Britam Group managing director Benson Wairegi. FILE PHOTO | NMG¬†
Britam #ticker:BRIT grew its market share in the life insurance business to a record 25.4 per cent in the six months ended June, eating into its rivals such as Jubilee and ICEA Lion.
The Nairobi Securities Exchange-listed firm‚Äôs market share in the review period rose by 4.1 percentage points from 21.3 per cent a year earlier, according to the latest data from the Insurance Regulatory Authority (IRA).
Britam first became the largest life insurer in the first quarter of 2015 when its 18.7 per cent market share overtook Jubilee‚Äôs 15.1 per cent.
The company took gross premiums of Sh10.4 billion in the six months ended June when the life insurance industry recorded gross premiums of Sh41.3 billion, a marginal 0.7 per cent rise from Sh41.1 billion the year before.
‚ÄúThe biggest gainers were Britam Life Assurance Company and UAP Life Assurance with both gaining market share of 4.2 per cent and 1.4 per cent respectively,‚ÄĚ IRA said in the report.
Britam‚Äôs performance has been driven by a rapid expansion in credit, annuity and group life business. The company, however, trails its rivals in growing the more profitable individual life business.
Jubilee, whose market share dropped to 14.5 per cent from 14.7 per cent, received gross premiums of Sh5.9 billion in the review period and remained the second-largest player in the segment.
ICEA Lion‚Äôs market share declined the most to 13.2 per cent from 19.5 per cent.
The company took gross premiums of Sh5.4 billion and retained its rank as the third-largest life insurer.
In the general insurance business, where most companies are posting underwriting losses, Jubilee‚Äôs market share dropped to 9.3 per cent from 10.3 per cent but the company retained its pole position.
Jubilee took gross premiums of Sh6.5 billion in the review period when collections in the overall general insurance industry rose 4.5 per cent to Sh70.9 billion from Sh67.9 billion.
‚ÄúThe industry‚Äôs trend of underwriting results has experienced continued decline over the last three years. As at end of the six months under review, the industry recorded the highest underwriting loss of Sh2.67 billion compared to a loss of Sh879.13 million reported in June 2017,‚ÄĚ IRA said.