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Company Fact Sheet

ICEA Lion Group - Kenya

May 14, 2024
Kenya
Leadway Assurance Company
Leadway Assurance Company
  • Date of creation:
    • 1895: creation of Lion of Kenya Insurance Company
    • 2012: merger with Insurance Company of East Africa (ICEA)
  • Classes of business: Life and non-life insurance, pensions and financial services
  • Geographical presence: 21 local agencies
Oseph Wangai
Philip Lopokoiyit
Joseph Wangai
Chairman of the Board of Directors
Philip Lopokoiyit
Group CEO

ICEA Lion Group Management

Joseph WangaiChairman of the Board of Directors
Philip LopokoiyitCEO of the Group and of ICEA LION General Insurance
George NyakundiCEO, ICEA LION Life Assurance
Zipporah ChegeChief Financial Officer (CFO), ICEA LION General Insurance
Jane MiuruBusiness Director, ICEA LION General Insurance
Kevin NyakeriChief Financial Officer (CFO), ICEA LION Life Assurance
Gladys MusembiBusiness Director, ICEA LION Life Assurance

ICEA Lion Group Shareholding

Shareholders (1)Shares
First Chartered Securities (FCS)75.9%
Autres24.1%

(1) July 2022

ICEA LION General Insurance Company

Is, in 2022:

  • a share capital of 8 050 000 USD
  • a turnover of 58 780 000 USD
  • assets of 127 014 000 USD
  • a shareholder’s equity of 53 169 000 USD
  • un résultat net de 5 906 000 USD
  • a net result of 5 906 000 USD
  • a net management expenses ratio of 38.24%
  • a net combined ratio of 89.39%
Philip Lopokoiyit
Philip Lopokoiyit
CEO of ICEA LION General Insurance

ICEA LION General Insurance Company: main technical highlights

Figures in thousands USD

Highlights20182019202020212022
Gross written premiums54 74757 27055 12255 58758 780
Net written premiums29 42929 52229 35028 12231 315
Net earned premiums29 63227 78528 72228 47728 338
Net incurred losses16 02712 27813 47213 75514 495
Management expenses12 40312 89911 54911 96511 975
Net loss ratio (1)54.09%44.19%46.90%48.30%51.15%
Net management expenses ratio (2)42.15%43.69%39.35%42.55%38.24%
Net combined ratio (3)96.24%87.88%86.25%90.85%89.39%
Net result4 3208 7466 1238 2105 906

(1) Net loss ratio = net incurred losses / net earned premiums
(2) Net management expenses ratio = management expenses / net written reinsurance premiums
(3) Net combined ratio = net loss ratio + net management expenses ratio

Exchange rate as at 31/12/2022: 1 KES = 0.00805 USD ; at 31/12/2021: 1 KES = 0.00878 USD ; at 31/12/2020: 1 KES = 0.0091 USD ; at 31/12/2019: 1 KES = 0.00978 USD ; at 31/12/2018: 1 KES = 0.00976 USD.

ICEA LION General Insurance Company: turnover breakdown by non-life class of business

Figures in thousands USD

Classes of business201820192020202120222022 shares
Motor14 93217 52316 93918 51818 96732.27%
Marine (1)15 34113 57114 67911 52713 04022.18%
Fire9 89910 5309 63311 51212 18420.73%
Accidents (2)6 4236 8465 2645 0516 28410.69%
Health2 3941 3302 3372 5052 4034.09%
Third party liability1 5691 6152 1442 1141 8843.20%
Theft2 1132 8162 1791 8791 6772.85%
Engineering1 2531 8491 2451 5701 5382.62%
Miscellaneous risks8231 1907029118031.37%
Non-life total54 74757 27055 12255 58758 780100%

(1) Including marine and aviation
(2) Including personal accident and workmen's compensation

ICEA LION General Insurance-turnover non life

ICEA LION General Insurance Company: net written premiums by non-life class of business

Figures in thousands USD

Classes of business201820192020202120222021-2022 evolution (1)
Motor14 82816 29416 59617 94818 25410.93%
Marine (2)2 680312 517-7132 319454.73%
Fire2 4323 1271 9633 2012 881-1.86%
Accidents (3)5 1665 2124 2464 1174 82327.77%
Health2 1871 0501 2527407043.82%
Third party liability282496642462271-36.06%
Theft1 7882 2051 6451 6521 423-6.03%
Engineering-93858396504396-14.33%
Miscellaneous risks1592499321124425.99%
Non-life total29 42929 52229 35028 12231 31521.45%

(1) Evolution in local currency
(2) Including marine and aviation
(3) Including personal accident and workmen's compensation

ICEA LION General Insurance Company: net loss ratio by non-life class of business

Classes of business20182019202020212022
Motor55.57%59.87%54.27%68.03%68%
Marine31.30%18.31%50.95%41.34%10.01%
Fire44.73%21.60%54.36%14.10%45.27%
Accidents47.59%26.64%20.81%-2.81%10.59%
Health107.18%85.60%96.86%65.05%101.93%
Third party liability25.12%15.01%26.64%-2.80%41.63%
Theft46.64%1.63%15.62%48.07%15.26%
Engineering54.26%44.86%34.78%58.09%28.05%
Miscellaneous risks57.17%12.92%1.27%13.13%7.25%
Non-life total54.09%44.19%46.90%48.30%51.15%

ICEA LION General Insurance Company: net management expenses ratio by non-life class of business

Classes of business20182019202020212022
Motor50.02%48.08%42.44%41.65%40.67%
Marine24.56%2224.69%24.43%-110.48%24.84%
Fire10.68%8.91%15%13.32%21.18%
Accident40.44%40.64%45.45%45.65%42.16%
Health33.46%64.15%35.78%37.99%31.30%
Third party liability44.93%44.17%27.67%36.78%49.43%
Theft50.29%41.86%49.87%50.72%54.06%
Engineering-254.74%25.25%60.73%34.24%77.88%
Miscellaneous risks-8.99%-20.34%-21.48%-31.25%-41.32%
Non-life total42.15%43.69%39.35%42.55%38.24%

ICEA LION General Insurance Company : net combined ratio by non-life class of business

Classes of business20182019202020212022
Motor105.59%107.95%96.71%109.68%108.67%
Marine55.86%2243%75.38%-69.14%34.85%
Fire55.41%30.51%69.36%27.42%66.45%
Accidents88.03%67.28%66.26%42.84%52.75%
Health140.64%149.75%132.64%103.04%133.23%
Third party liability70.05%59.18%54.31%33.98%91.06%
Theft96.93%43.49%65.49%98.79%69.32%
Engineering-200.48%70.11%95.51%92.33%105.93%
Miscellaneous risks48.18%-7.42%-20.21%-18.12%-34.07%
Non-life total96.24%87.88%86.25%90.85%89.39%

ICEA LION Life Insurance Company

Is, in 2022:

  • a share capital of 9 056 000 USD
  • a turnover of 166 637 000 USD
  • assets of 1 074 054 000 USD
  • a shareholder’s equity of 145 033 000 USD
  • a net result of 7 671 000 USD
George Nyakundi
George Nyakundi
CEO of ICEA LION Life Assurance

ICEA LION Life Insurance Company: main technical highlights

Figures in thousands USD

Highlights20182019202020212022
Gross written premiums118 232127 540134 865175 604166 637
Net written premiums115 490124 767132 270172 857163 876
Management expenses15 97518 29118 04318 47614 404
Net management expenses ratio (1)13.83%14.66%13.64%10.69%8.79%
Net result4 2084 8155 4585 7267 671

(1) Net management expenses ratio = Management expenses / Net written reinsurance premiums

ICEA LION Life Insurance Company: turnover breakdown by life class of business

Figures in thousands USD

Classes of business201820192020202120222022 shares
Pensions and retirement80 44784 70290 702113 528107 19764.33%
Individual insurance24 46132 30027 67932 16338 39523.04%
Annuities7 6475 18111 60624 02415 9189.55%
Group insurance3 1783 1162 9693 9893 3592.02%
Credit insurance2 1361 9641 7451 7731 6681%
Investments3632771641271000.06%
Life total118 232127 540134 865175 604166 637100%
ICEA LION Life Insurance turnover life
ICEA-LION

ICEA Lion Group : contact

Head office
Riverside Park, Chiromo Road, Westerlands P.O. Box 46143 - 00100, Nairobi, Kenya
Phone
+254 719 071 000 / 730 151 000
E-mail
contactcentre@icealion.com
Website
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