Insurance companies in Kenya are fundamental to driving growth and enhancing the investment environment by providing essential cover, investment avenues, and stimulus to the economy. This article will discuss and explore the best insurance companies in Kenya for investment that stand out among the rest, covering their unique attributes and merits. Besides that, we will present the life insurance calculator and the savings and investment calculator tools intended to help our customers make thought-through investment choices.
Insurance companies offer investment opportunities, including life insurance, equity issues, and investment management. Through these channels, investors can assemble wide-ranging portfolios and thus improve their return rates. In addition, insurers allow tax benefits through vehicles of tax-deferred annuities and mutual funds, which can build wealth for retirement without immediate tax obligations. Above all, life insurance providers ensure peace of mind through their security coverage, protecting families in the wake of the unknown.
Investment insurance plans are vehicles that safeguard lives and produce returns that can be used for purposes like the acquisition of a house, travel, and school education, to mention a few. By providing income management, risk assessment, and tax advantages, insurance companies present an excellent investment option if you are looking for financial security and long-term prosperity. Hang in as we dive into the commonest insurers in Kenya for investments.
Pro tip: Our free life insurance calculator and saving and investment calculator are free practical tools that can be efficiently used to make informed investment decisions. The Life Insurance Calculator outputs coverage amounts based on income, savings, expenses, and yield, examining your spouse’s job and child’s education. The Saving and Investment Calculator calculates the final balance, using information like the initial amount, contributions, interest, and duration. These tools provide better financial planning for more efficient investment decisions.
Table of Contents
Best insurance companies in Kenya for investment
- Jubilee Insurance Kenya
- Britam Insurance Kenya
- CIC Insurance Kenya
- Madison Insurance Kenya
- Old Mutual Insurance Kenya (Formerly UAP)
- APA Insurance Kenya
- Sanlam Insurance Kenya
1. Jubilee Insurance Kenya
Jubilee Insurance Kenya is a premier capital accumulation destination, achieved by 86 years of unbroken history and a wealth of industry expertise. As a leading insurance company in East Africa, Jubilee provides an investment framework based on various options to fit them into our diverse clients’ financial goals.
Their Jubilee Money Market Fund has always been a stable performer. In March of 2024, it was ranked the 9th best in performance, with an outstanding 15% average annual yield, providing a safety of capital and liquidity. The Fanaka Investment Plan provides a systematic, long-term investment for future purposes with some incentive accruals.
Jubilee’s Asset Management department has pooled diversified human resources with over 80 years of accumulated experience and, through it, devises varied products such as Insurance Fund Management, Segregated Portfolio Management, Unit Trust, and Alternative Investment products. While their Wealth Management Funds target high-net individuals, the portfolios tailored to each client’s risk appetite are adjusted accordingly.
In the Top 100 Insurance Companies in Africa ranking by Atlas Magazine, Jubilee made bold steps as the organization managed to position itself at position 51, with a turnover of $144 million in 2012 and $123 in 2021. Of note, Afrikta suits the insurer as the best overall insurance company in Kenya in 2024, and its performance is attributed to its strong financial position and good investment outcome. Considering its innovative approach, diversified portfolio, and proven track record, Jubilee Insurance Kenya is the best option for investing in the country.
2. Britam Insurance Kenya
Britam Insurance Kenya is a leading financial services company that has won regional (East Africa) recognition mainly based on its deep-rooted industry knowledge and over 54 years of experience in offering capital investments with high returns and customized solutions depending on individual dreams and aspirations. The Asset Management of Britam division has over six decades of collective fund management expertise. It offers a variety of specialized products such as Insurance Fund Management, Segregated Portfolio Management, Unit Trusts and Alternative Investments.
Bringing capital security and liquidity to the forefront, the Britam Money Market Fund led the rankings with an astonishing average daily yield of 13.45% in February, which was good enough to secure 12th place. On the other hand, the Imarika Investment Plan helps to develop regular and long-term savings habits, and possible gains accruals support this. Britam’s Wealth Management Funds targets wealthy individuals, giving tailored products that match opposing risk preferences.
Britam’s position in the recent Atlas Magazine’s 2024 Top 100 Insurance Companies in Africa is noteworthy, managing to clinch the 32nd and 76th position for the Life and General business sides, recording an equivalent turnover of $228 million and $87 million in 2022 and 2021 respectively. Moreover, Afrikta secured Britam Insurance Kenya as Kenya 2nd best insurer company in 2024.
This portrays the firm’s successful capitalization ability and ability to invest in profitable investments. Similarly, the company witnessed a dramatic 65% post-tax profit increase for FY 2023 to Ksh 1.55 Billion thanks to its expanded insurance revenues hike within the Group that soared by 41% to Ksh 36.4 billion, with contributors from the regional company being the highest percentage at 29%.
Britam Insurance (Kenya) is the benchmark for investors concerned with value addition and innovative local/ domestic Kenyan market solutions. Its solid financial position powers it, as well as its diversified portfolio of investments and client-oriented strategy that focuses on value creation, extension of its client uptake, and efficiency of operations.
3. CIC Insurance Kenya
CIC Insurance Kenya stands out as a one-stop investment destination riding on its footprint of 52 years in the industry backed by its deep industry know-how. As a key player in East Africa, CIC provides unmatched investment opportunities tailored to meet the various financial needs of the clients.
With a promising 12.5% yearly return, the CIC Money Market Fund was rated the 22nd best money market fund in Kenya as of 1st March 2024 (Cytonn Report), which indicates that the protection and liquidity of the capital are ensured. Additionally, the M-bima Savings Plan allows for systematic savings and a chance of bonus in a long-term and systematic way.
Capitalizing on the expertise of its Asset Management department, which has spread over two decades, CIC’s Asset Management division provides clients with diversified investment options, including different types of investment fund management products, segregated portfolio management, mutual funds, and alternative investments. Designed exclusively for the affluent segment, CIC’s Specialised Wealth Management funds personalize portfolio allocation with each investor’s risk preferences.
CIC’s appearance in Atlas Magazine’s 2024 Top 100 Insurance Companies in Africa is impressive as it achieved the 63rd position with a turnover of $112 million in 2022 and $100 million in 2021. This demonstrates the power of its strong financial performance and long-term investment insight. CIC Insurance Kenya has proven to be a unique choice for investors with a passion for market superiority and innovativeness in the Kenyan investment space.
4. Madison Insurance Kenya
Madison Insurance Kenya is a credible investment avenue that provides different insurance products that respond to diverse financial requirements. As per the recent disclosures, Madison Insurance Kenya is famous for its Madison Money Market Fund, which pays a daily yield of 13.36% and a compounded annual growth rate of 15.2%. Vasili Africa ranked 9th among Kenya’s best money market funds in February 2024. The firm also has a Madison Wealth Fund, which starts from a minimum subscription amount of KES 1,000,000, with KES 500,000 being the minimum top-up amount. Funds are withdrawn within six days of the request, and interest is paid twice a year.
Due to its reputation for being reliable, straightforward, and effective in its investment strategies, Madison is seen as a trustworthy partner for long-term financial growth. The company is listed at 97th position among the top 100 insurance companies in Africa, as reported on the Atlas Magazine rating across Africa in 2024. Moreover, Afrikta puts the company in the 5th position in Kenya in their 2024 best insurance companies list. Overall, this explains why Madison is a safe bet to consider for your investment portfolio.
5. Old Mutual Insurance Kenya (Former UAP)
Old Mutual Insurance Kenya, formerly known as UAP, is a renowned insurance company in Kenya that provides various money-related services for both retail and institutional clients. The Old Mutual Kenya has a wide variety of financial products, making it the number one destination for individuals interested in securing their future financially. The company was the 60th best reinsurance company across Africa out of 100 according to the recent index of Atlas magazine, which again proves its reputation.
The company has a range of saving products, such as the Lengo Savings Plan and the Hakika Savings Plan, which help individuals save for the long term and invest wisely. Additionally, Old Mutual Kenya offers different investment products, such as unit trusts through which an investor can access a broad diversified portfolio of assets comprising treasury bills, corporate debt security, and bank fixed deposits.
The drive of Old Mutual Kenya to provide tailored financial solutions, prudent investment plans, and flexible savings options has compelled itself to rank as the best insurer in Kenya for investments. The investment fund unit of the company, with lower entry barriers and diverse investment portfolios, has made it the appealing choice for investors who seek both short- and long-term financial growth.
These funds, like the Madison Money Market Fund, with a daily yield of 13.36% and an effective annual yield of 14.21%, can be considered excellent investment opportunities. With features such as a minimum investment amount of Kes 5,000, withdrawals processed within three working days, and competitive yields of 2% above T-bills, they offer a highly accessible and profitable source for short- and long-term financial benefits.
Even so, Old Mutual Kenya’s customer-centric approach, innovative tools, and consistent financial performance demonstrate its credibility as the primary partner for investors seeking to improve their fiscal stability.
6. APA Insurance Kenya
APA Insurance is a giant insurer in terms of the variety and quality of its insurance and investment products. While there is a firm aim of providing a multitude of financial services, APA Insurance is ahead of the competition due to its reliability, making the company a top choice for investors who might have a goal of getting the best value for financial investment. The enterprise offers several types of insurance plans – e.g., travel, motor, domestic package, home, and health insurance – ensuring vast scope of coverage for both individual and business clients.
Similarly, APA Insurance offers robust investment solutions like fixed income, property, money market investments, and wealth management. APA Insurance offers noteworthy investment products: the market Apollo Money Fund Market, the Apollo Balance Market, and the Equity Fund. The purpose of these monies is to invest in low-risk alternatives that supply capital with profit yet save it and provide liquidity.
The Apollo Money Market Fund, an offering from Apollo Asset Management Company Limited, gained a good reputation for its outstanding performance by earning the 5th rank in the country’s best-performing money market funds in March 2024. With an average yield of 15.8% effective annually, this fund makes secured investment a real option as investors are provided with returns from fixed deposits, T-bills, and government bonds.
Besides that, APA Insurance accommodates its customers with its IPP (Individual Pension Plan), which is a long-term opportunity to accumulate significant savings for a later age. By doing so, this program gives residents the option to start setting aside money for retirement while they are still working and then receive the lump sums when they reach the target retirement age. IPP coverage has its guarantee against investment loss and offers extra returns and contributions, or the deposit size may shorten the period. Still, as a result, excellent safety is provided to one’s financial future.
The APA Apollo Group has demonstrated notable growth in financial performance, benefiting from a 9% increase in profit before tax, an asset base growth to KES 24 billion, and a 14% increase in premium income to KES 11 billion in 2023. Nevertheless, APA Insurance, an essential subsidiary of the Apollo Group, has demonstrated strong performance with gross written premiums (GWP) of KES 9.56 billion, and the outcome has positioned it as one of the top insurers in Kenya for investments.
7. Sanlam Insurance Kenya
Sanlam Insurance Kenya, a Rand Merchant Holdings Limited subsidiary, is a leading Kenyan insurance and investment company. Sanlam Kenya, founded in 2001, offers individuals and enterprises a comprehensive range of personal finance products. We specialize in individual, corporate, healthcare, and retail credit and provide customized investment solutions, financial planning, and insurance.
Sanlam Kenya offers unit trusts, mutual funds, ETFs, and life, health, and property insurance. The company provides credit, loans, and retirement programs.
Additionally, Sanlam Insurance Kenya helps consumers flourish financially by offering customized solutions to protect their future. The company stresses investing, financial planning, life insurance, and college savings. Sanlam Kenya services numerous institutional clients, one of whom has one of the country’s most experienced investing teams. Treasury management, segregated, and pooled portfolios are available to ensure competitive returns and risk management.
Sanlam Investments East Africa offers unit trusts. Examples include the Sanlam Money Market Fund, Balanced Fund, Fixed Income Fund, and USD Fixed Income Fund. These funds provide investors diversified investment options for various financial needs and risk profiles. With an effective average daily yield of 13.06%, the Sanlam Money Market Fund can help investors maintain cash and create regular income. The fund has accessible liquidity, invests in high-quality interest-bearing assets, and has no startup costs.
Sanlam Insurance Kenya is noted for its investment risk management, long-term growth, and market position. Fitch Ratings’ ‘B’ Insurer Financial Strength (IFS) Rating stresses the company’s modest business profile and strategic importance within Sanlam. Its excellent service makes Kenyan investors the first choice for reliable insurance and investment goods.
Pro tip
Use the Life Insurance Calculator to estimate your coverage needs based on your annual income, years of required income, savings, expenditures, inflation rate, investment yield, spouse’s employment status, and children’s education needs. Enter these details to find life insurance that protects your family’s finances. The tool shows the coverage needed for different life scenarios, ensuring a complete life insurance assessment.
Fundraising and investment assistance tools
The Savings and Investment Calculator estimates the final amount, total contributions, and total interest based on the starting balance, monthly payments, interest rate, and duration. This tool helps you plan for financial goals.
This tool helps them make strategic financial decisions by showing the potential growth of their savings and investments. Users can plan their finances with precise predictions of returns and savings growth.
Conclusion
The leading insurance firms for investments in Kenya encompass Jubilee Insurance Kenya, Britam Insurance Kenya, CIC Insurance Kenya, Madison Insurance Kenya, Old Mutual Insurance Kenya, APA Insurance Kenya, and Sanlam Insurance Kenya, which offer comprehensive investment options and financial assurance.
The key to proper financial planning is using tools like the Life Insurance Calculator and the Saving and Investment Calculator. You must explore these insurance companies and use the free tools to make the correct financial decision. Thus, with this, long-term prosperity and security are ensured. Try the Life Insurance Calculator and the Saving and Investment tools today!
Read also:
