insurance industry report for the period january september

Insurance Industry Report for the Period

January – September 2020

Third Quarter Release

January 2021

Insurance Industry Release for Q3 2020

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 without any adjustments whatsoever, unless in

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

includes data for all the insurers and reinsurers regulated by the Authority

except for Invesco Assurance Company Limited.

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

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

guarantee the accuracy or completeness of the information contained in the

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

omissions in the report.


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Table of Contents

Executive Summary ................................................................................. 1

Chapter One ............................................................................................. 4 1.1 Introduction ....................................................................................................... 4

1.2 Industry Highlights ............................................................................................. 5

1.3 Macro-Prudential Analysis .................................................................................. 9

Chapter Two .......................................................................................... 17 2.0 Insurance Industry at a glance ......................................................................... 17

2.1 Performance Overview of the Insurance Industry .............................................. 17

2.2 Industry Financial Position ............................................................................... 19

Chapter Three ........................................................................................ 20 3.0 Long term insurance business .......................................................................... 20

3.1 Gross premium income and Market share ........................................................ 20

3.2 Net premium income ........................................................................................ 22

3.3 Investment income and underwriting expenses................................................. 22

3.4 Investments ...................................................................................................... 22

Chapter Four .......................................................................................... 25 4.0 General insurance business ............................................................................. 25

4.1 Gross premium income and market share ........................................................ 25

4.2 Claims and direct expenses ............................................................................. 26

4.3 Underwriting ratios ........................................................................................... 29

4.4 Underwriting results ......................................................................................... 30

4.5 Investments ............................................................................................... 31

Chapter Five .......................................................................................... 34 5.0 Reinsurance business ....................................................................................... 34

5.1 Long term reinsurance business ....................................................................... 34

5.2 General reinsurance business .......................................................................... 35

Chapter Six ............................................................................................ 38 6.0 Industry Financial Position ............................................................................... 38

6.1 Summary of Industry Balance Sheet ................................................................. 38

6.2 Shareholder’s Funds ......................................................................................... 39

6.3 Assets and Liabilities ........................................................................................ 39

6.4 Investments ...................................................................................................... 40

Statistical Appendices ............................................................................ 41


iii

List of tables

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

business ..................................................................................................................................................... 1

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

business ..................................................................................................................................................... 2

Table 3: Trainings and Stakeholders workshops ........................................................................... 6

Table 4: Recently Developed/Repackaged Insurance Products ................................................. 7

Table 5: Nature of the Insurance Fraud Cases reported .............................................................. 8

Table 6: Insurance industry investment in quoted shares ....................................................... 14

Table 7: Insurance industry investment property ........................................................................ 16

Table 8: Selected key operating performance indicators for direct insurance business ... 17

Table 9: Selected key operating performance indicators for reinsurance business ........... 19

Table 10: Selected key industry financial position indicators .................................................. 19

Table 11: Class-wise long term gross premium income.............................................................. 20

Table 12: Long term insurance market share by gross premium income .............................. 21

Table 13: Class-wise long term net premium income .................................................................. 22

Table 14: Long term insurance business investments ................................................................ 23

Table 15: Class-wise general insurance gross premium income ............................................. 25

Table 16: General insurance market share by gross premium income .................................. 26

Table 17: Class-wise general insurance incurred claims........................................................... 27

Table 18: Class-wise general insurance incurred loss ratios ................................................... 28

Table 19: Class-wise general insurance claims paid .................................................................. 29

Table 20: General insurance underwriting ratios......................................................................... 30

Table 21: Class-wise general insurance underwriting results: ................................................ 31

Table 22: General insurance business investments .................................................................... 32


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Table 23: Long term reinsurance key performance indicators ................................................. 34

Table 24: Long term reinsurance business investment channels ............................................ 35

Table 25: Class-wise performance indicators under general reinsurance ............................ 36

Table 26: General reinsurance business investment channels ................................................ 37

Table 27: Summary of industry balance sheet ............................................................................. 38


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List of fugures

Figure 1: Second Quarter GDP Growth Rates (%), 2016-2020 .................................................... 9

Figure 2: Inflation Rates ...................................................................................................................... 10

Figure 3: Trend in Exchange Rates................................................................................................... 11

Figure 4: Bank Rates ............................................................................................................................ 12

Figure 5: Trend in Securities Market ................................................................................................ 13

Figure 6: Trend in Share Indices ....................................................................................................... 14

Figure 7: Trends in House Price Index ............................................................................................. 15

Figure 8: Total Industry Premiums composition ............................................................................ 18

Figure 9: Class-wise contribution of Long-term gross insurance Premium ........................... 21

Figure 10: Long-term insurance investments portfolio ................................................................ 24

Figure 11: General insurance investments portfolio .................................................................... 33

Figure 12: Distribution of industry investors’ equity ................................................................... 39

Figure 13: Distribution of industry investment portfolio ............................................................. 40


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Definition of Ratios

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

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

premium)*100

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

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

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

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

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

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

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

Abbreviations

LT = Long Term

GB = General Business

Insurance Industry Release Report for Q3 2020

1

Executive Summary

The performance and financial position of the insurance industry in Kenya

during the third quarter of 2020 is 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 2020.

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

Key financial performance indicators for Long term Insurance Business

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

Gross Premium income 74,313,851 69,689,045 62,810,418 6.6

Net premium income 69,368,007 65,290,372 58,361,747 6.2

Net Commisions 4,559,881 4,434,450 3,940,180 2.8

Underwriting Management Expense 10,136,570 10,981,300 9,616,468 -7.7

Total claims and policyholders' benefits 48,403,263 42,015,348 39,015,208 15.2

Direct expenses 14,696,451 15,415,750 13,556,648 -4.7

Investment Income 25,407,014 32,658,083 22,018,084 -22.2

Financial position Indicators

Paid up capital 13,515,067 12,328,180 11,368,942 9.6

Shareholders' funds 50,671,340 49,357,084 44,483,578 2.7

Total Assets 486,976,722 436,436,431 380,396,584 11.6

Total Liabilities 436,305,382 387,079,347 335,913,006 12.7

Investments 449,323,719 401,524,844 343,529,542 11.9

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

Retention Ratio 93.34 93.69 92.92 -0.3

Net Commissions Ratio 6.57 6.79 6.75 -0.2

Underwriting Management Expense Ratio 14.61 16.82 16.48 -2.2

Shareholders' Funds to Total Assets 10.41 11.31 11.69 -0.9

Performance Indicators2020 Q3 2019 Q3 2018 Q3

Annual change

(2020/2019)

The premium reported by the long-term insurers in Q3 2020 amounted to KES

74.31 billion, a growth of 6.6% from KES 69.67 billion reported in Q3 2019. The

long-term insurers’ asset base grew by 11.6% to KES 486.98 billion and largely

composed of income generating investments of KES 449.32 billion. Of the total

assets, 10.4% (KES 50.67 billion) was funded through shareholders’ equity.


2

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 2020.

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

Key financial performance indicators for General Insurance Business

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

Gross Premium income 105,098,737 105,232,095 101,462,855 -0.1

Net Premium income 73,781,069 74,201,368 72,932,258 -0.6

Net Earned Premium Income 68,644,190 68,839,681 68,333,414 -0.3

Claims Incurred 43,427,298 44,931,292 43,877,324 -3.3

Direct Expenses 26,096,172 26,565,554 27,259,824 -1.8

Investment Income 7,292,962 8,628,885 4,169,030 -15.5

Underwriting Results (879,280) (2,657,157) (2,803,728) 66.9

Financial Position Indicators

Paid up share capital 33,247,067 27,670,232 28,859,906 20.2

Shareholder's funds 72,650,340 71,521,810 70,029,793 1.6

Total assets 201,536,892 191,606,206 188,989,748 5.2


Investments 135,630,502 124,651,831 122,847,349 8.8

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

Retention ratio 70.2 70.5 71.9 -0.3

Claims ratio 63.3 65.3 64.2 -2.0

Commissions ratio 6.1 6.8 7.8 -0.7

Management expense ratio 31.9 31.8 32.1 0.2

Combined ratio 101.3 103.9 104.1 -2.6

Shareholder's funds to total assets 36.0 37.3 37.1 -1.3

Performance Indicators2020 Q3 2019 Q3 2018 Q3

Annual change

(2020/2019)

In Q3 2020, general insurance premiums recorded a marginal decrease of 0.1%

to KES 105.10 billion compared to a growth of 3.7% recorded in quarter three of

the previous year. The general insurance business underwriters incurred claims

amounting to KES 43.43 billion as at end of Q3 2020. The claims incurred loss

ratio decreased to 63.3% during this period from 65.3% reported in Q3 2019.

The general insurance business underwriters reported an underwriting loss of

KES 879.28 million compared to an underwriting loss of KES 2.66 billion

reported in Q3 2019.


3

Long Term Reinsurance Business

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

companies in Q3 2020 was KES 2.09 billion compared to KES 1.87 billion

reported in Q3 2019 representing an increase of 11.8%. Group Life contributed

91.6% of the total NPI recorded in the period under review.

General Reinsurance Business

The general reinsurers reported an increase in net premium income of 6.1%

from KES 14.73 billion reported by the end Q3 2019 to KES 15.62 billion in Q3

2020.

The general reinsurers incurred claims amounting to KES 11.43 billion and

direct expenses (commissions and management expenses) of KES 5.96 billion.

The resultant was an underwriting loss of KES 68.08 million and operating

profit of KES 2.32 billion as at the end of Q3 2020.


4

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.

COVID-19 Pandemic

The global socio-economic shocks from the Covid-19 Pandemic continued to be

felt during the quarter under review. As the pandemic continues to spread,

economies across the globe have been negatively impacted. COVID-19 has

impacted and will continue to impact the insurance sector mainly through

reduced returns from the capital markets, premium reduction as well as

increase in insurance claims in some classes of insurance business.

During the year 2020 the Authority issued the following guidance notes to

mitigate impact of Covid-19:

a) Insurers to consider granting a 3-month grace period to policyholders

to avoid insurance lapses

b) Insurers required to support insurance agents and brokers by paying

commissions immediately the business is transacted but within the

law


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c) Insurers are required to submit a temporary succession plan of the

Board Chairman, Principal Officer and Key Control functions

d) Extension of supervisory reporting deadlines, suspension of physical

on-site inspections and use of electronic channels

e) Insurers required to submit a stress and scenario testing, updating of

capital adequacy calculations and liquidity strains

f) Insurers should expeditiously process and settle all claims and

payments related to COVID-19

g) Insurers intending to suspend or withdraw from offering some

products to seek prior approval from the Authority before such

withdrawals or suspensions are implemented.

h) Insurers should communicate to existing policyholders which policies

likely to be impacted by coronavirus

About this Release

This is Q3 2020 industry release which provides market information and

statistical overview of the insurance industry in Kenya as at end of quarter three

of 2020. This report includes data for all the insurers and reinsurers regulated

by the Authority except for Invesco Assurance Company Limited.

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 2020, the following activities were

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

development of the insurance sector in Kenya. However, some planned activities

were not performed due to COVID-19 Pandemic.


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Trainings and Stakeholders workshops

The following trainings, workshops and events for various stakeholders were

conducted during the quarter three of 2020:

Table 3: Trainings and Stakeholders workshops

County Training/Event Period

Nairobi MoU signing between IRA and NTSA 16th

July, 2020

Nairobi

Workshop with Ministry of Agriculture, Livestock,

Fisheries & Cooperatives on National Agriculture

Insurance Policy 4th

September, 2020

Nairobi Webinar on Consumer Protection 11th

September, 2020

Industry Circulars

The Authority issued the following circulars during the third quarter in

fulfillment of its mandate:

1. IC/03/2020 - Workshop on Anti-Money Laundering and Combating

Financing of Terrorism

2. IC 03/2020 - Renewal of Registration of Insurance Agents under the

Insurance Act, Cap 487 for the Year 2021

3. BAI 04/2020 - Applications for Registration of Bancassurance

Intermediary for the Year 2021

4. IB & MIP 05/2020 - Applications for Renewal of Registration of Insurance

Brokers and Medical Insurance Providers for the Year 2021

5. ISP 06/2020 - Applications for Renewal of Registration of Insurance

Service Providers for the Year 2021

6. IC/RE/IB/IA/ISPS/07/2020 - Communication to the Insurance Industry

in the Advent of Covid-19 Pandemic

7. IC&RE/08/2020 - Continuous Monitoring of Insurers Risk Profiles and

Premium Rates

8. IC&RE/09/2020 - Renewal of Reinsurance Contracts for the Year 2021


7

Recently Developed/Repackaged Insurance Product

During Q3 2020, thirteen (13) new/repackaged insurance products were filed by

various insurance companies and approved by the Authority:

Table 4: Recently Developed/Repackaged Insurance Products

New/Repackaged Product Company Class of Business

Covid-19 Medical Cover GA Insurance Limited Medical

Octagon Afya Plus Jubilee Health Insurance Limited Medical

Jcare Johari Jubilee Health Insurance Limited Medical

Madison BetterLife Madison General Insurance Company Limited Medical

Sanlam Family Health Sanlam General Insurance Limited Medical

Sanlam Global Health Sanlam General Insurance Limited Medical

AfyaImara County UAP Insurance Company Limited Medical

AfyaImara UAP Insurance Company Limited Medical

Ultimate Protector ABSA Life Assurance Kenya Limited Life Assurance

Britam Elimu Smart Britam Life Insurance Company Limited Life Assurance

Enhanced Imarika Wallet Britam Life Insurance Company Limited Investment

Medical Second Opinion ICEA Lion Life Assurance Limited Life Assurance

Hospital Cash Prudential Life Assurance Kenya Limited Life Assurance

General Insurers

Long Term Insurers

Insurance Fraud Cases

During Q3 2020, thirty-six (36) insurance fraud cases were reported to the

Insurance Fraud Investigation Unit (IFIU). The number of fraud cases reported

in each month of Q3 2020 were twelve (12).

The classification of fraud cases by nature in Q3 2020 is illustrated in the table

below.


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Table 5: Nature of the Insurance Fraud Cases reported

Nature of Cases No. of Cases

1 Fraudulent Motor Accident (Injury) Claims 8

2 Theft by Agents 6

3 Forgery of company documents 5

4 Fraudulent Motor Insurance (Damage/Theft) Claim. 3

5 Complaint against insurance company 3

6

Fraudulent payment of commission by insurance

company 3

7 Fraudulent Medical Claims 2

8 Theft by Insurance Company Employees 1

9 Forged Insurance Certificates 1

10 Fraudulent Personal Accident 1

11 Fraudulent Fire Claim 1

12 Others 2

Total 36


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1.3 Macro-Prudential Analysis

According to Kenya National Bureau of Statistics, real GDP declined by 5.7% in

quarter two 2020 compared to an increase of 5.3% in quarter two of 2019. The

economy was adversely affected by the COVID-19 pandemic in the second

quarter of 2020. During the quarter under review, various measures were

instituted that were aimed at containing the spread of the virus that included;

closure of some businesses especially those dealing in accommodation and food

services, restriction of movement in and out of some counties, reduced

international travel, closure of schools among other measures. The

aforementioned restrictions led to adverse effect on the economy.

The COVID-19 pandemic impacted the insurance sector mainly through reduced

revenue, reduced returns from the capital markets and increase in insurance

claims in various classes of insurance business like medical.

Figure 1: Second Quarter GDP Growth Rates (%), 2016-2020

Source: KNBS


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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 4.20% in September 2020. The

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

2020 was 5.28%. The highest inflation rate during the past 12 months was

6.37% recorded in February 2020 whereas the lowest inflation rate was 4.20%

recorded in September 2020. In September 2020, the year-on-year food inflation

increased by 5.18% while transport index decreased by 0.01% mainly due to a

drop in prices of diesel which outweighed the 1.4% increase in the cost of petrol.

Figure 2: Inflation Rates


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Exchange Rates:

Source: CBK

The Kenyan shilling has depreciated against the three major currencies: the US

Dollar, Sterling Pound and Euro for the last three months to September 2020.

During the quarter, the shilling opened at KES 135.30 to the Sterling Pound,

KES 107.27 to the US Dollar and KES 122.51 to the Euro while it closed at KES

140.89, KES 108.41 and KES 128.01 to the Sterling Pound, US Dollar and Euro

respectively.

Figure 3: Trend in Exchange Rates


12

Source: CBK

The commercial banks’ lending rates remained relatively stable for the one-year

period up to September 2020, fluctuating between 12.43% and 11.75%. The

lowest lending rate of 11.75% was recorded in September 2020. The average 91-

day T-bill rate was 6.91% for the nine months of 2020.

Capital Markets

The capital market registered a decrease of 4.0% in equity turnover to KES

37.93 billion as at end of Q3 2020 from KES 39.53 billion recorded in Q2 2020

while, the bond turnover recorded a significant increase of 66.7% to KES 227.86

billion in Q3 2020 (Q2 2020: KES 136.65 billion).

Market capitalization increased marginally by 0.6% to KES 2.14 trillion,

reflecting an increase in investors’ wealth by KES 35.19 billion in Q3 2020.

Figure 4: Bank Rates


13

Source: CMA

The NSE 20 share index decreased further by 4.6% to close the quarter at

1852.29 compared to 1942.12 reported in the previous quarter. The NASI index

increased by 1.6% to close Q3 2020 at 139.89 compared to 137.68 at the end of

Q2 2020.

Figure 5: Trend in Securities Market


14

Source: CMA

Table 6 shows an analysis of the insurance industry exposure to capital markets

through investment in quoted shares for the period to 30th September 2020:

Table 6: Insurance industry investment in quoted shares

Insurance industry investment in quoted ordinary shares

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

Long term insurance business 22,728,804 30,141,907 32,144,615 -24.6 79.5

General insurance business 4,646,454 6,245,401 8,140,381 -25.6 16.3

Reinsurance business 1,201,194 1,395,188 1,535,670 -13.9 4.2

Total industry quoted shares 28,576,452 37,782,496 41,820,666 -24.4 100.0

Total industry assets 757,617,038 690,862,842 624,877,210

Proportion to total assets (%) 3.8 5.5 6.7

2020 Q3

Distribution2020 2019 2018

Annual change

(2020/2019)

Figure 6: Trend in Share Indices


15

The sharp decline in quoted equities by 24.4% is attributed to volatility on listed

securities in Nairobi Securites Exchange due to the effect of COVID-19

pandemic.

Real Estate Market:

The KBA Housing Price Index report indicated a depressed housing market for

the third quarter of 2020. In Q3 2020, the housing index declined by 0.08%

compared to a decline of 0.20% experienced during second quarter of 2020.

According to the report the reduction in house prices is mainly attributed to the

softening of the economy and the attendant fall in consumption expenditure and

the effects of COVID-19 pandemic.

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

Figure 7: Trends in House Price Index

Source: KBA


16

Table 7 shows an analysis of the insurance industry exposure to investment

property through investment in property for the period to 30th September 2020:

Table 7: Insurance industry investment property

Insurance industry investment property

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

Long term insurance business 46,205,765 45,777,858 42,547,801 0.9 54.2

General insurance business 26,173,632 26,923,378 27,156,461 -2.8 30.7

Reinsurance business 12,896,338 11,009,472 10,477,666 17.1 15.1

Total investment property 85,275,735 83,710,708 80,181,928 1.9 100.0

Total industry assets 757,617,038 690,862,842 624,877,210

Proportion to total assets (%) 11.3 12.1 12.8

2020 Q3

Distribution2020 2019 2018

Annual change

(2020/2019)


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Chapter Two

2.0 Insurance Industry at a glance

The following performance and financial position of the Kenya insurance

industry is summarized from the data submitted by both insurance and

reinsurance companies:

2.1 Performance Overview of the Insurance Industry

The performance overview of the insurance industry is highlighted below:

2.1.1 Key performance indicators of direct insurance business

Table 8 displays some key operating performance indicators of the direct

insurance business:

Table 8: Selected key operating performance indicators for direct insurance business

Key Performance Indicators for Insurers

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

Gross Premium Income 179,412,587 174,921,138 164,273,264 2.6

Net Premium Income 143,149,076 139,491,740 131,294,005 2.6

Net Earned Premium Income (GB) 68,644,190 68,839,681 68,333,414 -0.3

Claims Incurred (GB) 43,427,297 44,931,288 43,877,324 -3.3

Benefit Payment (LT) 44,092,493 35,907,226 38,687,056 22.8

Commissions 8,747,782 9,134,890 9,270,544 -4.2

Management Expenses 32,044,841 32,846,414 31,545,928 -2.4

Underwriting Profits/Loss (GB) (879,280) (2,657,157) (2,803,728) 66.9

Profit Before Tax (PBT) 4,231,074 9,274,565 4,629,516 -54.4

Profit After Tax (PAT) 2,983,979 6,100,234 3,085,293 -51.1

Indicator

2020 Q3 2019 Q3 2018 Q3Annual change

(2020/2019)

Industry gross written premium stood at KES 179.41 billion as at end of Q3

2020 representing an increase of 2.6% from KES 174.92 billion in Q3 2019.

Long term insurance business grew by 6.6% while general insurance business

decreased by 0.1% during the period under review.

General insurance business underwriting results increased by 66.9% from a

loss of KES 2.66 billion in Q3 2019 to a loss of KES 879.28 million in Q3 2020.


18

Figure 8 shows the composition of total industry premiums:

General insurance business remained the largest contributor to industry

insurance premium contributing 58.6% of the total premium. Motor insurance

and medical insurance classes of business account for 67.2% of the gross

premium income under the general insurance business.

2.1.2 Key operating indicators for reinsurance business

Table 9 displays some key operating performance indicators for the reinsurance

business in Kenya:

Figure 8: Total Industry Premiums composition


19

Table 9: Selected key operating performance indicators for reinsurance business

Key Performance Indicators for Reinsurers

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

Gross Premium Income 19,145,059 17,962,786 13,671,113 6.6


Net Earned Premium Income (GB) 17,327,118 13,006,448 11,255,653 33.2

Claims Incurred (GB) 11,432,571 9,093,014 6,652,077 25.7

Benefit Payment (LT) 1,301,897 1,087,976 735,419 19.7

Commissions 4,673,484 4,186,665 3,036,968 11.6

Management Expenses 2,086,090 2,505,212 1,988,231 -16.7

Underwriting Results (GB) (68,083) (1,938,162) 249,650 96.5

Profit Before Tax (EBT) 3,818,793 1,648,145 3,557,089 131.7

Profit After Tax (PAT) 2,887,744 1,175,529 2,690,954 145.7

Indicator


(2020/2019)

The reinsurers’ business volume increased by 6.6% to 19.15 billion in Q3 2020

(Q3 2019: KES 17.96 billion).

The reinsurers’ underwriting results improved significantly from a loss of KES

1.94 billion in Q3 2019 to a loss of KES 68.08 million in Q3 2020.

2.2 Industry Financial Position

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

2020.

2.2.1 Key Industry Financial Position Indicators

Table 10 displays some key Industry financial position indicators as at end of

Q3 2020.

Table 10: Selected key industry financial position indicators

Key Industry Performance Indicators

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

Shareholders' Funds 166,718,175 158,048,949 148,947,022 5.5

Total Assets 757,617,038 690,862,842 624,877,210 9.7


Investments 642,615,922 577,040,283 510,435,171 11.4

Indicator


(2020/2019)


20

Chapter Three

3.0 Long term insurance business

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

the end of Q3 2020.

3.1 Gross premium income and Market share

Table 11 shows the composition of gross premium income (GPI) under long term

insurance business:

Table 11: Class-wise long term gross premium income

Classwise Gross Premium Income

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

Pensions 29,110,962 26,852,137 24,198,069 8.4 39.2

Life Assurance 21,277,410 20,252,669 18,113,527 5.1 28.6

Group Credit 7,732,734 7,441,603 5,876,213 3.9 10.4

Group Life 6,908,643 6,537,349 6,377,636 5.7 9.3

Annuities 6,264,439 5,869,638 5,622,970 6.7 8.4

Investments 3,019,663 2,735,649 2,622,003 10.4 4.1

Industry 74,313,851 69,689,045 62,822,432 6.6 100.0


(2020/2019)2020 Q3

DistributionClass of Business

The total GPI reported under long term insurance business by the end of Q3

2020 amounted to KES 74.31 billion (Q3 2019: 69.69 billion) representing a

growth of 6.6%. Pensions and Life Assurance classes remained the biggest

contributors to the life GPI accounting for 39.2% and 28.6% respectively.

The contribution of long-term gross premium by classes is as shown in figure 9.


21

Table 12 depicts an analysis of long-term insurance business market share.

Table 12: Long term insurance market share by gross premium income

Long Term Insurers' Market Share by Gross Premium Income

2020 Q3 2019 Q3 2018 Q3

1 BRITAM LIFE ASSURANCE 23.4 25.2 24.6

2 ICEA LION LIFE ASSURANCE 14.2 13.7 13.6

3 JUBILEE INSURANCE COMPANY 13.2 15.2 14.8

4 KENINDIA ASSURANCE COMPANY 6.8 5.1 6.7

5 CIC LIFE ASSURANCE COMPANY 6.1 7.0 7.7

6 SANLAM LIFE ASSURANCE 5.7 5.0 5.4

7 OTHERS 30.6 28.9 27.2

Total 100.0 100.0 100.0

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

Only six out of twenty-four insurers control a market share of over 5% each of

the total GPI under long term insurance business segment by the end of Q3

2020. The remaining eighteen companies controlled 30.6% of the market

indicating that the Kenyan long-term insurance segment is dominated by a few

players.

Figure 9: Class-wise contribution of Long-term gross insurance Premium


22

3.2 Net premium income

Table 13 shows an analysis of net premium income (NPI) for long term insurers:

Table 13: Class-wise long term net premium income

Classwise Net Premium Income

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

Pensions 29,110,962 26,852,137 24,198,069 8.4 42.0

Life Assurances 21,114,023 20,093,863 17,954,563 5.1 30.4

Group Credit 6,378,029 6,118,670 4,731,455 4.2 9.2

Annuities 6,264,439 5,861,392 5,622,970 6.9 9.0

Group Life 3,481,052 3,628,791 3,232,687 -4.1 5.0

Investments 3,019,502 2,735,519 2,622,003 10.4 4.4

Industry 69,368,007 65,290,372 58,361,747 6.2 100.0

2020 Q3

DistributionClass of Business2020 Q3 2019 Q3 2018 Q3

Annual change

(2020/2019)

The net premium income reported by the end of Q3 2020 by the long-term

insurers was KES 69.37 billion representing an increase of 6.2% from KES

65.29 billion reported by the end of Q3 2019.

3.3 Investment income and underwriting expenses

Investment income reduced by 22.2% to KES 25.41 billion as at end of Q3 2020

(Q3 2019: KES 32.66 billion) which was mainly attributed to fair value losses in

equity investments. The sharp decline in the value of equities was due to

volatility in the capital market caused by COVID-19 pandemic.

Net commissions for the period were KES 4.56 billion while management

expenses were KES 10.14 billion during the same period which was an increase

of 2.8% and a decrease 7.7% respectively.

3.4 Investments

Table 14 is an analysis of the investments under long term insurance business

as at 30th September 2020:


23

Table 14: Long term insurance business investments

Long Term Insurers' Business Investments

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

Government Securities 335,664,118 276,328,026 221,882,110 21.5 74.7

Investment Property 46,205,765 45,777,858 42,547,801 0.9 10.3

Term Deposits 21,138,489 23,731,923 17,486,036 -10.9 4.7

Quoted Ordinary Shares 22,728,804 30,141,907 32,144,615 -24.6 5.1

Loans & Mortgages 8,338,721 8,176,981 8,365,724 2.0 1.9

Unquoted Ordinary shares 7,506,967 6,445,234 5,717,364 16.5 1.7

Investment in Subsidiaries 4,616,929 5,066,053 5,891,753 -8.9 1.0

Other Securities 3,123,926 5,856,862 9,494,139 -46.7 0.7

Total 449,323,719 401,524,844 343,529,542 11.9 100.0

Investment Type2020 Q3 2019 Q3 2018 Q3

2020 Q3

Distribution

Annual change

(2020/2019)

Total investments under long term insurance business as at end of September

2020 amounted to KES 449.32 billlion, an increase of 11.9% compared to KES

401.52 billion reported as at end of Q3 2019. Kenya government securities

(treasury bills and bonds) maintained their attractiveness to long term insurers

comprising 74.7% (KES 335.66 billion) of the total long term insurers’

investments. Quoted equities declined by 24.6% attributed to volatility on the

listed securities in Nairobi Securities Exchange because of the effect of COVID-

19 pandemic. Investment in other securities declined by 46.7% due to insurers

reducing their investment in corporate bonds.

Figure 10 shows the composition of investments under long term business as at

the end of Q3 2020:


24

Figure 10: Long-term insurance investments portfolio


25

Chapter Four

4.0 General insurance business

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

at end of Q3 2020.

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

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

Table 15: Class-wise general insurance gross premium income

General Insurers' Classwise Gross Premium Income Net Premium

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

Aviation 2,076,107 1,652,221 1,447,092 25.7 2.0

Engineering 2,727,348 3,025,758 3,099,225 -9.9 2.6

Fire Domestic 1,387,148 1,310,123 1,272,052 5.9 1.3

Fire Industrial 9,484,038 9,448,820 9,022,189 0.4 9.0

Liability 2,705,013 2,764,930 2,332,189 -2.2 2.6

Marine & Transit 2,451,443 2,498,229 2,864,696 -1.9 2.3

Motor Private 17,773,498 17,965,656 17,053,831 -1.1 16.9

Motor Commercial 16,582,077 18,331,269 18,419,304 -9.5 15.8

Personal Accident 1,861,806 2,898,134 2,634,756 -35.8 1.8

Theft 3,305,788 3,451,352 3,429,776 -4.2 3.1

Workmen's Compensation 5,565,305 5,368,237 5,293,094 3.7 5.3

Medical 36,255,680 33,660,613 31,861,155 7.7 34.5

Miscellaneous 2,923,486 2,856,753 2,733,496 2.3 2.8

Total 105,098,737 105,232,095 101,462,855 -0.1 100.0

2020 Q3

DistributionClass of Business2020 Q3 2019 Q3 2018 Q3

Annual change

(2020/2019)

In Q3 2020, general insurance premiums decreased marginally by 0.1% to KES

105.10 billion from KES 105.23 billion reported in Q3 2019. The medical and

motor insurance classes maintained a leading position in terms of contribution

in general insurance business premium at 34.5% and 32.7% respectively. Motor

Commercial gross premiums decreased with the highest amount of KES 1.75

billion followed by Personal Accident with KES 1.04 billon.

Table 16 shows the top six insurers and others in terms of market share under

general insurance business.


26

Table 16: General insurance market share by gross premium income


(2020/2019)

Market Share (%)

Market Share

(%)

Market Share

(%) (%)

1 CIC GENERAL INSURANCE COMPANY 8.1 8.3 8.3 -0.2

2 UAP INSURANCE COMPANY 8.1 7.0 7.1 1.1

3 APA INSURANCE COMPANY 6.9 7.1 7.7 -0.1

4 JUBILEE HEALTH INSURANCE 6.4 - - 6.4

5 GA INSURANCE COMPANY 6.1 5.1 4.9 1.0

6 BRITAM GENERAL INSURANCE 6.1 6.2 6.1 -0.1

7 OTHERS 58.2 66.3 65.9 -8.0

Total 100.0 100.0 100.0 0.0

General Insurers' Market Share by Gross Premium Income

Company

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

income underwritten in comparison with the industry total premiums under

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

low in the general insurance segment.

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

market. These insurers jointly controlled 41.8% of total gross premium income

under general insurance business.

4.2 Claims and direct expenses

The insurers reported claims incurred amounting to KES 43.43 billion during

the period under review. This was a decrease of 3.3% from KES 44.93 billion

reported in the third quarter of the previous year.

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

table 17.


27

Table 17: Class-wise general insurance incurred claims

General Insurers' Classwise Claims Incurred

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

Aviation 21,307 6,523 17,470 226.6 0.0

Engineering 471,315 531,504 359,207 -11.3 1.1

Fire Domestic 353,874 305,924 359,128 15.7 0.8

Fire Industrial 1,039,493 682,177 1,105,760 52.4 2.4

Liability 495,281 533,635 494,100 -7.2 1.1

Marine & Transit 533,136 513,640 569,271 3.8 1.2

Motor Private 11,567,373 12,400,599 11,145,778 -6.7 26.6


Personal Accident 367,672 451,353 426,617 -18.5 0.8

Theft 677,332 785,730 920,170 -13.8 1.6


Medical 15,113,459 15,079,147 15,676,239 0.2 34.8

Miscellaneous 493,109 710,035 522,159 -30.6 1.1

Total 43,427,298 44,931,292 43,877,319 -3.3 100.0

2020 Q3 2019 Q3Annual change

(2020/2019)

2020 Q3

DistributionClass of Business2018 Q3

The high premium volume classes of general insurance business contributed

the largest proportions of incurred claims; medical (34.8%), motor private

(26.6%) and motor commercial (24.6%). Motor classes of insurance business

had comprised of 51.2% of total claims incurred compared to 32.7% of the total

premium contribution under general insurance business. Motor claims

decreased with the highest amount compared to the rest of the classes.

Table 18 shows the incurred loss ratios under the various classes of general

insurance business.


28

Table 18: Class-wise general insurance incurred loss ratios

General Insurers' Claims Incurred Loss Ratios (%)

Aviation 148.4 36.2 (95.1)

Engineering 78.4 80.4 50.1

Fire Domestic 39.6 34.0 43.7

Fire Industrial 49.8 31.1 56.8

Liability 43.4 48.4 45.2

Marine & Transit 40.1 34.5 32.7

Motor Private 72.1 78.7 71.1

Motor Commercial 68.3 68.0 62.6

Personal Accident 30.6 25.0 25.4

Theft 36.5 37.9 43.8

Workmen's Compensation 36.6 35.6 43.1

Medical 68.6 73.8 77.1

Miscellaneous 35.7 51.9 40.1

Industry average 63.3 65.3 64.2

Class of Business 2020 Q3 2018 Q32019 Q3

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

net earned premium income. The industry average loss ratio over the last three

years is 64.2%. The incurred claim ratio for the quarter under review is the

lowest in the last three years which may be attributed to decreased in activities

due to COVID-19 Government restrictions.

Table 19 shows the claims paid trend under various classes of general insurance

business.


29

Table 19: Class-wise general insurance claims paid

General Insurers' Classwise Paid Claims

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

Aviation 15,950 11,751 21,219 35.7 0.0

Engineering 409,705 309,361 310,113 32.4 1.0

Fire Domestic 284,529 307,243 346,054 -7.4 0.7

Fire Industrial 770,168 691,311 822,386 11.4 1.9

Liability 392,370 396,492 407,281 -1.0 1.0

Marine & Transit 489,520 500,479 514,454 -2.2 1.2

Motor Private 10,815,699 10,897,594 10,549,168 -0.8 26.8


Personal Accident 411,386 541,233 520,319 -24.0 1.0

Theft 690,096 730,396 806,222 -5.5 1.7


Medical 14,725,084 15,702,956 15,962,654 -6.2 36.4

Miscellaneous 593,816 611,641 574,599 -2.9 1.5

Total 40,407,133 42,161,450 42,488,469 -4.2 100.0

Class of Business2020 Q3 2019 Q3 2018 Q3

Annual change

(2020/2019)

2020 Q3

Distribution

The claims paid declined by 4.2% to KES 40.41 billion compared to KES 42.16

billion paid in Q3 2019.

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

claims at 36.4%, 26.8% and 22.7% respectively of total industry paid claims

under general insurance business. However, paid claims decreased highest in

motor commercial and medical.

Direct expenses include commissions and underwriting management expenses.

The items constituting underwriting management expenses include; staff welfare

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

others.

During the period under review, direct expenses amounted to KES 26.10 billion

and were composed of KES 21.91 billion (84.0%) in management expenses and

KES 4.19 billion (16.0%) in 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 commissions.


30

Table 20 shows the class-wise retention ratio, incurred claims ratio, management

expense ratio, commission ratio and combined ratio.

Table 20: General insurance underwriting ratios

General Insurers' Underwriting Ratios (%)

Retention Incurred

Claims

Net

Commission

Management

Expense

Combined

ratioCombined ratio

Aviation 0.5 148.4 -446.1 1363.9 1066.1 647.3

Engineering 24.4 78.4 -21.0 63.7 121.1 141.4

Fire Domestic 67.5 39.6 15.3 37.6 92.4 77.2

Fire Industrial 23.3 49.8 -12.3 64.2 101.7 95.1

Liability 45.7 43.4 7.9 53.6 104.8 87.9

Marine & Transit 56.1 40.1 7.7 40.2 88.0 79.4

Motor Private 94.4 72.1 9.0 32.6 113.7 120.6

Motor Commercial 95.4 68.3 9.7 30.5 108.5 107.5

Personal Accident 64.2 30.6 13.4 40.3 84.3 80.9

Theft 63.1 36.5 5.9 49.2 91.7 84.9

Workmen's Compensation 88.1 36.6 16.6 27.9 81.0 83.2

Medical 69.6 68.6 1.6 23.6 93.8 101.1

Miscellaneous 45.0 35.7 -1.2 49.6 84.1 75.6

Overall 70.2 63.3 6.1 31.9 101.3 103.9

Class of Business

2019 Q32020 Q3

The industry combined ratio was 101.3% in Q3 2020 translating to an

underwriting loss of KES 879.28 million. Combined ratios higher than 100%

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

4.4 Underwriting results

Table 21 displays an analysis of underwriting results under general insurance

business:


31

Table 21: Class-wise general insurance underwriting results:

General Insurers' Classwise Underwriting Results

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

Aviation (138,698) (98,621) (149,629) -40.6

Engineering (126,742) (273,754) 73,252 53.7

Fire Domestic 67,535 204,711 25,613 -67.0

Fire Industrial (35,423) 107,273 (243,404) -133.0

Liability (54,632) 133,539 97,629 -140.9

Marine & Transit 159,741 306,463 410,565 -47.9

Motor Private (2,194,912) (3,249,684) (1,927,636) 32.5

Motor Commercial (1,323,787) (1,256,550) (1,153,556) -5.4

Personal Accident 189,027 344,220 261,606 -45.1

Theft 154,724 312,088 213,556 -50.4

Workmen's Compensation 835,352 711,766 392,549 17.4

Medical 1,368,656 (231,682) (1,255,390) 690.7

Miscellaneous 219,881 333,078 451,116 -34.0

Total (879,278) (2,657,153) (2,803,729) 66.9

Class of Business2018 Q3

Annual change

(2020/2019)2020 Q3 2019 Q3

The underwriting performance of general insurance business improved

significantly by 66.9% in Q3 2020 to a loss of 879.28 million compared to a loss

of 2.66 billion reported in Q3 2019. Medical class made the highest

underwriting profit of KES 1.37 billion which may be attributed to fewer hospital

visit due to COVID -19. Motor private and motor commercial classes of general

insurance business incurred the highest losses of KES 2.19 million and KES

1.32 billion respectively.

4.5 Investments

Table 22 shows an analysis of the investments under general insurance

business as at 30th September 2020:


32

Table 22: General insurance business investments

General Insurance Business Investments

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


Investment Property 26,173,632 26,923,378 27,156,461 -2.8 19.3

Term Deposits 21,408,903 20,882,623 17,038,552 2.5 15.8

Investment in Subsidiary 6,769,797 5,772,629 5,775,167 17.3 5.0

Quoted Ordinary Shares 4,646,454 6,245,401 8,140,381 -25.6 3.4

Loans & Mortgages 4,121,078 3,050,507 3,998,062 35.1 3.0

Unquoted Ordinary shares 3,828,268 2,961,501 3,363,940 29.3 2.8

Other Securities 1,742,692 2,160,087 3,633,859 -19.3 1.3

Total 135,630,502 124,651,831 122,847,349 8.8 100.0

Investment 2020 Q3 2019 Q3 2018 Q3

2020 Q3

Distribution

Annual change

(2020/2019)

Total investments under general insurance business as at end of Q3 2020

amounted to KES 135.63 billion indicating an increase of 8.8% from KES

124.65 billion reported in Q3 2019. Kenya government securities (treasury bills

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

general insurers’ investments at 49.4% and 19.3% respectively. The decline in

quoted equities by 25.6% is attributed to volatility on listed securities in Nairobi

Securites Exchange due to the effect of COVID-19 pandemic.

Figure 11 shows the composition of investments under general insurance

business:


33

Figure 11: General insurance investments portfolio


34

Chapter Five

5.0 Reinsurance business

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

the third quarter of 2020. Their operating performance was analyzed as follows:

5.1 Long term reinsurance business

Table 23 shows some key performance indicators under long term reinsurance

business as at end of Q3 2020.

Table 23: Long term reinsurance key performance indicators

Long Term Reinsurance Business Key Indicators

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

Life Assurance 174,866 75,527 78,327 58,228

Group Life 1,915,385 722,193 1,223,570 738,715

Total 2,090,251 797,720 1,301,897 796,943

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

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

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

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

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

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

Net premium

income

Investment

income Life benefits

Direct

Expenses

2020 Q3

2018 Q3

Class of business

2019 Q3

5.1.1 Net premium income

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

companies in Q3 2020 increased by 11.8% to KES 2.09 billion compared to KES

1.87 billion reported in Q3 2019. Group Life contributed 91.6% of the total NPI

recorded in the period under review.

5.1.2 Investment income and direct expenses

Investment income reported under long term reinsurance business by the end of

Q3 2020 was KES 797.72 million, an increase of 19.7% (Q3 2019: KES 597.93

million).


35

The total direct expenses incurred by long term reinsurance companies during

the Q3 2020 amounted to KES 796.94 million. Life benefits paid out by the

long-term reinsurers during the same period amounted to KES 1.30 billion.

5.1.3 Investments

Table 24 shows an analysis of the investments under Long Term reinsurers

business for the period to 30th September 2020:

Table 24: Long term reinsurance business investment channels

Long Term Reinsurers' Investments

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

Term Deposits 5,916,205 4,511,175 3,396,973 31.1 42.8



Quoted Ordinary Shares 287,149 299,187 238,456 -4.0 2.1

Other Investments 55,793 50,450 98,981 10.6 0.4

Total 13,814,658 11,757,975 9,307,900 17.5 100.0

2020 Q3

Distribution


(2020/2019)Investment

The long-term reinsurers invested more in term deposits accounting for 42.8%

of the total investment, followed by government securities at 42.0%.

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 25 shows some key performance indicators under general re-insurance

business as at end of Q3 2020:


36

Table 25: Class-wise performance indicators under general reinsurance

General Reinsurance Business Indicators

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


Incurred Claims 11,432,571 9,093,014 6,652,077 25.7

Direct Expenses 5,962,631 5,851,599 4,353,926 1.9

Operating Profit 2,319,995 456,254 249,650 408.5

Capital and Reserves 34,711,629 30,511,712 28,288,241 13.76

Assets 53,921,346 49,903,925 44,054,118 8.05

Liabilities 19,209,717 19,392,213 15,765,877 -0.94

Investments 43,847,043 39,105,633 34,750,380 12.12

Performance Indicators

Financial Position


(2020/2019)Indicator

In Q3 2020, the general reinsurers reported an increase in the net premium

income of 6.1% from KES 14.73 billion reported by the end of Q3 2019 to KES

15.62 billion in Q3 2020.

The reinsurers incurred KES 11.43 billion in claims and KES 5.96 billion in

direct expenses (commissions and management expenses) representing an

increase of 25.7% and 1.9% respectively. The operating profit for general

reinsurance business improved significantly from a profit of KES 456.25 million

as at Q3 2019 to KES 2.32 billion reported in Q3 2020 with Kenya Reinsurance

Corporation contributing 69.9% of this profit.

5.2.2 Investments

Table 26 shows an analysis of the investments under General reinsurance

business for the period ended 30th September, 2020.


37

Table 26: General reinsurance business investment channels

General Reinsurance Business Investments

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



Term Deposits 6,504,545 5,634,499 1,519,829 15.4 14.8

Investment in Subsidiary 5,633,315 4,710,558 4,653,875 19.6 12.8

Quoted Ordinary Shares 914,045 1,096,001 1,297,214 (16.6) 2.1

Loans & Mortgages 748,071 747,047 779,402 0.1 1.7

Unquoted Ordinary shares 205,733 202,231 202,231 1.7 0.5

Other Securities 197,883 500,359 1,022,396 (60.5) 0.5

Total 43,847,043 39,105,633 34,750,380 12.1 100.0

2020 Q3

DistributionInvestment2020 Q3 2019 Q3 2018 Q3

Annual change

(2020/2019)

The general reinsurers invested more in government securities accounting for

42.2% of the total investment, followed by investment property at 25.4% of the

total investments. The decline in quoted equities by 16.6% is attributed to

volatility on listed securities in Nairobi Securities Exchange due to the effect of

COVID-19 pandemic.


38

Chapter Six

6.0 Industry Financial Position

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

Kenya as at 30th September, 2020.

6.1 Summary of Industry Balance Sheet

Table 27 displays balance sheet summary of the industry as at end of Q3 2020:

Table 27: Summary of industry balance sheet

Summary of Industry Balance Sheet

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

Share Capital 58,864,175 51,597,903 44,578,721 14.1

Share Premium 8,513,015 8,258,620 7,879,181 3.1

Revaluation Reserves 3,713,628 4,003,242 5,393,042 -7.2

Statutory Reserves 25,508,367 24,984,089 19,646,406 2.1

Retained Earnings 57,253,230 56,177,494 57,725,622 1.9

Other Reserves 12,865,760 13,027,601 13,724,050 -1.2

Total Equity 166,718,175 158,048,949 148,947,022 5.5

Underwriting Provisions 123,337,053 117,557,617 113,883,558 4.9

Actuarial Contract Liabilities 411,561,548 360,649,230 315,276,278 14.1

LongTerm Liabilities 10,493,223 13,385,787 9,967,881 -21.6

Current Liabilities 45,507,040 41,221,267 36,802,477 10.4


Total Equity and Liabilities 757,617,039 690,862,850 624,877,216 9.7

Land and Buildings 8,698,614 8,860,586 9,102,327 -1.8

Investments 642,615,922 577,040,283 510,435,171 11.4

Other Fixed Assets 3,083,498 3,378,187 3,537,976 -8.7

Cash and Cash Balances 10,949,744 11,100,536 9,860,829 -1.4

Outstanding Premiums 40,245,694 42,500,883 43,240,658 -5.3

Other Receivables 12,277,899 10,717,409 10,927,984 14.6

Other Assets 29,911,235 27,888,789 27,706,430 7.3

Intangible Assets 9,834,432 9,376,169 10,065,835 4.9

Total Assets 757,617,038 690,862,842 624,877,210 9.7

2019 Q3 2018 Q3Annual change

(2020/2019)Balance Sheet Items2020 Q3


39

6.2 Shareholder’s Funds

Total equity increased by 5.5% to stand at KES 166.72 billion as at end of Q3

2020 (Q3 2019: KES 158.05 billion). The key components of shareholders’ funds

were paid up capital at 35.3%, retained earnings at 34.3% and statutory

reserves at 15.3%.

The distribution of shareholders’ equity in Q3 2020 is shown in figure 12:

6.3 Assets and Liabilities

The insurance industry asset base grew by 9.7% to KES 757.62 billion as at end

of Q3 2020 from KES 690.86 billion held as at end of Q3 2019. A significant

portion of total assets (84.8%, KES 642.62 billion) were held in income

generating investments.

Figure 12: Distribution of industry investors’ equity


40

The total insurance industry’s liabilities grew by 10.9% to KES 590.90 billion in

Q3 2020 from KES 532.81 billion reported in Q3 2019.

6.4 Investments

Investments in income generating assets grew by 11.4% from KES 577.04 billion

reported at the end of Q3 2019 to KES 642.62 billion a year later. Asset classes

with the highest proportions of above 5% were; government securities (66.4%),

investment property (13.3%) and term deposits (8.6%).

The investment portfolio for the industry is shown in figure 13:

Figure 13: Distribution of industry investment portfolio


41

Statistical Appendices

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

for the Period Ended 30.09.2020

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

Accounts for the Period Ended 30.09.2020

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

Income for the Period Ended 30.09.2020

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

Class for the Period Ended 30.09.2020

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

Period Ended 30.09.2020

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

Ended 30.09.2020

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

Ended 30.09.2020

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


Appendix 9: Summary of Investments Business Revenue Accounts for the


Appendix 10: Summary of Permanent Health Business Revenue Accounts for

the Period Ended 30.09.2020

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

Ended 30.09.2020

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


Appendix 13: Summary of Gross Premium Income under General Insurance

Business for the Period Ended 30.09.2020

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


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



42

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

30.09.2020

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

30.09.2020


43

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 413,547 - - 413,547 - - - 413,547 44,743 368,804 ( 88,725 ) - - - 280,079

AFRICAN MERCHANT ASSURANCE - - - - 101,595 - 101,595 ( 101,595 ) - ( 101,595 ) 469,618 - - - 368,023

AIG INSURANCE COMPANY 128,332 311,240 9,225 448,797 - - - 448,797 112,199 336,598 1,525,365 - - 150,000 1,711,963

ALLIANZ INSURANCE COMPANY - - - - 28,514 - 28,514 ( 28,514 ) 247,969 ( 276,483 ) ( 337,942 ) - - - ( 614,425 )

APA INSURANCE COMPANY 271,020 403,503 - 674,523 - 34,946 185,687 488,836 126,527 362,309 3,633,625 - - 700,000 3,295,934

BRITAM GENERAL INSURANCE 178,069 - - 178,069 - - - 178,069 112,909 65,160 47,539 - - - 112,699

CIC GENERAL INSURANCE COMPANY 167,193 - - 167,193 - - - 167,193 - 167,193 2,619,773 - - - 2,786,965

CORPORATE INSURANCE COMPANY 32,618 - - 32,618 - - - 32,618 - 32,618 - - - - 32,618

DIRECTLINE ASSURANCE COMPANY - 82,894 - 82,894 1,109,513 30,032 1,145,239 ( 1,062,345 ) ( 26,151 ) ( 1,036,194 ) 359,860 - - - ( 676,334 )

FIDELITY SHIELD INSURANCE - 163,119 - 163,119 76,895 32,338 167,987 ( 4,868 ) - ( 4,868 ) 459,803 - - - 454,936

FIRST ASSURANCE COMPANY 8,226 26,362 - 34,587 - - - 34,587 8,048 26,539 97,258 - - - 123,796

GA INSURANCE COMPANY 1,032,233 - 2,298 1,034,530 - - - 1,034,530 340,688 693,842 3,052,615 - 300,000 437,500 3,008,957

GEMINIA INSURANCE COMPANY 253,793 - 3,402 257,195 - - - 257,195 76,138 181,057 260,051 - - - 441,108

HERITAGE INSURANCE COMPANY 735,283 - 3,217 738,500 - 32,496 32,496 706,004 208,134 497,870 2,471,899 - - - 2,969,768

ICEA LION GENERAL INSURANCE 146,695 498,631 - 645,326 - 112,424 149,924 495,402 154,012 341,390 3,819,538 - - - 4,160,928

INTRA-AFRICA ASSURANCE 19,340 21,703 12,496 53,539 - 7,697 22,817 30,722 9,216 21,505 21,256 - - 7,500 35,261

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

JUBILEE GENERAL INSURANCE - - - - 62,087 - 62,087 ( 62,087 ) - ( 62,087 ) - - - - ( 62,087 )

JUBILEE HEALTH INSURANCE 763,691 - - 763,691 - - - 763,691 229,107 534,584 - - - - 534,584

KENINDIA ASSURANCE COMPANY 23,624 - 1,245 24,869 - 3,252 19,203 5,666 1,700 3,966 1,847,669 - 438,612 - 1,413,023

KENYA ORIENT INSURANCE 62,256 22,418 1,469 86,143 - 62,111 62,111 24,032 - 24,032 ( 1,065,981 ) - - - ( 1,041,949 )

MADISON INSURANCE COMPANY - - - - 50,804 - 50,804 ( 50,804 ) - ( 50,804 ) 565,602 - - - 514,798

MAYFAIR INSURANCE COMPANY 242,639 255,059 14,658 512,356 - 471 26,830 485,526 121,381 364,144 1,449,530 500,000 - 150,000 1,163,674

METROPOLITAN CANNON GENERAL - 139,867 - 139,867 116,882 - 116,882 22,985 - 22,985 ( 143,068 ) - - - ( 120,082 )

MUA INSURANCE COMPANY ( 29,731 ) - - ( 29,731 ) - - - ( 29,731 ) - ( 29,731 ) 553,834 - - - 524,104

OCCIDENTAL INSURANCE COMPANY - - 1,023 1,023 112,256 68,364 183,870 ( 182,847 ) ( 45,712 ) ( 137,135 ) 730,430 - - - 593,295

PACIS INSURANCE COMPANY 46,821 - - 46,821 - - - 46,821 - 46,821 110,008 - - - 156,829

PIONEER INSURANCE COMPANY - 48,009 - 48,009 16,676 - 16,676 31,333 14,466 16,866 ( 2,411 ) - - - 14,455

RESOLUTION INSURANCE COMPANY 235,280 - - 235,280 - - - 235,280 70,629 164,652 ( 2,340,021 ) - - - ( 2,175,370 )

SAHAM INSURANCE COMPANY - - - - 4,517 - 4,517 ( 4,517 ) - ( 4,517 ) 306,886 - - - 302,369

SANLAM INSURANE COMPANY 171,405 - - 171,405 - - - 171,405 51,421 119,983 - - - - 119,983

TAKAFUL INSURANCE OF AFRICA 625 36,647 13,473 50,745 - - - 50,745 - 50,745 ( 239,510 ) - - - ( 188,766 )

TAUSI ASSURANCE COMPANY 76,372 191,162 ( 19,557 ) 247,977 - 3,269 7,594 240,382 79,227 161,156 910,126 - - - 1,071,281

THE KENYAN ALLIANCE INSURANCE ( 87,207 ) - - ( 87,207 ) - - - ( 87,207 ) - ( 87,207 ) 1,011,705 - 400,000 - 524,498

THE MONARCH INSURANCE 3,960 26,925 - 30,885 - 3,381 19,221 11,664 2,892 8,771 244,196 - - - 252,968

TRIDENT INSURANCE COMPANY 422,186 - - 422,186 - 20,321 20,321 401,865 - 401,865 1,013,493 - - - 1,415,359

UAP INSURANCE COMPANY 742,727 - - 742,727 - - - 742,727 195,102 547,626 6,119,001 - - 900,000 5,766,627

XPLICO INSURANCE COMPANY - - - - 170,615 - 170,615 ( 170,615 ) - ( 170,615 ) 105,763 - - - ( 64,853 )

TOTAL 6,060,997 2,227,539 42,949 8,331,483 1,850,354 411,102 2,594,990 5,736,492 2,134,645 3,601,845 29,588,785 500,000 1,138,612 2,345,000 29,207,016

CONTINENTAL REINSURANCE 550,843 - - 550,843 - - - 550,843 148,147 402,696 511,169 ( 41,745 ) 400,000 - 555,609

EAST AFRICA REINSURANCE 22,714 370,783 6,406 399,902 - 1,199 71,771 328,131 82,033 246,098 - ( 797 ) - - 246,895

GHANA REINSURANCE COMPANY 106,783 - - 106,783 - - - 106,783 32,035 74,748 121,459 - - - 196,207

KENYA REINSURANCE CORPORATION 1,621,959 - 38,863 1,660,822 - - - 1,660,822 415,205 1,245,616 19,011,449 - - - 20,257,066

WAICA REINSURANCE KENYA LIMITED 17,696 34,061 54,557 106,314 - - - 106,314 26,217 80,097 ( 52,321 ) - - - 27,776

TOTAL 2,319,995 404,844 99,826 2,824,664 - 1,199 71,771 2,752,893 703,637 2,049,255 19,591,756 ( 42,542 ) 400,000 - 21,283,553

GRAND TOTAL 8,380,992 2,632,383 142,775 11,156,147 1,850,354 412,301 2,666,761 8,489,385 2,838,282 5,651,100 49,180,541 457,458 1,538,612 2,345,000 50,490,569

APPENDIX 1: SUMMARY OF GENERAL INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

REINSURERS

Amounts in Thousand Shillings

INSURERS


44

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

ABSA LIFE ASSURANCE 76,880 - - 76,880 - - - 76,880 - 76,880 - - - - 76,880

APA LIFE ASSURANCE COMPANY 63,053 62,426 - 125,480 - 99 3,726 121,754 - 121,754 ( 165,962 ) - - - ( 44,208 )

BRITAM LIFE ASSURANCE ( 1,836,250 ) - ( 588,237 ) ( 2,424,487 ) - - - ( 2,424,487 ) ( 1,081,566 ) ( 1,342,921 ) 9,408,044 - - 693,000 7,372,123

CAPEX LIFE ASSURANCE COMPANY - - 1,631 1,631 - - - 1,631 - 1,631 ( 32,014 ) - - - ( 30,383 )

CIC LIFE ASSURANCE COMPANY - - - - - - - - - - 71,861 - - - 71,861

CORPORATE INSURANCE COMPANY ( 99,830 ) - - ( 99,830 ) - - - ( 99,830 ) - ( 99,830 ) 49 - - - ( 99,780 )

GA LIFE ASSURANCE COMPANY - - 15,908 15,908 - - - 15,908 4,772 11,136 67,542 - - 65,000 13,677

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

ICEA LION LIFE ASSURANCE 461,250 96,365 - 557,615 - 45 45 557,570 158,653 398,917 2,796,116 - - - 3,195,033

JUBILEE INSURANCE COMPANY 504,076 205,464 - 709,540 - - - 709,540 151,223 558,317 4,052,190 - - - 4,610,507

KENINDIA ASSURANCE COMPANY 64,286 - - 64,286 - - - 64,286 - 64,286 1,144 - - 28,069 37,361

KENYA ORIENT LIFE ASSURANCE - 45,774 - 45,774 - - 6,157 39,617 4,034 35,583 ( 7,791 ) - - - 27,793

KUSCCO MUTUAL ASSURANCE LIMITED 36,433 - - 36,433 - - - 36,433 10,930 25,503 - - - - 25,503

LIBERTY LIFE ASSURANCE COMPANY - - ( 124,026 ) ( 124,026 ) - - - ( 124,026 ) ( 193,688 ) 69,663 ( 304,170 ) 69,663 - - ( 304,170 )

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

METROPOLITAN CANNON INSURANCE 16,479 - - 16,479 - - - 16,479 8,736 7,743 ( 1,243,158 ) - - - ( 1,235,415 )

OLD MUTUAL LIFE ASSURANCE - 166,204 - 166,204 341,470 4,813 346,283 ( 180,079 ) 12,835 ( 192,914 ) ( 2,036,507 ) - - - ( 2,229,421 )

PIONEER ASSURANCE COMPANY - - - - 120,977 - 120,977 ( 120,977 ) - ( 120,977 ) 283,436 - - - 162,459

PRUDENTIAL LIFE ASSURANCE - 59,591 - 59,591 - 251,412 251,412 ( 191,821 ) 36,520 ( 228,341 ) ( 1,946,681 ) - - - ( 2,175,022 )

SAHAM ASSURANCE ( 124,694 ) - - ( 124,694 ) ( 124,694 ) - ( 124,694 ) - - - - - - - -

SANLAM LIFE ASSURANCE - - - - - - - - - - 560,253 - - 180,026 380,228

THE KENYAN ALLIANCE INSURANCE - - - - - - - - - - ( 27,774 ) - - - ( 27,774 )

THE MONARCH INSURANCE - - - - 26,704 - 26,704 ( 26,704 ) - ( 26,704 ) 49,785 - - - 23,082

UAP LIFE ASSURANCE COMPANY - - 22,408 22,408 - - - 22,408 - 22,408 424,658 - - - 447,066

TOTAL ( 838,317 ) 635,824 ( 672,316 ) ( 874,808 ) 364,457 256,369 630,610 ( 1,505,418 ) ( 887,551 ) ( 617,866 ) 12,013,021 69,663 - 966,095 10,359,400

CONTINENTAL REINSURANCE 139,151 - - 139,151 - - - 139,151 24,351 114,799 261,331 41,745 - - 334,385

EAST AFRICAN REINSURANCE 67,624 124,130 5,794 197,548 - - 2,527 195,021 20,126 174,894 496,345 - 43,724 - 627,516

KENYA REINSURANCE CORPORATION 731,728 - - 731,728 - - - 731,728 182,932 548,796 5,711,407 - - - 6,260,203

TOTAL 938,503 124,130 5,794 1,068,427 - - 2,527 1,065,900 227,409 838,489 6,469,083 41,745 43,724 - 7,222,104

GRAND TOTAL 100,186 759,954 ( 666,522 ) 193,619 364,457 256,369 633,137 ( 439,518 ) ( 660,142 ) 220,623 18,482,104 111,408 43,724 966,095 17,581,504

INSURERS

APPENDIX 2: SUMMARY OF LONG TERM INSURANCE BUSINESS PROFIT & LOSS ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

REINSURERS



45

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

ABSA LIFE ASSURANCE 863,021 - - 927,204 850,589 - - 2,640,814 3.55

APA LIFE ASSURANCE COMPANY 120,966 90,487 387,176 598,956 142,639 - 69 1,340,293 1.80

BRITAM LIFE ASSURANCE 6,298,612 1,435,101 7,184,540 701,831 983,116 - 796,987 17,400,187 23.41

CAPEX LIFE ASSURANCE COMPANY 4,441 87,179 - 173,651 64,644 - - 329,915 0.44

CIC LIFE ASSURANCE COMPANY 795,906 72,590 667,760 524,843 2,463,105 - - 4,524,204 6.09

CORPORATE INSURANCE COMPANY 182,990 - - 15,568 - - - 198,558 0.27

GA LIFE ASSURANCE COMPANY 216,388 - 2,258,763 38,890 4,010 - - 2,518,051 3.39

GEMINIA LIFE INSURANCE COMPANY 60,896 - - 718,057 - - - 778,953 1.05

ICEA LION LIFE ASSURANCE 2,232,208 818,801 7,031,791 260,899 168,959 - 14,325 10,526,983 14.17

JUBILEE INSURANCE COMPANY 2,794,239 692,441 5,705,624 525,976 87,995 - - 9,806,275 13.20

KENINDIA ASSURANCE COMPANY 1,797,557 509,378 2,699,326 40,381 - - - 5,046,642 6.79

KENYA ORIENT LIFE ASSURANCE 30,881 188,257 238,080 22,480 261,934 - - 741,632 1.00

KUSCCO MUTUAL ASSURANCE LIMITED - - - 2,397 731,865 - - 734,262 0.99

LIBERTY LIFE ASSURANCE COMPANY 953,471 - 1,191,540 290,053 352,792 - 758,667 3,546,523 4.77

MADISON INSURANCE COMPANY 1,116,828 1,510,939 238,098 132,690 165,680 - 1,684 3,165,919 4.26

METROPOLITAN CANNON INSURANCE 56,508 - - 160,659 35,617 - - 252,784 0.34

OLD MUTUAL LIFE ASSURANCE 808,813 - - 276,911 - - 591,728 1,677,452 2.26

PIONEER ASSURANCE COMPANY 689,349 38,516 208,119 153,826 776,586 - 134,729 2,001,125 2.69

PRUDENTIAL LIFE ASSURANCE 224,275 - 66,610 149,003 134,612 - - 574,500 0.77

SAHAM ASSURANCE 19,487 - 582 2,185 - - - 22,254 0.03

SANLAM LIFE ASSURANCE 1,640,368 804,551 508,405 519,461 280,877 - 507,412 4,261,074 5.73

THE KENYAN ALLIANCE INSURANCE 13,455 16,199 283,987 229,227 - - 187,814 730,682 0.98

THE MONARCH INSURANCE 19,805 - - 61,969 - - - 81,774 0.11

UAP LIFE ASSURANCE COMPANY 336,946 - 440,561 381,526 227,714 - 26,248 1,412,995 1.90

TOTAL 21,277,410 6,264,439 29,110,962 6,908,643 7,732,734 - 3,019,663 74,313,851 100

CONTINENTAL REINSURANCE 2,945 - - 122,280 - - - 125,225 5.47

EAST AFRICAN REINSURANCE 47,344 - - 860,425 - - - 907,769 39.67

KENYA REINSURANCE CORPORATION 125,546 - - 1,129,912 - - - 1,255,458 54.86

TOTAL 175,835 - - 2,112,617 - - - 2,288,452 100.00

APPENDIX 3: SUMMARY OF LONG TERM INSURANCE BUSINESS GROSS PREMIUM INCOME FOR THE PERIOD ENDED 30.09.2020

REINSURERS


INSURERS


46

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

ABSA LIFE ASSURANCE 4.06 - - 13.42 11.00 - - 3.55

APA LIFE ASSURANCE COMPANY 0.57 1.44 1.33 8.67 1.84 - 0.00 1.80

BRITAM LIFE ASSURANCE 29.60 22.91 24.68 10.16 12.71 - 26.39 23.41

CAPEX LIFE ASSURANCE COMPANY 0.02 1.39 - 2.51 0.84 - - 0.44

CIC LIFE ASSURANCE COMPANY 3.74 1.16 2.29 7.60 31.85 - - 6.09

CORPORATE INSURANCE COMPANY 0.86 - - 0.23 - - - 0.27

GA LIFE ASSURANCE COMPANY 1.02 - 7.76 0.56 0.05 - - 3.39

GEMINIA LIFE INSURANCE COMPANY 0.29 - - 10.39 - - - 1.05

ICEA LION LIFE ASSURANCE 10.49 13.07 24.16 3.78 2.18 - 0.47 14.17

JUBILEE INSURANCE COMPANY 13.13 11.05 19.60 7.61 1.14 - - 13.20

KENINDIA ASSURANCE COMPANY 8.45 8.13 9.27 0.58 - - - 6.79

KENYA ORIENT LIFE ASSURANCE 0.15 3.01 0.82 0.33 3.39 - - 1.00

KUSCCO MUTUAL ASSURANCE LIMITED - - - 0.03 9.46 - - 0.99

LIBERTY LIFE ASSURANCE COMPANY 4.48 - 4.09 4.20 4.56 - 25.12 4.77

MADISON INSURANCE COMPANY 5.25 24.12 0.82 1.92 2.14 - 0.06 4.26

METROPOLITAN CANNON INSURANCE 0.27 - - 2.33 0.46 - - 0.34

OLD MUTUAL LIFE ASSURANCE 3.80 - - 4.01 - - 19.60 2.26

PIONEER ASSURANCE COMPANY 3.24 0.61 0.71 2.23 10.04 - 4.46 2.69

PRUDENTIAL LIFE ASSURANCE 1.05 - 0.23 2.16 1.74 - - 0.77

SAHAM ASSURANCE 0.09 - 0.00 0.03 - - - 0.03

SANLAM LIFE ASSURANCE 7.71 12.84 1.75 7.52 3.63 - 16.80 5.73

THE KENYAN ALLIANCE INSURANCE 0.06 0.26 0.98 3.32 - - 6.22 0.98

THE MONARCH INSURANCE 0.09 - - 0.90 - - - 0.11

UAP LIFE ASSURANCE COMPANY 1.58 - 1.51 5.52 2.94 - 0.87 1.90

TOTAL 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00

CONTINENTAL REINSURANCE 1.67 - - 5.79 - - - 5.47

EAST AFRICAN REINSURANCE 26.93 - - 40.73 - - - 39.67

KENYA REINSURANCE CORPORATION 71.40 - - 53.48 - - - 54.86

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 30.09.2020

REINSURERS

INSURERS

Figures in %


47

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

ABSA LIFE ASSURANCE (289,396) 863,021 863,021 - 84,867 726,881 - - - 162,969 195,762 240,847 - - (271,139)

APA LIFE ASSURANCE COMPANY 324,181 120,966 120,295 - 26,194 28,591 - - - 43,218 80,429 24,002 2,714 - 313,525

BRITAM LIFE ASSURANCE 26,833,960 6,298,612 6,288,685 (1,653) 2,752,852 444,145 836,794 1,494,202 - 902,008 1,042,738 (165,383) 48,780 (1,598,004) 29,784,946

CAPEX LIFE ASSURANCE COMPANY 473,453 4,441 4,441 - 136,525 6,900 - - - - 130,472 100,147 - - 440,668

CIC LIFE ASSURANCE COMPANY 1,076,088 795,906 789,829 - 364,741 782,035 - - - 79,000 145,182 63,071 - - 922,771

CORPORATE INSURANCE COMPANY 580,682 182,990 181,030 337 152,654 211,330 - - - 32,153 64,840 23,048 - - 476,772

GA LIFE ASSURANCE COMPANY 318,623 216,388 216,388 - 11,276 11,276 - - - 4,661 12 60,483 - - 579,545

GEMINIA LIFE INSURANCE COMPANY 583,479 60,896 60,896 - 132,943 127,180 3,615 - - 7,291 51,690 30,597 - - 485,197

ICEA LION LIFE ASSURANCE 10,560,360 2,232,208 2,198,132 - 1,059,440 952,621 127,584 - - 458,194 598,793 457,206 - 86,789 10,991,716

JUBILEE INSURANCE COMPANY 9,733,087 2,794,239 2,789,890 - 1,661,240 1,762,721 - - - 494,367 308,846 1,012,094 4,976 176,547 10,787,614

KENINDIA ASSURANCE COMPANY 9,699,573 1,797,557 1,792,919 - 654,823 697,309 - - - 93,823 220,208 1,007,465 - 64,286 11,424,332

KENYA ORIENT LIFE ASSURANCE (25,442) 30,881 30,869 - 2,291 156 2,135 - - 4,997 19,407 1,772 - - (19,496)

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

LIBERTY LIFE ASSURANCE COMPANY 9,065,766 953,471 951,041 - 572,405 597,297 - - - 87,787 137,170 222,412 - - 9,416,966

MADISON INSURANCE COMPANY 3,949,661 1,116,828 1,116,828 - 408,978 408,978 11,205 - - 160,999 342,701 153,742 - - 4,296,348

METROPOLITAN CANNON INSURANCE 938,537 56,508 55,936 - 43,736 43,736 41,833 - - (1,635) 51,911 24,976 - - 883,605

OLD MUTUAL LIFE ASSURANCE 4,742,115 808,813 745,730 318,475 468,354 354,920 117,665 - - 186,824 585,449 (38,016) 21,057 (231,357) 4,733,748

PIONEER ASSURANCE COMPANY 143,198 689,349 686,772 - 259,929 262,120 - - - - 235,629 81,354 - - 413,576

PRUDENTIAL LIFE ASSURANCE 373,837 224,275 222,685 4,038 68,050 63,184 3,194 225 - 49,655 121,869 49,126 1,359 - 410,200

SAHAM ASSURANCE 221,518 19,487 16,564 - 25,272 25,272 - - - 1,463 15,199 33,524 - - 229,673

SANLAM LIFE ASSURANCE 6,671,922 1,640,368 1,611,967 - 259,380 259,478 - - - 307,779 410,685 671,566 - - 7,977,514

THE KENYAN ALLIANCE INSURANCE 105,801 13,455 13,455 - 2,344 2,344 - - - 1,736 2,016 1,386 - - 114,546

THE MONARCH INSURANCE 58,459 19,805 19,704 - - - - - - 2,608 6,110 2,613 - - 72,058

UAP LIFE ASSURANCE COMPANY 1,622,968 336,946 336,946 - 163,695 47,573 134,178 - - 12,791 283,561 305,412 - - 1,787,222

TOTAL 87,762,430 21,277,410 21,114,023 321,197 9,311,989 7,816,047 1,278,203 1,494,427 - 3,092,688 5,050,679 4,363,444 78,886 (1,501,739) 96,251,907

CONTINENTAL REINSURANCE - 2,945 2,503 - 160 - - - - 797 315 1,305 - - 2,696

EAST AFRICAN REINSURANCE - 47,344 47,344 2,943 - - - - - 6,527 2,687 - - - 41,074

KENYA REINSURANCE CORPORATION 1,464,116 125,546 125,019 - 78,167 78,167 - - - 36,457 11,445 74,222 - - 1,537,289

TOTAL 1,464,116 175,835 174,866 2,943 78,327 78,167 - - - 43,781 14,447 75,527 - - 1,581,059

REINSURERS

APPENDIX 5: SUMMARY OF LIFE ASSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020


INSURERS


48


Other (Fee)

Income Total Benefits Claims Surrenders Bonuses Paid Annuities Paid

Net

Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


ABSA LIFE ASSURANCE - - - - - - - - - - - - - - -

APA LIFE ASSURANCE COMPANY 484,256 90,487 90,487 - 49,014 - - - 49,014 - 3,499 28,880 2,074 - 549,037

BRITAM LIFE ASSURANCE 6,640,282 1,435,101 1,435,101 - 815,635 - - - 815,791 29,090 20,836 836,335 16,311 (143,544) 8,173,235

CAPEX LIFE ASSURANCE COMPANY - 87,179 87,179 - - 67,937 - - - - - - - - 19,241

CIC LIFE ASSURANCE COMPANY (324,063) 72,590 72,590 - 167,507 225,899 - - - 1,478 16,461 105,286 - - (390,024)

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

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


ICEA LION LIFE ASSURANCE 10,532,528 818,801 818,801 - 884,594 - - - 884,594 12,648 20,335 1,375,137 - 166,050 11,642,839

JUBILEE INSURANCE COMPANY 10,545,619 692,441 692,441 - 857,058 857,058 - - - 16,841 31,377 644,155 2,709 (187,834) 11,162,064

KENINDIA ASSURANCE COMPANY 1,654,415 509,378 509,378 - 133,838 133,838 - - - 10,710 - 175,085 - - 2,194,329

KENYA ORIENT LIFE ASSURANCE 418,222 188,257 188,257 - 55,893 - - - 55,893 7,711 7,139 10,803 - - 546,539


LIBERTY LIFE ASSURANCE COMPANY 369,386 - - - - - - - - - 937 9,266 - - 377,715

MADISON INSURANCE COMPANY 5,442,782 1,510,939 1,510,939 - 664,192 664,192 - - 697,536 27,693 65,771 254,788 - - 5,753,317

METROPOLITAN CANNON INSURANCE (585) - - - 154 154 - - - - - - - - (739)

OLD MUTUAL LIFE ASSURANCE (1,758) - - - 753 - - - 753 - - (15) 3 - (2,529)

PIONEER ASSURANCE COMPANY 229,596 38,516 38,516 - 10,010 10,010 - - - - - - - - 258,103

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

SAHAM ASSURANCE (544) - - - 102 102 - - - - - - - - (646)

SANLAM LIFE ASSURANCE 9,018,022 804,551 804,551 - 802,945 - - - 802,945 18,158 7,831 1,017,671 - - 10,011,310

THE KENYAN ALLIANCE INSURANCE 1,194,742 16,199 16,199 - 86,392 - - - 86,392 256 2,428 1,668 - - 1,123,534

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

UAP LIFE ASSURANCE COMPANY 1,182,481 - - - 105,739 - - - 109,046 - - - - - 1,073,435

TOTAL 47,385,381 6,264,439 6,264,439 - 4,633,826 1,959,190 - - 3,501,964 124,585 176,614 4,459,059 21,097 (165,328) 52,490,760

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

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

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

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

APPENDIX 6: SUMMARY OF ANNUITIES BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



49


Other (Fee)

Income Total Benefits Claims Surrenders

Bonuses

Paid

Annuities

Paid Net Commisions

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


ABSA LIFE ASSURANCE 29,107 927,204 242,297 - 183,841 282,730 - - - 52,509 97,881 - - - (161,716)

APA LIFE ASSURANCE COMPANY (167,006) 598,956 182,838 - 76,364 84,945 - - - (20,253) 79,825 20,167 1,448 38,568 (148,535)

BRITAM LIFE ASSURANCE 1,967,537 701,831 452,287 - 181,177 342,401 - - - (44,016) 189,194 42,777 1,239 (99,234) 2,073,017

CAPEX LIFE ASSURANCE COMPANY - 173,651 126,347 - - 54,197 - - - 31,239 - - - - 40,911

CIC LIFE ASSURANCE COMPANY (293,953) 524,843 362,102 - 252,438 267,328 - - - (2,794) 79,871 33,842 - - (242,414)

CORPORATE INSURANCE COMPANY 27,449 15,568 2,871 3,382 2,036 2,036 - - - (2,878) 1,888 - - - 32,656

GA LIFE ASSURANCE COMPANY 12,300 38,890 3,480 - 1,300 1,200 - - - (7,990) 7,453 1,383 - - 16,500

GEMINIA LIFE INSURANCE COMPANY 336,187 718,057 360,213 - 312,383 441,488 - - - (38,458) 51,690 30,597 - - 272,277

ICEA LION LIFE ASSURANCE 134,162 260,899 116,168 - 37,452 57,105 - - - (83,034) 74,468 15,744 - 13,838 203,699

JUBILEE INSURANCE COMPANY 139,484 525,976 262,668 - 216,682 282,964 - - - 33,901 79,313 195,954 1,617 135,691 64,619

KENINDIA ASSURANCE COMPANY 39,380 40,381 20,935 - 4,982 4,433 - - - 2,005 2,206 9,853 - - 61,524

KENYA ORIENT LIFE ASSURANCE 865 22,480 12,893 - 400 400 - - - (2,263) 10,339 1,290 - - 6,571

KUSCCO MUTUAL ASSURANCE LIMITED - 2,397 1,798 - - - - - - 120 - - - - 1,678

LIBERTY LIFE ASSURANCE COMPANY 300,693 290,053 213,007 - 187,685 159,169 - - - 18,636 150,767 66,476 - - 251,603

MADISON INSURANCE COMPANY 137,217 132,690 49,737 - 154,816 154,816 - - - (3,970) 16,475 - - - 19,633

METROPOLITAN CANNON INSURANCE 52,699 160,659 84,091 - 11,083 46,781 - - - 209 69,215 58,277 - 16,479 62,383

OLD MUTUAL LIFE ASSURANCE 143,965 276,911 189,166 - 183,917 150,667 - - - 20,576 82,038 (43,779) (2,563) (109,595) 148,230

PIONEER ASSURANCE COMPANY 1,831,495 153,826 115,666 - 547,928 661,107 - - - 183,185 100,984 53,343 - (120,977) 1,176,206

PRUDENTIAL LIFE ASSURANCE 44,619 149,003 90,888 14,548 27,313 27,313 - - - 15,809 57,142 20,784 575 - 70,001

SAHAM ASSURANCE 12,876 2,185 1,857 - - - - - - 34 1,704 2,495 - - 15,490

SANLAM LIFE ASSURANCE (660,940) 519,461 296,349 - 176,551 203,354 - - - 21,881 75,693 31,239 - - (634,280)

THE KENYAN ALLIANCE INSURANCE 637,710 229,227 150,853 - 85,920 85,673 - - - (11,049) 34,351 23,607 - - 703,195

THE MONARCH INSURANCE (24,975) 61,969 24,895 - 62,646 48,293 - - - (5,422) 19,117 8,174 - - (53,894)

UAP LIFE ASSURANCE COMPANY 2,057,390 381,526 117,646 - 117,471 99,251 - - - 45,419 146,077 65,416 - - 1,949,705

TOTAL 6,758,261 6,908,643 3,481,052 17,930 2,824,385 3,457,651 - - - 203,396 1,427,691 637,639 2,316 - 125,230 5,929,059

CONTINENTAL REINSURANCE - 122,280 103,938 - 80,744 (16,737) - - - 25,318 13,096 54,194 - - 136,455

EAST AFRICAN REINSURANCE - 860,425 686,274 55,927 439,319 446,459 - - - 204,706 64,485 - - - 26,550

KENYA REINSURANCE CORPORATION 7,175,477 1,129,912 1,125,173 - 703,507 703,507 - - - 328,109 103,001 667,999 - - 7,834,032

TOTAL 7,175,477 2,112,617 1,915,385 55,927 1,223,570 1,133,229 - - - 558,133 180,582 722,193 - - 7,997,037

APPENDIX 7: SUMMARY OF GROUP LIFE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

REINSURERS


INSURERS


50

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

ABSA LIFE ASSURANCE 518,993 850,589 904,477 - 92,946 415,539 - - - 313,367 97,881 210,942 - 76,880 730,745

APA LIFE ASSURANCE COMPANY 325,671 142,639 120,679 - 48,782 48,214 - - - 15,323 3,804 5,468 393 - 384,083

BRITAM LIFE ASSURANCE 788,351 983,116 930,711 - 391,200 409,990 - - - 52,869 255,238 86,099 1,729 113,426 971,910

CAPEX LIFE ASSURANCE COMPANY - 64,644 64,644 - - 7,176 - - - - - - - - 57,468

CIC LIFE ASSURANCE COMPANY 740,022 2,463,105 1,699,358 - 874,059 1,121,485 - - - (13,111) 585,718 158,821 - - 904,109


GA LIFE ASSURANCE COMPANY 1,003 4,010 128 - - - - - - (844) 809 143 - - 1,309


ICEA LION LIFE ASSURANCE 96,625 168,959 91,322 - 70,323 86,298 - - - (5,305) 62,963 10,894 - 8,303 46,583

JUBILEE INSURANCE COMPANY 140,146 87,995 87,972 - 30,983 - - - - 18,284 13,269 29,120 240 - 225,444

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

KENYA ORIENT LIFE ASSURANCE 480,811 261,934 238,024 - 32,464 32,464 - - - 14,509 90,810 15,031 - - 596,083

KUSCCO MUTUAL ASSURANCE LIMITED - 731,865 632,121 - 55,185 172,425 - - - 19,949 103,044 - - - 336,703

LIBERTY LIFE ASSURANCE COMPANY 736,002 352,792 290,915 - 159,328 167,699 - - - 73,553 1,354 - - - 784,311

MADISON INSURANCE COMPANY 320,739 165,680 165,680 - 70,524 117,531 - - - 12,275 50,088 16,925 - - 323,450

METROPOLITAN CANNON INSURANCE 66,945 35,617 28,093 - 52,285 16,587 - - - (1,958) 1,236 - - - 79,173

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

PIONEER ASSURANCE COMPANY 570,979 776,586 577,043 - 182,980 461,767 - - - 188,338 - - - - 497,916

PRUDENTIAL LIFE ASSURANCE 155,302 134,612 125,862 2,201 80,576 80,576 - - - 11,510 81,564 24,563 680 - 133,599

SAHAM ASSURANCE 901 - - - - - - - - - - - - - 901

SANLAM LIFE ASSURANCE 1,650,221 280,877 193,286 - 176,446 186,009 - - - 59,112 40,928 57,158 - - 1,614,616

THE KENYAN ALLIANCE INSURANCE 18,202 - - - - - - - - - - - - - 18,202


UAP LIFE ASSURANCE COMPANY 801,725 227,714 227,714 - 116,104 79,955 - - - - - 18,653 - - 968,137

TOTAL 7,412,638 7,732,734 6,378,029 2,201 2,434,185 3,403,715 - - - 757,871 1,388,706 633,817 3,042 198,609 8,674,742




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

APPENDIX 8: SUMMARY OF GROUP CREDIT BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



51

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

Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF


APA LIFE ASSURANCE COMPANY 1,137 69 69 - - - - - - - - - - - 1,206

BRITAM LIFE ASSURANCE 2,182,806 796,987 796,987 - 620,996 359,296 133,577 122,750 - 23,179 54,881 (65,668) - 1,769 2,218,674

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

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




ICEA LION LIFE ASSURANCE 287,589 14,325 14,325 - 38,813 16,419 22,393 - - - - - - 1,771 261,331

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


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


LIBERTY LIFE ASSURANCE COMPANY 3,498,608 758,667 758,576 - 1,087,955 1,056,639 - - - 59,999 339,653 236,599 - - 3,037,491

MADISON INSURANCE COMPANY 130,759 1,684 1,684 - 39,700 39,700 - - - - 1,228 3,685 - - 95,199

METROPOLITAN CANNON INSURANCE 315,135 - - (11,516) - - - - - - 1,236 - - - 302,384

OLD MUTUAL LIFE ASSURANCE 6,952,756 591,728 591,728 - 326,814 126,509 997,246 - - - - (136,359) 20,384 - 6,263,987

PIONEER ASSURANCE COMPANY 270,662 134,729 134,729 - 13,035 - - - - - - - - - 405,391


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

SANLAM LIFE ASSURANCE 4,001,246 507,412 507,342 - 1,243,013 1,285,996 - - - (11) 193,774 (185,770) - - 2,843,060



UAP LIFE ASSURANCE COMPANY 953,293 26,248 26,248 - 194,875 114,209 71,669 - - - - 174,459 - - 968,122

TOTAL 18,744,763 3,019,663 3,019,502 - 11,516 3,640,287 3,073,854 1,224,885 122,750 - 87,597 618,917 46,288 20,384 3,540 16,647,112




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

APPENDIX 9: SUMMARY OF INVESTMENTS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



52


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

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

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

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




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

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


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


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

MADISON INSURANCE COMPANY 63,810 - - - - - - - - - - - - - 63,810

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


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


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

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

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


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

TOTAL 63,810 - - - - - - - - - - - - - 63,810




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

APPENDIX 10: SUMMARY OF PERMANENT HEALTH BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



53


Other (Fee)


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To (From)

P & L Life Fund CF


APA LIFE ASSURANCE COMPANY 4,139,405 387,176 387,176 - 409,339 409,339 - - - 3,872 22,414 400,811 10,079 24,485 4,457,202

BRITAM LIFE ASSURANCE 41,736,902 7,184,540 7,184,540 - 4,479,939 4,479,939 - - - 57,867 314,504 2,377,241 39,692 ( 110,664 ) 46,517,344

CAPEX LIFE ASSURANCE COMPANY - - - - - 659 - - - - - - - - ( 659 )

CIC LIFE ASSURANCE COMPANY 2,701,348 667,760 667,760 - - - - - - ( 1 ) 20,947 357 - - 3,348,520

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

GA LIFE ASSURANCE COMPANY 10,460,462 2,258,763 2,258,763 - 599,778 599,778 - - - 16,946 57,736 1,138,858 - - 13,183,623

GEMINIA LIFE INSURANCE COMPANY - - - - - - - - - - 13 3,329 - - 3,316

ICEA LION LIFE ASSURANCE 56,111,116 7,031,791 7,031,791 - 5,141,749 - 5,141,749 - - 93,599 352,697 4,146,841 - 184,500 61,517,203


KENINDIA ASSURANCE COMPANY 26,813,564 2,699,326 2,699,326 - 2,995,352 2,919,979 - - - 37,227 104,595 2,418,876 - - 28,869,965

KENYA ORIENT LIFE ASSURANCE 184,361 238,080 238,080 - 82,285 82,285 - - - - 2,553 23,759 - - 361,363


LIBERTY LIFE ASSURANCE COMPANY 8,674,425 1,191,540 1,191,540 - 1,399,790 1,399,790 - - - 13,889 244,305 299,274 - - 8,507,255

MADISON INSURANCE COMPANY 3,860,078 238,098 238,098 - 342,983 342,983 - - - 1,200 27,060 129,445 - - 3,856,377

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


PIONEER ASSURANCE COMPANY 832,551 208,119 208,119 - 63,093 - - - - - - - - - 1,040,670

PRUDENTIAL LIFE ASSURANCE 21,781 66,610 66,610 - - - - - - - 10 5,125 301 - 93,205

SAHAM ASSURANCE 140,686 582 582 - 99,180 99,180 - - - - 454 3,788 - - 45,422

SANLAM LIFE ASSURANCE 1,131,719 508,405 508,405 - 350,977 350,977 - - - 7,152 10,357 118,561 - - 1,390,199


THE MONARCH INSURANCE 16,301 - - - - - - - - - 19,889 8,505 - - 4,917

UAP LIFE ASSURANCE COMPANY 5,122,939 440,561 440,561 - 535,151 495,715 - - - - - 10,794 - - 5,078,578

TOTAL 216,783,906 29,110,962 29,110,962 - 21,247,821 15,928,828 5,141,749 - - 293,744 1,473,963 14,630,943 81,746 477,994 237,127,786




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

APPENDIX 11: SUMMARY OF PENSIONS BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

REINSURERS


INSURERS


54


Other (Fee)


Expense of

Management

Investment

Income

Investment

Expenses

Transfer To


ABSA LIFE ASSURANCE 258,704 2,640,814 2,009,795 - 361,654 1,425,150 - - - 528,845 391,524 451,789 - 76,880 297,890

APA LIFE ASSURANCE COMPANY 5,107,644 1,340,293 901,544 - 609,693 571,089 - - 49,014 42,160 189,971 479,328 16,708 63,053 5,556,518

BRITAM LIFE ASSURANCE 80,149,838 17,400,187 17,088,311 ( 1,653 ) 9,241,799 6,035,771 970,371 1,616,952 815,791 1,020,997 1,877,391 3,111,401 107,751 ( 1,836,251 ) 89,739,126

CAPEX LIFE ASSURANCE COMPANY 473,453 329,915 282,611 - 136,525 136,869 - - - 31,239 130,472 100,147 - - 557,629

CIC LIFE ASSURANCE COMPANY 3,899,442 4,524,204 3,591,639 - 1,658,745 2,396,747 - - - 64,572 848,179 361,377 - - 4,542,962

CORPORATE INSURANCE COMPANY 614,099 198,558 183,901 3,719 154,690 213,366 - - - 29,275 66,728 23,048 - - 515,396

GA LIFE ASSURANCE COMPANY 10,792,388 2,518,051 2,478,759 - 612,354 612,254 - - - 12,773 66,010 1,200,867 - - 13,780,977

GEMINIA LIFE INSURANCE COMPANY 919,666 778,953 421,109 - 445,326 568,668 3,615 - - ( 31,167 ) 103,393 64,523 - - 760,790

ICEA LION LIFE ASSURANCE 77,722,380 10,526,983 10,270,539 - 7,232,371 1,112,443 5,291,726 - 884,594 476,102 1,109,256 6,005,822 - 461,251 84,663,371


KENINDIA ASSURANCE COMPANY 38,206,932 5,046,642 5,022,558 - 3,788,995 3,755,559 - - - 143,765 327,009 3,611,279 - 64,286 42,550,150

KENYA ORIENT LIFE ASSURANCE 1,058,817 741,632 708,123 - 173,333 115,305 2,135 - 55,893 24,954 130,248 52,655 - - 1,491,060

KUSCCO MUTUAL ASSURANCE LIMITED - 734,262 633,919 - 55,185 172,425 - - - 20,069 103,044 - - - 338,381

LIBERTY LIFE ASSURANCE COMPANY 22,644,880 3,546,523 3,405,079 - 3,407,163 3,380,594 - - - 253,864 874,186 834,027 - - 22,375,341

MADISON INSURANCE COMPANY 13,905,046 3,165,919 3,082,966 - 1,681,193 1,728,200 11,205 - 697,536 198,197 503,323 558,585 - - 14,408,134

METROPOLITAN CANNON INSURANCE 1,372,731 252,784 168,120 ( 11,516 ) 107,258 107,258 41,833 - - ( 3,384 ) 123,598 83,253 - 16,479 1,326,806

OLD MUTUAL LIFE ASSURANCE 11,837,078 1,677,452 1,526,624 318,475 979,838 632,096 1,114,911 - 753 207,400 667,487 ( 218,169 ) 38,881 ( 340,952 ) 11,143,436

PIONEER ASSURANCE COMPANY 3,878,481 2,001,125 1,760,845 - 1,076,975 1,395,004 - - - 371,523 336,613 134,697 - ( 120,977 ) 3,791,862

PRUDENTIAL LIFE ASSURANCE 595,539 574,500 506,045 20,787 175,939 171,073 3,194 225 - 76,974 260,585 99,598 2,915 - 707,005

SAHAM ASSURANCE 375,437 22,254 19,003 - 124,554 124,554 - - - 1,497 17,357 39,807 - - 290,840

SANLAM LIFE ASSURANCE 21,812,190 4,261,074 3,921,900 - 3,009,312 2,285,814 - - 802,945 414,071 739,268 1,710,425 - - 23,202,419

THE KENYAN ALLIANCE INSURANCE 2,870,862 730,682 652,308 - 491,908 405,269 - - 86,392 ( 2,179 ) 109,497 75,250 - - 2,999,442

THE MONARCH INSURANCE 49,785 81,774 44,599 - 62,646 48,293 - - - ( 2,814 ) 45,116 19,292 - - 23,081

UAP LIFE ASSURANCE COMPANY 11,740,796 1,412,995 1,149,115 - 1,233,035 836,703 205,847 - 109,046 58,210 429,638 574,734 - - 11,825,199

TOTAL 384,911,189 74,313,851 69,368,007 329,812 44,092,493 35,639,285 7,644,837 1,617,177 3,501,964 4,559,881 10,136,570 24,771,190 207,471 ( 1,112,154 ) 417,185,176

CONTINENTAL REINSURANCE - 125,225 106,441 - 80,904 ( 16,737 ) - - - 26,115 13,411 55,499 - - 139,151

EAST AFRICAN REINSURANCE - 907,769 733,618 58,870 439,319 446,459 - - - 211,233 67,172 - - - 67,624

KENYA REINSURANCE CORPORATION 8,639,593 1,255,458 1,250,192 - 781,674 781,674 - - - 364,566 114,446 742,221 - - 9,371,321

TOTAL 8,639,593 2,288,452 2,090,251 58,870 1,301,897 1,211,396 - - - 601,914 195,029 797,720 - - 9,578,096

APPENDIX 12: SUMMARY OF COMBINED LONG TERM BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

REINSURERS


INSURERS


55

AAR INSURANCE KENYA - 740 613 6,715 6,359 487 - - - 23,527 2,318 48,006 4,594,747 7,668 4,691,180 4.46

AFRICAN MERCHANT ASSURANCE - 2,402 893 19,131 2,234 1,001 313,425 142,664 20,000 14,775 6,057 18,592 - 55,175 596,349 0.57

AIG INSURANCE COMPANY 10,832 56,788 69,014 421,284 615,915 25,673 646,714 142,333 - 82,599 293,668 229,561 - - 2,594,381 2.47

ALLIANZ INSURANCE COMPANY 5,531 19,608 21,479 109,405 93,769 45,034 109,778 147,646 - 2,396 22,540 85,060 78,266 26,555 767,067 0.73

APA INSURANCE COMPANY 37,090 134,421 64,031 675,010 118,109 144,811 1,106,392 1,044,538 - 140,944 179,171 404,058 2,876,705 371,047 7,296,327 6.94

BRITAM GENERAL INSURANCE - 379,424 102,973 533,190 147,008 308,793 1,102,397 856,627 - 527,581 215,350 236,976 1,294,887 752,197 6,457,403 6.14

CIC GENERAL INSURANCE COMPANY - 198,611 92,494 589,819 62,517 61,033 1,503,627 1,403,725 - 173,090 522,449 267,672 3,483,170 158,440 8,516,647 8.10

CORPORATE INSURANCE COMPANY - 22,252 6,546 79,452 16,102 62,069 275,933 190,439 - 5,280 10,885 56,846 - 4,193 729,997 0.69

DIRECTLINE ASSURANCE COMPANY - - - - - - 133,780 52,172 1,669,816 - - - - - 1,855,768 1.77

FIDELITY SHIELD INSURANCE 381,434 50,360 17,239 148,329 14,279 59,218 447,432 348,622 13,451 10,410 80,974 156,962 - 86,329 1,815,039 1.73

FIRST ASSURANCE COMPANY - 103,420 26,394 220,723 44,669 38,540 566,555 503,342 - 83,107 75,671 73,642 1,532,098 37,497 3,305,658 3.15

GA INSURANCE COMPANY 241,135 286,950 111,647 1,089,580 115,339 271,218 761,616 685,564 98,258 59,480 350,396 554,053 1,729,787 105,076 6,460,099 6.15

GEMINIA INSURANCE COMPANY 12,248 132,722 59,932 436,811 56,491 141,894 1,192,774 1,208,975 - 51,272 188,627 578,292 - 147,200 4,207,238 4.00

HERITAGE INSURANCE COMPANY 152,741 134,223 142,892 496,996 178,318 89,259 668,434 412,203 35,577 163,540 94,933 325,282 1,609,071 206,597 4,710,066 4.48

ICEA LION GENERAL INSURANCE 881,801 121,656 108,146 798,415 164,990 141,415 1,018,461 450,251 - 136,979 200,934 373,430 249,617 59,706 4,705,801 4.48

INTRA-AFRICA ASSURANCE - 32,079 32,633 97,596 14,464 77,648 260,321 172,414 2,312 11,241 44,444 111,739 - 21,615 878,506 0.84

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

JUBILEE GENERAL INSURANCE 57,537 102,912 38,973 516,790 247,802 113,715 686,455 331,957 - ( 32,037 ) 32,321 186,298 - 61,935 2,344,658 2.23

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 6,691,320 - 6,691,320 6.37

KENINDIA ASSURANCE COMPANY - 76,331 41,239 450,203 40,845 165,892 251,058 469,755 - 26,731 160,108 330,683 128,393 12,996 2,154,234 2.05

KENYA ORIENT INSURANCE - 50,691 20,741 100,293 21,040 7,768 381,036 266,076 29,917 4,896 52,360 61,986 - 147,380 1,144,184 1.09

MADISON INSURANCE COMPANY - 58,219 9,228 87,077 244,793 47,587 359,244 730,998 - 13,372 21,375 48,650 1,648,704 96,825 3,366,072 3.20

MAYFAIR INSURANCE COMPANY 60,901 176,026 62,788 714,842 49,234 186,814 395,063 414,632 - 38,612 123,895 289,026 - 97,762 2,609,595 2.48

METROPOLITAN CANNON INSURANCE - 73,046 15,003 33,807 11,317 12,565 362,995 184,948 - 24,446 22,143 69,475 - 20,821 830,566 0.79

MUA INSURANCE COMPANY 190,437 17,901 6,070 55,733 39,300 52,619 143,322 109,928 - 4,158 10,527 21,552 - 29,060 680,607 0.65

OCCIDENTAL INSURANCE COMPANY - 115,719 52,588 272,381 9,775 131,376 621,021 565,789 - 42,265 95,922 234,755 - 29,426 2,171,017 2.07

PACIS INSURANCE COMPANY - 29,869 8,968 98,686 21,768 2,842 282,972 190,603 - 28,002 34,226 62,926 398,316 1,684 1,160,862 1.10

PIONEER INSURANCE COMPANY - 17,543 6,489 56,437 30,569 5,581 330,859 132,965 - 4,887 14,122 44,184 - 41,142 684,778 0.65

RESOLUTION INSURANCE COMPANY - 1,905 5,032 7,624 9,748 17,113 261,983 135,550 21,056 26,325 7,677 30,938 2,670,344 11,390 3,206,685 3.05

SAHAM INSURANCE COMPANY - 24,450 12,441 67,545 34,356 8,213 383,968 125,484 - 35,689 24,030 50,460 457,449 78,804 1,302,889 1.24

SANLAM INSURANE COMPANY - 30,134 30,610 288,782 124,743 33,064 642,081 603,050 95,958 3,725 37,889 97,960 897,648 110,834 2,996,478 2.85

TAKAFUL INSURANCE OF AFRICA - 11,082 6,337 35,989 15,000 9,228 173,179 210,277 - 1,261 44,796 20,409 82,485 1,584 611,627 0.58

TAUSI ASSURANCE COMPANY - 57,276 49,246 262,709 19,837 92,275 145,862 102,515 - 11,046 84,300 149,399 15,089 13,366 1,002,920 0.95

THE KENYAN ALLIANCE INSURANCE - 26,056 31,687 88,774 13,751 11,880 409,810 273,240 - 41,357 39,672 102,345 542,996 4,039 1,585,607 1.51

THE MONARCH INSURANCE - 39,957 1,298 24,083 28,929 754 499,096 387,210 - 17,125 4,150 48,015 - 79,400 1,130,017 1.08

TRIDENT INSURANCE COMPANY - 159 444 1,573 1,348 1,355 314,805 141,474 23,201 4,118 1,588 809 7,859 988 499,721 0.48

UAP INSURANCE COMPANY 44,420 142,258 131,040 598,233 90,022 82,626 799,268 804,339 - 79,476 206,266 194,552 5,266,729 43,817 8,483,046 8.07

XPLICO INSURANCE COMPANY - 158 - 21 273 83 221,782 63,886 566,340 131 4 712 - 938 854,328 0.81

TOTAL 2,076,107 2,727,348 1,387,148 9,484,038 2,705,013 2,451,443 17,773,498 14,006,191 2,575,886 1,861,806 3,305,788 5,565,305 36,255,680 2,923,486 105,098,737 100

CONTINENTAL REINSURANCE 34,033 217,922 11,935 972,772 55,304 79,020 - 103,963 - - - 289,630 568,641 190,328 2,523,549 14.97

EAST AFRICAN REINSURANCE 20,180 207,591 - 989,895 10,252 185,372 - 189,737 - 36,857 - - 434,416 283,329 2,357,629 13.99

GHANA REINSURANCE COMPANY 2,567 68,740 32,602 239,082 13,332 26,574 20,501 22,210 - 11,874 24,794 1,811 65,903 43,508 573,498 3.40

KENYA REINSURANCE CORPORATION 43,502 699,599 2,721,995 331,415 96,938 476,913 75,754 491,567 - 198,666 33,333 8,683 2,330,827 3,325,594 10,834,786 64.28

WAICA REINSURANCE KENYA LIMITED 6,124 78,782 641 260,278 83,239 51,199 7,287 4,631 - 18,499 7,858 10,345 - 38,266 567,149 3.36

TOTAL 106,406 1,272,634 2,767,173 2,793,442 259,065 819,078 103,542 812,108 - 265,896 65,985 310,469 3,399,787 3,881,025 16,856,611 100

INSURERS

REINSURERS


Motor Commercial

PSVPersonal Accident Theft

Workmens'

CompensationMedical Miscellaneous

APPENDIX 13: SUMMARY OF GROSS PREMIUM INCOME UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2020

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

Market Share (%)


56

AAR INSURANCE KENYA - 0.03 0.04 0.07 0.24 0.02 - - - 1.26 0.07 0.86 12.67 0.26 4.46

AFRICAN MERCHANT ASSURANCE - 0.09 0.06 0.20 0.08 0.04 1.76 1.02 0.78 0.79 0.18 0.33 - 1.89 0.57

AIG INSURANCE COMPANY 0.52 2.08 4.98 4.44 22.77 1.05 3.64 1.02 - 4.44 8.88 4.12 - - 2.47

ALLIANZ INSURANCE COMPANY 0.27 0.72 1.55 1.15 3.47 1.84 0.62 1.05 - 0.13 0.68 1.53 0.22 0.91 0.73

APA INSURANCE COMPANY 1.79 4.93 4.62 7.12 4.37 5.91 6.22 7.46 - 7.57 5.42 7.26 7.93 12.69 6.94

BRITAM GENERAL INSURANCE - 13.91 7.42 5.62 5.43 12.60 6.20 6.12 - 28.34 6.51 4.26 3.57 25.73 6.14

CIC GENERAL INSURANCE COMPANY - 7.28 6.67 6.22 2.31 2.49 8.46 10.02 - 9.30 15.80 4.81 9.61 5.42 8.10

CORPORATE INSURANCE COMPANY - 0.82 0.47 0.84 0.60 2.53 1.55 1.36 - 0.28 0.33 1.02 - 0.14 0.69

DIRECTLINE ASSURANCE COMPANY - - - - - - 0.75 0.37 64.82 - - - - - 1.77

FIDELITY SHIELD INSURANCE 18.37 1.85 1.24 1.56 0.53 2.42 2.52 2.49 0.52 0.56 2.45 2.82 - 2.95 1.73

FIRST ASSURANCE COMPANY - 3.79 1.90 2.33 1.65 1.57 3.19 3.59 - 4.46 2.29 1.32 4.23 1.28 3.15

GA INSURANCE COMPANY 11.61 10.52 8.05 11.49 4.26 11.06 4.29 4.89 3.81 3.19 10.60 9.96 4.77 3.59 6.15

GEMINIA INSURANCE COMPANY 0.59 4.87 4.32 4.61 2.09 5.79 6.71 8.63 - 2.75 5.71 10.39 - 5.04 4.00

HERITAGE INSURANCE COMPANY 7.36 4.92 10.30 5.24 6.59 3.64 3.76 2.94 1.38 8.78 2.87 5.84 4.44 7.07 4.48

ICEA LION GENERAL INSURANCE 42.47 4.46 7.80 8.42 6.10 5.77 5.73 3.21 - 7.36 6.08 6.71 0.69 2.04 4.48

INTRA-AFRICA ASSURANCE - 1.18 2.35 1.03 0.53 3.17 1.46 1.23 0.09 0.60 1.34 2.01 - 0.74 0.84


JUBILEE GENERAL INSURANCE 2.77 3.77 2.81 5.45 9.16 4.64 3.86 2.37 - ( 1.72 ) 0.98 3.35 - 2.12 2.23

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 18.46 - 6.37

KENINDIA ASSURANCE COMPANY - 2.80 2.97 4.75 1.51 6.77 1.41 3.35 - 1.44 4.84 5.94 0.35 0.44 2.05

KENYA ORIENT INSURANCE - 1.86 1.50 1.06 0.78 0.32 2.14 1.90 1.16 0.26 1.58 1.11 - 5.04 1.09

MADISON INSURANCE COMPANY - 2.13 0.67 0.92 9.05 1.94 2.02 5.22 - 0.72 0.65 0.87 4.55 3.31 3.20

MAYFAIR INSURANCE COMPANY 2.93 6.45 4.53 7.54 1.82 7.62 2.22 2.96 - 2.07 3.75 5.19 - 3.34 2.48

METROPOLITAN CANNON INSURANCE - 2.68 1.08 0.36 0.42 0.51 2.04 1.32 - 1.31 0.67 1.25 - 0.71 0.79

MUA INSURANCE COMPANY 9.17 0.66 0.44 0.59 1.45 2.15 0.81 0.78 - 0.22 0.32 0.39 - 0.99 0.65

OCCIDENTAL INSURANCE COMPANY - 4.24 3.79 2.87 0.36 5.36 3.49 4.04 - 2.27 2.90 4.22 - 1.01 2.07

PACIS INSURANCE COMPANY - 1.10 0.65 1.04 0.80 0.12 1.59 1.36 - 1.50 1.04 1.13 1.10 0.06 1.10

PIONEER INSURANCE COMPANY - 0.64 0.47 0.60 1.13 0.23 1.86 0.95 - 0.26 0.43 0.79 - 1.41 0.65

RESOLUTION INSURANCE COMPANY - 0.07 0.36 0.08 0.36 0.70 1.47 0.97 0.82 1.41 0.23 0.56 7.37 0.39 3.05

SAHAM INSURANCE COMPANY - 0.90 0.90 0.71 1.27 0.34 2.16 0.90 - 1.92 0.73 0.91 1.26 2.70 1.24

SANLAM INSURANE COMPANY - 1.10 2.21 3.04 4.61 1.35 3.61 4.31 3.73 0.20 1.15 1.76 2.48 3.79 2.85

TAKAFUL INSURANCE OF AFRICA - 0.41 0.46 0.38 0.55 0.38 0.97 1.50 - 0.07 1.36 0.37 0.23 0.05 0.58

TAUSI ASSURANCE COMPANY - 2.10 3.55 2.77 0.73 3.76 0.82 0.73 - 0.59 2.55 2.68 0.04 0.46 0.95

THE KENYAN ALLIANCE INSURANCE - 0.96 2.28 0.94 0.51 0.48 2.31 1.95 - 2.22 1.20 1.84 1.50 0.14 1.51

THE MONARCH INSURANCE - 1.47 0.09 0.25 1.07 0.03 2.81 2.76 - 0.92 0.13 0.86 - 2.72 1.08

TRIDENT INSURANCE COMPANY - 0.01 0.03 0.02 0.05 0.06 1.77 1.01 0.90 0.22 0.05 0.01 0.02 0.03 0.48

UAP INSURANCE COMPANY 2.14 5.22 9.45 6.31 3.33 3.37 4.50 5.74 - 4.27 6.24 3.50 14.53 1.50 8.07

XPLICO INSURANCE COMPANY - 0.01 - 0.00 0.01 0.00 1.25 0.46 21.99 0.01 0.00 0.01 - 0.03 0.81

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 31.98 17.12 0.43 34.82 21.35 9.65 0.00 12.80 0.00 0.00 93.29 16.73 4.90 14.97

EAST AFRICAN REINSURANCE 18.97 16.31 0.00 35.44 3.96 22.63 0.00 23.36 13.86 0.00 0.00 12.78 7.30 13.99

GHANA REINSURANCE COMPANY 2.41 5.40 1.18 8.56 5.15 3.24 19.80 2.73 4.47 37.58 0.58 1.94 1.12 3.40

KENYA REINSURANCE CORPORATION 40.88 54.97 98.37 11.86 37.42 58.23 73.16 60.53 74.72 50.52 2.80 68.56 85.69 64.28

WAICA REINSURANCE KENYA LIMITED 5.76 6.19 0.02 9.32 32.13 6.25 7.04 0.57 6.96 11.91 3.33 0.00 0.99 3.36

TOTAL 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 - 100.00 100.00 100.00 100.00 100.00 100.00

INSURERS

REINSURERS

figures in %

Motor

Commercial PSV

Personal

AccidentTheft

Workmens'


APPENDIX 14: SUMMARY OF GENERAL INSURANCE BUSINESS MARKET SHARE (GROSS PREMIUM INCOME) PER CLASS FOR THE PERIOD ENDED 30.09.2020

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


57

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 - - - - - - - - - 2,491 - 2,346 1,952,005 - 1,956,841

AFRICAN MERCHANT ASSURANCE - 155 473 ( 415 ) - - 59,868 255,399 - 2,346 98 976 - 2,644 321,544

AIG INSURANCE COMPANY 2 193 8,416 13,558 11,662 1,793 128,181 42,207 - 10,774 209 29,806 - - 246,802

ALLIANZ INSURANCE COMPANY - 11,294 10,583 3,017 - 22,035 83,728 37,664 - 170 464 15,992 1,611 - 186,557

APA INSURANCE COMPANY - 29,878 16,039 45,337 43,399 48,019 932,595 770,107 - 54,133 60,350 103,916 1,145,287 60,016 3,309,078

BRITAM GENERAL INSURANCE - 11,026 14,361 47,248 8,157 26,299 691,928 499,676 - 64,457 29,153 48,124 746,432 359,901 2,546,762

CIC GENERAL INSURANCE COMPANY - 16,739 13,404 120,040 117,185 10,730 1,266,086 913,643 - 30,618 39,710 152,335 1,985,565 39,576 4,705,632

CORPORATE INSURANCE COMPANY 2,294 3,014 2,177 797 1,310 12,486 69,352 61,210 - 41 2,917 3,163 - - 158,763

DIRECTLINE ASSURANCE COMPANY - - - - - - 102,515 35,189 1,321,284 - - - - - 1,458,988

FIDELITY SHIELD INSURANCE - 3,894 3,534 6,707 6,603 10,125 425,771 243,225 20,415 40,347 16,244 61,162 - 81 838,108

FIRST ASSURANCE COMPANY - 64,144 3,748 ( 3,264 ) 21,953 15,028 328,800 - 230,281 ( 15,186 ) 31,044 172,782 172,013 2,342 1,023,686

GA INSURANCE COMPANY - 23,987 27,792 72,083 5,600 18,438 418,039 313,740 8,062 9,591 117,123 238,765 256,364 5,157 1,514,742

GEMINIA INSURANCE COMPANY - 31,677 22,481 65,766 10,092 48,421 953,465 824,665 - 1,246 58,922 80,327 - 6,314 2,103,375

HERITAGE INSURANCE COMPANY - 16,011 17,351 34,494 ( 4,465 ) 5,943 361,638 204,097 - 27,793 11,501 45,675 324,845 38,705 1,083,589

ICEA LION GENERAL INSURANCE 4,974 17,158 9,564 67,910 22,447 32,664 515,156 159,140 - 26,611 57,918 78,504 74,449 746 1,067,241

INTRA-AFRICA ASSURANCE - 22,767 28,577 24,677 1,306 37,837 159,882 85,861 - 14,530 10,880 54,073 - 671 441,061


JUBILEE GENERAL INSURANCE - 10,535 4,579 110,764 27,115 14,809 576,212 325,995 - 94,116 32,290 58,676 - 18,113 1,273,205

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 2,866,754 - 2,866,754

KENINDIA ASSURANCE COMPANY - 6,224 4,047 35,989 14,817 62,544 126,163 266,007 - 7,381 53,317 89,805 64,700 448 731,443

KENYA ORIENT INSURANCE - 1,586 648 471 3,819 239 232,942 175,360 - 106 468 1,326 - 9,277 426,242

MADISON INSURANCE COMPANY - 6,488 1,214 10,304 30,669 2,178 350,828 398,571 - 1,757 4,027 27,946 1,265,457 7,903 2,107,342

MAYFAIR INSURANCE COMPANY - 31,282 17,017 26,758 16,545 51,715 156,231 109,773 - ( 195 ) 12,196 88,284 - 2,338 511,944

METROPOLITAN CANNON INSURANCE - ( 293 ) 1,902 ( 76,496 ) 2,273 ( 3,900 ) 191,704 104,395 - 12,434 28,661 27,606 - 51 288,337

MUA INSURANCE COMPANY 8,680 17,396 3,548 4,197 876 614 92,686 47,500 - 598 814 9,660 - 69 186,638

OCCIDENTAL INSURANCE COMPANY - 53,546 31,720 84,862 1,028 9,366 412,313 334,098 - 2,744 47,293 77,669 - 1,677 1,056,316

PACIS INSURANCE COMPANY - 2,863 1,908 11,523 12,312 - 196,570 67,396 - 3,981 8,366 11,006 250,637 15 566,578

PIONEER GENERAL INSURANCE - 197 423 1,639 248 ( 181 ) 195,665 61,338 - 1,930 ( 1,622 ) 23,637 - 2,605 285,880

RESOLUTION INSURANCE COMPANY - - 123 4,225 1,578 - 91,599 46,749 26,969 140 2,075 12,585 555,583 - 741,627

SAHAM INSURANCE COMPANY - 4,467 1,545 15,400 2,212 53 209,224 38,126 - 783 3,013 12,664 120,755 8,622 416,864

SANLAM INSURANCE COMPANY - 3,857 6,491 1,221 4,852 6,830 364,491 214,094 49,442 321 10,226 14,258 156,863 2,108 835,054

TAKAFUL INSURANCE OF AFRICA - - 29 3,206 2,193 - 71,213 83,432 - - - 3,540 10,930 - 174,543

TAUSI ASSURANCE COMPANY - 12,803 8,136 13,643 2,603 28,728 36,826 22,624 600 829 19,721 26,269 4,693 233 177,707

THE KENYAN ALLIANCE INSURANCE - 124 1,990 9,395 32 - 125,995 83,541 - 7,628 2,358 5,129 131,543 18 367,753

THE MONARCH INSURANCE - 455 7,289 405 1,272 - 250,063 160,525 - 1,077 536 2,522 - 168 424,313

TRIDENT INSURANCE COMPANY - - 41 1,027 15,552 238 41,490 14,618 8,096 1,216 2,010 5,010 7,953 - 97,252

UAP INSURANCE COMPANY - 6,238 13,379 13,680 7,125 26,469 548,708 425,630 - 4,528 27,814 55,230 2,629,505 24,018 3,782,323

XPLICO INSURANCE COMPANY - - - - - - 47,772 32,801 44,477 50 - 20 1,140 - 126,260

TOTAL 15,950 409,705 284,529 770,168 392,370 489,520 10,815,699 7,458,396 1,709,626 411,386 690,096 1,640,788 14,725,084 593,816 40,407,144

CONTINENTAL REINSURANCE 4,470 76,361 - 210,402 5,475 34,642 - 40,559 - - - 31,158 250,272 ( 2,104 ) 651,234

EAST AFRICA REINSURANCE 7,006 64,283 - 496,296 1,815 65,471 - 148,818 - 11,810 - - 281,989 91,022 1,168,510

GHANA REINSURANCE COMPANY 734 ( 1,854 ) 4,974 36,477 251 2,033 3,028 3,280 - 15,184 1,182 - 12,584 2,081 79,955

KENYA REINSURANCE CORPORATION 18,596 286,727 1,245,285 123,806 26,862 114,683 72,108 519,029 - ( 5,655 ) 895 53 1,724,986 2,048,236 6,175,613

WAICA REINSURANCE KENYA LIMITED - 4,439 - 1,801 141 ( 171 ) - 370 - 1,381 - - - - 7,961

TOTAL 30,806 429,956 1,250,259 868,782 34,544 216,658 75,136 712,056 - 22,720 2,077 31,211 2,269,831 2,139,235 8,083,273

APPENDIX 15: SUMMARY OF CLAIMS PAID UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



58

Company Aviation Engineering Fire Domestic Fire Industrial Liability Marine Motor PrivateMotor

Commercial

Motor

Commercial PSV

Personal

AccidentTheft

Workmens'


Total

AAR INSURANCE KENYA - 77 1,632 3,711 580 ( 33 ) - - - ( 1,455 ) 1,286 4,339 1,893,103 3,033 1,906,274

AFRICAN MERCHANT ASSURANCE - 120 1,045 ( 28,168 ) 4,186 289 ( 97,633 ) 69,883 149,421 35,602 2,953 24,208 - ( 1,905 ) 160,002

AIG INSURANCE COMPANY 2 153 9,536 22,252 10,055 3,196 111,126 56,298 - 3,200 4,294 44,446 - - 264,557

ALLIANZ INSURANCE COMPANY ( 7 ) 12,377 31,436 5,437 ( 1,839 ) 32,665 66,025 24,229 - 108 1,122 38,572 1,846 ( 95 ) 211,876

APA INSURANCE COMPANY ( 98 ) 20,566 11,866 44,544 16,194 54,125 881,118 696,561 - 44,240 61,635 ( 23,100 ) 1,166,140 52,567 3,026,358

BRITAM GENERAL INSURANCE - 30,106 14,083 78,274 26,914 35,771 856,918 715,760 - 149,234 6,950 83,056 717,871 356,103 3,071,042

CIC GENERAL INSURANCE COMPANY - 36,492 56,370 109,292 69,349 19,048 1,163,895 873,028 - 20,553 105,645 178,569 2,019,884 25,013 4,677,138

CORPORATE INSURANCE COMPANY 2,294 1,321 2,907 20,891 846 14,699 168,366 88,237 - ( 280 ) 3,872 1,057 - ( 512 ) 303,698

DIRECTLINE ASSURANCE COMPANY - - - - - - 202,842 72,890 1,955,407 - - - - - 2,231,139

FIDELITY SHIELD INSURANCE - 2,099 3,747 10,489 11,352 7,490 396,771 270,695 21,410 46,678 6,513 65,349 - 1,342 843,937

FIRST ASSURANCE COMPANY - 65,358 4,982 ( 8,753 ) 12,675 19,706 301,472 ( 29,600 ) 230,281 ( 11,097 ) 18,734 3,118 338,405 813 946,094

GA INSURANCE COMPANY ( 50 ) 46,484 31,463 71,931 10,613 2,439 469,505 317,572 8,219 3,134 119,056 232,047 262,248 4,524 1,579,186

GEMINIA INSURANCE COMPANY - 31,844 17,549 69,209 11,827 46,662 1,028,243 883,091 - ( 9,390 ) 28,241 150,882 - 5,738 2,263,897

HERITAGE INSURANCE COMPANY 5,335 28,725 25,480 67,059 7,861 7,442 363,381 261,512 ( 12,883 ) 27,696 12,648 41,205 325,227 11,053 1,171,741

ICEA LION GENERAL INSURANCE 5,375 15,651 15,598 156,189 18,152 39,685 562,067 146,572 - 17,062 78,174 86,961 84,319 818 1,226,623

INTRA-AFRICA ASSURANCE - 20,895 34,964 43,417 412 20,714 158,900 91,645 ( 1,430 ) 12,392 ( 313 ) 48,550 - 196 430,343


JUBILEE GENERAL INSURANCE 345 6,393 4,903 113,487 65,270 15,435 677,740 334,633 - 49,443 21,095 66,089 - ( 6,496 ) 1,348,337

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 2,907,546 - 2,907,546

KENINDIA ASSURANCE COMPANY - 4,052 2,313 65,171 40,444 79,123 172,601 367,973 - ( 804 ) 21,212 181,919 47,163 2,311 983,479

KENYA ORIENT INSURANCE - 3,742 1,595 1,218 9,563 ( 49 ) 228,813 116,644 - ( 3,074 ) 7,190 3,530 - 9,345 378,516

MADISON INSURANCE COMPANY - 7,084 ( 1,766 ) 23,177 141,472 3,882 256,308 346,921 - 6,024 4,133 27,306 1,253,853 28,094 2,096,488

MAYFAIR INSURANCE COMPANY ( 2 ) 29,993 16,888 37,070 13,325 67,289 194,931 212,715 - ( 578 ) 7,149 163,321 - ( 19,968 ) 722,132

METROPOLITAN CANNON INSURANCE - 13,186 3,202 11,733 679 1,204 233,166 41,967 - 691 26,064 24,816 - ( 573 ) 356,134

MUA INSURANCE COMPANY 8,113 9,141 3,470 2,262 ( 9,891 ) 818 97,977 49,804 - 1,740 16 5,593 - 2,015 171,056

OCCIDENTAL INSURANCE COMPANY - 57,898 27,115 83,728 1,930 19,074 473,382 415,863 - 5,743 66,771 53,829 - 6,027 1,211,359

PACIS INSURANCE COMPANY - 7,779 1,406 4,004 23,636 ( 689 ) 159,316 54,431 - 10,015 14,835 14,664 123,675 ( 4 ) 413,067

PIONEER GENERAL INSURANCE - 1,288 687 5,506 ( 1,417 ) ( 183 ) 231,359 67,927 - ( 8,624 ) 1,658 4,640 - 2,898 305,737

RESOLUTION INSURANCE COMPANY - 5,013 ( 371 ) 8,031 798 ( 1,166 ) 116,378 76,250 33,118 1,278 1,895 3,929 532,245 ( 480 ) 776,918

SAHAM INSURANCE COMPANY - 3,355 3,894 15,239 4,972 319 233,237 58,275 - 2,828 4,997 23,321 107,188 7,215 464,838

SANLAM INSURANCE COMPANY - 3,925 5,815 ( 5,779 ) 1,921 7,633 369,150 254,790 53,244 1,028 14,709 14,197 91,779 1,971 814,385

TAKAFUL INSURANCE OF AFRICA - 691 ( 614 ) 4,767 6,216 ( 1,041 ) 84,974 83,957 - ( 324 ) 12,797 9,696 14,200 ( 31,420 ) 183,898

TAUSI ASSURANCE COMPANY - 857 9,287 15,502 ( 349 ) 22,325 46,338 29,486 1,415 702 30,191 37,672 4,222 40 197,689

THE KENYAN ALLIANCE INSURANCE - 3,907 ( 8,467 ) ( 10,120 ) ( 30,508 ) 4,790 289,113 271,752 - ( 34,586 ) ( 15,987 ) ( 58,105 ) 229,752 5,594 647,135

THE MONARCH INSURANCE - 283 7,932 1,561 278 20 311,724 215,511 - ( 352 ) 1,522 5,387 - 3,931 547,797

TRIDENT INSURANCE COMPANY - ( 8,068 ) ( 4,077 ) ( 19,163 ) 15,548 ( 28,574 ) ( 33,108 ) ( 93,016 ) 7,180 ( 1,995 ) ( 12,054 ) 614 2,804 145 ( 173,765 )

UAP INSURANCE COMPANY - 8,524 18,004 16,325 12,270 37,642 539,982 416,337 - 793 18,330 46,233 2,989,029 23,865 4,127,333

XPLICO INSURANCE COMPANY - 4 - - ( 53 ) 1,386 250,996 60,563 319,470 47 ( 1 ) 29 960 ( 89 ) 633,313

TOTAL 21,307 471,315 353,874 1,039,493 495,281 533,136 11,567,373 7,921,156 2,764,852 367,672 677,332 1,607,939 15,113,459 493,109 43,427,298

CONTINENTAL REINSURANCE 11,375 57,737 - 232,045 18,705 39,244 - 17,124 - - - 62,310 303,841 ( 17,946 ) 724,435

EAST AFRICA REINSURANCE 13,030 58,605 - 529,196 1,571 64,405 - 106,174 - 10,217 - - 411,760 99,018 1,293,976

GHANA REINSURANCE COMPANY 934 5,140 7,595 55,055 2,597 4,396 4,994 5,406 - 18,111 4,333 4,726 36,294 5,214 154,797

KENYA REINSURANCE CORPORATION 39,751 731,833 1,429,923 1,323,325 39,193 222,779 72,543 1,000,292 - 60,118 ( 36,764 ) 84 2,113,574 2,232,376 9,229,028

WAICA REINSURANCE KENYA LIMITED 132 6,263 - 19,339 141 2,131 - 1,806 - 4,824 ( 1,443 ) - - ( 2,859 ) 30,335

TOTAL 65,222 859,578 1,437,518 2,158,960 62,207 332,955 77,537 1,130,802 - 93,270 ( 33,874 ) 67,120 2,865,469 2,315,803 11,432,571

APPENDIX 16: SUMMARY OF CLAIMS INCURRED UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



59

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

Motor Commercial

PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA 0.00 126.2 499.1 3638.2 4.8 6.9 0.00 0.00 0.00 -6.3 45.8 6.1 70.0 80.2 67.7

AFRICAN MERCHANT ASSURANCE 0.00 0.8 -669.9 -36.2 -245.5 24.7 -151.7 59.7 303.4 216.5 33.3 130.2 0.00 -6.1 40.2

AIG INSURANCE COMPANY 14.3 35.7 48.2 23.5 7.3 67.5 73.4 137.8 0.00 5.6 7.5 73.6 0.00 0.00 42.4

ALLIANZ INSURANCE COMPANY -1.0 176.9 644.3 14.2 -13.3 116.3 40.8 13.7 0.00 4.3 -43.9 -63.9 100.2 -4.8 56.6

APA INSURANCE COMPANY -77.8 60.8 20.9 33.3 35.3 48.3 84.6 67.9 0.00 46.8 45.9 -6.9 70.7 46.7 63.4

BRITAM GENERAL INSURANCE 0.00 178.2 19.1 37.0 37.6 44.8 83.5 93.0 0.00 52.4 4.6 43.3 61.4 56.6 65.7

CIC GENERAL INSURANCE COMPANY 0.00 62.3 94.9 83.0 107.6 38.7 79.9 63.4 0.00 22.8 41.5 78.5 70.0 888.2 70.3

CORPORATE INSURANCE COMPANY 0.00 7.2 110.6 30.5 3.1 26.1 81.5 72.5 0.00 -4.3 31.0 2.5 0.00 22.0 54.1

DIRECTLINE ASSURANCE COMPANY 0.00 0.00 0.00 0.00 0.00 0.00 160.2 182.4 111.8 0.00 0.00 0.00 0.00 0.00 116.5

FIDELITY SHIELD INSURANCE 0.0 23.5 40.2 39.7 116.1 27.3 82.7 81.0 101.9 -238.1 29.5 47.1 0.00 1.7 74.1

FIRST ASSURANCE COMPANY 0.00 274.8 27.9 -12.4 43.9 52.7 65.2 -6.5 0.00 -21.8 41.8 4.6 66.8 26.0 53.5

GA INSURANCE COMPANY -1.5 113.9 49.6 41.2 18.7 1.8 81.1 62.5 9.7 6.3 47.6 55.4 64.3 10.8 56.2

GEMINIA INSURANCE COMPANY 0.00 92.7 41.0 59.2 25.0 46.0 89.6 79.7 0.00 -46.0 24.1 36.1 0.00 19.9 71.1

HERITAGE INSURANCE COMPANY 265.7 89.4 24.0 70.4 6.7 13.8 58.5 63.7 -35.8 21.2 15.8 12.6 53.6 48.8 44.4

ICEA LION GENERAL INSURANCE 157.2 36.3 23.3 113.9 53.6 52.1 59.9 35.1 0.00 25.8 51.5 27.2 98.8 9.4 52.2

INTRA-AFRICA ASSURANCE 0.00 151.8 122.3 58.0 4.1 36.9 62.4 56.7 -61.9 87.6 -0.8 48.1 0.00 2.4 56.4

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

JUBILEE GENERAL INSURANCE 0.00 31.8 16.9 89.9 87.5 27.3 80.0 79.6 0.00 578.0 60.2 45.9 0.00 -11.7 74.2

JUBILEE HEALTH INSURANCE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 66.6 0.00 66.6

KENINDIA ASSURANCE COMPANY 0.00 18.7 8.7 124.2 315.2 57.2 75.6 103.4 0.00 -10.1 38.3 67.8 64.0 45.9 78.9

KENYA ORIENT INSURANCE 0.00 64.6 10.7 6.7 56.0 -0.9 64.3 48.1 0.0 -108.6 56.0 7.0 0.00 13.4 45.9

MADISON INSURANCE COMPANY 0.00 33.7 -26.2 63.0 183.0 71.8 68.0 46.4 0.00 60.8 31.3 63.6 85.0 35.3 72.5

MAYFAIR INSURANCE COMPANY -4.3 51.2 57.9 54.8 45.3 61.2 58.2 62.8 0.00 -2.9 42.2 58.8 0.00 -153.7 55.7

METROPOLITAN CANNON 0.00 124.0 27.6 104.4 10.8 16.2 81.7 26.0 0.00 7.1 175.4 34.9 0.00 -7.1 59.6

MUA INSURANCE COMPANY 190.1 80.0 66.7 17.8 -33.4 6.0 67.0 46.5 0.00 33.2 0.2 30.5 0.00 36.2 46.4

OCCIDENTAL INSURANCE COMPANY 0.00 315.3 84.5 114.8 62.1 45.1 81.3 80.7 0.00 52.8 163.4 30.5 0.00 32.6 80.1

PACIS INSURANCE COMPANY 0.00 71.1 -3.9 4.4 112.0 -22.9 60.1 31.0 0.00 35.3 69.3 28.8 60.2 -0.3 49.3

PIONEER INSURANCE COMPANY 0.00 15.7 12.2 -418.4 -5.6 -3.7 75.3 53.2 0.00 -84.5 15.3 21.5 0.00 36.8 57.9

RESOLUTION INSURANCE COMPANY 0.00 162.9 -9.2 177.4 6.1 -8.1 40.8 49.5 68.0 4.0 13.6 13.8 56.6 -7.5 50.2

SAHAM INSURANCE COMPANY 0.00 131.9 50.5 -7775.0 112.1 17.1 64.1 46.4 0.00 26.0 28.2 47.5 68.9 153.3 62.5

SANLAM INSURANE COMPANY 0.00 43.6 12.5 -29.9 6.4 52.9 80.6 59.9 41.2 20.0 71.8 17.5 32.1 66.0 53.3

TAKAFUL INSURANCE OF AFRICA 0.00 -222.2 -16.0 -6.9 46.4 -27.0 45.1 37.9 0.00 -18.6 35.5 35.3 76.9 -60.6 37.0

TAUSI ASSURANCE COMPANY 0.00 9.2 34.9 36.5 -8.0 35.3 36.4 32.5 0.00 9.3 46.1 30.4 35.8 0.3 33.6

THE KENYAN ALLIANCE INSURANCE 0.00 33.0 -26.6 -19.1 -192.9 -19.5 75.1 97.6 0.00 -61.6 -41.3 -59.3 285.1 32.1 62.1

THE MONARCH INSURANCE 0.00 4.7 324.8 37.3 1.3 2.9 68.9 54.6 0.00 -1.4 26.2 10.8 0.00 11.1 54.8

TRIDENT INSURANCE COMPANY 0.00 482.5 -760.6 1299.2 106.6 -1865.1 -9.8 -62.4 24.3 -40.0 -123.8 8.6 31.8 42.0 -31.1

UAP INSURANCE COMPANY 0.0 31.9 19.2 17.6 23.2 74.7 69.5 60.9 0.00 1.4 19.9 34.5 68.0 237.8 63.8

XPLICO INSURANCE COMPANY 0.00 0.8 0.0 0.0 -9.7 1611.6 109.2 93.8 51.0 14.9 -5.0 4.6 0.00 -8.3 68.5

TOTAL 148.4 78.4 39.6 49.8 43.4 40.1 72.1 61.7 98.5 30.6 36.5 36.6 68.6 35.7 63.3

CONTINENTAL REINSURANCE 39.3 30.2 0.0 31.6 44.4 60.1 0.00 25.4 0.00 0.00 0.00 30.0 63.2 -10.6 36.3

EAST AFRICA REINSURANCE 157.4 27.6 0.00 61.0 14.2 37.1 0.00 66.8 0.00 47.0 0.00 0.00 92.5 36.8 59.7

GHANA REINSURANCE COMPANY 34.7 8.3 35.6 35.1 20.3 15.7 25.9 25.9 0.00 161.3 18.0 619.4 66.5 12.2 33.9

KENYA REINSURANCE CORPORATION 346.0 308.4 53.0 489.7 1334.5 50.5 97.6 175.2 0.00 38.1 -170.4 -1.8 65.8 47.1 74.2

WAICA REINSURANCE KENYA LIMITED 0.00 18.4 0.0 10.6 -0.4 5.9 0.0 46.0 0.00 40.6 -42.1 0.0 0.00 -10.2 11.2

TOTAL 127.0 116.7 52.6 97.6 210.9 44.7 77.2 137.5 0.00 46.0 -69.0 32.6 68.3 44.1 66.0


APPENDIX 17: SUMMARY OF INCURRED CLAIMS RATIOS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS


60

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

Motor Commercial

PSV Personal Accident Theft

Workmens'


Total

AAR INSURANCE KENYA - ( 69 ) ( 1,374 ) ( 4,463 ) 9,106 ( 602 ) - - - 15,749 655 48,817 78,608 217 146,646

AFRICAN MERCHANT ASSURANCE - 12,732 ( 1,961 ) 96,902 ( 8,668 ) 79 ( 64,873 ) ( 59,399 ) ( 100,173 ) ( 30,785 ) 867 ( 17,750 ) - 1,531 ( 171,499 )

AIG INSURANCE COMPANY ( 969 ) 1,958 7,657 8,594 2,188 3,727 25,126 3,191 - 46,868 13,765 16,226 - - 128,332

ALLIANZ INSURANCE COMPANY ( 9,040 ) ( 19,962 ) ( 38,547 ) ( 16,726 ) ( 15,157 ) ( 38,086 ) 47,233 111,750 - 1,030 ( 10,209 ) ( 131,924 ) 6,884 ( 6,083 ) ( 118,838 )

APA INSURANCE COMPANY ( 149 ) ( 7,397 ) 25,896 ( 25,273 ) 2,802 26,040 ( 140,593 ) 44,050 - 9,198 27,868 214,274 71,438 22,865 271,020

BRITAM GENERAL INSURANCE - 4,284 15,186 9,505 2,413 26,874 ( 400,403 ) ( 377,723 ) - ( 39,515 ) 51,046 ( 19,009 ) 46,769 16,473 ( 664,101 )

CIC GENERAL INSURANCE COMPANY - ( 1,869 ) ( 31,108 ) ( 41,356 ) ( 28,923 ) ( 17,805 ) ( 234,645 ) ( 128,175 ) - ( 29,225 ) ( 21,817 ) ( 64,431 ) 371,768 ( 38,814 ) ( 266,401 )

CORPORATE INSURANCE COMPANY ( 2,294 ) 9,317 ( 943 ) 12,379 17,697 13,783 ( 40,753 ) ( 20,471 ) - 4,272 5,455 20,170 - ( 1,453 ) 17,157

DIRECTLINE ASSURANCE COMPANY - - - - - - ( 91,158 ) ( 38,743 ) ( 979,612 ) - - - - - ( 1,109,513 )

FIDELITY SHIELD INSURANCE ( 48,765 ) 2,225 1,936 1,599 ( 8,296 ) 12,708 ( 29,679 ) ( 21,887 ) ( 4,004 ) ( 84,474 ) 5,029 19,306 - 77,409 ( 76,895 )

FIRST ASSURANCE COMPANY - ( 45,737 ) 737 54,088 ( 4,516 ) 787 ( 108,776 ) 243,605 ( 230,281 ) 22,068 ( 517 ) 21,509 56,965 ( 1,707 ) 8,226

GA INSURANCE COMPANY ( 17,538 ) ( 11,891 ) 12,278 49,168 28,208 97,883 ( 33,860 ) 55,667 65,163 27,833 54,076 45,636 81,432 33,506 487,560

GEMINIA INSURANCE COMPANY ( 3,723 ) ( 6,139 ) 11,585 24,446 18,885 20,686 ( 170,917 ) ( 71,071 ) - 27,235 63,183 149,467 - ( 8,445 ) 55,194

HERITAGE INSURANCE COMPANY ( 1,058 ) ( 25,964 ) 14,359 ( 33,220 ) 41,814 9,677 ( 7,350 ) ( 6,091 ) 48,881 25,201 18,089 189,930 109,542 ( 60,011 ) 323,799

ICEA LION GENERAL INSURANCE 3,983 8,022 24,053 ( 31,112 ) ( 427 ) ( 20,665 ) ( 11,226 ) 86,662 - 18,487 6,793 103,930 ( 48,070 ) 6,263 146,695

INTRA-AFRICA ASSURANCE - ( 13,788 ) ( 15,304 ) 2,428 3,152 8,356 ( 6,965 ) ( 426 ) 3,742 ( 3,983 ) 22,171 ( 680 ) - 4,888 3,590


JUBILEE GENERAL INSURANCE 2,872 8,098 1,750 ( 57,071 ) ( 52,118 ) 31,245 ( 187,402 ) ( 87,990 ) - 3,521 ( 17,739 ) ( 45,436 ) - 33,242 ( 367,028 )

JUBILEE HEALTH INSURANCE - - - - - - - - - - - - 560,945 - 560,945

KENINDIA ASSURANCE COMPANY - 4,792 11,333 ( 81,344 ) ( 35,556 ) 6,333 ( 18,279 ) ( 152,136 ) - 4,129 16,399 ( 43,870 ) 6,718 1,011 ( 280,471 )

KENYA ORIENT INSURANCE - 1,662 6,004 8,474 ( 6,491 ) 3,774 ( 69,289 ) 11,952 29,917 ( 989 ) ( 14,209 ) 22,927 - 44,022 37,756

MADISON INSURANCE COMPANY - 7,111 5,529 ( 161 ) ( 110,065 ) ( 20,061 ) ( 16,218 ) 96,463 - ( 394 ) 1,863 ( 5,376 ) ( 174,310 ) 31,337 ( 184,282 )

MAYFAIR INSURANCE COMPANY 821 15,605 3,843 78,775 8,778 7,872 7,873 35,671 - 15,394 6,043 20,510 - 41,454 242,639

METROPOLITAN CANNON INSURANCE - ( 27,375 ) 1,724 ( 12,536 ) 1,013 359 ( 110,403 ) 36,035 - 2,628 ( 20,970 ) 8,820 ( 4,478 ) 8,302 ( 116,882 )

MUA INSURANCE COMPANY ( 67,095 ) ( 6,686 ) ( 1,919 ) ( 6,916 ) 16,503 ( 8,191 ) ( 19,726 ) 4,815 - 1,057 3,824 1,594 - ( 8,373 ) ( 91,114 )

OCCIDENTAL INSURANCE COMPANY - ( 42,949 ) ( 10,002 ) ( 34,799 ) 186 9,488 ( 119,407 ) ( 104,031 ) - 2,446 ( 36,429 ) 36,057 - 7,934 ( 291,505 )

PACIS INSURANCE COMPANY - ( 7,441 ) ( 41,619 ) 48,548 ( 12,152 ) 2,225 ( 4,892 ) 44,916 - 3,623 ( 104,958 ) 12,941 45,720 855 ( 12,235 )

PIONEER GENERAL INSURANCE - 1,053 2,543 ( 21,168 ) 12,038 2,905 ( 46,871 ) 10,432 - 15,535 2,453 6,846 - ( 2,442 ) ( 16,676 )

RESOLUTION INSURANCE COMPANY - ( 5,548 ) 1,987 ( 9,238 ) 4,255 7,525 1,904 ( 11,627 ) ( 10,338 ) 11,367 3,855 7,858 179,514 ( 2,905 ) 178,610

SAHAM INSURANCE COMPANY - ( 751 ) ( 1,707 ) ( 952 ) 45 1,843 ( 78,925 ) ( 6,290 ) - 2,135 1,623 2,933 ( 8,814 ) ( 10,808 ) ( 99,666 )

SANLAM INSURANCE COMPANY - 6,486 13,303 22,630 12,781 1,931 ( 133,506 ) 22,905 5,585 3,793 ( 3,950 ) 43,986 49,738 ( 5,364 ) 40,317

TAKAFUL INSURANCE OF AFRICA - ( 5,719 ) 3,087 ( 104,520 ) ( 3,300 ) 3,863 47,382 82,044 - ( 739 ) 3,073 6,423 ( 70,522 ) 39,552 625

TAUSI ASSURANCE COMPANY - 7,298 1,543 13,358 ( 2,382 ) 7,233 16,855 15,945 ( 1,415 ) 1,582 ( 5,558 ) 8,949 926 12,038 76,372

THE KENYAN ALLIANCE INSURANCE - ( 135 ) 23,773 30,382 38,974 ( 34,259 ) ( 87,153 ) ( 120,297 ) - 80,872 40,375 123,908 ( 335,930 ) 10,926 ( 228,564 )

THE MONARCH INSURANCE - 7,184 ( 6,387 ) ( 1,782 ) 4,908 1,233 ( 73,714 ) 9,027 - 19,100 1,758 22,391 - 20,243 3,960

TRIDENT INSURANCE COMPANY - 6,285 4,306 16,303 ( 1,840 ) 29,278 173,614 154,586 6,217 4,923 20,891 5,971 5,484 ( 3,831 ) 422,186

UAP INSURANCE COMPANY 4,257 ( 1,878 ) 23,990 ( 30,374 ) 9,065 ( 36,958 ) ( 64,653 ) 19,394 - 8,940 19,907 2,191 339,289 ( 44,853 ) 248,318

XPLICO INSURANCE COMPANY - 444 4 9 448 ( 1,339 ) ( 143,263 ) ( 31,066 ) ( 9,156 ) 145 19 258 ( 960 ) 902 ( 183,557 )

TOTAL ( 138,698 ) ( 126,742 ) 67,535 ( 35,423 ) ( 54,632 ) 159,741 ( 2,194,912 ) ( 148,313 ) ( 1,175,474 ) 189,027 154,724 835,352 1,368,656 219,881 ( 879,280 )

CONTINENTAL REINSURANCE 7,137 51,576 5,049 158,896 8,556 ( 3,747 ) - 25,453 - - - 47,279 3,256 121,526 424,980

EAST AFRICA REINSURANCE ( 8,596 ) 73,631 ( 88,632 ) 42,191 5,125 42,158 ( 16,988 ) 27,082 - ( 2,531 ) - - ( 113,808 ) 63,083 22,714

GHANA REINSURANCE COMPANY 414 22,951 ( 1,883 ) ( 12,676 ) 4,514 10,115 7,672 8,318 - ( 12,706 ) 6,632 ( 4,036 ) ( 7,091 ) 14,096 36,320

KENYA REINSURANCE CORPORATION ( 41,611 ) ( 761,067 ) 557,105 ( 1,509,919 ) ( 81,540 ) 33,950 ( 5,780 ) ( 554,500 ) - 2,433 49,599 ( 7,499 ) 180,964 1,568,073 ( 569,793 )

WAICA REINSURANCE KENYA LIMITED 993 10,595 314 68,216 ( 65,364 ) 6,631 3,686 ( 5,736 ) - ( 18,079 ) ( 749 ) 1,113 - 16,078 17,696

TOTAL ( 41,663 ) ( 602,314 ) 471,953 ( 1,253,292 ) ( 128,709 ) 89,107 ( 11,410 ) ( 499,383 ) - ( 30,883 ) 55,482 36,857 63,321 1,782,856 ( 68,083 )

APPENDIX 18: SUMMARY OF UNDERWRITING PROFITS UNDER GENERAL INSURANCE BUSINESS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



61

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 4,691,180 - 1,627,640 3,063,540 1,494,294 - 1,740,678 - 2,817,156 1,906,274 ( 62,010 ) 826,246 146,646 266,902 413,547

AFRICAN MERCHANT ASSURANCE 596,349 - 66,716 529,633 164,259 - 295,424 - 398,469 160,002 41,616 368,350 ( 171,499 ) 69,904 ( 101,595 )

AIG INSURANCE COMPANY 2,533,220 61,161 1,914,000 680,382 302,832 - 358,686 - 624,528 264,557 ( 341,656 ) 573,295 128,332 - 128,332

ALLIANZ INSURANCE COMPANY 767,068 - 350,819 416,249 170,252 - 211,968 - 374,533 211,876 55,162 226,333 ( 118,838 ) 90,324 ( 28,514 )

APA INSURANCE COMPANY 7,194,355 101,971 2,314,207 4,982,120 2,399,996 86,910 2,693,059 - 4,775,966 3,026,358 319,863 1,158,725 271,020 - 271,020

BRITAM GENERAL INSURANCE 6,457,404 - 1,293,505 5,163,899 2,210,847 95,319 2,701,419 91,592 4,677,055 3,071,042 538,411 1,731,703 ( 664,101 ) 842,170 178,069

CIC GENERAL INSURANCE COMPANY 8,396,325 120,320 1,402,297 7,114,348 3,584,470 - 4,041,941 - 6,656,877 4,677,138 607,216 1,638,924 ( 266,401 ) 433,594 167,193

CORPORATE INSURANCE COMPANY 630,447 99,551 51,910 678,088 264,715 67,566 386,292 63,153 560,924 303,698 80,468 159,600 17,157 15,461 32,618

DIRECTLINE ASSURANCE COMPANY 1,855,768 - 104,848 1,750,919 647,510 - 483,076 - 1,915,353 2,231,139 207,379 586,349 ( 1,109,513 ) - ( 1,109,513 )

FIDELITY SHIELD INSURANCE 1,812,904 2,133 697,031 1,118,006 595,854 - 575,282 - 1,138,578 843,937 103,211 268,325 ( 76,895 ) - ( 76,895 )

FIRST ASSURANCE COMPANY 3,263,763 41,895 1,230,318 2,075,340 770,127 35,846 1,085,071 26,703 1,769,540 946,094 108,106 707,115 8,226 - 8,226

GA INSURANCE COMPANY 6,323,538 136,561 3,082,138 3,377,961 1,419,347 - 1,986,074 - 2,811,235 1,579,186 11,219 733,270 487,560 544,672 1,032,233

GEMINIA INSURANCE COMPANY 3,913,888 293,350 782,175 3,425,063 1,813,474 - 2,054,442 - 3,184,095 2,263,897 209,679 655,325 55,194 198,599 253,793

HERITAGE INSURANCE COMPANY 4,646,649 63,419 1,909,935 2,800,133 1,519,808 - 1,677,919 - 2,642,022 1,171,741 129,314 1,017,168 323,799 411,484 735,283

ICEA LION GENERAL INSURANCE 4,647,481 58,320 2,184,548 2,521,253 1,244,636 61,318 1,418,268 60,923 2,348,016 1,226,623 178,872 795,826 146,695 - 146,695

INTRA-AFRICA ASSURANCE 863,193 15,310 99,632 778,870 424,575 - 440,779 - 762,667 430,343 76,214 252,520 3,590 15,750 19,340


JUBILEE GENERAL INSURANCE 2,342,681 1,981 939,871 1,404,790 1,390,414 92,402 1,016,919 53,381 1,817,307 1,348,337 124,968 711,030 ( 367,028 ) 304,941 ( 62,087 )

JUBILEE HEALTH INSURANCE 6,680,825 10,495 1,343,715 5,347,605 1,940,951 - 2,922,276 - 4,366,281 2,907,546 165,895 731,894 560,945 202,746 763,691

KENINDIA ASSURANCE COMPANY 2,106,208 48,026 707,182 1,447,052 519,173 - 719,975 - 1,246,250 983,479 112,653 430,590 ( 280,471 ) 304,095 23,624

KENYA ORIENT INSURANCE 1,136,528 7,657 241,847 902,338 387,696 - 464,836 - 825,198 378,516 56,965 351,960 37,756 - 37,756

MADISON INSURANCE COMPANY 3,360,028 6,045 318,658 3,047,415 1,615,301 - 1,769,841 - 2,892,874 2,096,488 260,487 720,181 ( 184,282 ) 133,477 ( 50,804 )

MAYFAIR INSURANCE COMPANY 2,455,546 154,049 1,214,656 1,394,939 669,536 302 768,077 - 1,296,700 722,132 33,547 298,381 242,639 - 242,639

METROPOLITAN CANNON INSURANCE 826,856 3,710 119,264 711,302 281,395 55,181 382,143 67,950 597,785 356,134 81,121 277,412 ( 116,882 ) - ( 116,882 )

MUA INSURANCE COMPANY 639,057 41,551 311,267 369,341 257,590 - 258,096 - 368,835 171,056 30,335 258,558 ( 91,114 ) 61,384 ( 29,731 )

OCCIDENTAL INSURANCE COMPANY 2,167,156 3,860 561,381 1,609,635 714,784 - 812,161 - 1,512,258 1,211,359 162,525 429,879 ( 291,505 ) 179,250 ( 112,256 )

PACIS INSURANCE COMPANY 1,160,863 - 244,691 916,172 475,946 - 553,981 - 838,136 413,067 82,742 354,562 ( 12,235 ) 59,056 46,821

PIONEER GENERAL INSURANCE 681,376 3,401 162,792 521,986 292,928 - 286,786 - 528,128 305,737 50,233 188,834 ( 16,676 ) - ( 16,676 )

RESOLUTION INSURANCE COMPANY 3,206,684 - 1,897,862 1,308,822 987,298 92,245 748,441 92,089 1,547,835 776,918 ( 341,057 ) 933,364 178,610 56,670 235,280

SAHAM INSURANCE COMPANY 1,290,455 12,433 598,481 704,408 487,025 77,041 457,488 66,962 744,023 464,838 21,688 357,163 ( 99,666 ) 95,149 ( 4,517 )

SANLAM INSURANCE COMPANY 2,996,478 - 1,277,766 1,718,712 915,582 - 1,103,977 2,863 1,527,455 814,385 86,102 586,651 40,317 131,087 171,405

TAKAFUL INSURANCE OF AFRICA 611,626 - 306,919 304,707 608,155 - 415,711 - 497,150 183,898 72,950 239,677 625 - 625

TAUSI ASSURANCE COMPANY 995,815 7,105 333,391 669,528 235,006 - 316,803 - 587,732 197,689 71,553 242,119 76,372 - 76,372

THE KENYAN ALLIANCE INSURANCE 1,585,608 - 452,085 1,133,523 816,690 - 907,627 - 1,042,586 647,135 15,087 608,927 ( 228,564 ) 141,357 ( 87,207 )

THE MONARCH INSURANCE 1,082,394 47,624 103,241 1,026,776 565,536 - 592,642 - 999,670 547,797 91,068 356,845 3,960 - 3,960

TRIDENT INSURANCE COMPANY 499,194 526 1,190 498,529 311,996 - 250,997 - 559,528 ( 173,765 ) 49,652 261,456 422,186 - 422,186

UAP INSURANCE COMPANY 8,340,780 142,265 1,044,606 7,438,438 3,048,338 67,176 4,019,618 67,176 6,467,157 4,127,333 603,492 1,488,014 248,318 494,409 742,727

XPLICO INSURANCE COMPANY 854,327 - 25,080 829,247 338,030 - 242,990 - 924,288 633,313 92,831 381,700 ( 183,557 ) 12,942 ( 170,615 )

TOTAL 103,614,017 1,484,719 31,317,664 73,781,069 35,886,366 731,306 41,161,763 592,792 68,644,190 43,427,297 4,187,901 21,908,271 ( 879,280 ) 5,065,423 4,186,143

CONTINENTAL REINSURANCE - 2,523,549 407,565 2,115,984 698,613 - 817,385 - 1,997,211 724,435 590,510 257,286 424,980 125,862 550,843

EAST AFRICA REINSURANCE - 2,357,629 147,851 2,209,778 1,312,551 - 1,354,973 - 2,167,355 1,293,976 639,572 211,094 22,714 - 22,714

GHANA REINSURANCE COMPANY - 573,497 71,664 501,834 125,928 - 170,705 - 457,056 154,797 164,387 101,552 36,320 70,463 106,783

KENYA REINSURANCE CORPORATION - 10,834,786 436,407 10,398,379 5,424,431 - 3,387,741 - 12,435,070 9,229,028 2,606,612 1,169,223 ( 569,793 ) 2,191,752 1,621,959

WAICA REINSURANCE KENYA LIMITED - 567,146 173,421 393,725 101,024 - 224,323 - 270,426 30,335 70,489 151,906 17,696 - 17,696

TOTAL - 16,856,607 1,236,908 15,619,700 7,662,547 - 5,955,127 - 17,327,118 11,432,571 4,071,570 1,891,061 ( 68,083 ) 2,388,077 2,319,995

APPENDIX 19: SUMMARY OF GENERAL INSURANCE BUSINESS REVENUE ACCOUNTS FOR THE PERIOD ENDED 30.09.2020

INSURERS

REINSURERS



62

Company

ABSA LIFE ASSURANCE APA LIFE ASSURANCE

COMPANY

BRITAM LIFE

ASSURANCE

CAPEX LIFE

ASSURANCE COMPANY

CIC LIFE ASSURANCE

COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE COMPANY

EAST AFRICA

REINSURANCE

GA LIFE

INSURANCE

COMPANY

Share Capital 699,000 700,000 400,000 345,000 800,000 500,000 200,000 500,000 200,000

Share Premium - - - - - - - - -

Revaluation Reserves - - - 1,613 - 61 - - -

Statutory Reserves 299,354 64,308 - ( 30,383 ) 1,099,378 21,057 ( 91,744 ) - 1,276,873

Retained Earnings - ( 44,208 ) - - 71,861 - - - 13,677

Other Reserves - - 7,372,123 823 125,294 334,385 - 627,516 -

Total Equity 998,354 720,100 7,772,123 317,054 2,096,534 855,503 108,256 1,127,516 1,490,550

Underwriting Provisions - 202,001 681,057 6,584 614,579 83,101 103,678 439,770 -

Actuarial Contract Liabilities 3,061,603 5,464,774 82,364,472 588,012 12,420,507 - 651,567 91,410 12,504,106

LongTerm Liabilities - 27,423 2,457,374 - 482,814 47,757 - 258,060 -

Current Liabilities 1,404,940 250,131 1,216,986 46,066 582,795 164,041 106,429 252,486 79,844

Total Equity And Liabilities 5,464,897 6,664,429 94,492,012 957,715 16,197,228 1,150,402 969,930 2,169,241 14,074,499

Land And Buildings - - 117,411 - - - - - -

Investment Property - 155,000 6,482,750 687,000 2,181,875 - 655,400 - 1,414,962

Other Fixed Assets 36,785 11,462 92,087 14,532 47,865 - 1,214 - 2,736

Government Securities 3,708,926 5,407,159 60,508,245 111,435 7,738,086 841,429 108,324 995,637 12,313,248

Other Securities - 38,450 - - 719,437 - - - -

Investment in Related Companies - - 1,250,335 - - - 3,180 - -

Corporate Bonds - - 58,259 - 178,443 - - 55,793 35,191

Commercial Papers - 42,533 - - 11,985 - - - -

Debentures - - - - - - - - -

Ordinary Shares Quoted - 134,382 6,795,004 2 743,813 - - 16,713 155,853

Ordinary Shares Unquoted - 17,413 29,815 - 4,202 - 789 - -

Preference Shares Quoted - - - - - - - - -

Preference Shares Unquoted - - - - - - - - -

Loans Secured & Unsecured - 36,139 1,866,713 - 521,266 - 39,166 - 3,818

Mortgages - - 1,180,218 - 47,523 - - - -

Term Deposits 782,244 380,577 1,149,965 2,000 2,023,232 45,398 118,496 511,030 85,512

Cash and Cash Balances 41,901 40,623 126,633 41,582 67,646 2,162 8,603 155,690 7,938

Outstanding Premiums 777,440 258,919 675,647 61,685 576,017 190,617 12,339 49,130 -

Other Receivables 7,572 71,164 1,448,765 - 500,088 - 10,125 202,049 -

Other Assets 110,029 63,459 11,752,191 35,639 833,795 70,796 11,088 44,955 49,719

Intangible Assets - 7,147 957,973 3,841 1,954 - 1,206 138,244 5,523

Total Assets 5,464,897 6,664,429 94,492,012 957,715 16,197,228 1,150,402 969,930 2,169,241 14,074,499

Amounts in Thousand Shillings Continued next page

APPENDIX 20 i: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020


63

Company

GEMINIA LIFE

INSURANCE

COMPANY

ICEA LION LIFE

ASSURANCE

COMPANY

JUBILEE INSURANCE

COMPANY

KENINDIA

ASSURANCE

COMPANY

KENYA ORIENT LIFE

ASSURANCE

KENYA

REINSURANCE

CORPORATION

KUSCCO MUTUAL

ASSURANCE LIMITED

LIBERTY LIFE

ASSURANCE

MADISON

INSURANCE

COMPANY

METROPOLITAN

CANNON

INSURANCE

Share Capital 400,000 450,000 500,000 400,000 313,000 500,000 405,875 612,340 450,000 416,726

Share Premium - - - - - - - - - 491,067

Revaluation Reserves - - - 299,078 - - - 384,946 - 2,500

Statutory Reserves 95,276 9,683,487 2,042,639 318,516 118,377 6,260,203 - 2,169,359 215,640 -

Retained Earnings ( 20,167 ) 2,805,033 4,610,507 37,361 27,793 - 55,454 ( 304,170 ) 62,000 ( 1,235,415 )

Other Reserves - - - 1,722,380 - ( 58,357 ) - - - 511,237

Total Equity 475,110 12,938,520 7,153,146 2,777,334 459,170 6,701,846 461,329 2,862,475 727,640 186,115

Underwriting Provisions 342,628 189,972 886,202 159,388 - - - 459,019 151,499 255,134

Actuarial Contract Liabilities 1,054,679 83,982,587 79,600,146 40,837,570 1,372,683 2,752,237 - 19,516,792 14,484,400 1,326,806

LongTerm Liabilities - 1,787,390 938,924 13,787 32,888 - - 851,447 - 205,831

Current Liabilities 64,288 1,757,315 2,138,349 430,029 14,399 2,408,351 526,237 421,596 42,960 182,229

Total Equity And Liabilities 1,936,704 100,655,784 90,716,768 44,218,109 1,879,140 11,862,434 987,566 24,111,329 15,406,500 2,156,115

Land And Buildings - - - 2,012,185 - - - 694,400 - 92,500

Investment Property - 10,772,500 4,479,387 1,016,176 264,800 1,759,309 - 1,154,850 6,210,573 819,000

Other Fixed Assets 88 110,967 29,475 16,129 10,730 - 23,522 86,380 51,942 8,312

Government Securities 668,604 75,866,197 69,567,914 40,260,022 801,576 3,959,136 346,489 14,064,770 5,102,582 993,965

Other Securities - - - - 77,422 - - - 53,963 -

Investment in Related Companies - 1,246,846 2,116,567 - - - - - - -

Corporate Bonds - 425,125 - 51,650 37,383 - - - 10,616 -

Commercial Papers - - - - 64,343 - - - - -

Debentures - - - - - - - - - -

Ordinary Shares Quoted - 7,177,827 2,932,160 107,183 - 270,436 - 2,862,878 30,538 39,342

Ordinary Shares Unquoted - 998 5,031,053 153 48,274 - - 65,816 1,907,807 94

Preference Shares Quoted - 1,223 - - - - - - - -

Preference Shares Unquoted - - 1,070,353 - - - - - - -

Loans Secured & Unsecured 19,856 519,282 983,449 106,105 25,369 - 3,800 1,078,514 74,805 7,981

Mortgages - 605,606 - 4,239 - - - 384,694 89,914 19,190

Term Deposits 749,180 2,755,596 1,913,035 212,114 385,667 5,359,777 71,412 2,571,903 899,665 79,323

Cash and Cash Balances 47,191 ( 42,550 ) 1,188,337 108,966 56,460 9,412 36,548 458,256 170,897 17,609

Outstanding Premiums 428,049 - 232,505 1,759 49,641 274,665 161,802 156,213 216,166 12,009

Other Receivables - 143,121 508,607 307,972 - - 314,650 307,666 544,629 -

Other Assets 23,737 1,063,403 632,198 - 51,109 - - 71,062 34,467 62,280

Intangible Assets - 9,642 31,728 13,455 6,366 229,699 29,343 153,927 7,936 4,510

Total Assets 1,936,704 100,655,784 90,716,768 44,218,109 1,879,140 11,862,434 987,566 24,111,329 15,406,500 2,156,115

Continued from previous page


APPENDIX 20 ii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020

Continued next page


64


Company OLD MUTUAL

ASSURANCE COMPANY

PIONEER

ASSURANCE

COMPANY

PRUDENTIAL LIFE

ASSURANCE

SAHAM INSURANCE

COMPANY

SANLAM LIFE

ASSURANCE

THE KENYAN

ALLIANCE

INSURANCE

THE MONARCH

INSURANCE

COMPANY

UAP LIFE

ASSURANCE

COMPANY

TOTAL

Share Capital 2,174,871 400,000 414,685 150,000 843,138 500,000 154,976 1,585,456 15,015,067

Share Premium 1,884,957 - 2,676,286 - 30,260 - - - 5,082,570

Revaluation Reserves - - - - - - - 27,534 715,732

Statutory Reserves - 327,059 - - 1,582,884 6,000 23,082 - 25,481,364

Retained Earnings ( 2,229,421 ) 162,459 ( 2,175,022 ) - 380,228 - - 447,066 2,665,037

Other Reserves - - - 3,474 - ( 243,554 ) 1,114 - 10,396,436

Total Equity 1,830,406 889,518 915,948 153,474 2,836,510 262,446 179,171 2,060,056 59,356,205

Underwriting Provisions 327,666 1,152,979 14,659 17,062 - 84,101 186,882 684,014 7,041,974

Actuarial Contract Liabilities 11,143,435 3,641,676 815,378 290,841 20,772,199 2,999,441 297,160 9,527,067 411,561,548

LongTerm Liabilities - 166,904 - - 631,978 - - 183,825 8,086,402

Current Liabilities 1,210,039 127,085 210,090 55,918 1,515,357 - 82,845 821,866 16,112,669

Total Equity And Liabilities 14,511,547 5,978,161 1,956,075 517,295 25,756,044 3,345,988 746,058 13,276,827 502,158,799

Land And Buildings - - - - - 134,782 - - 3,051,278

Investment Property 2,360,791 1,540,300 - 80,000 2,859,625 1,909,914 310,862 850,000 47,965,074

Other Fixed Assets 58,302 30,442 53,284 55 162,851 5 16,508 25,630 891,303

Government Securities 6,631,457 987,230 1,586,495 198,493 19,921,762 214,377 74,476 8,482,286 341,460,320

Other Securities 23,575 - - - 92,491 - - - 1,005,337

Investment in Related Companies - - - - - - - - 4,616,929

Corporate Bonds - 3,200 - 28,283 - - - - 883,944

Commercial Papers - - - - - - - - 118,862

Debentures - - - - - - - - -

Ordinary Shares Quoted 1,129,321 53,145 - - 137,249 - - 430,107 23,015,953

Ordinary Shares Unquoted 385,978 - - - - - - 14,574 7,506,967

Preference Shares Quoted - - - - - - - - 1,223

Preference Shares Unquoted - 100,000 - - - - - - 1,170,353

Loans Secured & Unsecured 124,921 169,939 32,058 6,714 212,857 - 2,546 23,546 5,858,845

Mortgages - - - - 82,506 - - 65,987 2,479,876

Term Deposits 2,471,259 618,076 74,532 184,772 932,418 763,539 140,367 1,773,605 27,054,694

Cash and Cash Balances 623,170 28,016 35,856 6,149 714,390 12,501 3,720 678,828 4,646,531

Outstanding Premiums 117,662 2,125,384 29,770 10,129 188,442 41,034 195,528 589,570 7,432,121

Other Receivables 207,577 241,976 362 - - 73,195 - 202,326 5,091,844

Other Assets 372,803 62,655 103,528 2,699 271,684 196,642 1,008 140,368 16,061,315

Intangible Assets 4,732 17,799 40,191 - 179,770 - 1,043 - 1,846,030

Total Assets 14,511,547 5,978,161 1,956,075 517,295 25,756,044 3,345,988 746,058 13,276,827 502,158,799


APPENDIX 20 iii: SUMMARY OF LONG TERM INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020


65

CompanyAAR INSURANCE

KENYA

AFRICAN MERCHANT

ASSURANCE

AIG INSURANCE

COMPANY

ALLIANZ INSURANCE

COMPANY

APA INSURANCE

COMPANY

BRITAM GENERAL

INSURANCE

COMPANY

CIC GENERAL

INSURANCE

COMPANY

CONTINENTAL

REINSURANCE

CORPORATE

INSURANCE

COMPANY

DIRECTLINE

ASSURANCE

COMPANY

EAST AFRICA

REINSURANCE

COMPANY

Share Capital 500,000 987,386 600,000 1,340,290 1,250,000 2,668,000 1,700,000 1,000,000 400,000 300,000 1,000,000

Share Premium 660,523 - - - - - - - - - -

Revaluation Reserves - 15,885 ( 30,046 ) - - - - 863 - ( 125,830 ) 281,068

Statutory Reserves - - - - - - - - - - -

Retained Earnings 280,079 368,023 1,711,963 ( 614,425 ) 3,295,934 112,699 2,786,965 555,609 346,670 ( 676,334 ) 2,941,844

Other Reserves - - - - 194,224 - ( 65,064 ) - - - 3,153

Total Equity 1,440,602 1,371,294 2,281,917 725,865 4,740,158 2,780,699 4,421,901 1,556,473 746,670 ( 502,164 ) 4,226,065

Underwriting Provisions 2,171,183 1,209,336 1,097,481 395,371 7,465,101 6,828,503 8,253,126 1,512,690 961,962 5,009,236 2,852,175

Actuarial Contract Liabilities - - - - - - - - - - -

LongTerm Liabilities - - - - - - - - - - 124,674

Current Liabilities 708,042 395,269 1,347,831 657,368 917,640 1,742,934 382,160 123,831 55,215 496,581 908,047

Total Equity And Liabilities 4,319,827 2,975,899 4,727,229 1,778,604 13,122,899 11,352,136 13,057,188 3,192,994 1,763,847 5,003,652 8,110,961

Land And Buildings - 495,000 - - - - 229,613 - - 380,500 457,888

Investment Property - 535,000 - - 1,020,000 - 1,602,000 - 733,558 781,516 802,532

Other Fixed Assets 64,383 90,871 142,517 36,135 68,446 81,999 67,664 8,541 5,330 26,829 7,467

Government Securities 1,475,810 467,247 2,390,778 901,810 7,440,748 7,841,724 3,453,823 1,064,699 112,436 565,731 2,384,163

Other Securities - - - - - - 1,062,765 - - - -

Investment in Related Companies - - - - 662,479 - - - - 517,384 -

Corporate Bonds - - - - 70,955 46,963 31,637 - - - 197,802

Commercial Papers - - - - - - 19,985 - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted - 2,212 - - 697,620 - 357,423 - - 85,112 32,607

Ordinary Shares Unquoted - - - - 43,690 - 20,236 - 789 - -

Preference Shares Quoted - - - - - - - - - - -

Preference Shares Unquoted - - - - - - - - - - -

Loans Secured & Unsecured - 6,063 9,212 - 39,365 - 765,685 1,549 - 729,700 7,645

Mortgages - - - - 65,911 - 55,455 2,523 - - 48,759

Term Deposits 1,534,051 529,935 101,278 372,696 947,283 498,816 1,512,226 303,959 3,028 238,578 1,951,564

Cash and Cash Balances 400,999 30,049 413,449 172,663 119,283 293,067 ( 243,397 ) 16,425 34,464 46,372 306,693

Outstanding Premiums 463,780 506,831 1,108,943 85,102 847,813 1,301,170 2,515,596 1,150,013 577,818 107,998 480,749

Other Receivables 183,214 29,372 30,381 67,600 20,642 63,612 498,630 - 149,068 - 861,617

Other Assets 75,068 251,926 512,774 29,093 662,185 688,687 460,889 645,284 69,591 1,475,623 157,080

Intangible Assets 122,522 31,391 17,899 113,504 416,479 536,098 646,960 - 77,763 48,308 414,396

Total Assets 4,319,827 2,975,899 4,727,229 1,778,604 13,122,899 11,352,136 13,057,188 3,192,994 1,763,847 5,003,652 8,110,961

Amounts in thousand Shillings Continued next page

APPENDIX 21 i: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020


66

Company

FIDELITY SHIELD

INSURANCE

COMPANY

FIRST ASSURANCE

COMPANY

GA GENERAL

INSURANCE

COMPANY

GEMINIA

INSURANCE

COMPANY LIMITED

GHANA RE-

INSURANCE

COMPANY LIMITED

HERITAGE

INSURANCE

COMPANY

ICEA LION

GENERAL

INSURANCE

COMPANY

INTRA-AFRICA

ASSURANCE

COMPANY

INVESCO

ASSURANCE

COMPANY

JUBILEE GENERAL

INSURANCE

JUBILEE HEALTH

INSURANCE

Share Capital 600,000 810,000 1,000,000 550,000 1,000,000 1,000,000 1,000,000 600,000 - 2,307,000 2,763,720

Share Premium - 512,139 - - 10,871 - - - - - -

Revaluation Reserves 106,980 260,113 872,516 - - - 10,132 349,708 - - -


Retained Earnings 454,936 123,796 3,008,957 1,637,251 196,207 2,969,768 4,160,928 35,261 - ( 60,523 ) 534,584

Other Reserves - - 377,479 59,193 - - - 7,500 - - ( 136,171 )

Total Equity 1,161,916 1,706,048 5,258,952 2,246,444 1,207,078 3,969,768 5,171,059 992,470 - 2,246,477 3,162,133

Underwriting Provisions 1,766,109 2,277,395 5,482,176 3,957,745 417,959 3,719,423 4,457,637 1,026,776 - 3,153,490 3,414,286


LongTerm Liabilities - - 5,561 - - - 280,840 3,036 - - -

Current Liabilities 129,966 1,145,035 2,511,200 837,312 92,127 1,403,891 1,695,392 30,542 - 1,347,116 685,029

Total Equity And Liabilities 3,057,991 5,128,478 13,257,889 7,041,502 1,717,164 9,093,082 11,604,929 2,052,824 - 6,747,083 7,261,448

Land And Buildings 272,117 437,013 1,163,250 380,000 30,502 - - - - - -

Investment Property 1,015,883 1,450,000 1,663,413 1,009,000 - - 2,765,000 456,500 - - -

Other Fixed Assets 5,797 25,814 44,107 258,827 6,226 96,029 72,515 56,341 - 28,598 22,498

Government Securities 1,006,542 863,867 4,649,151 785,213 1,046,267 4,717,574 5,484,117 324,518 - 3,345,143 1,365,103

Other Securities - - - - - - 53,913 - - - -

Investment in Related Companies - - 566,621 86,571 - 146,557 50,147 - - - 1,461,869

Corporate Bonds - ( 588 ) 28,036 - - - 94,557 - - - -

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 35,576 - 406,125 174,054 - 6,288 847,142 50,292 - 9,999 329,940

Ordinary Shares Unquoted - - 364,299 7,612 - - 6,398 - - - 698,041

Preference Shares Quoted - - - - - - - - - - 402

Preference Shares Unquoted - - - - - - - - - - -

Loans Secured & Unsecured - 15,588 225,008 95,201 688 41,045 - 80,653 - - -

Mortgages 5,895 - - - - 220,027 - 2,733 - - 33,603

Term Deposits 172,930 1,013,983 752,173 1,323,117 124,342 2,279,896 233,503 321,205 - 771,526 539,057

Cash and Cash Balances 60,298 42,012 56,416 324,278 24,434 242,015 179,926 68,127 - 496,161 769,439

Outstanding Premiums 165,134 856,727 2,626,066 1,786,094 376,290 768,250 844,817 549,921 - 1,463,050 974,588

Other Receivables - - 15,261 - 3,396 51,033 97,303 35,808 - 159,947 686,082

Other Assets 266,929 283,856 158,670 362,028 54,444 462,959 594,200 - - 317,726 177,806

Intangible Assets 50,889 140,206 539,292 449,507 50,575 61,411 281,389 106,725 - 154,931 203,021

Total Assets 3,057,991 5,128,478 13,257,889 7,041,502 1,717,164 9,093,082 11,604,929 2,052,824 - 6,747,083 7,261,448


APPENDIX 21 ii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020



67

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 600,000 810,721 6,499,491 605,000 1,500,000 453,960 300,000 693,000 645,664 700,000 410,000

Share Premium 1,198 - - - - 583,040 - - 5,712 - 1,490,000

Revaluation Reserves 376,628 ( 79,171 ) 17,530 - 518,675 - 4,025 23,608 - - 4,507


Retained Earnings 1,413,021 ( 1,041,949 ) 20,257,066 514,798 1,163,674 ( 120,082 ) 524,104 593,295 156,829 14,455 ( 2,175,370 )

Other Reserves 426,793 1,499,217 ( 182,400 ) - - - - 25,010 - - -

Total Equity 2,817,640 1,188,818 26,591,687 1,119,798 3,182,349 916,918 828,129 1,334,914 808,205 714,455 270,863-

Underwriting Provisions 3,505,741 1,808,318 12,148,047 2,994,450 2,570,667 1,083,739 454,064 2,093,571 1,172,935 617,954 1,677,440


LongTerm Liabilities 310,714 - - - - - 1,162,920 - - - -

Current Liabilities 859,243 611,199 559,551 163,697 637,050 271,610 236,975 387,591 381,286 46,005 3,339,308


Land And Buildings 790,835 105,276 - - 259,008 92,500 - - - - -

Investment Property 1,272,800 974,500 10,334,497 650,000 433,947 124,000 - 410,000 843,850 300,000 -

Other Fixed Assets 58,061 14,076 66,822 31,554 97,473 16,584 8,546 70,141 31,341 14,242 79,782

Government Securities 2,864,014 154,989 13,779,262 1,452,972 1,725,722 1,275,478 446,456 1,738,417 249,200 189,600 262,654

Other Securities - - - 78,218 - - - - - - -

Investment in Related Companies 105,612 134,000 5,633,315 - 710,898 18,526 1,448,282 - - - -

Corporate Bonds 51,914 - - - - - - 7,005 - - -

Commercial Papers - - - - - - - - - - -

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 28,455 9,819 881,438 7,046 122,446 - 58,318 235,205 38,408 - -

Ordinary Shares Unquoted 624,274 421,158 205,733 490,000 756,857 - - - 221,261 - -

Preference Shares Quoted - - 81 - - - - - - - -

Preference Shares Unquoted - - - - - 24,260 - - - - -

Loans Secured & Unsecured 16,880 - - - 11,051 - 109,293 - - - -

Mortgages - - 686,907 - - 20,575 - - - - -

Term Deposits 595,857 120,100 3,178,755 56,992 1,313,952 386,352 37,859 260,009 117,824 404,047 660,371

Cash and Cash Balances 20,074 32,116 225,877 152,194 59,180 ( 53,634 ) 48,219 88,076 540 100 622,857

Outstanding Premiums 484,554 823,376 2,014,209 720,828 731,965 100,987 384,598 558,429 626,427 276,094 525,290

Other Receivables - 321,863 763,761 354,749 - 182,568 10,409 44,271 - 80,612 1,450,169

Other Assets 557,029 395,969 47,797 72,183 151,074 11,866 80,467 263,269 159,742 52,904 830,120

Intangible Assets 22,979 101,093 1,480,830 211,208 16,494 72,204 49,641 141,254 73,834 60,814 314,643

Total Assets 7,493,338 3,608,336 39,299,285 4,277,945 6,390,067 2,272,267 2,682,088 3,816,075 2,362,426 1,378,413 4,745,885


APPENDIX 21 iii: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020



68

Company

SAHAM

INSURANCE

COMPANY

SANLAM

INSURANCE

COMPANY

TAKAFUL

INSURANCE OF

AFRICA

TAUSI ASSURANCE

COMPANY

THE KENYAN

ALLIANCE

INSURANCE

COMPANY

THE MONARCH

INSURANCE

COMPANY

TRIDENT

INSURANCE

COMPANY

UAP INSURANCE

COMPANY

WAICA

REINSURANCE

KENYA LIMITED

XPLICO

INSURANCE

COMPANY

TOTAL

Share Capital 402,000 1,028,998 636,804 600,000 600,000 497,024 500,000 1,000,000 1,102,550 887,500 43,849,108

Share Premium - 100,361 66,601 - - - - - - - 3,430,445

Revaluation Reserves ( 10,654 ) - 25,539 191,593 - - 184,225 - - - 2,997,896

Statutory Reserves - - 24,253 - 2,750 - - - - - 27,003

Retained Earnings 302,369 35,155 ( 213,018 ) 1,071,281 524,498 252,968 1,415,359 5,766,627 27,776 ( 64,853 ) 54,588,193

Other Reserves - - 9,000 11,424 ( 5,037 ) - 25,000 - - 220,000 2,469,324

Total Equity 693,714 1,164,514 549,179 1,874,298 1,122,212 749,992 2,124,584 6,766,627 1,130,326 1,042,647 107,361,969

Underwriting Provisions 874,408 1,775,834 1,105,507 857,234 1,810,805 1,482,813 1,510,118 7,348,758 262,492 1,711,023 116,295,079


LongTerm Liabilities 101,336 - 30,000 70,873 284,566 - 32,301 - - - 2,406,821

Current Liabilities 247,762 379,807 717,911 165,663 114,007 96,405 316,295 1,704,334 208,125 338,019 29,394,371


Land And Buildings - - - 313,175 - - 240,660 - - - 5,647,336

Investment Property 80,000 129,500 24,500 - 1,065,349 737,018 1,716,399 3,657,700 - 722,200 37,310,661

Other Fixed Assets 6,329 81,646 48,514 27,191 27,397 60,408 11,456 131,760 15,915 76,021 2,192,195

Government Securities 652,648 1,280,888 11,902 1,727,986 332,364 111,714 243,050 4,888,688 232,031 139,600 85,446,100

Other Securities - - 39,502 - - - 15,000 - - 57,938 1,307,336

Investment in Related Companies - - - - - - 615,600 - - 245,251 12,403,112

Corporate Bonds 35,378 - 24,850 - - - - - - - 588,511

Commercial Papers - - - - - - - - - - 19,985

Debentures - - - - - - - - - - -

Ordinary Shares Quoted 26,433 470 - 174,639 12,553 - 6,510 924,368 - - 5,560,499

Ordinary Shares UnQuoted - - - 6,349 33,919 59 29,458 103,868 - - 4,034,001

Preference Shares Quoted - - - - - - - - - - 483

Preference Shares Unquoted - - - - - - - - - - 24,260

Loans Secured & Unsecured - 359 - 3,242 100,629 - 850,857 242,400 - 20,034 3,372,148

Mortgages 1,900 - - 69,767 - - - 282,946 - - 1,497,001

Term Deposits 396,603 349,847 571,485 347,694 123,449 187,234 - 2,119,836 945,925 214,108 27,913,448

Cash and Cash Balances 14,015 372,174 217,771 20,366 87,453 32,870 12,155 352,474 21,579 123,581 6,303,213

Outstanding Premiums 514,482 765,949 210,288 165,288 583,133 935,098 115,372 1,493,975 237,624 988,858 32,813,573

Other Receivables 15,377 9,227 - - 357,807 35,282 31,888 266,303 - 308,801 7,186,055

Other Assets 122,795 249,060 1,201,786 31,170 515,858 139,758 94,808 962,426 51,306 151,716 13,849,920

Intangible Assets 51,260 81,035 51,998 81,203 91,678 89,769 85 392,974 96,562 43,581 7,988,402

Total Assets 1,917,220 3,320,155 2,402,597 2,968,068 3,331,590 2,329,210 3,983,297 15,819,718 1,600,942 3,091,689 255,458,238


APPENDIX 21 iv: SUMMARY OF GENERAL INSURANCE BUSINESS BALANCE SHEETS AS AT 30.09.2020

Amounts in thousand Shillings

insurance industry report for the period january september

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