APA Insurance Limited (Nov 2024)


APA Insurance Limited (APA) is a short-term insurance provider in Kenya, authorized to underwrite various lines of business, including medical insurance. Established in 2003 through the merger of Apollo Insurance and Pan Africa Insurance’s general insurance divisions, APA is fully owned by Apollo Investments Limited, a non-operating holding company based in Nairobi. Apollo Investments also holds ownership in a diverse range of subsidiaries across Kenya and Uganda, including two other insurance firms, an asset management company, and two property development companies. Additionally, APA maintains a strategic stake in Reliance Insurance Limited, an associate company in Tanzania.

In November 2023, APA Insurance underwent a significant ownership restructuring. Prior to this, Kenmac held 55% of the shareholding, Swiss Re owned 27%, and minority shareholders controlled the remaining 18%. However, Hollard International of South Africa acquired the minority stake, resulting in a revised ownership structure of Kenmac (53%), Swiss Re (27%), and Holland International (20%).

APA Insurance plays a central role in the financial performance of Apollo Investments Limited, contributing significantly to the group’s overall metrics. In 2023, APA Insurance accounted for 81.3% of the group’s total insurance revenue and 59.1% of total assets, demonstrating critical operational importance. These contributions were in line with the prior year where APA Insurance represented 79.5% of insurance revenue and 51.9% of total assets, further solidifying its position as the group’s primary income-generating entity.

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