ICEA Lion underwriting businesses earn ratings upgrade

Asset manager ICEA Lion has earned a ratings upgrade for its underwriting businesses represented by ICEA Lion Life Assurance and ICEA Lion General Insurance.

The GCR Ratings agency has upgraded ICEA Lion Life Assurance Company Limited’s national scale financial strength rating to AAA (KE) from AA (KE).

Meanwhile, ICEA Lion General Insurance Company’s national scale financial strength is also now rated AAA (KE) from AA-(KE).

Both ratings appraisal have been pegged on the Group’s solid financial profile which features strong capitalization and above-average earnings.

The units have been viewed as core contributors to Group revenues, assets, liabilities and profitability.

In the year ended December 2021, the life and general business had pre-tax profits of Ksh.3.4 billion and Ksh.1.3 billion respectively.

The life and general insurance business statutory capital adequacy ratios have continued to track above the prescribed threshold at 316 per cent at the end of 2021.

“The Life & General Insurance companies are buoyed by this upgraded GCR Rating to AAA (KE). This stale outlook captures our expectation of sustained financial and business profile strength,” said the respective units CEOs’ George Nyakundi and Philip Lopokoiyit.

“Such a robust score will further buttress our financial stability credentials in the eyes of our customers and other stakeholders.”