AIG Kenya Insurance Company Limited’s national scale financial strength rating is supported by a strong financial profile, which offsets its limited business profile. Furthermore, the rating derives uplift from implied parental support from AIG MEA Limited Group (“the group”), reflected by strong integration with the group, mainly through the cession of 48% of gross premiums, technical support as well as operational and brand alignment.
The insurer’s limited business profile impacts the rating negatively. AIG Kenya has maintained a market share and relative market share of 3% and 1x, respectively over the review period. The business mix is viewed to be somewhat diversified with three lines of business contributing materially to revenue, partially offset by concentration to the primary market.