ICEA LION General Insurance Company Limited (Jul 2022)

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Filename 2022_07_-ICEA-LION-General-1.pdf
Filesize 500 KB
Version paid report
Date added Aug 3, 2022
Category Credit Rating Reports, Insurance
Tags Kenya

ICEA LION Insurance Holdings Limited is an investment holding company established in 2020, with interests in insurance and asset management businesses in Kenya, Uganda and Tanzania. The group is owned by First Chartered Securities (“FCS”) with a majority stake of 75.9%. FCS is in turn wholly owned by the ultimate parent company, Asset Managers Limited. The remaining shareholding is held by Eastern Africa Holdings Limited, an entity incorporated in the United Kingdom and fully-owned by Leapfrog Strategic African Investments.

Subsidiaries housed and consolidated under the group include ICEA LION General (together with its subsidiary; ICEA LION General Insurance Company (Tanzania) Limited), ICEA LION Life Assurance Company Limited (encompassing Ugandan subsidiaries; ICEA LION Life Assurance Company (Uganda) Limited, ICEA LION General Insurance Company (Uganda) Limited, and ICEA LION Asset Management (Uganda) Limited), ICEA LION Asset Management Limited and ICEA LION Trust Company Limited.

ICEA LION Holdings is the majority shareholder (with an 80% stake) and nearest consolidating parent of ICEA LION General. The subgroup is considered a core entity of the group, accounting for 44% of gross written premiums in FY21, a contribution with potential improvement to c. 50% if the pending reorganisation involving the planned transfer of ICEA LION General Insurance Company (Uganda) Limited to the subgroup is successfully concluded. Considering the materiality of the subgroup’s contribution to the group’s top line, the analytical method followed for the purpose of determining ICEA LION General’s rating is a group approach, with the insurer’s credit strength equalised to that of ICEA LION Holdings.