Top 10 Most Capitalized Insurers in East Africa (2024)

Top 10 East African insurers in 2024 ranked by capital, underwriting capacity, and market dominance.

As of 2024, detailed capitalisation figures for all top insurance companies in East Africa are not fully available. However, based on the information available, here are some of the leading insurance companies in the region along with their financial highlights:​

1. Jubilee Holdings (Kenya)
   
   • Shareholders’ Equity: KSh13.8 billion (approximately $106.53 million)​
   • Overview: Jubilee Holdings offers a diverse portfolio, including life, health, and general insurance products, and operates across East Africa. ​
     
2. Equity Life Assurance Kenya
   
   • Gross Written Premiums (GWP): KSh14.79 billion in 2023​
     
   • Market Position: Achieved a market share of 8.7% in Kenya’s life insurance sector by the end of 2023, ranking fourth among long-term insurers. ​
3. Lion Insurance Company (Ethiopia)
   
   • Total Assets: ETB1.7 billion as of January 2024​
     
   • Paid-Up Capital: ETB244 million​
     
   • Overview: Established in 2007, Lion Insurance offers various insurance services within Ethiopia. ​Wikipedia
     
4. National Insurance Corporation (Uganda)
   
   • Total Assets: USh108 billion (approximately $30 million) as of December 2017​
     
   • Shareholders’ Equity: USh38 billion (approximately $10.5 million)​
     
   • Overview: A leading provider of insurance and risk management services in Uganda.
     
5. APA Insurance (Kenya)
   
   • Gross Written Premiums (GWP): KSh17.3 billion in 2023​
     
   • Market Share: 4.79% in Kenya’s non-life insurance sector​
     
   • Overview: Provides general insurance solutions, including motor, property, and liability insurance. ​
     
6. Old Mutual General (Kenya)
   
   • Gross Written Premiums (GWP): KSh16.68 billion in 2023​
     
   • Market Share: 4.62% in Kenya’s non-life insurance sector​
     
   • Overview: Offers a range of general insurance products and investment solutions. ​
     
7. CIC General (Kenya)
   
   • Gross Written Premiums (GWP): KSh16.01 billion in 2023​
     
   • Market Share: 4.43% in Kenya’s non-life insurance sector​
     
   • Overview: Provides a wide range of insurance products, including life, health, and general insurance. ​
     
8. Britam General (Kenya)
   
   • Gross Written Premiums (GWP): KSh15.69 billion in 2023​
     
   • Market Share: 4.34% in Kenya’s non-life insurance sector​
     
   • Overview: Offers life and general insurance products, including health, property, and liability insurance. ​
     
9. GA Insurance (Kenya)
   
   • Gross Written Premiums (GWP): KSh15.56 billion in 2023​
     
   • Market Share: 4.31% in Kenya’s non-life insurance sector​
     
   • Overview: Provides a range of general insurance products and services. ​
10. Jubilee Health (Kenya)
    
    • Gross Written Premiums (GWP): KSh11.81 billion in 2023
      
    • Market Share: 3.27% in Kenya’s non-life insurance sector
      
    • Overview: Focuses on health insurance products and services.
      

Please note that capitalization figures such as shareholders’ equity are not uniformly available for all companies listed. The figures provided are based on the latest accessible data and may have changed since their publication.