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Insurance Regulatory Authority Grants Equity Group In-Principal Approval to Establish General Insurance Business.

In a significant development for the insurance sector, Equity Group Holdings has announced that it has received In-Principal approval from the Insurance Regulatory Authority (IRA) to venture into the domain of general insurance.

Equity Group Holdings, the umbrella company overseeing Equity Bank, is expanding its portfolio by entering the realm of general insurance, only nine months after successfully launching its life insurance division.

This strategic move allows Equity to provide coverage against various risks, including car accidents, diseases, fire, and theft, thereby diversifying its product portfolio.

Equity Group has been engaged in the life insurance business for the past nine months, providing various services such as retirement and education policies.

Equity Life Assurance, which has been operating for the first nine months, has issued 4.1 million policies and underwritten premiums worth Sh3.99 billion. Below is a breakdown of its numbers;

Financial Performance:

The company achieved a Gross Written Premium of Kshs. 3.99 billion.

A total of 4.1 million policies were issued during the reporting period.

The company recorded a Profit before Tax of Kshs. 405 million.

The Profit after Tax amounted to Kshs. 281 million.

The company’s Total Assets reached Kshs. 5.5 billion.

The Total Equity amounted to Kshs. 881 million.

Deposit Administration:

The company managed a deposit administration of Kshs. 339 million.

The declared gross return for the year 2022 was 9%.

Market Position:

In the Group Credit Life segment, the company held the 2nd position with a market share of 24%.

Among the 25 Life Insurance companies, the company ranked as the 11th largest in terms of Gross Written Premium.

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The company’s overall market share was 2.97%.

Awards:

The company received the following awards in 2022:

Position 1: Group Life Company of the Year Award.

Position 1: Group Life Innovation Award.

Position 1: Group Life Best Loss Ratio Award.

Group Life Best Practice Award.

Equity has built a strong reputation in the financial services sector, leveraging its extensive network and customer-centric approach. The company’s foray into general insurance is anticipated to further solidify its position as a leading provider of comprehensive financial solutions in the market.

General insurance, also referred to as non-life insurance, plays a vital role in safeguarding individuals, businesses, and properties from unforeseen circumstances. By entering this market, Equity aims to expand its reach and cater to the evolving insurance needs of its customers.

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