GA Insurance Limited (2022-03)
- GA Insurance Limited
- Year : Mar 2022
Summary
The improvement in the group’s competitiveness reflects GA Kenya’s increased market share in the local market, offsetting relatively weaker market positions in the life business and short-term businesses in Tanzania and Uganda. As such, the group registered a weighted market share and relative market share of 5.7% and 2.1x (FY19: 4.8% and 1.8x), respectively. Underpinned by entrenched relationships with its intermediaries, GA Kenya’s gross premiums across all its lines of business grew translating to an improved market share and relative market share of 6.0% and 2.2x (FY19: 5.0% and 1.9x), respectively.
Additional Information
The Stable Outlook reflects our expectation of continued stability in the credit profile, supported by sound earnings and strong levels of risk adjusted capitalisation. No material changes are expected in the business profile and liquidity. Positive rating action could result from significant improvement in earnings and risk adjusted capitalisation beyond expected levels. This may be supported by a meaningful reduction in property concentration risk and improved premium diversification.
