Nairobi, 16th September 2021
The Board of ICEA LION General Insurance Company Limited announces the appointment of Mr.
Philip Lopokoiyit as the new Chief Executive Officer and Principal Officer of the Company following
regulatory approval. His appointment takes effect from September 20, 2021. This appointment arises
from the need of Mr. Paul Muthaura to step down from office in line with medical advice to allow for his
complete recovery following an accident in early 2021.
Mr. Lopokoiyit brings over 20 years of commercial and financial leadership expertise to the role. He is a
seasoned Commercial and Market Transformation Expert with both executive and non-executive Board
Member experience. Commenting on the appointment, the Board stated: “Noting his diverse Regional and Country executive leadership positions, the Board is confident in the adaptability, growth and change management competencies he will bring to the business.”
Mr. Lopokoiyit has most recently executed key strategy execution and business delivery leadership in
companies as diverse as Flamingo Horticulture Kenya and British American Tobacco (in both East and
Central Africa, West Africa and Nigeria) having begun his professional career at PricewaterhouseCoopers. He has also carried responsibilities of a Non-Executive Director in various NCBA and NIC Group entities within Kenya and Uganda, as well as on the Boards of CIC Insurance Group and CIC Asset Management. He is a Member of the Institute of Certified Public Accountants of Kenya, a Fellow Member of the Institute of Chartered Accountants in England & Wales and a Member of the Chartered Institute of Management Accountants, UK.
Mr. Lopokoiyit holds a Master’s Degree in Business Administration from Warwick Business School,
United Kingdom and a Bachelor of Commerce in Accounting from the University of Nairobi. He has
also attended various leadership and corporate governance programs in institutions such as Harvard
Business School, the Non-Executive Director’s Association UK, the Centre for Corporate Governance
and the College of Insurance.
The Boards of the ICEA LION Group commented “We appreciate the enormous contribution Paul has
made as Chief Executive of ICEA LION General during his tenure. Paul has been instrumental in
providing exemplary leadership during the COVID-19 disruption ensuring business continuity and
development of relevant innovations to ensure business success. We wish him a quick and full
recuperation.” ICEA LION Group indicated that Paul will support Philip’s transition in the new role as
outgoing CEO until the 31st of October 2021 and will continue to support the Group in future as required.
ABOUT ICEA LION GROUP
ICEA LION Group is a one-stop-shop for insurance and related financial services with roots dating back to 1895. Its heritage of providing innovative and award-winning products and services in insurance, pensions, investments and trusts continues to this day. The Group is a member of the First Chartered Securities Group (FCS), a leading regional investment and trading group controlling
major business enterprises in diverse sectors of the economy such as banking, insurance, logistics, manufacturing and agriculture.
ICEA LION Group’s strengths lie in their strong heritage; excellence in service delivery; quality and innovative product and service design; highest levels of professionalism and integrity; excellent technical expertise; award winning track record; solid financial backing; and their East African presence.
The Group in Kenya comprises four companies, each one a market leader in its field:
1. ICEA LION Life Assurance is the largest guaranteed fund manager in Kenya with gross premium and contributions at
over Kes 14.6 Billion, total assets over Kes 100 Billion and shareholder equity & other reserves over Kes 12 Billion. Since 2012, the Company has registered an accumulated Kes 15 Billion in Profits Before Tax. The Company is humbled to have been awarded Life Assurer of the Year for 6 years in a row that is 2013-2018.
2. ICEA LION General Insurance is amongst the leading insurance companies in the region. The gross written premium in 2020 was Kes 6.7 Billion and its total asset base and shareholders funds were in excess of Kes 14.6 Billion and Kes 5.6 Billion respectively as at December 31, 2020 ICEA LION General Insurance is delighted to have been awarded General Insurer
of the Year in 2014 and 2017.
3. ICEA LION Asset Management is a research-driven investment manager, delivering superior returns for both its retail and institutional clients. It offers investment opportunities in Kenya as well as offshore. They are the oldest Investment Manager and the only Fund Manager that demonstrates a 35-year track record of property development & investment management in Kenya, with a property portfolio currently valued at Kes 29 Billion. We also actively participate in seeking alternative investment opportunities, including Private Equity, for its Clients. It currently holds Kes 218 Billion in assets under management. ICEA LION Asset Management (ILAM) is currently the REIT Manager of the ILAM Fahari I-REIT, the only listed Real Estate Investment Trust in East Africa, which owns Kes 3.7 Billion in assets including retail, office and industrial properties. The primary objective of the REIT is to democratize property ownership, provide unit holders with stable annual cash distributions with from
investment in a diversified portfolio of income generating real estate assets. The Company is humbled to have been awarded Fund Manager of the Year (Overall) for 3 years in a row.
4. ICEA LION Trust Company offers pension fund administration and trustee services providing scheme administration, corporate trusteeship, trust and related financial solutions in Eastern Africa and beyond. The Company seeks to preserve the wealth of its customers in accordance with their wishes for their organization, estate or beneficiaries.