ICEA Lion crosses Sh100bn asset base
ICEA Lion Life Assurance chief executive George Nyakundi speaks at Serena Hotel in Nairobi on October 8, 2019.
ICEA Lion Life Assurance company has become the first long-term underwriter in Kenya to cross the Sh100 billion asset base, putting it in a strong position to settle claims and handle new risks.
The insurer’s balance sheet grew by 11 per cent to hit Sh103.73 billion at the end of December from Sh93.09 billion, setting a record for Kenya’s long-term business that covers clients against risks such as death, disability and critical illnesses.
ICEA Lion Life’s assets are equivalent to a quarter of the collective assets owned by the 24 insurers involved in long-term insurance.
ICEA Lion Life Assurance chief executive George Nyakundi said the growth came on the back of revenue generated from business and investments and offers the firm room to underwrite more risks.
“This size of balance sheet sets both an industry and a regional record, as ICEA Lion Life Assurance became the first insurance company in Eastern and Central Africa to cross the Sh100 billion milestone,” Mr Nyakundi said.
“This means we’re heavily capitalised and can support all our liabilities properly when they arise and we’re also able to underwrite more risks.”
ICEA Lion asset size is followed by Britam Life (Sh97.71 billion), Jubilee Life Insurance (Sh92.37 billion), Kenindia Assurance (Sh45.84 billion) and Sanlam Life (Sh26.2 billion).
