Jubilee Insurance Kenya Chief Executive Patrick Tumbo is Africa CEO of the Year in the recently concluded 42nd Conference and General Assembly of Africa Insurance Organisation (AIO)

Jubilee Kenya boss named Africa CEO of the year

By MUGAMBI MUTEGI  Posted  Tuesday, June 2  2015 at  21:18 @Businessdailyafrica

 

 

Jubilee Insurance Kenya CEO Patrick Tumbo. PHOTO | FILE 

The Jubilee Insurance Kenya CEO Patrick Tumbo has been named chief executive officer of the year at an award ceremony in which 362 member companies from across the continent participated.

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Mr Tumbo got the recognition at the recently concluded 42nd Conference and General Assembly of Africa Insurance Organisation (AIO) in Tunisia.

Organisers of the awards said the winner was selected based on successful product development, excellent service delivery and introducing innovative distribution channels targeting grassroots customers.

“We need to listen to our customers and develop products that serve specific customer needs. That way, the insurance sector will experience a revolutionary change for the better,” said Mr Tumbo.

Nigeria’s Mutual Benefits Insurance won the Innovation of the Year award while the Insurance Company of the Year award went to Misr Insurance Company of Egypt.

Increased premiums

Jubilee Holdings reported a 24 per cent jump in net profit for the year ended December to Sh3.1 billion, helped mainly by increased premiums, with Kenya being its biggest contributing business unit.

Gross premiums increased 30 per cent to Sh30.3 billion, making the company Kenya’s largest in both general and life insurance business.
The insurer recorded double-digit growth in all its insurance operations, including pensions and medical.

The AIO is made up of member insurers across 55 countries in Africa.

The awards are meant to promote growth of the insurance sector through good corporate governance, insurance practice, leadership and risk management.

“Sharing and dissemination of new successful and practical ideas in the industry can be a great tool to fast-track the development of insurance in the continent,” said AIO secretary-general Prisca Soraes.

The conference, which took place between May 24 and May 27, focused on the rise of political risk in the continent and the need for new risk pools to respond to natural catastrophic risk.

Pan Africa Insurance Holdings Limited acquires a 51% majority shareholding in Gateway Insurance Company Limited.

Pan Africa Insurance buys stake in Gateway Insurance

Daily Nation,  Wednesday, March 18, 2015

 

In Summary

• “This means that while a savings culture is budding among our people - which is how it should be - there is a gap in the area of risk management which cannot be ignored,” Mr Simba said.
• He said the company had returned to general insurance at a time when figures indicated that insurance penetration was low, therefore, providing huge opportunity for growth.

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Pan Africa Insurance Holdings Limited has acquired a 51 per cent majority shareholding in Gateway Insurance Company Limited.

Shareholders of the latter will get Sh561,023,562 in exchange for 31,948,950 ordinary shares priced at Sh17.56 apiece.

“We are delighted to have concluded this transaction, giving us a majority stake in Gateway. Pan Africa’s Group strategy includes diversifying investments in a way that will maximise and meet client expectations while growing shareholder value. We are on a path to make Pan Africa a one-stop-shop for our client financial solutions,” board chairman John Simba said.

He said the company had returned to general insurance at a time when figures indicated that insurance penetration was low, therefore, providing huge opportunity for growth.

A CRITICAL COMPONENT

“Financial services are a critical component of any economy which intends to record sustainable growth. Insurance companies only account for 32 per cent of financial service providers in Kenya excluding co-operative societies and a measly 0.3 per cent when cooperative societies are included.

“This means that while a savings culture is budding among our people - which is how it should be - there is a gap in the area of risk management which cannot be ignored,” Mr Simba said.

“Gateway’s established brand in short-term insurance service and a countrywide presence fits well into Pan Africa strategy.”

The group structure will change to incorporate the new general insurance subsidiary so that management of the firm will be at holdings level by the group chief executive, while business lines (Life, General and Asset Management) will be headed by the respective chief executives.

Group chief executive Mugo Kibati said the new business venture would “see Pan Africa compete effectively” with their peers in the industry.

Karibu new Pan Africa Holdings CEO - Mugo Kibati. Currently the Chairman of Lake Turkana Wind Power Ltd

Mugo Kibati joins Pan Africa Holdings as Chief Executive 

By GEORGE NGIGI, gngigi@ke.nationmedia.com http://www.businessdailyafrica.com/Corporate-News

• The company has been searching for a chief executive after Tom Gitogo resigned to join CIC Insurance in September last year.

Former Vision 2030 director Mugo Kibati has been appointed Group Chief Executive Officer of Pan Africa Insurance Holdings Ltd. He his currently the chairman of Lake Turkana Wind Power (LTWP) project, which has won the African Renewables Deal of the Year 2014 after it successfully structured Sh70 billion financing. http://www.businessdailyafrica.com/Lake-Turkana-wind-project-wins-deal/-/539552/2635528/-/hdd6yl/-/index.html

The position is new to the company which has a life assurance business, general insurance arm - Pan Africa Securities and an asset management subsidiary.

Pan Africa also confirmed Stephen Kamanda as the chief executive of its assurance business.

The company has been searching for a chief executive after Tom Gitogo resigned to join CIC Insurance in September last year.

Mr Kibati previously served as managing director of East African Cables before he was appointed by the government to head the Vision 2030 secretariat. He holds a degree in electrical engineering, a masters degree in international business and a masters degree in technology and policy.

Last week Pan Africa announced issued a profit warning which has seen its share price at the Nairobi Securities Exchange drop by 9.3 per cent in the last five trading sessions.

• The insurer said that gains from the NSE last year were lower compared to 2013, which was further compounded by reduced deals in the property market.
• Analysts said the performance is representative of the insurance industry whose results are influenced by NSE’s.
• Pan Africa’s net profit grew 31 per cent to Sh295.5 million in 2013 and the profit alert means it will post earnings below Sh221 million.

The insurer attributed the drop in profits to lower gains in the equities market compared to 2013 and reduced deals in the property market.