List of insurance companies in Kenya: ranking per 2023 turnover
Life insurance companies in Kenya
Figures in thousands
| Life companies | 2022 turnover | 2021 turnover | 2021-2022 evolution (1) | 2022 shares | ||
|---|---|---|---|---|---|---|
| KES | USD | KES | USD | |||
| Britam Life | 36 537 216 | 231 281 | 28 384 667 | 228 497 | 28.72% | 10.11% |
| ICEA Lion Life | 27 477 976 | 173 936 | 20 700 300 | 166 637 | 32.74% | 7.60% |
| Jubilee | 17 316 399 | 109 613 | 17 844 769 | 143 650 | -2.96% | 4.79% |
| Equity Life | 14 794 930 | 93 652 | 4 183 274 | 33 675 | 253.67% | 4.09% |
| Kenindia | 11 238 685 | 71 141 | 8 879 272 | 71 478 | 26.57% | 3.11% |
| CIC Life | 9 815 790 | 62 134 | 8 800 988 | 70 848 | 11.53% | 2.72% |
| ABSA Life (2) | 7 232 541 | 45 782 | 5 705 249 | 45 927 | 26.77% | 2.00% |
| GA Life | 6 853 368 | 43 382 | 7 478 342 | 60 201 | -8.36% | 1.90% |
| Sanlam Life | 6 431 679 | 40 712 | 7 804 740 | 62 828 | -17.59% | 1.78% |
| Old Mutual Life (3) | 5 805 206 | 36 747 | 5 203 406 | 41 888 | 11.57% | 1.61% |
| Liberty Life | 5 547 482 | 35 116 | 4 956 049 | 39 896 | 11.93% | 1.54% |
| APA Life | 5 034 714 | 31 870 | 4 827 634 | 38 862 | 4.29% | 1.39% |
| Madison | 3 767 303 | 23 847 | 3 441 124 | 27 701 | 9.48% | 1.04% |
| Prudential Life | 2 507 832 | 15 874 | 2 001 709 | 16 114 | 25.28% | 0.69% |
| Pioneer | 2 454 183 | 15 535 | 3 723 277 | 29 972 | -34.09% | 0.68% |
| Kuscco Mutual Limited | 1 497 622 | 9 480 | 1 687 282 | 13 583 | -11.24% | 0.41% |
| The Kenyan Alliance | 1 416 745 | 8 968 | 1 263 052 | 10 168 | 12.17% | 0.39% |
| Capex Life | 1 387 284 | 8 781 | 1 031 420 | 8 303 | 34.50% | 0.38% |
| Kenya Orient Life | 1 082 224 | 6 850 | 1 240 689 | 9 988 | -12.77% | 0.30% |
| Geminia Life | 909 590 | 5 758 | 1 132 290 | 9 115 | -19.67% | 0.25% |
| Star Discover Life | 385 012 | 2 437 | - | - | - | 0.11% |
| Cannon Life | 344 838 | 2 183 | 442 993 | 3 566 | -22.16% | 0.10% |
| Corporate | 94 865 | 600 | - | - | - | 0.03% |
| The Monarch | 88 592 | 561 | 112 275 | 904 | -21.09% | 0.03% |
| Life total | 170 022 076 | 1 076 240 | 140 844 801 | 1 133 801 | 20.72% | 47.05% |
(1) Growth rate in local currency
(2) Ex. Barclays Life
(3) UAP Life Assurance Company was acquired by Old Mutual Life Assurance
Composite companies appear in the life and non-life rankings
Non life insurance companies in Kenya
Figures in thousands
| Non life companies | 2023 turnover | 2022 turnover | 2022-2023 evolution (1) | 2023 shares | ||
|---|---|---|---|---|---|---|
| KES | USD | KES | USD | |||
| APA | 17 308 839 | 109 565 | 14 654 657 | 117 970 | 18.11% | 4.79% |
| Old Mutual General (2) | 16 680 145 | 105 585 | 14 858 672 | 119 612 | 12.26% | 4.62% |
| CIC General | 16 009 182 | 101 338 | 13 860 381 | 111 576 | 15.50% | 4.43% |
| Britam General | 15 694 733 | 99 348 | 10 850 662 | 87 348 | 44.64% | 4.34% |
| GA | 15 557 597 | 98 480 | 13 919 501 | 112 052 | 11.77% | 4.31% |
| Jubilee Health | 11 811 950 | 74 770 | 9 001 961 | 72 466 | 31.22% | 3.27% |
| AAR | 9 558 333 | 60 504 | 7 243 552 | 58 311 | 31.96% | 2.65% |
| ICEA LION General | 8 721 389 | 55 206 | 7 301 806 | 58 780 | 19.44% | 2.41% |
| Madison | 8 292 489 | 52 491 | 7 749 676 | 62 385 | 7.00% | 2.30% |
| Heritage | 7 488 860 | 47 404 | 7 048 403 | 56 740 | 6.25% | 2.07% |
| Mayfair | 7 200 723 | 45 581 | 5 520 094 | 44 437 | 30.45% | 1.99% |
| Geminia | 6 238 585 | 39 490 | 5 731 603 | 46 139 | 8.85% | 1.73% |
| First | 5 672 533 | 35 907 | 5 507 500 | 44 335 | 3.00% | 1.57% |
| Directline | 4 865 225 | 30 797 | 4 268 900 | 34 365 | 13.97% | 1.35% |
| Jubilee Allianz General (3) | 4 711 346 | 29 823 | 4 004 876 | 32 239 | 17.64% | 1.30% |
| Fidelity Shield | 3 578 909 | 22 654 | 3 094 822 | 24 913 | 15.64% | 0.99% |
| AIG | 3 360 770 | 21 274 | 3 619 995 | 29 141 | -7.16% | 0.93% |
| MUA | 2 784 717 | 17 627 | 3 590 644 | 28 905 | -22.45% | 0.77% |
| Sanlam | 2 756 111 | 17 446 | 3 298 535 | 26 553 | -16.44% | 0.76% |
| Occidental | 2 745 147 | 17 377 | 2 819 533 | 22 697 | -2.64% | 0.76% |
| Pacis | 2 703 626 | 17 114 | 1 965 148 | 15 819 | 37.58% | 0.75% |
| Intra-Africa | 2 413 898 | 15 280 | 2 135 782 | 17 193 | 13.02% | 0.67% |
| Tausi | 2 091 812 | 13 241 | 1 645 871 | 13 249 | 27.09% | 0.58% |
| The Kenyan Alliance | 2 070 131 | 13 104 | 1 547 564 | 12 458 | 33.77% | 0.57% |
| Kenindia | 1 821 765 | 11 532 | 2 372 032 | 19 095 | -23.20% | 0.50% |
| African Merchant | 1 723 316 | 10 909 | 1 035 998 | 8 340 | 66.34% | 0.48% |
| Kenya Orient | 1 637 579 | 10 366 | 2 176 188 | 17 518 | -24.75% | 0.45% |
| Pioneer | 1 595 570 | 10 100 | 1 635 759 | 13 168 | -2.46% | 0.44% |
| Cannon General | 1 586 410 | 10 042 | 1 342 135 | 10 804 | 18.20% | 0.44% |
| Takaful Insurance Of Africa | 878 159 | 5 559 | 935 012 | 7 527 | -6.08% | 0.24% |
| Invesco | 735 893 | 4 658 | 1 224 797 | 9 860 | -39.92% | 0.20% |
| The Monarch | 384 254 | 2 432 | - | - | - | 0.11% |
| Corporate | 288 692 | 1 827 | - | - | - | 0.08% |
| Star Discover | 249 869 | 1 582 | - | - | - | 0.07% |
| Star Discover Micro | 120 171 | 761 | - | - | - | 0.03% |
| Trident | - | - | 2 152 828 | 17 330 | - | - |
| Xplico (4) | - | - | 809 362 | 6 515 | - | - |
| Non-life total | 191 338 728 | 1 211 174 | 168 924 249 | 1 359 840 | 13.27% | 52.95% |
(1) Growth rate in local currency
(2) Ex. UAP Insurance Company Limited
(3) The company changed its name after the merger between Jubilee General Insurance and Allianz Kenya
(4) Under statutory management
Composite companies appear in the life and non-life rankings
Exchange rate as at 31/12/2023 : 1 KES = 0.00633 USD ; 31/12/2022 : 1 KES = 0.00805 USD.
Read also | Kenyan insurance market
