underwriting Results (GB) 249,650 120,586 932,190 107.0

Profit Before Tax (EBT) 3,557,089 3,187,264 3,900,266 11.6

Profit After Tax (PAT) 2,690,954 2,230,212 2,800,383 20.7

Indicator


(2018/2017)

Key Performance Indicators for Reinsurers

The reinsurers’ business volume declined by 4.4% to 13.67 billion in Q3 2018

(2017 Q3: KES 14.30 billion). In the period under review, the general reinsurers

underwriting profit increased drastically by 107.0% to KES 249.65 million

compared to KES 120.59 million recorded as at end of September 2017.


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2.2 Industry Financial Position

The following is a summary of the industry financial position as at end of Q3 2018.

2.2.1 Key Industry Financial Position Indicators

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

September 2018:

Table 5: Selected key industry financial position indicators

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

Shareholders' Funds 148,947,022 145,672,632 134,604,994 2.2

Total Assets 624,877,210 574,706,930 509,365,097 8.7


Investments 510,435,171 463,864,960 406,878,267 10.0

Key Industry Performance Indicators

Indicator


(2018/2017)

2.2.2 Key Financial Position Ratios

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

September 2018:

Table 6: Selected key industry financial position ratios

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

Shareholders' funds to Total Assets 23.8 25.3 26.4 -1.5

Return on Assets (ROA) 1.4 2.1 2.8 -0.7

Return on Equity (ROE) 3.9 5.6 8.2 -1.7

Key Industry Performance Ratios

Indicator


(2018/2017)

The industry registered a decline on both return on assets and return on equity to close

at 1.4% and 3.9% respectively as at end of September 2018 attributed by decline in

profitability.


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Chapter Three

3.0 Long term insurance business

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

the end of September 2018.

3.1 Gross premium income and Market share

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

insurance business:

Table 7: Class-wise gross premium income

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

Pensions 24,198,069 21,833,876 19,187,370 10.8 38.5

Life Assurances 18,113,527 15,754,063 13,750,371 15.0 28.8

Group Life 6,377,636 6,164,320 7,102,554 3.5 10.2

Group Credit 5,876,213 5,487,882 4,430,729 7.1 9.4

Annuities 5,622,970 7,802,613 3,459,342 -27.9 9.0

Investments 2,622,003 3,404,285 3,760,560 -23.0 4.2

Industry 62,810,418 60,447,039 51,690,926 3.9 100.0

2018 Q3 2017 Q3 2016 Q3Annual change

(2018/2017)

Classwise Gross Premium Income

2018 Q3

DistributionClass of Business

The total GPI reported under long term insurance business in the third quarter

of 2018 amounted to KES 62.81 billion representing an annual growth of 3.9%

(Q3 2017: KES 60.45 billion). Pensions and life assurances were key

contributors to GPI accounting for 38.5% and 28.8% respectively.


13

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

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


14

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

Table 8: Insurance Market share by gross premium income

2018 Q3 2017 Q3 2016 Q3

1 BRITAM LIFE ASSURANCE 24.6 22.2 23.2

2 JUBILEE INSURANCE COMPANY 14.8 15.8 15.0

3 ICEA LION LIFE ASSURANCE 13.6 17.3 13.7

4 CIC LIFE ASSURANCE COMPANY 7.7 6.4 5.7

5 KENINDIA ASSURANCE COMPANY 6.7 5.9 4.8

6 LIBERTY LIFE ASSURANCE COMPANY 5.4 6.0 6.3

7 SANLAM LIFE ASSURANCE 5.4 6.0 6.9

8 Others 21.7 20.5 24.4

Total 100.0 100.0 100.0

Long Term Insurers' Market Share by Gross Premium Income

Company Market Share

(%)Market Share (%)

Market Share

(%)

Only seven (7) out of twenty five insurers controlled over 5% of the total GPI

under long term insurance business segment in the third quarter of 2018. The

remaining eighteen companies controlled 21.7% of the market (for more details

see Appendix 3).

Among the market leaders, the biggest gainers were Britam Life Assurance

Company and CIC Life Assurance with both gaining market share of 2.4% and

1.3% respectively. The biggest loser was ICEA Lion Life Assurance which lost

market share of 3.6%.


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3.2 Net premium income and retention

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

Table 9: Class-wise net premium income

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

Life Assurances 17,954,563 15,588,382 13,611,377 15.2 30.8

Annuities 5,622,970 7,802,613 3,459,342 -27.9 9.6

Group Life 3,232,687 3,193,886 4,400,015 1.2 5.5

Group Credit 4,731,455 4,313,837 3,654,900 9.7 8.1

Investments 2,622,003 3,404,285 3,760,560 -23.0 4.5

Pensions 24,198,069 21,833,876 19,187,370 10.8 41.5

Industry 58,361,747 56,136,879 48,073,564 4.0 100.0

Class of Business2018 Q3 2017 Q3 2016 Q3

Annual change

(2018/2017)

2018 Q3

Distribution

Classwise Net Premium Income

The net premium income reported as at end of September 2018 by the long term

insurers was KES 58.36 billion representing an increase of 4.0% from NPI

reported in the corresponding period of the previous year (KES 56.14 billion).

The overall retention during the period of analysis was 92.9%.

3.3 Investment income and underwriting expenses

Investment income amounted to KES 22.01 billion by the end of September

2018 which was a significant drop of 21.2% (Q3 2017: KES 27.95 billion). Net

commissions for the period were 3.94 billion which increased by 5.0% from KES

3.75 billion net payout over a similar period in 2017. Management spending

increased by 7.0% from KES 8.99 billion in Q3 2017 to KES 9.62 billion

registered in Q3 2018.


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3.4 Investments

Table 10 shows an analysis of the investments under long term insurance

business for the period to 30th September, 2018:

Table 10: Long term insurance business investments

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

Government Securities 221,882,110 176,846,213 142,591,613 25.5 64.6

Investment Property 42,547,801 37,034,930 34,150,543 14.9 12.4

Quoted Ordinary Shares 32,144,615 33,810,824 26,941,296 -4.9 9.4

Unquoted Ordinary shares 5,717,364 5,077,861 4,205,996 12.6 1.7

Loans & Mortgages 8,365,724 8,157,465 6,664,798 2.6 2.4

Term Deposits 17,486,036 15,583,935 18,905,513 12.2 5.1

Other Securities 9,494,139 22,031,929 17,625,011 -56.9 2.8

Investment in Subsidiaries 5,891,753 6,079,536 6,807,068 -3.1 1.7

Total 343,529,542 304,622,693 257,891,838 12.8 100.0

Investment Type2018 Q3 2017 Q3 2016 Q3

2018 Q3

Distribution

Annual change

(2018/2017)

Long Term Insurers' Business Investments

Total investments under long term insurance business as at the end of the third

quarter of 2018 amounted to KES 343.53 billion increasing by 12.8% from KES

304.62 billion recorded at the end of the same period in the previous year.

Kenya government securities (treasury bills and bonds) maintained their

attractiveness to long term insurers comprising 64.6% (KES 221.88 billion) of

the total long term insurers’ investments.


17

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

end of September 2018:

Figure 3: Long-term insurance investments portfolio

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

loans, mortgages, corporate securities and other securities.


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Chapter Four

4.0 General insurance business

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

at the end of September 2018.

4.1 Gross premium income and market share

Gross premium income for general insurance business indicates the amount of

insurance business written including inward reinsurances.

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

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

Table 11: Class-wise gross premium income

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

Aviation 1,447,092 1,217,897 975,484 18.8 1.4

Engineering 3,099,225 3,608,739 3,138,997 -14.1 3.1

Fire Domestic 1,272,052 1,255,783 1,174,137 1.3 1.3

Fire Industrial 9,022,189 9,596,268 8,695,607 -6.0 8.9

Liability 2,332,189 2,370,313 2,255,304 -1.6 2.3

Marine & Transit 2,864,696 2,787,345 2,103,922 2.8 2.8

Motor Private 17,053,831 15,975,963 15,600,168 6.7 16.8

Motor Commercial 18,419,304 18,117,258 18,898,139 1.7 18.2

Personal Accident 2,634,756 2,907,964 3,018,690 -9.4 2.6

Theft 3,429,776 3,250,808 3,267,011 5.5 3.4

Workmen's Compensation 5,293,094 5,060,721 4,841,040 4.6 5.2

Medical 31,861,155 30,836,145 26,977,129 3.3 31.4

Miscellaneous 2,733,496 2,767,883 2,126,356 -1.2 2.7

Total 101,462,855 99,753,087 93,071,984 1.7 100.0

General Insurers' Classwise Gross Premium Income


Annual change

(2018/2017)

2018 Q3

Distribution

In Q3 2018, general insurance premium grew marginally by 1.7% to KES 101.46

billion compared to KES 99.75 billion recorded in Q3 2017. The increase was

mainly contributed by Motor Private and Medical insurance classes of insurance

business which increased by KES 1.08 billion and KES 1.03 million respectively.


19

The compulsory motor classes and medical insurance class maintain a leading

position in terms of contribution to total general premiums. These accounted for

35.0% and 31.4% respectively during the period of analysis.

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

under general insurance business.

Table 12: Market share by gross premium income

Company 2018 Q3 2017 Q3 2016 Q3

Annual

Change

(2018/2017)

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

1 JUBILEE INSURANCE COMPANY 8.8 9.3 9.8 -5.8

2 CIC GENERAL INSURANCE COMPANY 8.3 8.1 6.4 1.9

3 APA INSURANCE COMPANY 7.7 6.7 6.9 14.6

4 UAP INSURANCE COMPANY 7.1 7.9 7.4 -10.0

5 BRITAM GENERAL INSURANCE 6.1 6.4 5.0 -3.7

6 OTHERS 62.0 61.6 64.5 0.7

Total 100.0 100.0 100.0

General Insurers' Market Share by Gross Premium Income

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

income underwritten in comparison with the industry total premiums under

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

low in the general segment.

Five insurers had a market share of at least 5.0% of total general insurance

market. These insurers jointly controlled 38.0% of total gross premium income

under general insurance business.


20

4.2 Claims and direct expenses

The insurers reported claims incurred amounting to KES 43.88 billion during

the period under review. This was an increase of 1.9% from KES 43.06 billion

reported in the previous year’s third quarter.

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

table 13.

Table 13: Class-wise incurred claims

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

Aviation 17,470 12,662 15,941 -38.0 0.0

Engineering 359,207 321,907 163,932 11.6 0.8

Fire Domestic 359,128 250,084 394,338 43.6 0.8

Fire Industrial 1,105,760 815,458 849,255 35.6 2.5

Liability 494,100 477,065 492,542 3.6 1.1

Marine & Transit 569,271 739,436 401,861 -23.0 1.3

Motor Private 11,145,778 11,137,822 11,478,246 0.1 25.4


Personal Accident 426,617 736,890 941,217 -42.1 1.0

Theft 920,170 761,302 890,333 20.9 2.1

Workmen's Compensation 1,857,108 2,346,402 2,029,867 -20.9 4.2

Medical 15,676,239 15,215,177 13,449,665 3.0 35.7

Miscellaneous 522,159 581,102 63,110 -10.1 1.2

Total 43,877,319 43,058,062 41,724,411 1.9 100.0

General Insurers' Classwise Claims Incurred

2018 Q3

DistributionClass of Business2018 Q3 2017 Q3 2016 Q3

Annual change

(2018/2017)

The high premium volume classes of general insurance business contributed the

largest proportions of incurred claims; medical (35.7%), motor private (25.4%)

and motor commercial (23.8%).


21

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

insurance business.

Table 14: Class-wise incurred loss ratios

Aviation (95.1) 64.9 56.4

Engineering 50.1 37.8 25.1

Fire Domestic 43.7 28.3 46.4

Fire Industrial 56.8 44.0 45.4

Liability 45.2 44.8 40.9

Marine & Transit 32.7 55.1 35.0

Motor Private 71.1 76.5 76.5

Motor Commercial 62.6 56.0 62.2

Personal Accident 25.4 36.8 41.5

Theft 43.8 40.6 48.9

Workmen's Compensation 43.1 54.5 49.6

Medical 77.1 73.0 75.6

Miscellaneous 40.1 43.8 6.1

Industry average 64.2 63.2 64.5

2017 Q32018 Q3Class of Business 2016 Q3

General Insurers' Claims Incurred Loss Ratios (%)

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

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

63.9%.

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

business

Table 15: Class-wise claims paid

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

Aviation 21,219 8,783 15,941 -141.6 0.0

Engineering 310,113 312,391 163,932 -0.7 0.7

Fire Domestic 346,054 294,242 394,338 17.6 0.8

Fire Industrial 822,386 643,027 849,255 27.9 1.9

Liability 407,281 339,127 492,542 20.1 0.9

Marine & Transit 514,454 562,526 401,861 -8.5 1.2

Motor Private 10,549,168 9,764,853 11,478,246 8.0 24.0


Personal Accident 520,319 661,116 941,217 -21.3 1.2

Theft 806,222 766,937 890,333 5.1 1.8

Workmen's Compensation 1,922,706 1,680,963 2,029,867 14.4 4.4

Medical 15,962,654 14,396,036 13,449,665 10.9 36.4

Miscellaneous 574,599 203,682 63,110 182.1 1.3

Total 42,488,469 38,665,746 41,724,411 9.9 96.8

General Insurers' Classwise Paid Claims


Annual change

(2017/2018)Distribution

The claims paid increased by 9.9% to KES 42.49 billion as at end of Q3 2018 compared

to KES 38.67 billion paid during the same period in 2017. Medical, motor private and


22

motor commercial had the highest amounts of paid claims at 36.4%, 24.0% and 22.2%

respectively of total industry paid claims under general insurance business.

Direct expenses include commissions and underwriting management expenses.

The items constituting underwriting management expenses include; staff welfare

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

others.

During the period of analysis, direct expenses amounted to KES 27.26 billion

and were composed of KES 21.92 billion (80.4%) in management expenses and

KES 5.33 billion (19.6%) in business acquisition costs (commissions).

4.3 Underwriting ratios

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

earned premium income that is expensed as claims, underwriting management

expenses and commisssions.


23

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

expense ratio, commission ratio and combined ratio.

Table 16: Underwriting ratios

Retention Incurred Claims Net CommissionManagement

Expense

Combined

ratioCombined ratio

Aviation -0.1 -95.1 290.3 -909.6 -714.4 2563.0

Engineering 24.7 50.1 -23.6 63.2 89.8 71.2

Fire Domestic 71.2 43.7 14.1 39.1 96.9 95.7

Fire Industrial 23.9 56.8 -12.1 67.8 112.5 99.0

Liability 49.1 45.2 4.9 40.9 91.1 91.9

Marine & Transit 61.0 32.7 8.1 35.5 76.4 132.0

Motor Private 93.7 71.1 9.1 32.1 112.3 115.9

Motor Commercial 95.8 62.6 10.5 33.8 106.9 93.6

Personal Accident 69.2 25.4 14.2 44.9 84.4 93.0

Theft 71.4 43.8 8.7 37.3 89.8 87.9

Workmen's Compensation 93.3 43.1 20.0 27.8 90.9 96.6

Medical 70.0 77.1 6.1 23.0 106.2 98.5

Miscellaneous 39.3 40.1 -16.9 42.2 65.4 88.1

Overall 71.9 64.2 7.8 32.1 104.1 101.1

Class of Business

2018 Q3

General Insurers' Underwriting Ratios (%)

2017 Q3

The industry combined ratio was 104.1% in the third quarter of 2018 implying

an underwriting loss. Combined ratios higher than 100% were recorded in 4 out

of the 13 classes of general insurance business.

4.4 Underwriting results

Table 17 displays an analysis of underwriting results under general insurance

business:

Table 17: Class-wise underwriting results

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

Aviation (149,629) (480,374) (93,732) 68.9

Engineering 73,252 244,551 77,461 -70.0

Fire Domestic 25,613 37,671 (76,964) -32.0

Fire Industrial (243,404) 19,418 (82,096) -1353.5

Liability 97,629 86,242 128,067 13.2

Marine & Transit 410,565 (429,314) 223,577 195.6

Motor Private (1,927,636) (2,320,533) (1,785,545) 16.9

Motor Commercial (1,153,556) 1,108,612 (537,014) -204.1

Personal Accident 261,606 139,364 197,248 87.7

Theft 213,556 226,638 94,314 -5.8

Workmen's Compensation 392,549 147,648 251,109 165.9

Medical (1,255,390) 306,294 (581,958) -509.9

Miscellaneous 451,116 157,496 531,669 186.4

Total (2,803,729) (756,277) (1,653,864) 270.7

Annual change

(2017/2018)

General Insurers' Classwise Underwriting Results



24

The general insurance business underwriters made an underwriting loss of KES

2.80 billion at the end of Q3 2018 compared to an underwriting loss of KES

756.28 million recorded at the end of a similar period in 2017.

4.5 Investments

Table 18 shows an analysis of the investments under general insurance

business for the period to 30th September 2018:

Table 18: General insurance business investments

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

Investment Property 27,156,461 28,329,467 26,463,923 -4.1 22.1


Other Securities 3,633,859 3,866,385 4,555,357 -6.0 3.0

Investment in Subsidiary 5,775,167 4,826,232 5,023,693 19.7 4.7

Quoted Ordinary Shares 8,140,381 8,506,920 7,734,018 -4.3 6.6

Unquoted Ordinary shares 3,363,940 3,434,683 3,516,640 -2.1 2.7

Loans & Mortgages 3,998,062 3,088,086 3,156,881 29.5 3.3

Deposits 17,038,552 15,658,943 19,246,176 8.8 13.9

Total 122,847,349 118,630,710 111,290,009 3.6 100.0

General Insurance Business Investments

2018 Q3 2017 Q3 2016 Q32018 Q3

Distribution

Annual change

(2018/2017)Investment

Total investments under general insurance business as at the end of the third

quarter of 2018 amounted to KES 122.85 billion representing an increase of

3.6% from KES 118.63 billion recorded at the end of the same period in the

previous year.

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

accounted for highest proportions of total general insurers’ investments at

43.7% and 22.1% respectively.

Figure 4 shows the composition of investments under general insurance

business:


25

Figure 4: General insurance investments portfolio

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

loans, mortgages, corporate securities and other securities.


26

Chapter Five

5.0 Reinsurance business

Three regulated reinsurance companies submitted Q3 2018 returns. Their

operating performance was analyzed as follows:

5.1 Long term reinsurance business

Table 19 shows some key performance indicators under long term reinsurance

business as at the end of Q3 2018:

Table 19: Key performance indicators

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

Life Assurance 115,076 31,984 50,082 46,328

Group Life 1,509,274 320,720 685,337 624,945

Total 1,624,350 352,704 735,419 671,273

Life Assurance 138,993 17,895 42,270 54,364

Group Life 1,726,624 200,049 798,815 739,367

Total 1,865,617 217,944 841,085 793,731

Life Assurance 122,238 43,684 48,474 52,340

Group Life 1,309,046 427,794 671,127 606,981

Total 1,431,284 471,478 719,601 659,321

Long Term Reinsurers Business Key Indicators

Net premium

income

Investment

income Life benefits Direct Expenses

2018 Q3

2016 Q3

Class of business

2017 Q3

5.1.1 Net premium income

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

companies in the third quarter of 2018 was KES 1.62 million compared to KES

1.87 million reported in the third quarter of 2017 representing a decline of

12.9%. Group Life contributed 92.9% of the total NPI recorded in Q3 2018.


27

5.1.2 Investment income and direct expenses

Net investment income reported under long term reinsurance business by the

end of the third quarter of 2018 was KES 352.70 million, which was a growth of

61.8% (2017 Q3: KES 217.94 million).

The total direct expenses incurred by long term reinsurance companies during

the third quarter of 2018 amounted to KES 671.27 million. Life benefits paid

out by the long term reinsurers during the same time amounted to KES 735.42

million.

5.1.3 Investments

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

business for the period to 30th September 2018:

Table 20: Long Term Reinsurance business investment channels

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



Quoted Ordinary Shares 238,456 365,289 47,677 -34.7 2.6

Term Deposits 3,396,973 3,463,869 3,718,614 -1.9 36.5

Other Investments 98,981 117,185 80,075 -15.5 1.1

Total 9,307,900 9,071,457 8,494,252 2.6 100.0

2018 Q3

Distribution

Long Term Reinsurers Investments

2018 Q3 2017 Q3 2016 Q3Annual change

(2017/2018)Investment


28

5.2 General reinsurance business

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

in Kenya.

5.2.1 Some Key Performance indicators

Table 21 shows some key performance indicators under general re-insurance

business as at the end of quarter three 2018:

Table 21: Class-wise performance indicators under general reinsurance

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

Net Premium Income 10,908,885 11,693,715 10,308,642 -6.7

Incurred Claims 6,652,077 6,426,886 5,448,309 3.5

Direct Expenses 4,353,926 4,428,866 3,921,402 -1.7

Underwriting Results 249,650 120,586 932,190 107.0

Annual change

(2017/2018)Indicator

Performance Indicators

2018 Q3 2017 Q3 2016 Q3

General Reinsurance Business Indicators

In the third quarter of 2018, the general reinsurers reported an annual decline

in net premium income of 6.7% from KES 11.69 billion reported by the end of

September 2017 to KES 10.91 billion.

The reinsurers incurred KES 6.65 billion in claims and KES 4.35 billion in

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

underwriting profit of KES 249.65 million. In the third quarter of 2017, the

general reinsurance business underwriters had reported an underwriting profit

of KES 120.59 million.


29

5.2.2 Investments

Table 22 shows an analysis of the investments under General reinsurers

business for the nine months period to 30th September 2018:

Table 22: General reinsurance business investment channels

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



Other Securities 1,022,396 1,058,841 913,537 (3.4) 2.9

Investment in Subsidiary 4,653,875 4,186,067 3,697,648 11.2 13.4

Quoted Ordinary Shares 1,297,214 1,973,168 2,394,133 (34.3) 3.7

Unquoted Ordinary shares 202,231 202,231 202,231 - 0.6

Loans & Mortgages 779,402 723,225 752,286 7.8 2.2

Deposits 1,519,829 1,192,808 2,918,045 27.4 4.4

Total 34,750,380 31,540,100 28,948,897 10.2 100.0

DistributionInvestment2018 Q3 2017 Q3 2016 Q3

Annual change

(2017/2018)

General Reinsurance Business Investments


30

Chapter Six

6.0 Industry Financial Position

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

business in Kenya as at 30th September 2018.

6.1 Summary of Industry Balance Sheet

Table 23 displays balance sheet summary of the industry as at end of Q3 2018:

Table 23: Summary of Industry balance sheet

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

Share Capital 44,578,721 43,359,385 42,284,110 2.8

Share Premium 7,879,181 6,210,651 4,338,317 26.9

Revaluation Reserves 5,393,042 4,635,705 10,430,974 16.3

Statutory Reserves 19,646,406 23,520,087 18,550,070 -16.5

Retained Earnings 57,725,622 53,195,835 52,639,279 8.5

Other Reserves 13,724,050 14,750,969 6,362,244 -7.0Total Equity 148,947,022 145,672,632 134,604,994 2.2

Underwriting Provisions 113,883,558 111,410,354 105,382,285 2.2

Actuarial Contract Liabilities 315,276,278 272,229,291 234,000,594 15.8

LongTerm Liabilities 9,967,881 11,333,262 9,283,159 -12.0

Current Liabilities 36,802,477 34,061,383 26,094,063 8.0


Total Equity and Liabilities 624,877,216 574,706,921 509,365,095 8.7

Land And Buildings 9,102,327 8,598,144 8,529,532 5.9

Investments 510,435,171 463,864,960 406,878,267 10.0

Other Fixed Assets 3,537,976 3,715,816 4,143,454 -4.8

Cash and Cash Balances 9,860,829 9,626,367 7,338,261 2.4

Outstanding Premiums 43,240,658 42,733,032 40,700,208 1.2

Other Receivables 10,927,984 10,543,147 11,312,965 3.7

Other Assets 27,706,430 26,661,242 22,327,005 3.9

Intangible Assets 10,065,835 8,964,223 8,135,405 12.3

Total Assets 624,877,210 574,706,930 509,365,097 8.7

Summary of Industry Balance Sheet

2017 Q3 2016 Q3Annual change

(2017/2018)Balance Sheet Items2018 Q3


31

6.2 Shareholder’s Funds

Investors’ funds grew by 2.2% to stand at KES 148.95 billion as at the end of

September 2018 from KES 145.67 billion reported in the same period of 2017.

Some of the key components of shareholders’ funds were retained earnings at

38.8%, paid up capital at 29.9% and statutory reserves at 13.2%.

The distribution of industry investor’s equity in Q3 2018 is shown in figure 5:

Figure 5: Distribution of industry investors’ equity


32

6.3 Assets and Liabilities

The insurance industry asset base grew significantly by 8.7% to KES 624.87

billion as at the end of September 2018 from the KES 574.71 billion held as at

the end of September 2017. 81.7% (KES 510.44 billion) of these assets were

held in income generating investments.

The total insurance industry’s liabilities grew by 10.9% to KES 475.93 billion

from KES 429.03 billion registered in the corresponding period of 2017.

6.4 Investments

Investments by the industry insurers and reinsurers grew by 10.0% from KES

463.86 billion reported in Q3 2017 to KES 510.43 billion in Q3 2018.

Investment classes with the highest proportions were; government securities

(57.3%), investment property (15.9%), equities (9.4%) and term deposits (7.2%)

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

Figure 6: Distribution of industry investment portfolio

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

shares, corporate bonds, commercial papers and other securities.


33

Statistical Appendices

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

the Period Ended 30.09.2018

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

For the Period Ended 30.09.2018

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

for the Period Ended 30.09.2018

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

Class for the Period Ended 30.09.2018

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

Period Ended 30.09.2018

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

Ended 30.09.2018

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

Ended 30.09.2018

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

Period Ended 30.09.2018

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

Ended 30.09.2018

Appendix 10: Summary of Permanent Health Business Revenue Accounts for


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

Ended 30.09.2018

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


Appendix 13: Summary of Gross Premium Income under General Insurance

Business for the Period Ended 30.09.2018

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


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



34

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

30.09.2018

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

30.09.2018


35

Company

Profit Transferred from

Revenue

Investment

Income Other Income Total Income

Loss Transferred From

Revenue

Management

Expenses Total Outgo

Profit / (Loss) Before

Taxation

Provision for

Taxation

Profit/(Loss) After

Taxation

Unappropriated

Profit/(Loss) BF Transfer To Reserves

Other

Appropriations Dividend

Unappropriated

Profit /(Loss) CF

AAR INSURANCE KENYA - - - - 299,824 - 299,824 ( 299,824 ) - ( 299,824 ) ( 344,837 ) - - - ( 644,662 )

AFRICAN MERCHANT ASSURANCE 39,451 - - 39,451 - - - 39,451 - 39,451 506,236 - - - 545,687

AIG INSURANCE COMPANY 177,352 184,465 ( 31,549 ) 330,269 - - - 330,269 99,080 231,189 1,332,637 - - - 1,563,826

ALLIANZ INSURANCE COMPANY - 13,497 - 13,497 217,677 - 217,677 ( 204,180 ) ( 61,254 ) ( 142,926 ) ( 154,663 ) - - - ( 297,589 )

APA INSURANCE COMPANY 5,185 765,840 - 771,025 - - 143,000 628,025 153,397 474,629 4,277,802 - - 1,500,000 3,252,430

BRITAM GENERAL INSURANCE - - - - 52,633 - 52,633 ( 52,633 ) ( 11,952 ) ( 40,681 ) 716,566 509,891 - - 165,994

CIC GENERAL INSURANCE COMPANY 272,253 - - 272,253 - - - 272,253 - 272,253 2,469,456 - 333,301 204,000 2,204,408

CORPORATE INSURANCE COMPANY ( 8,329 ) - - ( 8,329 ) - - - ( 8,329 ) 26,190 ( 34,519 ) 547,938 - - - 513,419

DIRECTLINE ASSURANCE COMPANY - 115,938 33,876 149,814 121,707 73,661 199,031 ( 49,217 ) ( 16,296 ) ( 32,921 ) 851,153 - - - 818,232

FIDELITY SHIELD INSURANCE 5,818 76,893 - 82,711 - 19,124 74,612 8,099 - 8,099 478,844 - - - 486,943

FIRST ASSURANCE COMPANY - 136,031 - 136,031 392,411 - 392,411 ( 256,379 ) ( 76,914 ) ( 179,466 ) 462,393 - - - 282,928

GA INSURANCE COMPANY 872,374 - - 872,374 - - - 872,374 287,883 584,490 1,846,564 45,469 - 300,000 2,085,586

GEMINIA INSURANCE COMPANY 344,722 - - 344,722 - - - 344,722 103,417 241,305 643,461 - - - 884,766

HERITAGE INSURANCE COMPANY 393,594 - - 393,594 - 11,581 11,581 382,013 102,910 279,103 2,601,771 - 68,653 328,000 2,484,221

ICEA LION GENERAL INSURANCE - 518,926 - 518,926 142,035 63,810 243,344 275,582 88,186 187,395 2,748,505 - - - 2,935,901

INTRA-AFRICA ASSURANCE 35,620 17,988 10,719 64,327 - 8,941 10,167 54,160 16,248 37,912 10,617 - - - 48,530

INVESCO ASSURANCE COMPANY - 17,678 1,130 18,808 107,334 - 107,334 ( 88,526 ) ( 26,558 ) ( 61,968 ) ( 1,510,511 ) - - - ( 1,572,480 )

JUBILEE INSURANCE COMPANY 1,051,158 - - 1,051,158 - - - 1,051,158 315,347 735,811 4,116,230 - - - 4,852,041

KENINDIA ASSURANCE COMPANY 156,043 - 2,040 158,083 - 7,708 50,822 107,261 32,178 75,082 2,045,252 - - - 2,120,334

KENYA ORIENT INSURANCE 99,781 20,082 665 120,529 - 80,693 80,693 39,836 11,951 27,885 ( 144,987 ) - - - ( 117,102 )

MADISON INSURANCE COMPANY - - - - 173,531 - 173,531 ( 173,531 ) - ( 173,531 ) 841,027 - - - 667,496

MAYFAIR INSURANCE COMPANY 253,912 180,153 1,710 435,775 - 10,752 35,237 400,539 120,162 280,377 1,055,428 - - 150,000 1,185,805

METROPOLITAN CANNON GENERAL - 140,094 - 140,094 111,702 - 111,702 28,391 - 28,391 ( 265,937 ) - - - ( 237,545 )

MUA INSURANCE COMPANY - - - - 69,999 - 69,999 ( 69,999 ) - ( 69,999 ) 695,447 - - - 625,448

OCCIDENTAL INSURANCE COMPANY 147,593 - 5,198 152,791 - 67,791 70,344 82,446 24,734 57,712 401,758 - - - 459,471

PACIS INSURANCE COMPANY - - - - 6,259 - 6,259 ( 6,259 ) - ( 6,259 ) 408,138 - - 14,510 387,369

PIONEER INSURANCE COMPANY - 22,318 - 22,318 32,560 - 32,560 ( 10,242 ) - ( 10,242 ) 3,143 - - - ( 7,098 )

RESOLUTION INSURANCE COMPANY - - - - 437,419 - 437,419 ( 437,419 ) ( 131,226 ) ( 306,193 ) ( 1,712,351 ) - - - ( 2,018,544 )

SAHAM INSURANCE COMPANY 31,345 - - 31,345 - - - 31,345 9,404 21,942 228,268 - - - 250,210

SANLAM INSURANE COMPANY 50,783 - - 50,783 - - - 50,783 17,475 33,308 ( 205,454 ) - - - ( 172,146 )

TAKAFUL INSURANCE OF AFRICA - - 28,007 28,007 74,214 29,225 103,439 ( 75,431 ) - ( 75,431 ) ( 136,224 ) - - - ( 211,655 )

TAUSI ASSURANCE COMPANY 56,256 143,550 ( 18,373 ) 181,432 - 3,469 11,966 169,466 38,499 130,967 552,348 - - 72,000 611,316

THE KENYAN ALLIANCE INSURANCE ( 67,274 ) - - ( 67,274 ) - - - ( 67,274 ) ( 20,182 ) ( 47,092 ) 1,092,028 - - - 1,044,937

THE MONARCH INSURANCE - 96,246 - 96,246 56,054 5,360 69,737 26,510 13,087 13,423 111,277 - - - 124,700

TRIDENT INSURANCE COMPANY - 6,674 2,374 9,048 511 21,729 82,617 ( 73,569 ) - ( 73,569 ) 1,295,716 - - - 1,222,147

UAP INSURANCE COMPANY - 537,307 11,589 548,896 192,916 - 192,916 355,979 106,794 249,186 4,685,317 ( 1,604,043 ) - - 6,538,546

XPLICO INSURANCE COMPANY - 7,811 - 7,811 84,857 - 84,857 ( 77,045 ) - ( 77,045 ) 223,121 - - - 146,076

TOTAL 3,917,637 3,001,491 47,386 6,966,515 2,573,643 403,844 3,365,712 3,600,805 1,222,560 2,378,244 32,773,477 ( 1,048,683 ) 401,954 2,568,510 33,229,946

CONTINENTAL REINSURANCE 64,753 - - 64,753 - - - 64,753 30,912 33,841 256,273 - ( 38,288 ) - 328,401

EAST AFRICA REINSURANCE 61,871 364,018 6,825 432,715 - - 59,378 373,337 112,001 261,336 1,650,744 ( 50,792 ) ( 1,345 ) - 1,964,217

KENYA REINSURANCE CORPORATION 2,581,517 - 46,018 2,627,535 - - - 2,627,535 594,497 2,033,038 21,008,791 - - 594,957 22,446,872

TOTAL 2,708,141 364,018 52,843 3,125,003 - - 59,378 3,065,625 737,410 2,328,215 22,915,808 ( 50,792 ) ( 39,633 ) 594,957 24,739,490

GRAND TOTAL 6,625,778 3,365,509 100,229 10,091,518 2,573,643 403,844 3,425,090 6,666,430 1,959,970 4,706,459 55,689,285 ( 1,099,475 ) 362,321 3,163,467 57,969,436

APPENDIX 1: SUMMARY OF GENERAL INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

REINSURERS

INSURERS


36

Company

Profit Transferred from

Revenue Investment Income Other Income Total Income

Loss Transferred

From Revenue

Management

Expenses Total Outgo

Profit / (Loss)

Before Taxation

Provision for

Taxation

Profit/(Loss) After

Taxation

Unappropriated

Profit/(Loss) BF

Transfer To

Reserves

Other

Appropriations Dividend

Unappropriated

Profit /(Loss) CF

APA LIFE ASSURANCE COMPANY 31,093 38,526 - 69,619 - - 7,411 62,208 - 62,208 ( 134,467 ) - - - ( 72,259 )

BARCLAYS LIFE - 91,460 - 91,460 - - - 91,460 - 91,460 - - - - 91,460

BRITAM LIFE ASSURANCE - ( 24,681 ) - ( 24,681 ) - - - ( 24,681 ) - ( 24,681 ) - - - - ( 24,681 )

CAPEX LIFE ASSURANCE COMPANY - - ( 4,466 ) ( 4,466 ) - - - ( 4,466 ) - ( 4,466 ) 32,225 - - - 27,759

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

CORPORATE INSURANCE COMPANY - - ( 44,609 ) ( 44,609 ) - - - ( 44,609 ) - ( 44,609 ) 152,203 - - - 107,594

FIRST ASSURANCE COMPANY - - - - - - - - 6,964 ( 6,964 ) - ( 6,964 ) - - -

GA LIFE ASSURANCE COMPANY - - 9,911 9,911 - - - 9,911 2,973 6,938 - - - - 6,938

GEMINIA INSURANCE COMPANY 30,725 - - 30,725 - - - 30,725 - 30,725 - - - - 30,725

ICEA LION LIFE ASSURANCE 375,000 89,575 - 464,575 - 55 55 464,520 131,856 332,664 2,126,552 - - - 2,459,216

JUBILEE INSURANCE COMPANY 227,394 386,510 - 613,904 - - - 613,904 68,218 545,685 - - - - 545,685

KENINDIA ASSURANCE COMPANY 45,000 - - 45,000 - - - 45,000 - 45,000 22,379 - - 55,737 11,642

KENYA ORIENT LIFE ASSURANCE - ( 7,734 ) - ( 7,734 ) - 3,945 6,798 ( 14,532 ) 4,937 ( 19,469 ) 5,625 - - - ( 13,844 )

LIBERTY LIFE ASSURANCE COMPANY - - 390,303 390,303 - - - 390,303 27,935 362,368 ( 315,463 ) 391,613 - - ( 344,708 )

MADISON INSURANCE COMPANY - - - - 215,209 - 215,209 ( 215,209 ) ( 64,563 ) ( 150,646 ) 62,000 ( 150,646 ) - - 62,000

METROPOLITAN CANNON INSURANCE - - - - 212,376 - 212,376 ( 212,376 ) 9,599 ( 221,975 ) ( 1,104,935 ) - - - ( 1,326,911 )

OLD MUTUAL LIFE ASSURANCE - 182,233 - 182,233 238,544 6,057 244,601 ( 62,368 ) - ( 62,368 ) ( 2,412,947 ) - - - ( 2,475,316 )

PIONEER ASSURANCE COMPANY - - - - 246,082 - 246,082 ( 246,082 ) - ( 246,082 ) 259,255 - - - 13,173

PRUDENTIAL LIFE ASSURANCE - 50,802 - 50,802 - 237,079 251,705 ( 200,904 ) 27,042 ( 227,946 ) ( 1,525,056 ) - - - ( 1,753,002 )

SAHAM ASSURANCE - - - - - - - - - - - - ( 14,360 ) - 14,360

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

TAKAFUL INSURANCE OF AFRICA 17,830 - - 17,830 - - - 17,830 - 17,830 41,155 - - - 58,985

THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - 40,029 - - - 40,029

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

UAP LIFE ASSURANCE COMPANY - - 241,827 241,827 - - - 241,827 80,450 161,377 129,744 - - - 291,121

TOTAL 813,292 806,691 592,966 2,212,949 912,211 247,136 1,184,237 1,028,711 321,661 707,049 ( 1,909,938 ) 234,003 ( 14,360 ) 55,737 ( 1,478,271 )

CONTINENTAL REINSURANCE 47,738 - - 47,738 - - - 47,738 2,835 44,903 131,273 - 38,288 - 137,887

EAST AFRICAN REINSURANCE 38,759 129,643 - 168,402 - 1,091 1,822 166,580 54,715 111,864 515,349 50,792 - - 576,421

KENYA REINSURANCE CORPORATION 277,146 - - 277,146 - - - 277,146 71,174 205,972 3,885,371 - - - 4,091,343

TOTAL 363,643 129,643 - 493,286 - 1,091 1,822 491,464 128,724 362,739 4,531,993 50,792 38,288 - 4,805,651

GRAND TOTAL 1,176,935 936,334 592,966 2,706,235 912,211 248,227 1,186,059 1,520,175 450,385 1,069,788 2,622,055 284,795 23,928 55,737 3,327,380

INSURERS

APPENDIX 2: SUMMARY OF LONG TERM INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

REINSURERS


37

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

APA LIFE ASSURANCE COMPANY 92,199 7,516 390,163 504,154 178,987 - 161 1,173,180 1.87

BARCLAYS LIFE 282,078 - - 531,264 568,030 - - 1,381,372 2.20

BRITAM LIFE ASSURANCE 5,985,958 1,208,698 6,011,791 918,503 898,258 - 430,991 15,454,199 24.60

CAPEX LIFE ASSURANCE COMPANY 169,838 - - 68,388 - - - 238,226 0.38

CIC LIFE ASSURANCE COMPANY 759,151 791,352 708,594 634,174 1,971,147 - - 4,864,418 7.74

CORPORATE INSURANCE COMPANY 223,200 - - 1,224 - - - 224,424 0.36

FIRST ASSURANCE COMPANY - - - 96,306 8,622 - - 104,928 0.17

GA LIFE ASSURANCE COMPANY - - 1,147,645 30,508 4,976 - - 1,183,129 1.88

GEMINIA INSURANCE COMPANY 40,128 - 9,450 65,417 - - - 114,995 0.18

ICEA LION LIFE ASSURANCE 1,839,732 663,589 5,594,338 263,293 180,012 - 29,241 8,570,205 13.64

JUBILEE INSURANCE COMPANY 2,541,096 577,948 5,384,383 691,412 90,218 - - 9,285,057 14.78

KENINDIA ASSURANCE COMPANY 1,068,590 428,115 2,679,915 42,664 - - - 4,219,284 6.72

KENYA ORIENT LIFE ASSURANCE 31,438 160,052 56,803 20,532 148,926 - - 417,751 0.67

LIBERTY LIFE ASSURANCE COMPANY 927,996 93,889 889,359 317,208 388,946 - 784,292 3,401,690 5.42

MADISON INSURANCE COMPANY 909,895 1,150,710 256,352 78,130 125,265 - 9,925 2,530,277 4.03

METROPOLITAN CANNON INSURANCE 69,772 - - 93,193 25,622 - 8,126 196,713 0.31

OLD MUTUAL LIFE ASSURANCE 654,088 - - 217,266 - - 636,635 1,507,989 2.40

PIONEER ASSURANCE COMPANY 549,193 42,516 127,446 824,168 505,062 - 45,118 2,093,503 3.33

PRUDENTIAL LIFE ASSURANCE 123,912 - - 43,459 135,204 - - 302,575 0.48

SAHAM ASSURANCE 28,601 - 13,631 2,893 343 - - 45,468 0.07

SANLAM LIFE ASSURANCE 1,297,768 498,585 170,054 479,585 361,146 - 601,908 3,409,046 5.43

TAKAFUL INSURANCE OF AFRICA - - - 15,339 25,003 - - 40,342 0.06

THE KENYAN ALLIANCE INSURANCE 19,863 - 176,907 121,897 4,519 - 1,727 324,913 0.52

THE MONARCH INSURANCE 17,310 - - 12,625 - - - 29,935 0.05

UAP LIFE ASSURANCE COMPANY 481,721 - 581,238 304,034 255,927 - 73,879 1,696,799 2.70

TOTAL 18,113,527 5,622,970 24,198,069 6,377,636 5,876,213 - 2,622,003 62,810,418 100

CONTINENTAL REINSURANCE 1,244 - - 142,618 - - - 143,862 7.88

EAST AFRICAN REINSURANCE 33,695 - - 791,872 - - - 825,567 45.21

KENYA REINSURANCE CORPORATION 85,682 - - 771,138 - - - 856,820 46.92

TOTAL 120,621 - - 1,705,628 - - - 1,826,249 100.00

APPENDIX 3: SUMMARY OF LONG TERM INSURANCE BUSINESS GROSS PREMIUM INCOME FOR THE PERIOD ENDED 30.09.2018

REINSURERS

INSURERS


38

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

BRITAM LIFE ASSURANCE 33.05 21.50 24.84 - 15.29 - 16.44 25.76

JUBILEE INSURANCE COMPANY 14.03 10.28 22.25 - 1.54 - - 15.23

ICEA LION LIFE ASSURANCE 10.16 11.80 23.12 - 3.06 - 1.12 14.72

CIC LIFE ASSURANCE COMPANY 4.19 14.07 2.93 - 33.54 - - 7.50

KENINDIA ASSURANCE COMPANY 5.90 7.61 11.07 - - - - 7.40

LIBERTY LIFE ASSURANCE COMPANY 5.12 1.67 3.68 - 6.62 - 29.91 5.47

SANLAM LIFE ASSURANCE 7.16 8.87 0.70 - 6.15 - 22.96 5.19

MADISON INSURANCE COMPANY 5.02 20.46 1.06 - 2.13 - 0.38 4.35

PIONEER ASSURANCE COMPANY 3.03 0.76 0.53 - 8.60 - 1.72 2.25

UAP LIFE ASSURANCE COMPANY 2.66 - 2.40 - 4.36 - 2.82 2.47

OLD MUTUAL LIFE ASSURANCE 3.61 - - - - - 24.28 2.29

BARCLAYS LIFE 1.56 - - - 9.67 - - 1.51

APA LIFE ASSURANCE COMPANY 0.51 0.13 1.61 - 3.05 - 0.01 1.19

GA LIFE ASSURANCE COMPANY - - 4.74 - 0.08 - - 2.04

KENYA ORIENT LIFE ASSURANCE 0.17 2.85 0.23 - 2.53 - - 0.70

CAPEX LIFE ASSURANCE COMPANY 0.94 - - - - - - 0.30

PRUDENTIAL LIFE ASSURANCE 0.68 - - - 2.30 - - 0.46

CORPORATE INSURANCE COMPANY 1.23 - - - - - - 0.40

METROPOLITAN CANNON INSURANCE 0.39 - - - 0.44 - 0.31 0.18

FIRST ASSURANCE COMPANY - - - - 0.15 - - 0.02

GEMINIA INSURANCE COMPANY 0.22 - 0.04 - - - - 0.09

SAHAM ASSURANCE 0.16 - 0.06 - 0.01 - - 0.08

THE MONARCH INSURANCE 0.10 - - - - - - 0.03

THE KENYAN ALLIANCE INSURANCE 0.11 - 0.73 - 0.08 - 0.07 0.36

TAKAFUL INSURANCE OF AFRICA - - - - 0.43 - - 0.04

TOTAL 100.00 100.00 100.00 - 100.00 0.00 100.00 100.00

EAST AFRICAN REINSURANCE 78.05 - - 86.97 - - - 86.66

KENYA REINSURANCE CORPORATION 20.56 - - 6.61 - - - 7.09

CONTINENTAL REINSURANCE 1.40 - - 6.42 - - - 6.25

TOTAL 100.00 - - 100.00 - - - 100.00

APPENDIX 4: SUMMARY OF LONG TERM INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.09.2018

REINSURERS

INSURERS

Figures in %


39

Company Life Fund BF Gross Premium Net Premium

Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To

(From) P & L Life Fund CF

APA LIFE ASSURANCE COMPANY 170,057 92,199 90,321 - 13,376 10,535 - - - 31,936 71,739 6,602 2,032 - 150,737

BARCLAYS LIFE (602,618) 282,078 282,078 - 7,583 198,408 - - - 24,971 164,937 43,344 - - (665,513)

BRITAM LIFE ASSURANCE 21,044,731 5,985,958 5,961,468 - 2,067,916 2,046,494 - - - 985,309 1,275,953 1,188,682 85,950 - 23,801,175

CAPEX LIFE ASSURANCE COMPANY 314,875 169,838 169,838 - 85,919 86,659 - - - - 73,485 70,674 - - 395,243

CIC LIFE ASSURANCE COMPANY 648,992 759,151 750,120 - 282,872 458,773 - - - 104,980 130,776 24,794 - - 729,377

CORPORATE INSURANCE COMPANY 528,220 223,200 221,812 - 195,729 195,729 - - - 50,036 36,526 46,885 - - 514,626

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

GA LIFE ASSURANCE COMPANY - - - - - - - - - - 2 - - - (2)

GEMINIA INSURANCE COMPANY 608,820 40,128 39,071 - 6,705 5,100 1,465 140 - 5,309 12,829 23,724 - - 646,771

ICEA LION LIFE ASSURANCE 8,254,420 1,839,732 1,810,062 - 566,632 574,380 - - - 345,683 433,621 623,522 - 67,817 9,266,504

JUBILEE INSURANCE COMPANY 7,169,377 2,541,096 2,531,554 - 1,003,911 770,721 259,958 - - 514,038 375,867 668,615 2,409 (36,065) 8,482,618

KENINDIA ASSURANCE COMPANY 6,884,358 1,068,590 1,068,240 - 384,159 384,159 - - - 71,898 136,068 710,320 - 22,500 8,048,293

KENYA ORIENT LIFE ASSURANCE 18,522 31,438 31,333 - 906 - 906 - - 6,289 32,390 3,476 - - 13,746

LIBERTY LIFE ASSURANCE COMPANY 6,633,783 927,996 924,807 - 286,302 269,483 - - - 24,005 132,650 307,910 - - 7,440,362

MADISON INSURANCE COMPANY 3,114,541 909,895 909,895 - 278,632 278,632 - - - 127,799 369,557 86,752 - - 3,335,199

METROPOLITAN CANNON INSURANCE 741,386 69,772 69,785 - 31,779 31,779 57,271 - - (1,072) 2,396 2,184 - (67,960) 790,941

OLD MUTUAL LIFE ASSURANCE 5,626,612 654,088 604,288 289,555 561,974 498,300 65,469 - - 140,730 613,665 169,598 16,106 (211,143) 5,566,925

PIONEER ASSURANCE COMPANY 322,400 549,193 547,468 - 311,434 285,253 - - - 146,028 254,674 42,236 - - 226,148

PRUDENTIAL LIFE ASSURANCE 452,375 123,912 123,832 5,828 117,959 95,790 2,517 10 - 29,298 77,448 22,836 885 - 398,923

SAHAM ASSURANCE 212,049 28,601 22,879 - 29,329 29,329 - - - 3,027 15,277 38,352 - - 225,646

SANLAM LIFE ASSURANCE 5,760,824 1,297,768 1,276,904 - 312,893 238,575 - - - 159,539 351,244 239,523 - - 6,527,893

TAKAFUL INSURANCE OF AFRICA 41,155 - - - - - - - - - - - - - 41,155

THE KENYAN ALLIANCE INSURANCE 46,019 19,863 19,863 - 4,789 5,077 - - - 2,437 3,653 4,740 - - 59,454

THE MONARCH INSURANCE 18,959 17,310 17,224 - - - - - - 1,625 10,758 10,587 - - 34,387

UAP LIFE ASSURANCE COMPANY 761,040 481,721 481,721 - 78,101 17,461 61,657 8 - 12,632 236,206 - - - 914,797

TOTAL 68,770,897 18,113,527 17,954,563 295,383 6,628,900 6,480,637 449,243 158 - 2,786,497 4,811,721 4,335,356 107,382 (224,851) 76,945,405

CONTINENTAL REINSURANCE - 1,244 1,057 - 627 - - - - 355 105 232 10 - 819

EAST AFRICAN REINSURANCE - 33,695 33,695 (13,326) 5,627 - - - - 7,552 2,421 - - - 10,397

KENYA REINSURANCE CORPORATION 1,225,534 85,682 80,324 - 43,828 48,079 - - - 27,263 8,632 31,752 - - 1,253,635

TOTAL 1,225,534 120,621 115,076 (13,326) 50,082 48,079 - - - 35,170 11,158 31,984 10 - 1,264,851

REINSURERS

APPENDIX 5: SUMMARY OF LIFE ASSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

Amounts in Thousand Shillings

INSURERS


40

Company Life Fund BF Gross Premium Net Premium

Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 18,266 7,516 7,516 - 44,043 - - - 44,043 - 3,544 32,287 2,722 - 7,760

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

BRITAM LIFE ASSURANCE 1,866,255 1,208,698 1,208,698 - 345,564 345,564 - - - - 26,416 238,209 2,301 - 2,938,882

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

CIC LIFE ASSURANCE COMPANY (191,576) 791,352 791,352 - 106,816 974,652 - - - 15,809 19,924 73,120 - - (337,488)

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


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

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

ICEA LION LIFE ASSURANCE 9,041,106 663,589 663,589 - 808,545 (596) - - 809,000 17,995 43,374 869,351 - 135,000 9,569,273

JUBILEE INSURANCE COMPANY 8,648,099 577,948 577,948 - 684,335 684,335 - - - 9,383 27,867 700,509 2,839 (267,073) 9,469,205

KENINDIA ASSURANCE COMPANY 727,514 428,115 428,115 - 60,059 60,059 - - - 7,851 - 88,397 - - 1,176,116

KENYA ORIENT LIFE ASSURANCE 101,593 160,052 160,052 - 19,788 - - - 19,788 6,577 7,065 17,698 - - 245,913

LIBERTY LIFE ASSURANCE COMPANY 223,990 93,889 93,889 - 27,532 27,532 - - - - 923 14,308 - - 303,731

MADISON INSURANCE COMPANY 3,388,515 1,150,710 1,150,710 - 415,815 415,815 - - - 25,332 59,494 116,934 - - 4,155,519

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

OLD MUTUAL LIFE ASSURANCE 282 - - - 1,024 - - - 1,024 - - 10 4 - (736)

PIONEER ASSURANCE COMPANY 106,335 42,516 42,516 - 13,589 13,589 - - - - - 2,226 - - 137,489

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

SAHAM ASSURANCE (272) - - - 102 102 - - - - - - - - (374)

SANLAM LIFE ASSURANCE 7,657,219 498,585 498,585 - 714,521 711,481 - - - 9,880 8,127 733,677 - - 8,159,993

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

THE KENYAN ALLIANCE INSURANCE 1,197,794 - - - 82,169 - - - 82,169 - - - - - 1,115,626

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

UAP LIFE ASSURANCE COMPANY 1,309,928 - - - 113,107 - - - 113,107 - - - - - 1,196,821

TOTAL 34,095,048 5,622,970 5,622,970 - 3,437,009 3,232,533 - - 1,069,131 92,827 196,734 2,886,726 7,866 (132,073) 38,137,730

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

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

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

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

APPENDIX 6: SUMMARY OF ANNUITIES BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



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


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

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

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


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





ICEA LION LIFE ASSURANCE 22,911 - - - - - - - - - - - - - 22,911

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

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

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

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

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


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

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


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

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


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


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

TOTAL 22,911 - - - - - - - - - - - - - 22,911

CONTINENTAL REINSURANCE - 142,618 121,226 - 55,697 59,638 - - - 32,290 15,787 34,952 1,543 - 46,919

EAST AFRICAN REINSURANCE - 791,872 665,136 (208,779) 235,185 174,186 - - - 175,541 78,268 - - - 28,363


TOTAL 5,712,901 1,705,628 1,509,274 - 208,779 685,337 670,400 - - - 453,201 171,744 320,720 1,543 - 6,037,227

APPENDIX 7: SUMMARY OF GROUP LIFE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

REINSURERS


INSURERS


42

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

Expense of

Management Investment Income

Investment

Expenses

Transfer To (From) P

& L Life Fund CF

APA LIFE ASSURANCE COMPANY 72,541 178,987 160,873 - 26,696 31,602 - - - 19,690 3,853 1,899 160 - 180,007

BARCLAYS LIFE (30,092) 568,030 364,711 - 123,769 230,871 - - - 125,029 82,619 55,088 - - (48,813)

BRITAM LIFE ASSURANCE 84,937 898,258 784,888 - 374,143 374,143 - - - (330) 242,494 91,592 707 - 344,403

CAPEX LIFE ASSURANCE COMPANY - - (17,092) - - - - - - - - - - - (17,092)

CIC LIFE ASSURANCE COMPANY 525,708 1,971,147 1,376,460 - 402,217 557,634 - - - 89,833 361,077 110,126 - 86,250 917,501


FIRST ASSURANCE COMPANY 12,803 8,622 1,564 - 200 - - - - (1,093) 1,579 2,254 - - 16,134

GA LIFE ASSURANCE COMPANY 704 4,976 293 - - - - - - (967) 525 263 - - 1,702


ICEA LION LIFE ASSURANCE 118,538 180,012 106,622 - 61,152 64,675 - - - (4,222) 58,293 15,710 - 6,750 115,374

JUBILEE INSURANCE COMPANY 119,326 90,218 87,109 - 44,867 39,819 - - - 21,542 16,193 14,377 53 - 143,206


KENYA ORIENT LIFE ASSURANCE 341,239 148,926 135,515 - 14,778 14,778 - - - 8,590 107,168 15,513 - - 361,731

LIBERTY LIFE ASSURANCE COMPANY 333,264 388,946 316,035 - 171,018 166,573 - - - 60,779 - - - - 421,947

MADISON INSURANCE COMPANY 251,615 125,265 125,265 - 38,873 38,873 - - - - 35,345 - - - 302,662

METROPOLITAN CANNON INSURANCE 50,143 25,622 25,622 - 18,099 - - - - - 1,198 1,092 - - 75,660


PIONEER ASSURANCE COMPANY 763,324 505,062 505,062 - 169,935 543,737 - - - - - - - - 724,649

PRUDENTIAL LIFE ASSURANCE 93,635 135,204 136,318 3,856 12,981 12,981 - - - 44,334 48,905 24,918 965 - 151,540

SAHAM ASSURANCE 903 343 244 - - - - - - - 163 - - - 984


TAKAFUL INSURANCE OF AFRICA - 25,003 14,851 - - - - - - (268) 11,588 7,574 - - 11,105

THE KENYAN ALLIANCE INSURANCE 6,658 4,519 4,519 - - - - - - 174 822 1,078 - - 11,260


UAP LIFE ASSURANCE COMPANY - 255,927 255,927 - 66,667 40,888 - - - - - - - - 215,039

TOTAL 4,304,223 5,876,213 4,731,455 3,856 1,945,457 2,510,140 - - - 394,225 1,063,401 368,830 1,885 93,000 5,345,712




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

APPENDIX 8: SUMMARY OF GROUP CREDIT BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



43


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 777 161 161 - - - - - - - - - - - 938

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

BRITAM LIFE ASSURANCE 3,651,874 430,991 430,991 - 1,181,307 1,202,729 - - - - 39,462 - - - 2,840,673







ICEA LION LIFE ASSURANCE 515,490 29,241 29,241 - 83,805 83,805 - - - - - (60,617) - 4,183 396,125




LIBERTY LIFE ASSURANCE COMPANY 4,425,992 784,292 784,292 - 1,370,821 1,311,238 - - - 105,912 343,563 494,777 - - 3,944,347

MADISON INSURANCE COMPANY 201,389 9,925 9,925 - 48,898 48,898 - - - - 1,605 8,955 - - 169,767

METROPOLITAN CANNON INSURANCE 352,458 8,126 8,126 (2,016) 26,301 26,301 - - - - 45,532 41,494 - - 328,229

OLD MUTUAL LIFE ASSURANCE 5,968,831 636,635 636,635 - 898,697 79,605 797,024 - - - - 134,838 19,407 - 5,844,269

PIONEER ASSURANCE COMPANY 109,099 45,118 45,118 - - - - - - - - - - - 154,217


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

SANLAM LIFE ASSURANCE 6,446,386 601,908 601,908 - 1,595,609 1,612,832 - - - 83,941 167,392 118,432 - - 5,302,560


THE KENYAN ALLIANCE INSURANCE 5,226 1,727 1,727 - - - - - - - 275 412 - - 7,090


UAP LIFE ASSURANCE COMPANY 893,215 73,879 73,879 - 135,853 71,431 67,330 - - - - - - - 828,334

TOTAL 22,570,737 2,622,003 2,622,003 - 2,016 5,341,291 4,436,839 864,354 - - 189,853 597,829 738,291 19,407 4,183 19,816,549




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

APPENDIX 9: SUMMARY OF INVESTMENTS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



44


Expense of

Management Investment Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF

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

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

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







ICEA LION LIFE ASSURANCE 22,911 - - - - - - - - - - - - - 22,911




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

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



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


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

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


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


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

TOTAL 22,911 - - - - - - - - - - - - - 22,911




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

APPENDIX 10: SUMMARY OF PERMANENT HEALTH BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



45


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 3,146,094 390,163 390,163 - 355,832 355,832 - - - 5,889 20,035 299,771 6,600 31,093 3,416,578

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

BRITAM LIFE ASSURANCE 27,089,768 6,011,791 6,011,791 - 3,079,704 3,079,704 - - - 97,907 351,910 2,133,652 20,608 - 31,685,083


CIC LIFE ASSURANCE COMPANY ( 45,675 ) 708,594 708,594 - 137,909 - - - - ( 3,777 ) 17,213 257 - - 649,740

CORPORATE INSURANCE COMPANY 7,518 - - - - - - - - - - - - - 7,518


GA LIFE ASSURANCE COMPANY 5,696,989 1,147,645 1,147,645 - 397,401 397,401 - - - 6,306 37,006 555,474 - - 6,959,395

GEMINIA INSURANCE COMPANY - 9,450 9,450 - - - - - - - 116 - 2 - 9,332

ICEA LION LIFE ASSURANCE 42,457,806 5,594,338 5,594,338 - 3,674,656 3,674,656 - - - 53,564 243,828 3,298,009 - 150,000 47,228,107

JUBILEE INSURANCE COMPANY 41,262,186 5,384,383 5,384,383 - 4,266,426 4,266,426 - - - 47,602 225,470 4,211,680 15,599 326,178 45,976,974

KENINDIA ASSURANCE COMPANY 21,760,403 2,679,915 2,679,915 - 2,457,679 3,589,620 - - - 28,808 75,725 1,844,563 - - 22,590,728

KENYA ORIENT LIFE ASSURANCE 62,232 56,803 56,803 - 16,046 16,046 - - - - 1,390 5,858 - - 107,458

LIBERTY LIFE ASSURANCE COMPANY 10,139,106 889,359 889,359 - 2,047,243 2,047,243 - - - 10,221 240,715 379,657 - - 9,109,942

MADISON INSURANCE COMPANY 3,122,871 256,352 256,352 - 192,310 192,310 - - - 1,258 18,579 109,154 - - 3,276,229



PIONEER ASSURANCE COMPANY 272,667 127,446 127,446 - - - - - - - - - - - 400,113


SAHAM ASSURANCE 866,049 13,631 13,631 - 280,921 280,921 - - - - 9,183 39,914 - - 629,489



THE KENYAN ALLIANCE INSURANCE 529,125 176,907 176,907 - 101,746 96,899 - - - 2,752 32,192 42,215 - - 616,402

THE MONARCH INSURANCE 5,717 - - - - - - - - - 5,475 13,027 - - 13,270

UAP LIFE ASSURANCE COMPANY 4,443,591 581,238 581,238 - 816,039 816,039 - - - - - - - - 4,208,789

TOTAL 162,251,657 24,198,069 24,198,069 - 19,235,533 19,235,533 - - - 251,770 1,293,967 12,945,456 42,809 507,271 178,063,831




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

APPENDIX 11: SUMMARY OF PENSIONS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

REINSURERS


INSURERS


46


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


APA LIFE ASSURANCE COMPANY 3,407,735 669,026 649,034 - 439,947 397,969 - - 44,043 57,515 99,171 340,559 11,514 31,093 3,756,020

BARCLAYS LIFE ( 632,710 ) 850,108 646,789 - 131,352 429,279 - - - 150,000 247,556 98,432 - - ( 714,326 )

BRITAM LIFE ASSURANCE 53,737,565 14,535,696 14,397,836 - 7,048,634 7,048,634 - - - 1,082,886 1,936,235 3,652,135 109,566 - 61,610,216

CAPEX LIFE ASSURANCE COMPANY 314,875 169,838 152,746 - 85,919 86,659 - - - - 73,485 70,674 - - 378,151

CIC LIFE ASSURANCE COMPANY 937,449 4,230,244 3,626,526 - 929,814 1,991,059 - - - 206,845 528,990 208,297 - 86,250 1,959,130

CORPORATE INSURANCE COMPANY 535,738 223,200 221,812 - 195,729 195,729 - - - 50,036 36,526 46,885 - - 522,144

FIRST ASSURANCE COMPANY 12,803 8,622 1,564 - 200 - - - - ( 1,093 ) 1,579 2,254 - - 16,134

GA LIFE ASSURANCE COMPANY 5,697,693 1,152,621 1,147,938 - 397,401 397,401 - - - 5,339 37,533 555,737 - - 6,961,095

GEMINIA INSURANCE COMPANY 608,820 49,578 48,521 - 6,705 5,100 1,465 140 - 5,309 12,945 23,724 2 - 656,103

ICEA LION LIFE ASSURANCE 60,433,182 8,306,912 8,203,852 - 5,194,790 4,396,920 - - 809,000 413,020 779,116 4,745,975 - 363,750 66,621,205

JUBILEE INSURANCE COMPANY 57,198,988 8,593,645 8,580,994 - 5,999,539 5,761,301 259,958 - - 592,565 645,397 5,595,181 20,900 23,040 64,072,003

KENINDIA ASSURANCE COMPANY 29,372,275 4,176,620 4,176,270 - 2,901,897 4,033,838 - - - 108,557 211,793 2,643,280 - 22,500 31,815,137

KENYA ORIENT LIFE ASSURANCE 523,586 397,219 383,703 - 51,518 30,824 906 - 19,788 21,456 148,013 42,545 - - 728,848

LIBERTY LIFE ASSURANCE COMPANY 21,756,135 3,084,482 3,008,382 - 3,902,916 3,822,069 - - - 200,917 717,851 1,196,652 - - 21,220,329

MADISON INSURANCE COMPANY 10,078,931 2,452,147 2,452,147 - 974,528 974,528 - - - 154,389 484,580 321,795 - - 11,239,376

METROPOLITAN CANNON INSURANCE 1,143,987 103,520 103,533 ( 2,016 ) 76,179 58,080 57,271 - - ( 1,072 ) 49,126 44,770 - ( 67,960 ) 1,194,830

OLD MUTUAL LIFE ASSURANCE 11,595,725 1,290,723 1,240,923 289,555 1,461,695 577,905 862,493 - 1,024 140,730 613,665 304,446 35,517 ( 211,143 ) 11,410,458

PIONEER ASSURANCE COMPANY 1,573,825 1,269,335 1,267,610 - 494,958 842,579 - - - 146,028 254,674 44,462 - - 1,642,616

PRUDENTIAL LIFE ASSURANCE 546,010 259,116 260,150 9,684 130,940 108,771 2,517 10 - 73,632 126,353 47,754 1,850 - 550,463

SAHAM ASSURANCE 1,078,729 42,575 36,754 - 310,352 310,352 - - - 3,027 24,623 78,266 - - 855,745

SANLAM LIFE ASSURANCE 22,858,616 2,929,461 2,894,120 - 3,465,521 3,378,890 - - - 285,734 633,472 1,131,203 - - 22,585,843

TAKAFUL INSURANCE OF AFRICA 41,155 25,003 14,851 - - - - - - ( 268 ) 11,588 7,574 - - 52,260

THE KENYAN ALLIANCE INSURANCE 1,784,822 203,016 203,016 - 188,704 101,976 - - 82,169 5,363 36,942 48,445 - - 1,809,832

THE MONARCH INSURANCE 24,676 17,310 17,224 - - - - - - 1,625 16,233 23,614 - - 47,657

UAP LIFE ASSURANCE COMPANY 7,407,774 1,392,765 1,392,765 - 1,209,767 945,819 128,987 8 113,107 12,632 236,206 - - - 7,363,780

TOTAL 292,038,384 56,432,782 55,129,060 297,223 35,599,005 35,895,682 1,313,597 158 1,069,131 3,715,172 7,963,652 21,274,659 179,349 247,530 318,355,049

CONTINENTAL REINSURANCE - 143,862 122,283 - 56,324 59,638 - - - 32,645 15,892 35,184 1,553 - 47,738

EAST AFRICAN REINSURANCE - 825,567 698,831 ( 222,105 ) 240,812 174,186 - - - 183,093 80,689 - - - 38,760


TOTAL 6,938,435 1,826,249 1,624,350 ( 222,105 ) 735,419 718,479 - - - 488,371 182,902 352,704 1,553 - 7,302,078

APPENDIX 12: SUMMARY OF COMBINED LONG TERM BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

REINSURERS


INSURERS


47

AAR INSURANCE KENYA - 119 1,240 1,236 2,478 ( 1,406 ) - - - 20,175 1,214 39,167 4,648,888 19,107 4,732,218 4.66

AFRICAN MERCHANT ASSURANCE - 142,430 2,913 351,414 13,173 203,373 486,068 400,362 - 25,165 31,132 83,563 - 9,108 1,748,701 1.72

AIG INSURANCE COMPANY 12,441 33,097 69,536 577,933 516,073 36,740 708,653 170,868 - 147,193 319,115 287,955 - - 2,879,604 2.84

ALLIANZ INSURANCE COMPANY 31,500 6,398 17,374 90,857 100,417 74,189 82,572 60,310 - 3,053 16,619 46,351 - 30,973 560,613 0.55

APA INSURANCE COMPANY 21,879 137,072 68,639 646,844 74,946 164,309 1,056,442 1,221,155 - 170,622 194,803 565,188 3,300,074 231,473 7,853,446 7.74

BRITAM GENERAL INSURANCE - 233,630 91,619 389,048 98,122 307,826 1,016,623 957,859 - 535,397 175,233 184,658 1,599,973 576,133 6,166,121 6.08

CIC GENERAL INSURANCE COMPANY - 191,013 81,379 625,756 80,792 84,313 1,764,799 1,891,079 14,248 254,203 431,377 333,336 2,499,592 167,588 8,419,475 8.30

CORPORATE INSURANCE COMPANY - 10,815 4,861 32,770 3,888 45,710 71,261 31,817 - 3,166 8,782 24,737 - ( 4,547 ) 233,260 0.23

DIRECTLINE ASSURANCE COMPANY - - - - - - 135,963 40,433 1,946,003 - - - - - 2,122,399 2.09

FIDELITY SHIELD INSURANCE 89,444 67,234 23,592 132,081 5,908 39,551 486,991 482,719 71,444 3,640 61,809 150,123 - 32,471 1,647,007 1.62

FIRST ASSURANCE COMPANY - 149,725 24,033 262,540 21,763 64,382 487,270 426,689 - 124,826 73,236 88,433 1,466,475 64,030 3,253,402 3.21

GA INSURANCE COMPANY 110,470 269,635 79,494 942,092 82,169 247,830 496,242 525,385 80,914 136,572 313,824 426,328 1,121,136 105,991 4,938,082 4.87

GEMINIA INSURANCE COMPANY - 115,995 50,324 271,817 28,895 192,054 934,743 1,107,152 - 44,015 232,615 313,936 - 83,817 3,375,363 3.33

HERITAGE INSURANCE COMPANY 56,034 186,709 138,314 422,054 191,849 84,197 637,574 503,593 13,048 196,145 95,508 286,034 1,294,962 215,022 4,321,043 4.26

ICEA LION GENERAL INSURANCE 830,751 109,450 89,986 723,722 128,605 189,213 808,413 418,909 - 197,191 196,587 408,624 239,424 61,623 4,402,498 4.34

INTRA-AFRICA ASSURANCE - 29,852 24,991 91,364 11,057 71,738 277,339 207,223 551 19,294 57,784 122,916 - 54,639 968,748 0.95

INVESCO ASSURANCE COMPANY - - 212 338 336 303 134,781 53,127 1,014,637 206 214 927 - 14 1,205,095 1.19

JUBILEE INSURANCE COMPANY 74,333 179,051 46,603 686,536 281,549 169,734 985,788 565,003 - 170,835 98,922 150,068 5,406,337 84,845 8,899,604 8.77

KENINDIA ASSURANCE COMPANY 35 153,492 46,029 542,102 51,229 228,212 278,002 492,959 - 33,179 188,382 320,900 123,221 10,808 2,468,550 2.43

KENYA ORIENT INSURANCE - 49,353 20,937 56,800 13,995 7,610 421,445 409,360 - 8,238 71,184 56,493 - 63,438 1,178,853 1.16

MADISON INSURANCE COMPANY - 9,443 35,957 50,598 230,466 35,962 573,096 675,292 - 27,931 18,188 35,581 1,752,289 81,588 3,526,391 3.48

MAYFAIR INSURANCE COMPANY 12,353 327,293 54,403 468,148 36,339 112,279 289,627 249,344 - 36,996 114,691 270,149 - 113,981 2,085,603 2.06

METROPOLITAN CANNON INSURANCE - 58,240 11,291 39,802 5,243 24,408 287,150 211,189 - 43,078 24,777 72,748 - 67,335 845,261 0.83

MUA INSURANCE COMPANY 154,311 99,070 5,151 109,870 37,273 17,329 117,031 64,991 - 9,430 10,945 16,701 - 17,760 659,862 0.65

OCCIDENTAL INSURANCE COMPANY - 72,709 50,695 243,724 11,193 127,851 558,967 484,403 - 43,637 96,104 258,668 - 22,469 1,970,420 1.94

PACIS INSURANCE COMPANY - 8,900 9,784 82,600 12,258 1,918 262,622 257,611 - 78,112 32,987 60,635 248,834 3,141 1,059,402 1.04

PIONEER INSURANCE COMPANY - 11,795 8,454 27,396 19,694 32,093 147,543 80,559 - 31,076 13,032 28,419 - 14,371 414,432 0.41

RESOLUTION INSURANCE COMPANY - 7,822 3,143 20,540 33,066 26,065 312,713 309,067 - 92,511 11,557 40,058 3,144,673 26,893 4,028,108 3.97

SAHAM INSURANCE COMPANY - 212,571 17,011 181,098 39,805 18,986 364,007 149,571 - 34,638 29,730 69,813 548,260 249,029 1,914,519 1.89

SANLAM INSURANE COMPANY - 26,471 23,545 98,093 68,154 22,337 385,670 313,826 85,646 11,897 72,717 63,832 502,267 127,696 1,802,151 1.78

TAKAFUL INSURANCE OF AFRICA - 22,553 5,440 34,601 7,165 7,847 161,131 164,123 - 7,093 44,140 45,458 64,583 8,222 572,356 0.56

TAUSI ASSURANCE COMPANY - 61,859 38,006 259,437 16,470 113,627 142,716 92,062 - 12,623 96,498 156,329 7,580 18,938 1,016,145 1.00

THE KENYAN ALLIANCE INSURANCE - 18,396 28,853 50,048 11,032 24,162 388,530 289,654 - 19,685 32,526 88,565 - 698 952,149 0.94

THE MONARCH INSURANCE - 17,382 2,339 24,982 3,402 1,193 494,910 333,783 - 8,684 3,034 10,321 - 34,036 934,066 0.92

TRIDENT INSURANCE COMPANY - 10,801 445 ( 22,682 ) 2,432 4,407 105,824 59,727 18,987 3,062 6,870 ( 10,072 ) 16,903 5,338 202,042 0.20

UAP INSURANCE COMPANY 53,541 68,850 95,459 506,616 90,948 84,354 937,922 823,829 - 81,152 253,635 196,074 3,875,684 133,828 7,201,892 7.10

XPLICO INSURANCE COMPANY - - - 14 5 - 253,403 128,612 520,181 36 5 78 - 1,640 903,974 0.89

TOTAL 1,447,092 3,099,225 1,272,052 9,022,189 2,332,189 2,864,696 17,053,831 14,653,645 3,765,659 2,634,756 3,429,776 5,293,094 31,861,155 2,733,496 101,462,855 100

CONTINENTAL REINSURANCE 16,334 319,738 ( 857 ) 500,909 32,943 48,053 1,142 75,339 - 10,322 1,191 4,941 393,780 169,638 1,573,473 13.28

EAST AFRICAN REINSURANCE 1,882 163,047 - 935,767 4,588 118,314 - 195,721 - 20,395 - - 549,729 347,223 2,336,666 19.73

KENYA REINSURANCE CORPORATION 26,208 475,554 6,693 2,449,101 71,114 290,922 6,774 368,163 - 125,098 1,236 1,024 2,288,089 1,824,748 7,934,724 66.99

TOTAL 44,424 958,339 5,836 3,885,777 108,645 457,289 7,916 639,223 - 155,815 2,427 5,965 3,231,598 2,341,609 11,844,863 100.00

APPENDIX 13: SUMMARY OF GROSS PREMIUM INCOME UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor

Commercial

Total

Market Share (%)

INSURERS

REINSURERS

Motor

Commercial PSVPersonal Accident Theft

Workmens'

CompensationMedical Miscellaneous


48

AAR INSURANCE KENYA - 0.00 0.10 0.01 0.11 ( 0.05 ) - - - 0.77 0.04 0.74 14.59 0.70 4.66

AFRICAN MERCHANT ASSURANCE - 4.60 0.23 3.89 0.56 7.10 2.85 2.73 - 0.96 0.91 1.58 - 0.33 1.72

AIG INSURANCE COMPANY 0.86 1.07 5.47 6.41 22.13 1.28 4.16 1.17 - 5.59 9.30 5.44 - - 2.84

ALLIANZ INSURANCE COMPANY 2.18 0.21 1.37 1.01 4.31 2.59 0.48 0.41 - 0.12 0.48 0.88 - 1.13 0.55

APA INSURANCE COMPANY 1.51 4.42 5.40 7.17 3.21 5.74 6.19 8.33 - 6.48 5.68 10.68 10.36 8.47 7.74

BRITAM GENERAL INSURANCE - 7.54 7.20 4.31 4.21 10.75 5.96 6.54 - 20.32 5.11 3.49 5.02 21.08 6.08

CIC GENERAL INSURANCE COMPANY - 6.16 6.40 6.94 3.46 2.94 10.35 12.91 0.38 9.65 12.58 6.30 7.85 6.13 8.30

CORPORATE INSURANCE COMPANY - 0.35 0.38 0.36 0.17 1.60 0.42 0.22 - 0.12 0.26 0.47 - ( 0.17 ) 0.23

DIRECTLINE ASSURANCE COMPANY - - - - - - 0.80 0.28 51.68 - - - - - 2.09

FIDELITY SHIELD INSURANCE 6.18 2.17 1.85 1.46 0.25 1.38 2.86 3.29 1.90 0.14 1.80 2.84 - 1.19 1.62

FIRST ASSURANCE COMPANY - 4.83 1.89 2.91 0.93 2.25 2.86 2.91 - 4.74 2.14 1.67 4.60 2.34 3.21

GA INSURANCE COMPANY 7.63 8.70 6.25 10.44 3.52 8.65 2.91 3.59 2.15 5.18 9.15 8.05 3.52 3.88 4.87

GEMINIA INSURANCE COMPANY - 3.74 3.96 3.01 1.24 6.70 5.48 7.56 - 1.67 6.78 5.93 - 3.07 3.33

HERITAGE INSURANCE COMPANY 3.87 6.02 10.87 4.68 8.23 2.94 3.74 3.44 0.35 7.44 2.78 5.40 4.06 7.87 4.26

ICEA LION GENERAL INSURANCE 57.41 3.53 7.07 8.02 5.51 6.60 4.74 2.86 - 7.48 5.73 7.72 0.75 2.25 4.34

INTRA-AFRICA ASSURANCE - 0.96 1.96 1.01 0.47 2.50 1.63 1.41 0.01 0.73 1.68 2.32 - 2.00 0.95

INVESCO ASSURANCE COMPANY - - 0.02 0.00 0.01 0.01 0.79 0.36 26.94 0.01 0.01 0.02 - 0.00 1.19

JUBILEE INSURANCE COMPANY 5.14 5.78 3.66 7.61 12.07 5.93 5.78 3.86 - 6.48 2.88 2.84 16.97 3.10 8.77

KENINDIA ASSURANCE COMPANY 0.00 4.95 3.62 6.01 2.20 7.97 1.63 3.36 - 1.26 5.49 6.06 0.39 0.40 2.43

KENYA ORIENT INSURANCE - 1.59 1.65 0.63 0.60 0.27 2.47 2.79 - 0.31 2.08 1.07 - 2.32 1.16

MADISON INSURANCE COMPANY - 0.30 2.83 0.56 9.88 1.26 3.36 4.61 - 1.06 0.53 0.67 5.50 2.98 3.48

MAYFAIR INSURANCE COMPANY 0.85 10.56 4.28 5.19 1.56 3.92 1.70 1.70 - 1.40 3.34 5.10 - 4.17 2.06

METROPOLITAN CANNON INSURANCE - 1.88 0.89 0.44 0.22 0.85 1.68 1.44 - 1.63 0.72 1.37 - 2.46 0.83

MUA INSURANCE COMPANY 10.66 3.20 0.40 1.22 1.60 0.60 0.69 0.44 - 0.36 0.32 0.32 - 0.65 0.65

OCCIDENTAL INSURANCE COMPANY - 2.35 3.99 2.70 0.48 4.46 3.28 3.31 - 1.66 2.80 4.89 - 0.82 1.94

PACIS INSURANCE COMPANY - 0.29 0.77 0.92 0.53 0.07 1.54 1.76 - 2.96 0.96 1.15 0.78 0.11 1.04

PIONEER INSURANCE COMPANY - 0.38 0.66 0.30 0.84 1.12 0.87 0.55 - 1.18 0.38 0.54 - 0.53 0.41

RESOLUTION INSURANCE COMPANY - 0.25 0.25 0.23 1.42 0.91 1.83 2.11 - 3.51 0.34 0.76 9.87 0.98 3.97

SAHAM INSURANCE COMPANY - 6.86 1.34 2.01 1.71 0.66 2.13 1.02 - 1.31 0.87 1.32 1.72 9.11 1.89

SANLAM INSURANE COMPANY - 0.85 1.85 1.09 2.92 0.78 2.26 2.14 2.27 0.45 2.12 1.21 1.58 4.67 1.78

TAKAFUL INSURANCE OF AFRICA - 0.73 0.43 0.38 0.31 0.27 0.94 1.12 - 0.27 1.29 0.86 0.20 0.30 0.56

TAUSI ASSURANCE COMPANY - 2.00 2.99 2.88 0.71 3.97 0.84 0.63 - 0.48 2.81 2.95 0.02 0.69 1.00

THE KENYAN ALLIANCE INSURANCE - 0.59 2.27 0.55 0.47 0.84 2.28 1.98 - 0.75 0.95 1.67 - 0.03 0.94

THE MONARCH INSURANCE - 0.56 0.18 0.28 0.15 0.04 2.90 2.28 - 0.33 0.09 0.19 - 1.25 0.92

TRIDENT INSURANCE COMPANY - 0.35 0.03 ( 0.25 ) 0.10 0.15 0.62 0.41 0.50 0.12 0.20 ( 0.19 ) 0.05 0.20 0.20

UAP INSURANCE COMPANY 3.70 2.22 7.50 5.62 3.90 2.94 5.50 5.62 - 3.08 7.40 3.70 12.16 4.90 7.10

XPLICO INSURANCE COMPANY - - - 0.00 0.00 - 1.49 0.88 13.81 0.00 0.00 0.00 - 0.06 0.89

TOTAL 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CONTINENTAL REINSURANCE 36.77 33.36 -14.68 12.89 30.32 10.51 14.43 11.79 6.62 49.07 82.83 12.19 7.24 13.28

EAST AFRICAN REINSURANCE 4.24 17.01 0.00 24.08 4.22 25.87 0.00 30.62 13.09 0.00 0.00 17.01 14.83 19.73

KENYA REINSURANCE CORPORATION 59.00 49.62 114.68 63.03 65.46 63.62 85.57 57.60 80.29 50.93 17.17 70.80 77.93 66.99

TOTAL 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00 100.00 100.00 100.00 100.00

APPENDIX 14: SUMMARY OF GENERAL INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.09.2018

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

INSURERS

REINSURERS

Motor

Commercial

PSV

Personal

AccidentTheft

Workmens'



49

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private

Motor

Commercial

Motor

Commercial PSV

Personal

Accident Theft

Workmens'

Compensation Medical Miscellaneous

Total

AAR INSURANCE KENYA - - 474 - - - - - - 3,206 - 850 2,574,454 4,691 2,583,676

AFRICAN MERCHANT ASSURANCE - 166 309 9,597 7,811 - 285,922 235,214 250,727 1,862 2,697 8,397 - 4,219 806,923

AIG INSURANCE COMPANY 2,715 770 10,626 30,781 56,550 2,726 163,632 35,937 - 110,885 10,434 ( 5,559 ) - - 419,497

ALLIANZ INSURANCE COMPANY 840 3,547 4,393 4,417 - 2,249 30,033 24,195 - 51 734 3,295 - - 73,754

APA INSURANCE COMPANY 268 14,214 12,438 53,812 67,285 44,762 799,561 739,340 - 56,930 61,246 249,295 1,246,858 59,475 3,405,482

BRITAM GENERAL INSURANCE - 16,927 15,597 66,586 3,671 17,897 667,313 508,808 - 26,061 103,958 42,106 1,193,558 226,954 2,889,435

CIC GENERAL INSURANCE COMPANY - 28,317 21,266 65,233 95,282 7,445 1,292,991 950,233 - 52,576 89,635 105,310 1,434,706 176,405 4,319,401

CORPORATE INSURANCE COMPANY - 4,978 117 6,701 ( 10 ) 2,145 36,888 14,120 - - 1,950 6,276 - - 73,166

DIRECTLINE ASSURANCE COMPANY - - - - - - 44,804 13,874 1,278,693 - - - - - 1,337,371

FIDELITY SHIELD INSURANCE - 4,555 4,285 23,123 3,322 13,842 346,077 314,136 60,769 4,568 10,873 73,671 - 162 859,383

FIRST ASSURANCE COMPANY - 8,863 13,437 25,484 4,241 27,260 288,254 246,665 - 15,864 17,456 81,778 313,897 362 1,043,559

GA INSURANCE COMPANY 5,732 31,379 31,630 60,085 5,489 63,432 310,121 292,702 14,068 4,693 112,977 184,351 191,896 69 1,308,627

GEMINIA INSURANCE COMPANY - 36,082 11,891 43,687 4,004 59,025 564,651 411,912 - 3,008 39,978 151,066 - ( 274 ) 1,325,030

HERITAGE INSURANCE COMPANY 237 18,576 33,975 ( 5,428 ) 13,190 9,336 413,322 213,762 - 20,794 22,497 41,991 250,242 27,698 1,060,192

ICEA LION GENERAL INSURANCE 9,566 20,881 23,858 86,798 10,269 17,986 565,608 262,354 - 58,527 76,595 136,592 190,312 7,222 1,466,566

INTRA-AFRICA ASSURANCE - 8,337 18,469 45,113 606 ( 28 ) 173,777 110,322 - 2,913 14,048 46,973 - 2,085 422,615

INVESCO ASSURANCE COMPANY - 1,518 3,144 - - - 47,584 31,454 568,631 - - 63 - ( 15,564 ) 636,829

JUBILEE INSURANCE COMPANY - 8,321 18,923 71,098 48,465 20,339 686,546 264,568 - 115,723 51,788 15,217 2,735,813 4,646 4,041,447

KENINDIA ASSURANCE COMPANY - 21,351 8,270 31,869 8,833 62,646 146,620 245,577 - 5,274 54,933 291,195 94,856 ( 1,445 ) 969,980

KENYA ORIENT INSURANCE - 2,341 1,219 9,556 6,806 717 281,442 293,496 - 187 2,232 12,846 - 1,774 612,617

MADISON INSURANCE COMPANY - 1,992 1,162 12,631 27,120 943 512,303 515,057 - 4,665 5,235 9,604 1,443,587 3,425 2,537,724

MAYFAIR INSURANCE COMPANY - 25,634 9,570 30,112 1,172 43,260 132,770 170,495 - 2,672 12,708 164,397 - 385 593,174

METROPOLITAN CANNON INSURANCE - ( 3,577 ) 1,885 ( 13,644 ) 2,334 9,859 192,884 176,820 - ( 18,213 ) 9,982 33,631 - 2,000 393,962

MUA INSURANCE COMPANY 394 8,683 3,361 11,733 5,899 1,499 74,267 45,392 - 2,687 1,091 24,587 - 571 180,165

OCCIDENTAL INSURANCE COMPANY - 24,023 51,922 82,197 2,039 57,358 268,638 231,286 - 5,306 24,070 139,474 - 6,323 892,637

PACIS INSURANCE COMPANY - 1,741 478 13,905 2,751 - 172,192 54,655 - 3,641 15,118 3,730 75,966 22 344,199

PIONEER GENERAL INSURANCE - 77 741 946 324 19,410 61,147 30,314 - 12,180 131 132 - 19 125,421

RESOLUTION INSURANCE COMPANY - 1,022 7,457 ( 723 ) - - 192,574 79,808 - 310 4,433 2,924 988,388 - 1,276,193

SAHAM INSURANCE COMPANY - 1,382 2,680 1,607 283 408 162,340 54,973 - 75 5,332 9,511 110,310 ( 2,211 ) 346,691

SANLAM INSURANCE COMPANY - 823 4,865 14,270 3,422 2,780 192,874 95,094 88,645 2,078 4,697 4,665 251,654 2,927 668,795

TAKAFUL INSURANCE OF AFRICA - - 620 500 4,205 - 47,251 55,084 - 414 4,644 6,349 12,698 23,925 155,690

TAUSI ASSURANCE COMPANY - 4,250 6,197 19,187 1,214 22,247 42,374 26,946 - 1,318 18,514 43,586 1,905 ( 400 ) 187,339

THE KENYAN ALLIANCE INSURANCE - 103 887 3,749 10,435 192 211,701 84,899 - 10,559 ( 262 ) ( 15,176 ) - 762 307,850

THE MONARCH INSURANCE - 308 330 370 260 3 195,179 110,503 - 1,547 77 2,281 - 1,706 312,564

TRIDENT INSURANCE COMPANY - 350 924 10 380 1,623 25,905 24,182 - 171 766 4,486 564 - 59,360

UAP INSURANCE COMPANY 1,467 12,179 18,654 17,024 9,629 3,093 777,804 387,667 - 7,787 25,655 41,447 2,846,991 29,276 4,178,674

XPLICO INSURANCE COMPANY - - - - - - 141,819 90,694 27,223 - - 1,365 3,999 7,390 272,492

TOTAL 21,219 310,113 346,054 822,386 407,281 514,454 10,549,168 7,442,538 2,288,756 520,319 806,222 1,922,706 15,962,654 574,599 42,488,480

CONTINENTAL REINSURANCE 1,520 42,835 ( 50 ) 147,566 212 42,527 383 43,697 - 8,293 437 26 236,999 38,709 563,154

EAST AFRICA REINSURANCE 8,459 66,977 - 501,854 20 72,765 - 164,059 - 3,723 - - 249,785 131,703 1,199,346

KENYA REINSURANCE CORPORATION 35,828 139,297 667 1,260,556 30,662 251,535 287 423,093 - 87,374 - 56,102 1,489,025 836,455 4,610,881

TOTAL 45,807 249,109 617 1,909,976 30,894 366,827 670 630,849 - 99,390 437 56,128 1,975,809 1,006,867 6,373,381

APPENDIX 15: SUMMARY OF CLAIMS PAID UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



50

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor

Commercial

Motor

Commercial PSV

Personal

AccidentTheft

Workmens'


Total

AAR INSURANCE KENYA - - 432 - - ( 500 ) - - - ( 1,492 ) - 5,232 2,561,956 ( 478 ) 2,565,149

AFRICAN MERCHANT ASSURANCE - ( 9,056 ) 122 78,151 7,763 465 186,355 44,999 566,826 ( 110,235 ) 13,299 ( 17,340 ) - ( 6,363 ) 754,983

AIG INSURANCE COMPANY 1,194 45 2,432 51,643 64,329 3,401 111,823 ( 200 ) - 31,435 70,841 ( 7,318 ) - - 329,624

ALLIANZ INSURANCE COMPANY 842 4,162 5,881 ( 676 ) 363 19,913 50,088 27,649 - 309 5,463 11,590 - 467 126,051

APA INSURANCE COMPANY ( 577 ) 11,249 22,012 42,588 56,443 60,632 638,422 545,161 - 70,679 48,844 160,740 1,251,464 80,478 2,988,134

BRITAM GENERAL INSURANCE - 30,756 16,790 58,780 13,697 15,915 708,538 489,784 - 45,781 118,677 64,265 1,220,240 269,837 3,053,061

CIC GENERAL INSURANCE COMPANY - ( 16,672 ) 18,305 82,621 81,045 34,305 1,402,787 1,128,552 - 35,676 86,621 149,585 1,548,712 80,859 4,632,396

CORPORATE INSURANCE COMPANY 1,703 9,001 ( 5,828 ) 23,763 ( 26,284 ) 17,088 54,593 29,478 - ( 20,835 ) 5,822 9,670 - ( 2,425 ) 95,746

DIRECTLINE ASSURANCE COMPANY - - - - - - 74,945 18,058 1,354,590 - - - - - 1,447,592

FIDELITY SHIELD INSURANCE - 5,560 4,235 27,578 9,492 10,751 369,290 268,414 72,113 1,607 17,885 60,019 - 195 847,139

FIRST ASSURANCE COMPANY - 12,612 3,545 38,585 ( 3,304 ) 39,665 340,532 322,632 - 20,576 16,227 32,806 342,751 ( 4,688 ) 1,161,940

GA INSURANCE COMPANY 6,595 49,969 43,113 65,800 10,389 59,242 271,314 269,396 14,168 12,606 140,055 246,136 162,957 ( 48,596 ) 1,303,145

GEMINIA INSURANCE COMPANY - 59,466 21,700 ( 16,017 ) 39,862 73,240 684,130 468,237 - 6,935 29,364 189,568 - ( 6,718 ) 1,549,768

HERITAGE INSURANCE COMPANY ( 406 ) 44,458 31,433 21,389 38,171 23,328 510,265 273,668 3,114 28,641 12,070 36,401 245,925 56,709 1,325,166

ICEA LION GENERAL INSURANCE 8,677 23,414 35,547 121,198 12,412 21,761 449,164 230,741 - 67,778 99,490 198,949 165,888 6,948 1,441,967

INTRA-AFRICA ASSURANCE - ( 11,041 ) 24,703 72,594 ( 8,257 ) ( 12,044 ) 183,103 141,956 - ( 3,228 ) 24,097 50,033 - 3,969 465,886

INVESCO ASSURANCE COMPANY - 1,516 2,169 17 8 5 89,169 37,908 470,625 ( 3 ) 1,896 181 - ( 15,562 ) 587,929

JUBILEE INSURANCE COMPANY 16 18,196 22,528 61,715 71,060 21,152 684,083 298,382 - 144,145 68,730 20,377 2,252,897 4,845 3,668,126

KENINDIA ASSURANCE COMPANY - 11,715 8,852 51,945 9,743 35,796 157,857 338,721 - 7,347 24,269 308,463 104,512 ( 1,907 ) 1,057,313

KENYA ORIENT INSURANCE - ( 3,260 ) 1,201 10,800 3,995 ( 464 ) 232,140 284,831 - ( 488 ) ( 873 ) 3,055 - ( 8,975 ) 521,961

MADISON INSURANCE COMPANY - 5,613 ( 183 ) 20,327 70,651 75 505,053 511,408 - 9,746 11,425 31,130 1,539,314 13,306 2,717,864

MAYFAIR INSURANCE COMPANY 17 37,806 9,106 70,573 5,712 40,493 126,332 73,970 - 3,397 28,461 28,061 - 6,020 429,948

METROPOLITAN CANNON INSURANCE - 12,385 1,308 22,412 ( 5,923 ) 7,800 201,104 194,389 - 5,782 ( 3,876 ) 57,441 - ( 152 ) 492,672

MUA INSURANCE COMPANY ( 2,058 ) 9,834 2,536 4,640 4,698 ( 1,380 ) 70,861 29,189 - 3,707 1,390 3,307 - 3,886 130,611

OCCIDENTAL INSURANCE COMPANY - 28,398 54,524 96,151 1,668 51,156 377,236 247,132 - 8,704 21,412 152,225 - 4,237 1,042,844

PACIS INSURANCE COMPANY - 1,149 491 11,767 2,315 - 182,452 55,976 - 8,620 1,976 8,160 82,420 ( 2 ) 355,324

PIONEER GENERAL INSURANCE - 2,917 943 796 5,431 4,576 86,662 45,136 - 1,483 524 1,819 - 6,019 156,306

RESOLUTION INSURANCE COMPANY - 971 8,117 4,346 ( 2 ) 127 269,811 138,067 - ( 1,023 ) 5,134 2,151 1,039,809 644 1,468,152

SAHAM INSURANCE COMPANY - 1,173 4,243 9,671 382 1,949 223,285 68,645 - ( 754 ) 7,675 20,019 116,125 ( 271 ) 452,143

SANLAM INSURANCE COMPANY - 3,784 6,688 7,853 7,468 6,546 161,744 96,163 11,564 955 9,090 9,341 220,961 10,700 552,857

TAKAFUL INSURANCE OF AFRICA - ( 716 ) 1,020 ( 1,518 ) 6,160 479 53,510 91,249 - ( 476 ) ( 5,798 ) 8,441 10,927 23,748 187,027

TAUSI ASSURANCE COMPANY - 5,544 10,897 24,670 2,569 23,839 52,851 9,665 - 560 26,453 36,813 2,017 3,218 199,096

THE KENYAN ALLIANCE INSURANCE - 1,684 ( 20,451 ) 4,757 4,301 12,757 302,683 168,598 - 41,199 13,719 ( 34,461 ) - 472 495,260

THE MONARCH INSURANCE - 630 615 611 1,070 ( 171 ) 287,097 183,834 - 1,624 107 3,642 - 3,039 482,099

TRIDENT INSURANCE COMPANY - 1,489 1,731 7,291 694 1,088 101,467 58,673 - 148 128 8,564 155,385 - 336,658

UAP INSURANCE COMPANY 1,467 4,743 18,371 28,940 6,139 ( 3,684 ) 808,975 380,047 - 5,712 19,575 467 2,654,824 31,555 3,957,131

XPLICO INSURANCE COMPANY - ( 287 ) - ( 1 ) ( 160 ) ( 30 ) 136,057 45,409 315,395 ( 1 ) ( 2 ) ( 2,424 ) ( 2,845 ) 7,145 498,256

TOTAL 17,470 359,207 359,128 1,105,760 494,100 569,271 11,145,778 7,615,917 2,808,395 426,617 920,170 1,857,108 15,676,239 522,159 43,877,319

CONTINENTAL REINSURANCE 2,565 63,294 ( 50 ) 183,511 2,320 45,602 383 48,591 - 8,954 437 343 262,195 45,690 663,834

EAST AFRICA REINSURANCE 8,017 105,269 - 383,163 370 93,708 - 216,451 - 3,127 - - 297,772 194,762 1,302,638

KENYA REINSURANCE CORPORATION 30,754 306,967 14,882 241,785 36,707 298,369 1,587,291 ( 31,293 ) - 874,000 ( 92,148 ) 57,123 526,782 834,386 4,685,605

TOTAL 41,336 475,530 14,832 808,459 39,397 437,679 1,587,674 233,749 - 886,081 ( 91,711 ) 57,466 1,086,749 1,074,838 6,652,079

APPENDIX 16: SUMMARY OF CLAIMS INCURRED UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



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 0.00 0.0 43.6 0.0 0.0 -833.3 0.00 0.00 0.00 -15.1 0.0 21.3 80.3 -3.1 79.0

AFRICAN MERCHANT ASSURANCE 0.00 -43.0 4.6 209.3 48.2 0.2 24.9 24.6 -6549.1 -795.9 -47.5 -13.1 0.00 -122.5 57.4

AIG INSURANCE COMPANY 186.0 0.1 10.0 52.5 1567.1 47.4 71.4 -0.6 0.00 -87.9 109.9 -4.1 0.00 0.00 58.2

ALLIANZ INSURANCE COMPANY 1122.7 381.8 159.4 -11.7 2.5 81.1 99.1 63.3 0.00 19.9 470.5 38.7 0.00 86.6 71.2

APA INSURANCE COMPANY -450.8 25.0 65.4 36.7 107.1 40.9 71.2 54.5 0.00 40.3 36.3 41.8 78.7 108.1 64.2

BRITAM GENERAL INSURANCE 0.00 136.8 27.0 50.5 31.2 18.6 73.3 57.8 0.00 14.8 87.8 40.3 74.7 53.5 62.5

CIC GENERAL INSURANCE COMPANY 0.00 -34.0 30.5 39.0 144.0 101.2 79.9 60.6 0.0 17.1 25.6 58.2 76.6 190.2 67.0

CORPORATE INSURANCE COMPANY 0.00 89.6 -196.8 201.6 -532.7 22.2 136.5 271.4 0.00 -395.3 37.2 93.8 0.00 -36.2 49.0

DIRECTLINE ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 57.7 48.4 65.4 0.00 0.00 0.00 0.00 0.00 64.6

FIDELITY SHIELD INSURANCE 0.0 22.2 32.7 67.4 88.2 28.1 82.8 54.9 116.7 32.0 208.0 46.8 0.00 2.6 66.5

FIRST ASSURANCE COMPANY 0.00 46.7 23.0 47.6 -19.3 67.7 91.2 100.2 0.00 26.4 45.2 37.0 83.7 -58.6 76.7

GA INSURANCE COMPANY 480.7 133.7 96.4 152.3 20.7 40.3 62.3 58.2 21.4 12.8 56.9 82.5 60.6 -128.7 58.2

GEMINIA INSURANCE COMPANY 0.0 337.5 51.6 -11.3 69.3 48.8 83.0 56.8 0.00 37.6 13.7 64.1 0.00 -19.6 59.1

HERITAGE INSURANCE COMPANY -87.1 133.5 32.8 24.8 32.1 42.8 81.7 60.6 -77.9 21.1 15.8 16.6 69.7 64.8 56.8

ICEA LION GENERAL INSURANCE 207.5 54.5 55.7 78.6 28.8 21.6 57.3 59.4 0.00 82.9 63.0 59.9 136.1 72.6 63.1

INTRA-AFRICA ASSURANCE 0.00 -57.2 138.4 177.4 -67.6 -20.7 64.4 75.0 0.0 -40.0 68.9 49.4 0.00 15.1 58.7

INVESCO ASSURANCE COMPANY 0.00 8422.2 999.5 -0.9 3.0 -19.2 84.5 69.4 48.9 -5.4 1207.6 47.3 0.00 141472.7 52.4

JUBILEE INSURANCE COMPANY 2.3 49.0 72.7 33.1 77.2 26.2 73.7 56.1 0.00 68.7 71.7 26.6 65.6 6.4 63.4

KENINDIA ASSURANCE COMPANY 0.0 23.4 32.9 57.6 45.3 22.2 62.4 85.0 0.00 49.2 32.3 99.9 98.1 -31.3 70.9

KENYA ORIENT INSURANCE 0.00 -25.8 6.1 72.7 21.7 -8.1 47.1 57.3 0.00 -5.3 -1.7 4.8 0.00 -51.9 43.4

MADISON INSURANCE COMPANY 0.00 94.1 -0.4 121.3 31.5 -0.5 82.2 71.5 0.00 59.1 57.3 115.8 93.5 16.1 80.0

MAYFAIR INSURANCE COMPANY 5.3 68.3 38.0 108.4 20.9 48.5 53.5 37.0 0.00 16.4 114.8 11.6 0.00 19.7 42.6

METROPOLITAN CANNON 0.00 41.6 17.4 180.6 -121.5 124.3 77.2 77.5 0.00 119.2 -20.1 84.2 0.00 -1.0 72.5

MUA INSURANCE COMPANY -75.1 57.7 55.0 26.3 23.6 -32.4 75.3 67.8 0.00 43.8 15.7 22.4 0.00 242.6 55.1

OCCIDENTAL INSURANCE COMPANY 0.00 190.7 174.4 222.5 58.6 117.8 66.3 50.5 0.00 90.9 50.7 69.5 0.00 46.6 70.8

PACIS INSURANCE COMPANY 0.00 31.0 8.2 80.6 24.1 0.0 82.1 28.8 0.00 15.0 8.2 18.3 62.7 -0.4 50.1

PIONEER INSURANCE COMPANY 0.00 46.0 38.4 2.4 21.5 43.9 104.2 85.3 0.00 3.8 5.2 10.6 0.00 69.2 54.2

RESOLUTION INSURANCE COMPANY 0.00 41.5 296.1 507.1 0.0 0.6 91.1 50.0 0.00 -2.2 47.8 4.1 81.1 42.8 71.9

SAHAM INSURANCE COMPANY 0.0 15.5 59.0 63.5 39.6 -29.0 72.2 55.5 0.0 -13.0 49.8 24.8 88.4 -0.5 61.0

SANLAM INSURANE COMPANY 0.00 36.3 37.6 90.5 45.5 42.2 52.2 38.6 18.0 14.5 82.5 16.3 85.2 45.2 52.6

TAKAFUL INSURANCE OF AFRICA 0.00 -23.1 35.5 -17.2 267.5 -33.5 38.4 69.4 0.00 -10.7 -17.7 31.0 -228.7 81.4 49.8

TAUSI ASSURANCE COMPANY 0.00 47.3 47.1 62.6 22.3 30.6 44.3 13.2 0.00 6.2 33.6 28.9 32.2 41.3 34.0

THE KENYAN ALLIANCE INSURANCE 0.00 5.2 -144.9 21.6 150.8 54.8 78.3 76.1 0.00 205.5 72.2 -56.2 0.00 27.4 61.5

THE MONARCH INSURANCE 0.00 9.3 36.5 10.7 30.3 -18.0 62.1 60.8 0.00 7.1 7.3 31.3 0.00 11.2 57.0

TRIDENT INSURANCE COMPANY 0.00 -31.1 226.6 -43.9 20.0 259.7 90.3 78.7 0.0 3.6 2.5 -138.9 54.3 0.0 69.7

UAP INSURANCE COMPANY -44.6 16.5 24.9 15.8 11.7 -7.7 83.6 51.6 0.00 10.4 16.5 0.3 76.7 79.8 66.6

XPLICO INSURANCE COMPANY 0.00 -12.5 0.0 -2.8 -156.9 -6.1 71.9 29.1 65.9 -2.2 -10.5 -1385.1 0.00 240.1 60.0

TOTAL -95.1 50.1 43.7 56.8 45.2 32.7 71.1 59.0 75.4 25.4 43.8 43.1 77.1 40.1 64.2

CONTINENTAL REINSURANCE 18.6 32.7 7.4 41.1 9.5 118.8 42.4 77.9 0.00 82.8 46.7 10.3 78.7 34.8 52.7

EAST AFRICA REINSURANCE 436.2 54.1 0.00 42.6 9.3 67.0 0.00 129.8 0.00 15.0 0.00 0.00 73.5 56.6 59.9

KENYA REINSURANCE CORPORATION 621.9 52.9 -113.4 22.1 31.2 62.4 -2760.8 -5.1 0.00 267.0 -39.0 1286.8 16.8 63.9 59.9

TOTAL 200.8 49.1 -107.5 33.2 27.0 66.7 -2805.5 27.7 0.00 246.8 -38.6 740.0 28.1 60.4 59.1

APPENDIX 17: SUMMARY OF INCURRED CLAIMS RATIOS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS


52

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor Private

Motor

Commercial

Motor

Commercial PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA - 29 641 176 1,558 235 - - - 9,184 276 9,653 ( 517,260 ) 16,273 ( 479,236 )

AFRICAN MERCHANT ASSURANCE - 9,364 1,076 ( 151,149 ) 1,407 124,356 343,802 ( 33,542 ) ( 575,480 ) 120,778 ( 52,378 ) 103,466 - 10,784 ( 97,516 )

AIG INSURANCE COMPANY ( 1,771 ) 20,903 10,586 64,819 ( 73,118 ) 8,394 127,622 25,973 - ( 134,466 ) ( 9,584 ) 137,995 - - 177,352

ALLIANZ INSURANCE COMPANY ( 12,952 ) ( 6,212 ) ( 11,360 ) ( 35,936 ) ( 29,324 ) ( 32,565 ) ( 43,064 ) ( 16,854 ) - ( 471 ) ( 10,725 ) ( 9,980 ) - ( 8,234 ) ( 217,677 )

APA INSURANCE COMPANY 493 12,411 ( 7,881 ) ( 30,463 ) ( 23,638 ) 41,836 ( 76,222 ) 74,488 - 41,082 38,308 51,817 ( 72,118 ) ( 44,927 ) 5,186

BRITAM GENERAL INSURANCE - ( 11,142 ) 5,465 ( 15,768 ) 3,638 29,821 ( 320,159 ) ( 164,311 ) - 60,598 ( 72,622 ) ( 16,466 ) ( 103,751 ) 37,492 ( 567,205 )

CIC GENERAL INSURANCE COMPANY - 44,377 9,251 29,948 ( 60,002 ) ( 45,342 ) ( 237,212 ) 17,159 14,248 40,437 33,003 ( 9,995 ) 78,817 ( 87,420 ) ( 172,730 )

CORPORATE INSURANCE COMPANY ( 1,703 ) ( 3,438 ) 6,748 ( 17,939 ) 29,419 40,820 ( 54,834 ) ( 37,852 ) - 24,348 ( 6,298 ) ( 14,728 ) - 12,448 ( 23,008 )

DIRECTLINE ASSURANCE COMPANY - - - - - - 39,791 14,790 ( 176,287 ) - - - - - ( 121,707 )

FIDELITY SHIELD INSURANCE ( 13,391 ) 15,188 3,161 ( 2,946 ) ( 6,402 ) 21,278 ( 60,025 ) 86,812 ( 28,166 ) 1,013 ( 22,075 ) 10,645 - 725 5,818

FIRST ASSURANCE COMPANY - 15,864 2,178 8,555 10,768 ( 63 ) ( 165,885 ) ( 177,798 ) - 13,336 3,881 9,826 ( 136,762 ) 23,688 ( 392,411 )

GA INSURANCE COMPANY ( 11,235 ) ( 15,894 ) ( 15,486 ) 7,160 23,292 62,664 71,958 82,697 44,091 65,260 37,707 ( 79,824 ) ( 141,071 ) 291,567 422,886

GEMINIA INSURANCE COMPANY 281 ( 65,662 ) 4,782 67,933 8,615 23,632 ( 92,240 ) 78,979 - 2,567 120,995 1,030 - 41,287 192,200

HERITAGE INSURANCE COMPANY 173 ( 34,434 ) 9,171 ( 17,094 ) 25,555 4,498 ( 118,928 ) 4,801 ( 7,108 ) ( 25,906 ) 19,419 76,622 28,445 ( 9,100 ) ( 43,887 )

ICEA LION GENERAL INSURANCE 1,839 3,790 1,422 15,325 12,841 17,437 ( 42,687 ) ( 26,547 ) - ( 15,133 ) ( 10,632 ) ( 1,040 ) ( 98,879 ) 230 ( 142,035 )

INTRA-AFRICA ASSURANCE - 24,344 ( 14,455 ) ( 44,149 ) 15,662 45,121 2,035 ( 27,980 ) 551 9,236 ( 4,081 ) ( 2,185 ) - 19,137 23,237

INVESCO ASSURANCE COMPANY - ( 1,502 ) ( 2,048 ) ( 2,011 ) 93 ( 581 ) ( 55,685 ) ( 11,968 ) ( 46,977 ) ( 150 ) ( 1,859 ) ( 186 ) - 15,542 ( 107,334 )

JUBILEE INSURANCE COMPANY ( 6,094 ) ( 9,513 ) ( 1,077 ) 24,338 ( 36,497 ) 28,203 ( 73,636 ) 48,319 - ( 2,526 ) 690 20,609 471,259 47,694 511,768

KENINDIA ASSURANCE COMPANY ( 22,351 ) 20,500 4,953 ( 26,782 ) 193 53,151 12,601 ( 86,516 ) - 3,252 35,406 ( 126,956 ) ( 33,549 ) 6,923 ( 159,174 )

KENYA ORIENT INSURANCE - ( 2,384 ) 8,816 ( 23,406 ) 956 2,632 49,515 4,106 - 2,624 26,612 35,676 - ( 5,366 ) 99,781

MADISON INSURANCE COMPANY - ( 4,142 ) 29,624 ( 19,390 ) 120,016 ( 16,250 ) ( 81,386 ) ( 51,711 ) - ( 4,608 ) ( 1,035 ) ( 20,449 ) ( 300,419 ) 36,426 ( 313,324 )

MAYFAIR INSURANCE COMPANY 231 34,857 5,711 2,743 13,117 11,674 17,903 34,877 - 11,376 ( 10,784 ) 104,925 - 27,282 253,912

METROPOLITAN CANNON INSURANCE - 13,424 1,298 ( 17,516 ) 14,817 ( 10,120 ) ( 59,008 ) ( 24,509 ) - ( 10,519 ) 13,323 ( 24,346 ) ( 16,488 ) 7,941 ( 111,702 )

MUA INSURANCE COMPANY ( 60,011 ) ( 11,429 ) ( 788 ) ( 19,368 ) 6,031 ( 1,156 ) ( 23,851 ) ( 9,795 ) - ( 1,015 ) 2,834 3,046 - ( 9,216 ) ( 124,719 )

OCCIDENTAL INSURANCE COMPANY - ( 14,962 ) ( 36,869 ) ( 57,716 ) 301 ( 21,399 ) ( 20,152 ) 59,065 - ( 653 ) 10,042 ( 39,474 ) - 3,626 ( 118,191 )

PACIS INSURANCE COMPANY - ( 832 ) 965 ( 28,537 ) 857 ( 25 ) ( 71,679 ) 31,532 - 9,558 5,881 5,226 ( 35,045 ) ( 409 ) ( 82,509 )

PIONEER GENERAL INSURANCE - 1,462 ( 2,100 ) 31,978 13,180 ( 6,844 ) ( 83,596 ) ( 21,584 ) - 27,234 3,186 5,482 - ( 956 ) ( 32,560 )

RESOLUTION INSURANCE COMPANY - ( 1,008 ) ( 7,616 ) ( 6,012 ) 10,376 13,241 ( 118,997 ) ( 59,456 ) - 14,876 3,186 26,079 ( 378,144 ) 229 ( 503,245 )

SAHAM INSURANCE COMPANY ( 3,671 ) 9,563 ( 3,550 ) 7,337 2,723 ( 7,892 ) ( 97,228 ) ( 19,555 ) ( 603 ) 2,063 ( 3,011 ) ( 31,746 ) 37,337 40,974 ( 67,258 )

SANLAM INSURANCE COMPANY - 620 ( 1,126 ) 4,272 754 ( 655 ) ( 42,038 ) ( 889 ) 13,041 1,543 4,778 6,623 ( 15,390 ) 2,679 ( 25,789 )

TAKAFUL INSURANCE OF AFRICA - ( 7,392 ) ( 1,278 ) ( 8,790 ) ( 7,403 ) ( 5,265 ) 11,307 ( 37,322 ) - 667 17,094 ( 4,902 ) ( 34,298 ) ( 15,286 ) ( 92,868 )

TAUSI ASSURANCE COMPANY - ( 1,461 ) ( 1,788 ) ( 20,402 ) 1,861 2,187 8,257 32,293 - 3,815 13,021 24,834 ( 790 ) ( 5,572 ) 56,256

THE KENYAN ALLIANCE INSURANCE - 23,764 16,060 ( 9,424 ) ( 7,185 ) ( 5,888 ) ( 130,499 ) ( 104,026 ) - ( 33,006 ) ( 13,510 ) 41,116 - 898 ( 221,701 )

THE MONARCH INSURANCE - ( 3,875 ) 210 ( 7,785 ) 631 607 ( 48,063 ) ( 28,748 ) - 18,017 347 1,988 - 10,616 ( 56,054 )

TRIDENT INSURANCE COMPANY - 9,753 ( 1,636 ) 3,931 472 ( 458 ) ( 78,394 ) ( 39,725 ) 1,737 ( 1,118 ) ( 3,249 ) 2,816 105,483 ( 124 ) ( 511 )

UAP INSURANCE COMPANY ( 19,467 ) 5,834 12,552 50,675 22,112 32,885 ( 352,313 ) 15,245 - 8,291 45,415 92,874 ( 95,612 ) ( 11,408 ) ( 192,916 )

XPLICO INSURANCE COMPANY - 2,487 1 ( 11 ) ( 47 ) 396 ( 64,646 ) 50,790 ( 73,841 ) 22 ( 5 ) 2,478 2,845 ( 5,327 ) ( 84,857 )

TOTAL ( 149,629 ) 73,252 25,613 ( 243,404 ) 97,629 410,565 ( 1,927,636 ) ( 318,762 ) ( 834,794 ) 261,606 213,556 392,549 ( 1,255,390 ) 451,116 ( 2,803,728 )

CONTINENTAL REINSURANCE 5,713 ( 8,570 ) ( 831 ) 55,202 11,704 ( 26,920 ) 299 ( 2,198 ) - ( 3,247 ) 183 1,482 ( 61,855 ) 13,991 ( 15,046 )

EAST AFRICA REINSURANCE ( 6,682 ) 21,889 ( 82,071 ) 270,562 1,869 ( 1,664 ) - ( 76,098 ) ( 22,796 ) 8,090 - ( 8,127 ) ( 66,235 ) 23,133 61,871

KENYA REINSURANCE CORPORATION ( 42,802 ) 73,682 ( 30,073 ) ( 172,628 ) 37,806 51,146 ( 1,646,635 ) 563,588 - ( 646,148 ) 284,887 ( 53,422 ) 1,873,375 ( 89,952 ) 202,825

TOTAL ( 43,771 ) 87,001 ( 112,975 ) 153,136 51,379 22,562 ( 1,646,336 ) 485,292 ( 22,796 ) ( 641,305 ) 285,070 ( 60,067 ) 1,745,285 ( 52,828 ) 249,650

APPENDIX 18: SUMMARY OF UNDERWRITING PROFITS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS



53

Company

Gross Direct

Premium

Inward

Reinsurance

Outward

Reinsurance

Net Premium

Written UPR B/F

Unexpired Risk

Reserve (B/F)

UPR C/F Unexpired Risk

Reserve (B/F)

Net Earned

Premium Income Incurred Claims Net Commisions

Expense of

Management

Underwriting

Profit /(Loss)

Investment

Income

Operating

Profit

AAR INSURANCE KENYA 4,732,218 - 946,564 3,785,655 1,676,743 - 2,216,671 - 3,245,727 2,565,149 348,890 810,923 ( 479,236 ) 179,411 ( 299,824 )

AFRICAN MERCHANT ASSURANCE 1,743,962 4,740 510,314 1,238,387 645,412 - 568,777 - 1,315,022 754,983 57,773 599,782 ( 97,516 ) 136,967 39,451

AIG INSURANCE COMPANY 2,824,956 54,646 2,254,453 625,150 295,730 - 354,354 - 566,525 329,624 ( 409,856 ) 469,405 177,352 - 177,352

ALLIANZ INSURANCE COMPANY 560,614 - 353,504 207,111 85,741 - 115,837 - 177,014 126,051 33,067 235,573 ( 217,677 ) 13,497 ( 204,180 )

APA INSURANCE COMPANY 7,725,353 128,093 2,189,615 5,663,830 2,067,579 50,809 3,044,413 86,192 4,651,614 2,988,134 357,230 1,301,064 5,186 - 5,186

BRITAM GENERAL INSURANCE 6,166,122 - 1,106,384 5,059,738 2,397,155 94,336 2,575,993 88,975 4,886,261 3,053,061 481,234 1,919,172 ( 567,205 ) 514,573 ( 52,633 )

CIC GENERAL INSURANCE COMPANY 8,318,800 100,675 951,170 7,468,305 3,712,099 - 4,270,064 - 6,910,340 4,632,396 862,792 1,587,882 ( 172,730 ) 444,983 272,253

CORPORATE INSURANCE COMPANY 183,294 49,966 43,069 190,191 107,269 - 101,999 - 195,461 95,746 23,285 99,438 ( 23,008 ) 14,679 ( 8,329 )

DIRECTLINE ASSURANCE COMPANY 2,122,399 - 53,183 2,069,216 693,915 - 523,535 - 2,239,596 1,447,592 241,282 672,428 ( 121,707 ) - ( 121,707 )

FIDELITY SHIELD INSURANCE 1,641,311 5,696 379,371 1,267,636 686,163 - 679,598 - 1,274,201 847,139 128,832 292,413 5,818 - 5,818

FIRST ASSURANCE COMPANY 3,160,527 92,876 1,388,342 1,865,061 664,752 27,444 1,012,044 30,397 1,514,816 1,161,940 129,826 615,461 ( 392,411 ) - ( 392,411 )

GA INSURANCE COMPANY 4,876,117 61,963 2,403,728 2,534,352 1,157,317 - 1,453,535 - 2,238,135 1,303,145 ( 61,261 ) 573,365 422,886 449,487 872,374

GEMINIA INSURANCE COMPANY 3,351,166 24,197 334,920 3,040,443 1,310,846 - 1,730,841 - 2,620,448 1,549,768 363,113 515,367 192,200 152,522 344,722

HERITAGE INSURANCE COMPANY 4,267,201 53,842 1,785,145 2,535,898 1,264,377 - 1,467,794 - 2,332,481 1,325,166 69,987 981,216 ( 43,887 ) 437,481 393,594

ICEA LION GENERAL INSURANCE 4,362,656 39,840 1,858,770 2,543,725 1,071,633 - 1,330,856 - 2,284,502 1,441,967 174,732 809,838 ( 142,035 ) - ( 142,035 )

INTRA-AFRICA ASSURANCE 966,330 2,417 144,316 824,432 368,795 - 399,983 - 793,244 465,886 53,819 250,302 23,237 12,383 35,620

INVESCO ASSURANCE COMPANY 1,205,095 - 132,933 1,072,162 216,827 - 166,556 - 1,122,433 587,929 125,664 516,173 ( 107,334 ) - ( 107,334 )

JUBILEE INSURANCE COMPANY 8,804,501 95,102 2,694,201 6,205,402 2,907,014 - 3,331,149 - 5,781,267 3,668,126 352,443 1,248,931 511,768 539,390 1,051,158

KENINDIA ASSURANCE COMPANY 2,423,186 45,361 852,621 1,615,926 679,437 - 804,040 - 1,491,324 1,057,313 97,918 495,267 ( 159,174 ) 315,217 156,043

KENYA ORIENT INSURANCE 1,167,219 11,631 178,187 1,000,664 702,279 - 500,678 - 1,202,265 521,961 123,262 457,260 99,781 - 99,781

MADISON INSURANCE COMPANY 3,518,638 7,751 114,155 3,412,234 1,722,429 - 1,739,267 - 3,395,396 2,717,864 306,358 684,498 ( 313,324 ) 139,793 ( 173,531 )

MAYFAIR INSURANCE COMPANY 2,015,589 70,013 966,545 1,119,057 495,996 - 603,426 2,868 1,008,759 429,948 19,494 305,405 253,912 - 253,912

METROPOLITAN CANNON INSURANCE 839,472 5,790 184,960 660,302 418,415 71,008 404,451 65,728 679,545 492,672 66,738 231,838 ( 111,702 ) - ( 111,702 )

MUA INSURANCE COMPANY 573,294 86,567 313,934 345,926 122,062 - 230,887 - 237,101 130,611 15,591 215,619 ( 124,719 ) 54,720 ( 69,999 )

OCCIDENTAL INSURANCE COMPANY 1,969,900 519 495,562 1,474,857 758,729 - 759,712 - 1,473,875 1,042,844 146,144 403,078 ( 118,191 ) 265,784 147,593

PACIS INSURANCE COMPANY 1,059,404 - 279,943 779,461 417,039 - 487,247 - 709,253 355,324 88,883 347,555 ( 82,509 ) 76,250 ( 6,259 )

PIONEER GENERAL INSURANCE 412,008 2,424 61,063 353,368 163,930 - 228,872 - 288,426 156,306 46,969 117,712 ( 32,560 ) - ( 32,560 )

RESOLUTION INSURANCE COMPANY 4,028,108 - 2,266,243 1,761,865 1,305,103 79,235 1,024,016 79,235 2,042,951 1,468,152 88,218 989,827 ( 503,245 ) 65,826 ( 437,419 )

SAHAM INSURANCE COMPANY 1,904,521 9,999 1,084,416 830,103 433,802 55,442 518,672 59,494 741,181 452,143 ( 18,925 ) 375,221 ( 67,258 ) 98,603 31,345

SANLAM INSURANCE COMPANY 1,802,150 - 541,947 1,260,203 492,768 - 702,878 - 1,050,094 552,857 59,320 463,706 ( 25,789 ) 76,572 50,783

TAKAFUL INSURANCE OF AFRICA 572,357 - 305,313 267,044 474,387 - 365,913 - 375,518 187,027 45,584 235,776 ( 92,868 ) 18,654 ( 74,214 )

TAUSI ASSURANCE COMPANY 991,241 24,905 321,421 694,725 219,998 - 329,202 - 585,522 199,096 71,277 258,894 56,256 - 56,256

THE KENYAN ALLIANCE INSURANCE 952,150 - 106,873 845,277 564,157 - 604,492 - 804,942 495,260 92,003 439,380 ( 221,701 ) 154,427 ( 67,274 )

THE MONARCH INSURANCE 912,536 21,529 47,440 886,625 476,687 - 516,974 - 846,338 482,099 83,857 336,436 ( 56,054 ) - ( 56,054 )

TRIDENT INSURANCE COMPANY 194,920 7,123 51,455 150,588 464,522 - 131,822 - 483,288 336,658 27,493 119,648 ( 511 ) - ( 511 )

UAP INSURANCE COMPANY 7,110,360 91,532 806,466 6,395,426 3,144,164 135,394 3,570,952 165,510 5,938,523 3,957,131 552,970 1,621,338 ( 192,916 ) - ( 192,916 )

XPLICO INSURANCE COMPANY 903,974 - 22,061 881,913 171,929 - 223,816 - 830,026 498,256 84,358 332,269 ( 84,857 ) 7,811 ( 77,045 )

TOTAL 100,363,649 1,099,197 28,530,587 72,932,258 34,557,200 513,668 39,091,316 578,399 68,333,414 43,877,324 5,330,364 21,929,460 ( 2,803,728 ) 4,169,030 1,365,304

CONTINENTAL REINSURANCE - 1,573,474 329,472 1,244,002 415,725 - 400,079 - 1,259,648 663,834 431,768 179,092 ( 15,046 ) 79,799 64,753

EAST AFRICA REINSURANCE - 2,336,665 110,286 2,226,379 871,854 - 922,044 - 2,176,189 1,302,638 594,922 216,758 61,871 - 61,871

KENYA REINSURANCE CORPORATION - 7,934,725 496,221 7,438,504 4,781,322 - 4,400,009 - 7,819,816 4,685,605 1,521,907 1,409,479 202,825 2,378,693 2,581,517

TOTAL - 11,844,864 935,979 10,908,885 6,068,901 - 5,722,132 - 11,255,653 6,652,077 2,548,597 1,805,329 249,650 2,458,492 2,708,141

APPENDIX 19: SUMMARY OF GENERAL INSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2018

INSURERS

REINSURERS


54

Company

APA LIFE ASSURANCE

COMPANY BARCLAYS LIFE

BRITAM LIFE

ASSURANCE

CAPEX LIFE

ASSURANCE

COMPANY

CIC LIFE ASSURANCE

COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE

COMPANY

EAST AFRICA

REINSURANCE FIRST ASSURANCE

COMPANY

GA LIFE

INSURANCE

COMPANY

Share Capital 550,000 699,000 180,000 150,000 800,000 300,000 250,000 500,000 150,000 200,000

Share Premium - - - - - - - - - -

Revaluation Reserves 7,299 2,760 - 778 - ( 86 ) - 576,421 - -

Statutory Reserves 420 ( 585,015 ) - 27,759 1,254,780 21,057 152,203 - 207,491 567,284

Retained Earnings ( 72,259 ) 441,867 - - 32,468 - ( 44,609 ) - - 10,981

Other Reserves - - 8,611,717 195,823 ( 73,190 ) 116,831 - - - -

Total Equity 485,460 558,612 8,791,717 374,360 2,014,058 437,802 357,594 1,076,421 357,491 778,265

Underwriting Provisions 214,843 - 828,137 1,745 459,435 56,690 53,890 382,155 7,837 1,412

Actuarial Contract Liabilities 4,270,374 2,126,843 55,605,575 407,981 8,729,126 - 537,759 66,372 14,046 6,383,770

LongTerm Liabilities 17,282 400,000 3,690,601 - 473,809 30,844 - 247,038 89,740 20,976

Current Liabilities 65,408 382,452 1,181,379 34,120 534,773 60,372 95,812 139,353 22,992 37,138

Total Equity And Liabilities 5,053,367 3,467,907 70,097,409 818,206 12,211,202 585,708 1,045,056 1,911,338 492,106 7,221,562

Land And Buildings - - 124,940 - - - - - - -

Investment Property 273,000 - 6,089,356 524,000 2,195,638 - 370,000 - 78,000 1,139,511

Other Fixed Assets 12,551 43,427 267,607 10,214 114,936 - 613 - 3 1,686

Government Securities 3,287,398 2,004,609 30,344,966 165,600 4,693,400 399,835 157,241 1,222,065 312,417 5,487,567

Other Securities 42,977 - - - 588,548 - - - - -

Investment in Related Companies - - 2,870,758 - - - - - - -

Corporate Bonds 114,412 - 569,369 - 377,579 10,246 - 87,358 - 182,878

Commercial Papers 116,315 - - - 11,985 - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted 209,940 - 8,561,208 2 757,432 - 1,200 15,120 - 172,719

Ordinary Shares Unquoted 9,474 - 106,783 - 17,000 - 1,054 - - -

Preference Shares Quoted - - - - - - - - - -

Preference Shares Unquoted - - - - - - - - - -

Loans Secured & Unsecured 24,884 - 1,632,544 - 337,605 1,377 70,586 - - 4,511

Mortgages - - 1,191,228 - 107,945 - - - - -

Term Deposits 605,046 340,918 991,599 36,000 847,546 86,678 285,632 258,293 61,159 123,040

Cash and Cash Balances 29,375 63,722 858,150 3,451 57,599 1,420 8,714 23,799 5,967 27,467

Outstanding Premiums 239,618 214,223 439,898 5,567 778,700 49,643 - 285,308 34,405 1,212

Other Receivables 37,485 6,802 1,178,731 - 597,869 - 149,925 12,949 - -

Other Assets 44,413 794,207 13,837,814 73,373 721,780 36,508 - 6,445 155 72,762

Intangible Assets 6,479 - 1,032,457 - 5,640 - 90 - - 8,210

Total Assets 5,053,367 3,467,907 70,097,409 818,206 12,211,202 585,708 1,045,056 1,911,338 492,106 7,221,562

Amounts in Thousand Shillings Continued next page

APPENDIX 20 i: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018


55

Company GEMINIA

INSURANCE

COMPANY

ICEA LION LIFE

ASSURANCE

COMPANY

JUBILEE

INSURANCE

COMPANY

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT

LIFE ASSURANCE

KENYA

REINSURANCE

CORPORATION

LIBERTY LIFE

ASSURANCE

MADISON

INSURANCE

COMPANY

METROPOLITAN

CANNON

INSURANCE

OLD MUTUAL

ASSURANCE

COMPANY

Share Capital 255,000 450,000 500,000 161,388 173,000 500,000 612,340 450,000 416,726 2,174,871

Share Premium - - - - - - - - 491,067 1,884,957

Revaluation Reserves - - 30,241 ( 365 ) - - 376,565 - - -

Statutory Reserves 129,132 6,607,906 2,036,726 318,516 27,829 4,091,343 2,338,349 1,435,263 - -

Retained Earnings - 2,459,213 1,950,620 11,642 ( 13,844 ) - ( 344,708 ) 62,000 ( 1,326,911 ) ( 2,475,316 )

Other Reserves 13,030 - - 2,815,378 - 39,841 - - 710,379 -

Total Equity 397,162 9,517,119 4,517,587 3,306,559 186,985 4,631,184 2,982,546 1,947,263 291,261 1,584,512

Underwriting Provisions 81,695 129,640 701,042 151,376 - - 462,893 117,672 298,443 385,195

Actuarial Contract Liabilities 707,698 64,749,347 64,416,808 29,050,701 717,731 2,438,795 18,707,569 9,021,923 1,426,194 11,577,956

LongTerm Liabilities - 1,119,058 63,508 34,760 - - 1,163,534 509,860 206,364 -

Current Liabilities 60,160 727,922 426,919 383,306 8,891 1,869,738 622,648 204,005 198,986 810,287

Total Equity And Liabilities 1,246,715 76,243,085 70,125,863 32,926,702 913,608 8,939,716 23,939,192 11,800,723 2,421,248 14,357,949

Land And Buildings 118,030 - - 1,093,620 - - 559,088 - 90,000 -

Investment Property - 10,276,000 4,393,022 1,903,042 175,000 1,606,555 1,066,500 4,807,881 755,000 2,281,543

Other Fixed Assets - 93,743 52,970 15,823 16,401 - 92,758 56,435 14,257 129,980

Government Securities 637,812 52,430,647 47,773,182 28,653,005 409,904 2,345,035 13,734,003 3,121,222 997,080 4,629,133

Other Securities - - - - - - - 59,209 - 21,702

Investment in Related Companies - 1,074,063 1,887,398 - - - - - - -

Corporate Bonds 1,125 1,405,258 881,264 51,885 24,458 - 1,520,825 133,640 58,163 591,893

Commercial Papers - - - 76,889 35,764 - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted - 6,243,316 5,397,782 178,015 - 223,336 3,158,180 6,945 78,469 3,463,442

Ordinary Shares Unquoted - - 2,560,392 153 60,825 - 182,137 2,341,503 2,963 419,379

Preference Shares Quoted - 1,223 - - - - - - - -


Loans Secured & Unsecured 2,499 540,366 823,671 94,333 9,449 - 1,183,762 93,377 17,769 186,320

Mortgages - 550,537 - 4,813 - - 388,703 86,979 30,066 24,181

Term Deposits 433,433 2,940,953 3,577,838 362,562 55,096 3,052,002 995,655 372,411 241,135 1,464,685

Cash and Cash Balances 50,463 139,923 1,558,461 341,624 15,373 12,956 190,850 26,693 25,420 268,916

Outstanding Premiums 3,070 129,618 372,297 - 59,234 1,302,799 224,592 202,794 46,000 117,714

Other Receivables - 152,929 251,674 138,395 27,773 - 312,596 477,929 - 488,474

Other Assets 282 249,258 534,022 - 24,297 - 195,971 - 60,384 252,443

Intangible Assets - 15,252 61,891 12,543 33 397,035 133,571 13,705 4,542 18,145

Total Assets 1,246,715 76,243,085 70,125,863 32,926,702 913,608 8,939,716 23,939,192 11,800,723 2,421,248 14,357,949

Amounts in Thousand Shillings Continued next page

APPENDIX 20 ii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018


56

Company

PIONEER

ASSURANCE

COMPANY

PRUDENTIAL LIFE

ASSURANCE

SAHAM INSURANCE

COMPANY

SANLAM LIFE

ASSURANCE

TAKAFUL INSURANCE

OF AFRICA

THE KENYAN

ALLIANCE

INSURANCE

THE MONARCH

INSURANCE

COMPANY

UAP LIFE

ASSURANCE

COMPANY

TOTAL

Share Capital 150,000 406,185 150,000 200,000 150,000 400,000 154,976 1,585,456 12,668,942

Share Premium - 2,127,525 - 30,260 - - - - 4,533,809

Revaluation Reserves - - 3,460 - - 107,075 - 27,534 1,131,682

Statutory Reserves 564,755 - 211,988 - 572,188 59,039 6,000 25,369 - 19,646,406

Retained Earnings 13,173 - 1,523,534 - 560,253 - 40,029 - 291,121 72,186

Other Reserves - - - 14,360 - 9,000 - 151,510 - 12,575,959

Total Equity 727,928 798,189 139,099 1,362,702 218,039 553,104 331,855 1,904,111 50,628,985

Underwriting Provisions 1,110,562 56,074 - - 7,897 27,716 79,658 762,189 6,378,196

Actuarial Contract Liabilities 2,228,627 555,226 872,452 19,971,673 44,670 2,384,864 136,558 8,125,640 315,276,278

LongTerm Liabilities 257,531 - - 310,018 - 18,049 - 136,054 8,789,026

Current Liabilities 73,980 109,725 39,345 1,939,421 22,627 85,104 148,016 475,981 10,760,860

Total Equity And Liabilities 4,398,627 1,519,214 1,050,897 23,583,814 293,232 3,068,837 696,088 11,403,975 391,833,346

Land And Buildings - - - 860,000 - 125,000 - - 2,970,678

Investment Property 1,290,347 - 75,000 2,460,284 - 1,096,500 368,177 930,000 44,154,356

Other Fixed Assets 48,452 37,005 2,263 125,058 - 1,290 21,150 31,911 1,190,533

Government Securities 428,882 1,201,732 623,334 13,885,508 51,235 294,226 68,684 6,489,323 225,849,045

Other Securities - - - 260,319 - - - - 972,755

Investment in Related Companies - - - - - - 59,534 - 5,891,753

Corporate Bonds 1,000 - 63,392 1,370,106 27,522 51,411 - 853,028 8,376,812

Commercial Papers - - - - - - - - 240,953

Debentures - - - - - - - - -

Ordinary Shares Quoted 25,160 - - 2,207,649 - - - 1,683,156 32,383,071

Ordinary Shares Unquoted - - - - - - - 15,701 5,717,364

Preference Shares Quoted - - - - - - - - 1,223

Preference Shares Unquoted - - - - - - - - -

Loans Secured & Unsecured 145,451 18,476 8,651 578,616 - 2,739 - 16,883 5,793,869

Mortgages - - - 126,250 - - - 62,530 2,573,232

Term Deposits 630,697 113,507 259,846 765,432 112,368 1,346,555 4,167 518,756 20,883,009

Cash and Cash Balances 42,623 44,813 1,156 399,468 19,739 285 2,628 283,924 4,504,979

Outstanding Premiums 1,382,862 12,329 7,529 169,736 50,325 67,228 98,079 95,502 6,390,282

Other Receivables 254,015 2,577 - - 22,217 - - 410,010 4,522,350

Other Assets 141,552 54,331 9,725 228,093 9,827 83,605 71,215 13,250 17,515,712

Intangible Assets 7,585 34,444 - 147,294 - - 2,454 - 1,901,370

Total Assets 4,398,627 1,519,214 1,050,897 23,583,814 293,232 3,068,837 696,088 11,403,975 391,833,346


APPENDIX 20 iii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018


57

Company

AAR INSURANCE

KENYA

AFRICAN MERCHANT

ASSURANCE

AIG INSURANCE

COMPANY

ALLIANZ INSURANCE

COMPANY

APA INSURANCE

COMPANY

BRITAM GENERAL

INSURANCE COMPANY

CIC GENERAL

INSURANCE COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE COMPANY

DIRECT ASSURANCE

COMPANY

Share Capital 560,000 987,386 450,000 1,000,000 1,250,000 2,668,000 1,700,000 800,000 400,000 300,000

Share Premium 600,523 - - - - - - - - -

Revaluation Reserves - - 23,583 - 272,157 - - ( 157 ) - ( 104,067 )

Statutory Reserves - - - - - - - - - -

Retained Earnings ( 644,662 ) 545,687 1,563,826 ( 297,589 ) 3,252,430 165,994 2,204,408 328,401 302,419 818,232

Other Reserves - 20,852 - - - - ( 97,270 ) - 1,092 -

Total Equity 515,861 1,553,925 2,037,409 702,411 4,774,588 2,833,994 3,807,138 1,128,244 703,511 1,014,165

Underwriting Provisions 3,149,280 1,970,367 995,274 209,956 8,242,524 6,120,019 7,600,697 1,053,264 331,023 4,335,808

Actuarial Contract Liabilities - - - - - - - - - -

LongTerm Liabilities - - - - - - - - - -

Current Liabilities 346,006 292,567 1,895,399 441,004 773,567 1,553,239 1,040,270 86,980 241,222 143,431

Total Equity And Liabilities 4,011,147 3,816,859 4,928,081 1,353,371 13,790,679 10,507,251 12,448,105 2,268,488 1,275,755 5,493,404

Land And Buildings - 732,676 - - - 40,545 232,429 - - 397,000

Investment Property - 530,000 - - 1,125,000 - 1,602,670 - 253,500 1,692,606

Other Fixed Assets 100,481 131,838 123,147 59,248 83,213 95,089 189,012 16,212 3,814 23,988

Government Securities 1,398,343 532,934 3,248,760 383,535 6,330,912 4,863,336 2,540,549 786,606 112,550 805,692

Other Securities - - - - 27,124 - 267,323 - - -

Investment in Related Companies - - - - 618,675 - - - 277,000 539,962

Corporate Bonds 111,142 8,025 - - 398,911 374,410 239,862 18,211 - -

Commercial Papers - - - - - - 61,186 - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted - 26,065 - - 1,098,320 666,883 520,765 - 1,736 112,751

Ordinary Shares Unquoted - - - - 15,527 13,843 22,999 - 604 -

Preference Shares Quoted - - - - - - - - - -


Loans Secured & Unsecured - 12,048 17,663 - 31,359 - 4,289 9,237 - 16,852

Mortgages - - - - 77,469 - 127,483 4,568 - -

Term Deposits 743,675 471,485 1,287 200,844 1,131,246 624,063 2,427,872 230,536 27,158 562,589

Cash and Cash Balances 128,218 34,673 48,190 256,601 210,520 553,003 37,702 13,913 1,604 943,993

Outstanding Premiums 361,415 1,030,365 548,553 169,831 1,958,070 1,328,925 2,655,051 646,865 331,595 97,601

Other Receivables 665,856 79,975 70,322 - 70,904 - 507,390 - 164,988 -

Other Assets 273,274 180,007 857,773 190,746 324,140 1,018,516 948,096 373,725 83,931 248,018

Intangible Assets 228,744 46,766 12,386 92,566 289,288 928,638 63,428 168,615 17,275 52,353

Total Assets 4,011,147 3,816,859 4,928,081 1,353,371 13,790,679 10,507,251 12,448,105 2,268,488 1,275,755 5,493,404

APPENDIX 21 i: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018

Amounts in thousand Shillings Continued next page


58

Company

EAST AFRICA

REINSURANCE

COMPANY

FIDELITY SHIELD

INSURANCE

COMPANY

FIRST ASSURANCE

COMPANY

GA GENERAL

INSURANCE

COMPANY

GEMINIA

INSURANCE

COMPANY LIMITED

HERITAGE

INSURANCE

COMPANY

ICEA LION GENERAL

INSURANCE

COMPANY

INTRA-AFRICA

ASSURANCE

COMPANY

INVESCO

ASSURANCE

COMPANY

JUBILEE

INSURANCE

COMPANY

Share Capital 1,000,000 600,000 660,000 700,000 550,000 500,000 1,000,000 500,000 1,925,000 2,000,000

Share Premium - - 512,139 - - - - - - -

Revaluation Reserves 312,344 109,028 249,165 829,766 617,992 - 374,210 339,072 138 ( 5,413 )


Retained Earnings 1,964,217 486,943 282,928 2,085,586 779,766 2,484,221 2,935,901 48,530 ( 1,572,480 ) 4,852,041

Other Reserves 5,279 - - 289,005 66,608 - - - - -

Total Equity 3,281,839 1,195,971 1,704,231 3,904,357 2,014,366 2,984,221 4,310,110 887,602 352,658 6,846,628

Underwriting Provisions 2,698,944 1,761,069 2,362,088 4,856,183 3,548,812 3,434,349 4,660,825 939,077 2,431,479 5,430,495


LongTerm Liabilities 134,494 - - 2,134 1,904 - 484,447 45,556 - -

Current Liabilities 1,002,870 90,756 976,838 1,688,352 141,479 1,013,023 1,030,704 78,798 377,955 2,243,691


Land And Buildings 518,519 275,117 344,250 1,136,250 373,019 - - 136,800 71,189 -

Investment Property 801,766 1,035,912 1,410,000 1,390,757 1,012,000 - 2,730,000 301,200 1,423,480 -

Other Fixed Assets 10,771 15,077 43,318 43,350 195,250 79,830 103,252 28,015 38,615 67,994

Government Securities 2,329,187 483,023 1,199,881 3,095,434 1,031,406 3,206,074 4,660,536 243,135 177,000 3,815,272

Other Securities - - - - - - 47,126 - - -

Investment in Related Companies - - - 356,109 86,571 146,557 50,147 - - 1,926,811

Corporate Bonds 528,177 - 43,766 293,625 24,300 163,753 254,660 - - 11,070

Commercial Papers - - - 10,000 - - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted 31,733 115,522 - 446,968 170,698 301,425 887,848 58,621 1,586 1,525,028

Ordinary Shares Unquoted - - - 304,729 7,371 - 7,860 - 625 597,240

Preference Shares Quoted - - - - - - - - - 402


Loans Secured & Unsecured 8,311 2,319 30,843 218,733 154,079 46,676 - 20,063 - 3,977

Mortgages 61,022 8,385 - - - 257,963 - 12,733 - 53,184

Term Deposits 1,059,572 256,962 297,324 811,165 941,852 1,107,281 195,565 272,780 54,229 387,161

Cash and Cash Balances 71,040 149,617 53,964 141 123,795 225,665 27,709 59,524 17,152 516,365

Outstanding Premiums 1,147,206 423,549 1,191,029 1,794,786 1,458,733 1,323,015 853,945 665,622 583,133 3,740,360

Other Receivables 110,909 - - 43,848 - 61,483 117,305 97,386 275,943 1,205,415

Other Assets 81,211 202,239 300,956 111,546 106,179 438,316 294,392 - - 395,992

Intangible Assets 358,722 80,074 127,826 393,586 21,307 73,556 255,739 55,153 519,140 274,545

Total Assets 7,118,147 3,047,796 5,043,157 10,451,026 5,706,560 7,431,594 10,486,086 1,951,032 3,162,092 14,520,815

APPENDIX 21 ii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018



59

Company

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT

INSURANCE

COMPANY

KENYA

REINSURANCE

CORPORATION

MADISON

INSURANCE

COMPANY

MAYFAIR

INSURANCE

COMPANY

METROPOLITAN

CANNON

INSURANCE

MUA INSURANCE

COMPANY

OCCIDENTAL

INSURANCE

COMPANY

PACIS INSURANCE

COMPANY

PIONEER

GENERAL

INSURANCE

RESOLUTION

INSURANCE

COMPANY

Share Capital 400,000 810,721 1,249,873 605,000 1,000,000 453,960 300,000 693,000 572,060 600,000 410,000

Share Premium 1,198 - - - - 583,040 - - 5,712 - 1,490,000

Revaluation Reserves 307,534 49,534 15,317 - 430,377 - ( 4,710 ) ( 20,497 ) - - 1,470

Statutory Reserves - - - - - - - - - - -

Retained Earnings 2,120,334 ( 117,102 ) 22,446,872 667,496 1,185,805 ( 237,545 ) 625,448 459,471 387,369 ( 7,098 ) ( 2,018,544 )

Other Reserves 387,375 50,000 166,096 - - - - - ( 477 ) - -

Total Equity 3,216,442 793,154 23,878,158 1,272,496 2,616,182 799,455 920,738 1,131,973 964,664 592,902 ( 117,075 )

Underwriting Provisions 2,669,122 1,204,192 9,794,138 2,857,792 1,880,738 1,306,236 472,410 2,086,843 963,209 353,155 1,555,720

Actuarial Contract Liabilities - - - - - - - - - - -

LongTerm Liabilities 257,500 81,667 - - - - - 11,782 - - -

Current Liabilities 1,296,330 525,173 995,187 69,034 395,060 462,923 189,741 105,077 376,912 145,827 2,705,034

Total Equity And Liabilities 7,439,394 2,604,186 34,667,483 4,199,322 4,891,980 2,568,614 1,582,890 3,335,675 2,304,785 1,091,884 4,143,679

Land And Buildings 746,886 138,776 23,000 - 221,275 90,000 - - 113,850 - -

Investment Property 1,205,953 358,323 8,069,345 931,725 460,458 276,000 - 510,000 730,000 - -

Other Fixed Assets 58,628 27,458 58,258 52,621 88,842 24,129 20,139 75,951 32,662 7,846 120,599

Government Securities 2,642,893 151,628 13,288,529 535,113 1,036,222 952,570 519,000 1,339,701 251,265 70,000 258,803

Other Securities - - - 21,202 - - - - - - -

Investment in Related Companies 81,905 192,768 4,653,875 - 473,121 20,883 143,807 - - - -

Corporate Bonds 51,885 5,090 475,919 16,908 92,931 26,044 - 13,233 - - -

Commercial Papers 30,756 - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 58,347 8,338 1,265,481 1,670 169,945 118,613 48,271 192,983 57,896 - -

Ordinary Shares Unquoted 547,506 599,570 202,231 63,359 642,694 241,493 - 825 103,256 - -

Preference Shares Quoted - - 89 - - - - - - - -

Preference Shares Unquoted - - - - - - - - - - -

Loans Secured & Unsecured 10,275 - - - 14,102 4,076 1,947 - - - -

Mortgages - - 696,264 - - 32,777 - - - - -

Term Deposits 483,024 61,470 229,721 843,315 893,566 220,210 206,101 179,937 124,713 724,006 718,858

Cash and Cash Balances 145,147 28,419 418,897 108,241 40,330 12,495 5,984 82,639 9,435 12,441 63,168

Outstanding Premiums 741,198 700,239 2,863,365 1,105,529 604,798 274,700 394,501 747,116 737,644 200,143 775,235

Other Receivables - 4,159 414,672 284,973 - 157,495 63,424 28,925 - - 1,187,275

Other Assets 589,117 223,765 ( 108,581 ) 24,071 148,456 36,087 116,354 29,757 69,314 43,068 782,024

Intangible Assets 45,873 104,183 2,116,418 210,596 5,240 81,041 63,362 134,609 74,751 34,379 237,717

Total Assets 7,439,394 2,604,186 34,667,483 4,199,322 4,891,980 2,568,614 1,582,890 3,335,675 2,304,785 1,091,884 4,143,679

APPENDIX 21 iii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018



60

Company

SAHAM INSURANCE

COMPANY

SANLAM

INSURANCE

COMPANY

TAKAFUL

INSURANCE OF

AFRICA

TAUSI ASSURANCE

COMPANY

THE KENYAN

ALLIANCE

INSURANCE

COMPANY

THE MONARCH

INSURANCE

COMPANY

TRIDENT

INSURANCE

COMPANY

UAP INSURANCE

COMPANY

XPLICO INSURANCE

COMPANY TOTAL

Share Capital 402,000 788,600 470,203 600,000 300,000 316,476 500,000 1,000,000 887,500 31,909,779

Share Premium - 102,760 50,000 - - - - - - 3,345,372

Revaluation Reserves ( 2,218 ) 77,618 - 174,111 2,750 - 192,586 - 19,670 4,261,360


Retained Earnings 250,210 ( 172,146 ) ( 211,655 ) 611,316 1,044,937 124,700 1,222,147 6,538,546 146,076 57,653,436

Other Reserves - - 33,202 ( 2,067 ) ( 16,604 ) - 25,000 - 220,000 1,148,091

Total Equity 649,991 796,832 341,750 1,383,360 1,331,082 441,176 1,939,733 7,538,546 1,273,246 98,318,034

Underwriting Provisions 943,163 1,589,098 778,819 843,984 1,453,182 1,183,004 1,625,367 6,890,265 923,392 107,505,362


LongTerm Liabilities - - 40,000 62,656 - - 56,715 - - 1,178,855

Current Liabilities 307,415 242,548 261,715 222,035 26,015 48,966 570,773 1,441,316 196,385 26,041,617


Land And Buildings - - - 299,408 - - 240,660 - - 6,131,649

Investment Property - 516,700 21,100 - 1,070,451 483,227 1,716,399 3,711,700 657,300 36,027,572

Other Fixed Assets 8,343 32,133 27,265 23,237 50,386 28,517 10,813 46,806 101,296 2,347,443

Government Securities 799,346 943,376 32,907 1,149,032 332,692 102,645 239,061 4,145,310 110,991 70,145,249

Other Securities - - - - - - 20,193 - 103,000 485,968

Investment in Related Companies - - - - - - 615,600 - 245,251 10,429,042

Corporate Bonds 70,447 20,000 55,044 11,170 26,249 - 20,000 713,022 - 4,067,854

Commercial Papers - - - - - - - - - 101,942

Debentures - - - - - - - - - -

Ordinary Shares Quoted 33,808 732 - 204,214 17,865 - 6,220 1,287,263 - 9,437,595

Ordinary Shares UnQuoted - - - 6,916 64,897 59 7,985 114,582 - 3,566,171

Preference Shares Quoted - - - - - - - - - 491


Loans Secured & Unsecured - 2,234 - 7,734 170,317 - 877,291 1,328,149 20,034 3,012,608

Mortgages 6,789 - - 135,863 - - - 290,356 - 1,764,856

Term Deposits 367,299 78,595 357,123 264,879 98,094 133,772 20,536 534,408 214,108 18,558,381

Cash and Cash Balances 71,616 46,516 126,546 45,311 35,247 4,965 66,712 444,070 114,282 5,355,850

Outstanding Premiums 188,892 604,764 330,804 255,502 613,792 725,447 208,975 1,913,073 555,010 36,850,376

Other Receivables 81,115 - - - 180,914 2,831 31,888 343,256 152,983 6,405,634

Other Assets 159,795 366,644 406,180 27,402 74,844 125,736 40,671 525,471 81,486 10,190,718

Intangible Assets 113,120 16,784 65,314 81,367 74,530 65,947 69,583 472,660 37,284 8,164,465

Total Assets 1,900,569 2,628,478 1,422,284 2,512,035 2,810,279 1,673,146 4,192,588 15,870,127 2,393,023 233,043,866

APPENDIX 21 iv: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2018

Amounts in thousand Shillings

Documents

Insurance Industry Report for the Period July …...Insurance Industry Release Report for Q3 2018 v billion. Of the total assets, 11.7% (KES 44.48 billion) was funded by the shareholders