APA Insurance

Established in 2003 , following the merger of Apollo Insurance companies and Pan Africa Insurance, APA Insurance has been confirmed as a leader of the non life market.

Dotted with a technical know-how and benefiting from significant partnerships, APA Insurance has revolutionized the insurance supply in Kenya.

In five years the company has managed to double its turnover which amounted to 50 million USD in 2009. Kenindia, UAP and ICEA, three traditional non-life insurers, are left lagging behind. Only Jubilee seems able to stand to the expansion of APA Insurance.

In search of niches, the company has progressively focused its activities towards microinsurance which stands as an important driver of insurance development in Africa.

The company's shareholders' equity, among the highest in the local market, provides a flexible financial base to APA to underwrite throughout the Kenyan territory and elsewhere with the opening in January 2009 of a subsidiary in Uganda.

John P.N. SimbaAshok K.M. Shah
ChairmanChief Executive Officer

APA Insurance in 2009

Rank
2nd non life insurer in Kenya
Capital
6 315 000 USD
Turnover
46 628 268 USD
Shareholder's equity
16 924 768 USD
Total assets
70 161 961 USD
Net result
2 210 250 USD
ROE
13.1%
Net loss ratio
68.7%
Combined ratio
96.5%
Number of offices
11 throughout the Kenyan territory
Number of subsidiaries
1 (in Uganda)

Management

Chief Executive Officer
Ashok K.M. Shah
Chief Finance Officer
John Mburu Kigochi
Chief Operating Officer
Suresh Kumar
Director of operations
Parul Khimasia
Head of new channels
Fridah Mburu
Head of legal departement
Elisabeth Koskei
Head of claims
Charles Stachwell
Head of underwriting
Ben Ndegwa
Head of internal audit
Kenneth Ndura
Head of corporate communications
Gladys Nashipae
Head of human resources
Stephen Bosire
Head of business development
Joseph Muraguri
Projects manager
Rashid Mohammed

Main shareholders

Apollo Insurance Company
60.03%
PA Securities Limited
39.97%

Main technical highlights: 2005-2009

in USD
 20052006200720082009
Gross written premiums
20 669 98928 720 36336 817 73135 734 54646 628 268
Written premiums net of reinsurance
18 400 78724 366 34230 747 44530 022 80840 216 724
Net earned premiums
17 374 62820 571 02228 726 81525 997 35935 796 742
Net incurred losses
12 372 63614 124 19620 843 12118 260 20524 594 551
Net loss ratio
71.2%68.7%72.6%70.2%68.7%
Management expenses
6 411 3738 000 7369 807 2949 022 44912 985 055
Net result after tax
6 322 37910 896 571-56 1273 352 5992 210 250

Evolution of premiums, losses, management expenses and results

in thousands USD

The turnover's evolution per class of business: 2005-2009

in USD
 200520062007200820092009 shares08/09 growth
Motor
5 535 7776 659 6398 496 2657 542 13711 386 46324.4%51%
Marine
1 481 9551 997 1813 655 5132 155 1142 743 2115.9%27.3%
Fire
2 138 7683 103 4433 097 2093 960 2374 579 0449.8%15.6%
Third party liability
306 1691 256 8412 742 4712 844 1362 744 8535.9%-3.5%
Workmen's compensation
768 6161 014 5851 622 3471 866 9673 064 9356.6%64.2%
Personal accident
8 259 48511 750 38113 688 72313 047 41017 259 12237%32.3%
Miscellaneous accident
2 179 2192 938 2933 515 2034 318 5454 850 64010.4%12.3%
Total
20 669 989 28 720 363 36 817 731 35 734 546 46 628 268 100% 30.5%

Breakdown per class of business in 2009

Ratios' evolution: 2005-2009

Echange rate
KES/USD as at 31/12
2005
2006
2007
2008
2009
0.01374
0.0143
0.01563
0.0119
0.01263

Contact



Head office
Apollo Centre, Vale Close, Ring Road Parklands,
Westlands, P.O. Box 30065 - 00100 GPO, Nairobi, Kenya
Phone
(+254) 20 286 2000
Fax
(+254) 20 286 2200
Email
info [at] apainsurance [dot] org
Website
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