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Company Fact Sheet

Apollo Group - Kenya

April 02, 2025
Kenya
Apollo Group Kenya
Apollo Group Kenya
  • Date of creation: 1977 in Nairobi, Kenya
  • Classes of business: Non-life, life, pension insurance and financial services
  • Regional structures: 4 companies in Kenya, a subsidiary in Uganda and 12 local agencies

Apollo Group - Kenya in 2023

Daniel Ndonye
Ashok Shah
Daniel Ndonye
Chairman of the Board of Directors
Ashok Shah
Group CEO

Management

Daniel NdonyeChairman of the Board of Directors
Ashok ShahGroup CEO
Dinpankar AcharyaCEO «APA Insurance Company»
John KigochiCFO «APA Insurance Company»
Parul KhimasiaCOO «APA Insurance Company»
Eric WantingCEO «APA Life Assurance Company»
Daniel MugoCFO «APA Life Assurance Company»

Shareholding

Apollo Investments Limited100%

Read also | Kenya insurance market

APA Insurance Company

Dinpankar Acharya
Dinpankar Acharya
CEO APA Insurance Company
Insurance revenue (IFRS 17)
105 865 000 USD
Share capital
7 913 000 USD
Assets
125 522 000 USD
Shareholder’s equity
37 280 000 USD
Net result
5 866 000 USD
Combined ratio (IFRS17)
76.86%

APA Insurance Company : main technical indicators (2019-2023)

Figures in thousands USD
Indicators20192020202120222023
IFRS 17
Insurance revenue---111 010105 865
Insurance service expenses---99 43981 366
Combined ratio (1)---89.58%76.86%
IFRS 4
Gross written premiums91 31886 53193 302117 972 -
Net written premiums65 04957 93659 04276 805 -
Net earned premiums66 33758 73457 54870 879 -
Net incurred losses46 43737 87541 43948 733 -
Management expenses 19 80118 44515 46420 432 -
Net loss ratio (2)70%64.49%72.01%68.76% -
Net management expenses ratio (3)30.44%31.84%26.19%26.60% -
Net combined ratio (4)100.44%96.33%98.20%95.36% -
Net result7 5334 2214 8524 5725 866

(1) Combined ratio (IFRS 17) = Incurred losses / Insurance Revenue
(2) Net loss ratio = Net incurred losses / Net earned premiums
(3) Net management expenses ratio = Management expenses / Written premiums net of reinsurance
(4) Net combined ratio (IFRS 4) = Net loss ratio + Net management expenses ratio

Exchange rate as at 31/12/2023 : 1 KES = 0.00633 USD ; at 31/12/2022: 1 KES = 0.00805 USD; 31/12/2021: 1 KES = 0.00878 USD; at 31/12/2020 1 KES = 0.0091 USD; at 31/12/2019: 1 KES = 0.00978 USD

APA Insurance Company : breakdown of premiums and insurance revenue by class of business

Chiffres en milliers USD
Classes of business201920202021202220232023 shares
Health36 09032 21233 71643 41146 93544.33%
Motor29 33925 82724 92130 34725 15423.76%
Fire8 2238 0569 41112 12110 87810.28%
Accident (2)6 8355 89011 02911 87910 5459.96%
Marine (3)2 1283 2194 0002 4651 7611.66%
Third party liability1 3371 3081 5571 9081 6701.58%
Theft2 1441 9171 8481 9741 5341.45%
Engineering1 5601 5972 1401 7431 3221.25%
Miscellaneous risks3 6626 5054 6805 1626 0665.73%
Total91 31886 53193 302111 010105 865100%

(1) Gross premiums for 2019, 2020 and 2021. Insurance revenue for 2022 and 2023
(2) including personal accident and workmen's compensation
(3) Including marine transport and aviation

Breakdown of 2023 insurance revenue by class of business

APA Insurance Company revenue

APA Insurance Company : combined ratio by class of business (1) : 2019-2023

Classes of business20192020202120222023
Health109.57%96.91%104.70%96.90%89.65%
Motor121.20%108.55%118.64%109.23%92.47%
Fire90.72%93.98%101.11%58.70%40.45%
Accident25.86%48.82%42.60%64.32%46.06%
Marine60.50%76.89%71.96%48.57%127.21%
Third party liability-47.86%44.46%55.91%140.73%34.24%
Theft69.30%74.28%49.90%64.12%39.82%
Engineering106.88%98.67%110.14%67.04%110.05%
Miscellaneous risks84.16%109.78%-21.25%-178.02%31.25%
Total100.44%96.33%98.20%95.36%76.86%

(1) Combined ratio according to IFRS 4 for 2019, 2020, 2021 and 2022 and according to IFRS 17 for 2023 Combined ratio under IFRS 4 = Loss ratio + Management expenses ratio
Combined ratio under IFRS 17 = Incurred losses / Insurance revenue

Sources: APA Insurance Company and IRA Kenya

APA Life Assurance Company

Eric Wanting
Eric Wanting
CEO APA Insurance Company
Insurance revenue (IFRS 17)
18 210 000 USD
Share capital
6 963 000 USD
Assets
82 636 000 USD
Shareholder’s equity
6 028 000 USD
Net result
1 149 000 USD

APA Life Assurance Company : main technical indicators (2019-2023)

Figures in thousands USD
Indicators20192020202120222023
IFRS 17
Insurance revenue---17 34118 210
Insurance Service Results---2 3155 851
Net investment income---6 6508 262
IFRS 4
Gross written premiums14 84316 06627 87138 862 
Net written premiums10 80111 27223 24232 720 
Net result832588-1 610-829 

Exchange rate as at 31/12/2023 : 1 KES = 0.00633 USD ; at 31/12/2022: 1 KES = 0.00805 USD; 31/12/2021: 1 KES = 0.00878 USD; at 31/12/2020 1 KES = 0.0091 USD; at 31/12/2019: 1 KES = 0.00978 USD

APA Life Assurance Company : breakdown of life turnover by class of business: 2019-2023 (IFRS 4)

Figures in thousands USD
Classes of business201920202021202220232023 shares
Group insurance4 9096 3667 54712 18711 86837.24%
Pension and retirement5 9574 9039 42813 7128 63927.11%
Credit insurance2 2761 9275 3356 0186 33419.87%
Individual insurance1 4531 8983 1163 3222 7608.66%
Investments11-2 8741 9816.22%
Annuities2479712 4457492880.90%
Total14 84316 06627 87138 86231 870100%

Breakdown of 2023 life turnover by class of business

APA life Insurance Company turnover

Apollo Group Kenya

Apollo Group - Kenya: Contact


Head office
Apollo Center, Ring Rd Parklands Westlands Nairobi – Kenya
Phone
(020) 286 2000/364 1000
E-mail
info@apainsurance.org
Website
Apollo Group logo
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