Geminia Life Insurance—a remarkable sixty two per cent Profit Growth in 2024
Emergence of Covid-19 in late 2019 and early 2020 marked the genesis of severe, and for-several-years unprecedented, financial turmoil globally. Notably the Covid-19 scourge interrupted supply chains among other issues and at one point even human movement globally leading to diminished supply and consequently higher costs of products. This drove up inflation and cost of living which has seen many corporate companies in all sectors and human beings the world over struggle to break even, earn profits and make ends meet to date.
The announcement that Geminia Life Insurance has earned a 62 per cent growth in profit after tax is therefore very good news akin to a breath of fresh air for the company’s shareholders, employees, partners and the industry in general. Notably, the profits peaked at K sh71.46 million (M) for the financial year ending in December 31st 2024, up from K sh 43.95 M in December 2023. The announcement released on April 3, 2025 in Nairobi, Kenya appreciated the results as a mark of the company’s highest performance to date.
Commendably, the company delivered strong growth across all key indicators in year 2024. The insurance revenue rose by 30 per cent, reaching Ksh 1.09 billion (B), up from Ksh 840M in 2023. Investment income also rose to Ksh 277M, compared to Ksh 235M the previous year. Additionally, its total assets grew to Ksh 3.14B, compared to Ksh 2.9B in 2023, signaling continued financial strength and stability.
According to Mr David Maina, the Chair of the company’s board, this exceptional performance is the result a disciplined implementation of Geminia Life Insurance 2022–2024 Strategic Plan. “The Plan laid a strong foundation for long-term growth by enhancing our use of technology, reinforcing our brand, launching market-responsive products, and streamlining operations,” Mr Maina affirmed. Essentially year 2024 marked the final year of the company’s three-year strategic plan unveiled in 2022.
The company’s Managing Director, Dr. Peter Gichuru, also reflected on the company’s journey in the last few years and affirmed: “In recent years, we’ve focused on reconnecting with our customers, promoting financial literacy, and nurturing a strong internal culture centered on staff well-being. These efforts are now yielding results, and we’re excited to build on this momentum as we embark on the next phase of our growth.”
Essentially, Geminia Life Insurance has been a key player in the country’s insurance industry since 1992. Initially the company operated as a department within Geminia Insurance, which offered both Life and General insurance. Today, the company holds approximately 1.5 per cent of the market share and stands out as one of the most dynamic and visible players within its market share segment.
Notably, Geminia Life Insurance Company Limited is a fully Kenyan-owned life insurance provider delivering responsive life insurance products and services. As afore-stated, the Company was established in 1992 as a department within Geminia Insurance but detached in year 2020 to become a separate entity. It prides itself on strong governance, an unwavering dedication to its customers, and an asset base exceeding Ksh 3B as of December 2024.
As should be expected, the Company offers a diverse portfolio of life insurance products, including endowment covers, education plans, credit life and mortgage insurance, group life and last expense covers, as well as pensions and investment solutions. {Ends}
