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Kenindia Assurance Company

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Magazine Issue: 
Covid-19, insurers back to worrying times [3]
Magazine date: 
Oct 2020
Kenindia
  • Date of creation: 6 December 1978 in Nairobi
  • Class of business: Life and non-life
  • Subsidiaries:
    • Kenya Pravack
    • Kenindia Asset Management Company
    • Tanzindia Assurance Company
  • Number of employees: 236

Kenindia Assurance Company in 2019

Mehta
Sharma
M. N. Mehta
Chairman of the board
B. S. Sharma
Managing Director
Share capital
5 486 580 USD
Turnover
79 026 967 USD
Assets
488 007 000 USD
Shareholder’s equity
34 362 323 USD
Net result
-1 862 014 USD
Net non-life loss ratio
97.30%
Net non-life management expenses ratio
45.41%
Non-life combined ratio
142.71%

Management

M. N. MehtaChairman of the board
B. S. SharmaManaging director
J. MachariaChief Operating Officer (COO)
Mohan JhaGeneral Manager, Finance
V. R. KumarGeneral Manager, General Operations
Uthup JosephGeneral Manager, Life Division

Shareholding

Shareholders Shares
Life Insurance Corporation of India10.21%
General Insurance Corporation of India9.19%
National Insurance Company9.19%
New India Assurance Co.9.19%
United India Insurance Co.9.19%
Oriental Insurance Company9.00%
Sansora Investments7.90%
Chandaria Foundation Registered Trustees7.70%
Mehta Group6.17%
Lex Holdings4.58%
Others17.68%

Read also | Share capital increase for Kenyan insurers [4]

Kenindia Assurance Company: Major technical highlights (2015-2019)

Figures in USD
Highlights20152016201720182019
Gross written premiums
59 021 29066 513 55773 493 10782 000 45579 026 967
Non-life gross written premiums
27 494 89028 701 29728 939 50727 861 73524 141 607
Net written premiums
47 948 60255 486 38362 651 48272 320 35170 257 134
Net non-life written premiums
16 643 00218 019 00318 491 48218 620 83115 694 514
Net non-life earned premiums
16 000 01317 604 98419 050 85418 792 66517 089 719
Net non-life incurred losses
10 957 04611 893 41712 840 49013 320 80916 627 878
Non-life management expenses
6 090 9896 907 3817 704 1737 664 6747 127 097
Net non-life loss ratio (1)
68.48%67.56%67.40%70.88%97.30%
Net non-life management expenses ratio (2)
36.60%38.33%41.66%41.16%45.41%
Net non-life combined ratio (3)
 105.08%105.89%109.06%112.04%142.71%
Net result
7 592 7362 654 2352 354 4963 212 602-1 862 014

(1) Loss ratio = incurred losses / earned premiums
(2) Management expenses ratio = management expenses / written premiums
(3) Combined ratio = loss ratio + management expenses ratio

Kenindia Assurance Company: Turnover breakdown per class of business (2015-2019)

Figures in USD
 201520162017201820192019 shares
Motor
7 680 6638 312 9408 083 6519 082 1497 318 5319.26%
Fire
7 116 6727 844 3057 832 1706 204 2375 578 3267.06%
Personal accident (1)
3 944 2084 391 2614 507 3064 063 0293 566 9134.51%
Marine (2)
2 513 8082 467 6262 674 2332 760 2062 418 7703.06%
Theft
2 761 6712 290 9422 294 6111 963 3021 844 7532.34%
Engineering
1 897 6031 658 0971 590 6051 653 9201 432 7991.81%
Health
968 8511 006 3411 281 0621 342 3901 329 2581.68%
Third party liability 
377 030491 904437 184553 392482 1340.61%
Miscellaneous accident
234 384237 881238 685239 110170 1230.22%
Total non-life27 494 89028 701 29728 939 50727 861 73524 141 607     30.55%
Retirement benefits funds
21 494 18924 113 48328 361 20334 931 28434 572 51543.75%
Ordinary life insurance
9 611 1559 834 45411 856 73914 133 72015 786 95419.98%
Annuities 
-3 291 8223 621 6194 607 3154 034 1235.10%
Group life insurance
421 056572 501714 039466 401491 7680.62%
Total  life31 526 40037 812 26044 553 60054 138 72054 885 360    69.45%
Grand total59 021 29066 513 55773 493 10782 000 45579 026 967100%

(1) Including workmen’s compensation (2) Including aviation and marine transportation

Turnover breakdown per class of business in 2019

Kenindia Assurance turnover

* Including theft, engineering, health and third party liability.

Kenindia Assurance Company: Net written premiums per non-life insurance (2015-2019)

Figures in USD
 201520162017201820192018-2019
evolution (1)
Motor
7 367 3387 961 3447 838 0938 829 7457 094 901-19.81%
Fire
1 331 7021 674 0671 508 3141 133 770896 327-21.10%
Personal accident (2)
3 358 4264 096 1214 159 6423 732 2443 233 855-13.53%
Marine (3)
2 108 6211 947 1162 032 2622 185 8791 933 917-11.71%
Theft
984 749899 8971 048 214852 770767 593-10.17%
Engineering
283 766128 113297 648258 933236 510-8.85%
Health
924 7301 006 3411 253 0211 297 7581 296 887-0.27%
Third party liability
212 544255 623270 240256 239166 045-35.33%
Miscellaneous accident
71 12650 38184 04873 49368 479-7.01%
Total non-life16 643 00218 019 00318 491 48218 620 83115 694 514-15.89%

(1) Evolution in local currency (2) Including workmen’s compensation (3) Including aviation and marine transportation

Kenindia Assurance Company: Net loss ratio per class of business (2015-2019)

 20152016201720182019
Motor
69.18%66.84%58.65%67.79%119.08%
Fire
63.42%85.29%48.10%36.51%105.47%
Personal accident (1)
76.51%76.85%92.99%118.08%70.39%
Marine (2)
52.08%22.97%39.87%15.50%49.83%
Theft
63.39%77.71%62.13%53.60%93.72%
Engineering
44.31%137.22%196.27%89.27%76.79%
Health
96.68%91.03%101.18%94.06%102.55%
Third party liability
49.77%58.04%56.81%36.46%181.66%
Miscellaneous accident
-5.86%3.70%15.06%-21.74%20.00%
Total non-life68.48%67.56%67.40%70.88%97.30%

(1) Including workmen’s compensation (2) Including aviation and marine transportation

Kenindia Assurance Company: Net management expenses ratio per class of business (2015-2019)

 20152016201720182019
Motor
30.46%30.12%31.89%33.55%36.25%
Fire
66.85%79.78%101.28%91.37%127.23%
Personal accident (1)
40.43%39.45%41.68%43.78%46.35%
Marine (2)
39.62%38.62%43.60%44.07%45.55%
Theft
16.00%24.03%28.01%27.06%39.24%
Engineering
74.68%184.21%75.13%94.92%93.40%
Health
28.93%28.08%30.96%33.27%35.62%
Third party liability
51.63%48.33%45.74%54.18%71.36%
Miscellaneous accident
23.32%-104.43%33.71%29.92%-98.70%
Total non-life36.60%38.33%41.66%41.16%45.41%

Kenindia Assurance Company: Net combined ratios per class of business (2015-2019)

 20152016201720182019
Motor
99.64%96.96%90.54%101.34%155.33%
Fire
130.27%165.07%149.38%127.88%232.70%
Personal accident (1)
116.94%116.30%134.67%161.86%116.74%
Marine (2)
91.70%61.59%83.47%59.57%95.38%
Theft
79.39%101.74%90.14%80.66%132.96%
Engineering
118.99%321.43%271.40%184.19%170.19%
Health
125.61%119.11%132.14%127.33%138.17%
Third party liability
101.40%106.37%102.55%90.64%253.02%
Miscellaneous accident
17.46%-100.73%48.77%8.18%-78.70%
Total non-life105.08%105.89%109.06%112.04%142.71%

(1) Including workmen’s compensation (2) Including aviation and marine transportation

Exchange rate
KES/USD as at 31/12
2015
2016
2017
2018
2019
0.0096
0.00958
0.0096
0.00976
0.00978
Kenindia

Kenindia Assurance Company: Contact

Head Office
Kenindia House, Loita Street ; PO Box 44372-00100 G.PO, Nairobi, Kenya
Phone
+254 (020) 3316099 / 2214439
FAX
+254 (020) 2218380
E-mail
kenindia [at] kenindia [dot] com
Website
Wed, 04/11/2020 - 15:50

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