Announcing this development, Apollo Group’s Chief Executive Officer, Ashok Shah said, “APA is well known for rewriting the rules of insurance.”
“This has shown substantial growth in the general and health business. Repositioning the life business matches with our business growth plans and subsequently puts us in a more tactical position to drive growth in industry,” said Shah.
Under the new brand, the company has plans to launch additional products into the market which are bound to be key differentiators by providing additional product benefits and riders.
“Clients are now aligning themselves with one-stop solutions as well as simplified products that cater for their needs. APA Life has invested in research on these solutions and we believe clients will appreciate and benefit from the packages we will be rolling out in the coming months,” said Aggrey Mulumbi, Chief Executive Officer, APA Life.
APA Life remained resilient despite operating in a turbulent economic environment. The company recorded a 33 percent increase to Sh 1,171 million in the fund under deposit administration while the total comprehensive income Sh53 million in last year’s trading period.
The company’s deposit administration in contributions on the other hand grew by 36 percent to Sh 247m, up from Sh 181m in 2011.
In view of the improved financial performance, the company also declared a 12.5 percent interest for the deposit administration funds and 4 percent bonus on the with-profit policies.
“During the 2013 Think Business Awards, Apollo Life bagged top Award for the Best Claim Settlement Company of the Year. This is an indication of our unrivalled record and most importantly, we want our clients to know they can access their investments as soon as they mature or per our contractual obligations,” added Mulumbi.
The group collectively paid out claims worth 2.84 billion in 2012. During the same period, the company registered a 12% growth in gross premium income to Sh 5.95 billion from Sh 5.3 billion in 2011.
In terms of recognition, APA has been accorded Superbrand status. APA obtained for the second year the Delloites’ seal of excellence as the Best Company to Work For.
This year, the company has put ambitious plans to increase its market share by end of 2014 as well as launch four products. APA Life has also invested in new delivery channels that will include both the traditional and new alternative channels of distributing. This will be enabled by our newly acquired system.