The agency’s latest note said the Phillip Ndegwa family-linked firm’s capital is at very strong levels, representing a key rating strength.
GCR said high capital accumulation sustained a large capital base at Sh10.2 billion in 2017 up from Sh9.5 billion previous year.
South Africa-based Global Credit Ratings (GCR) has accorded ICEA Lion Life Assurance a stable outlook on the basis of strong risk-adjusted capitalisation and robust liquidity.
The agency’s latest note said the Phillip Ndegwa family-linked firm’s capital is at very strong levels, representing a key rating strength.
GCR said high capital accumulation sustained a large capital base at Sh10.2 billion in 2017 up from Sh9.5 billion previous year.
ICEA Lion Life Assurance national scale financial strength rating is AA-(KE), with a stable outlook, valid for the next 12 months.
“Liquidity is viewed to be strong, which is expected to be sustained going forward. Liquidity strength is underpinned by the large asset base relative to net liabilities with the total investment coverage of policyholder liabilities registering at 1.2x in 2017,” said the agency.
“Liquid asset—including government securities, coverage of policyholders’ obligations remained unchanged at 0.9x.”
The insurer is a subsidiary of ICEA Lion Group, which was formed when Insurance Company of East Africa Limited and Lion of Kenya Insurance Company merged in 2011.
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