ICEA LION Life Assurance Company Limited (Jul 2022)

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Filename 2022_08-_-ICEA-LION-Life.pdf
Filesize 496.26 KB
Version paid report
Date added August 3, 2022
Category Credit Rating Reports, Insurance
Tags Kenya

ICEA LION Holdings 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 Life, encompassing its 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 General Insurance Company Limited, together with its subsidiary (ICEA LION General Insurance Company (Tanzania) Limited), ICEA LION Asset Management Limited and ICEA LION Trust Company Limited.

ICEA LION Life is a wholly owned subsidiary of ICEA LION Holdings which is also the underwriter’s nearest consolidating entity. Within the ICEA LION Holdings structure, the subgroup is a core contributor (above 50%) to group revenues, assets, liabilities and profitability, which are important factors shaping the credit profile of group. Considering the materiality of the subgroup’s contribution to the group’s credit fundamentals, the analytical method followed for the purpose of determining ICEA LION Life’s rating is a group approach, with the insurer’s credit strength equalised to that of ICEA LION Holdings group.