62% Growth in Profit for FY 2024
Strong Results Attributed to Disciplined Implementation of the Company’s Strategic Plan.
Date: Nairobi, April 3, 2025
Geminia Life Insurance has announced a 62% growth in profit after tax, reaching Kes 71.46 million for the financial year ended December 31, 2024, up from Kes 43.95 million in 2023. These results mark the highest performance for the company to date.
The company delivered strong growth across all key indicators in year 2024. The insurance revenue rose by 30%, reaching Kes 1.09 billion, up from Kes 840 million in 2023. Investment income also rose to Kes 277 million, compared to Kes 235 million the previous year. Additionally, the total assets grew to KES 3.14 billion, compared to Kes 2.9 billion in 2023, signaling continued financial strength and stability.
“This exceptional performance is the result disciplined implementation of our 2022–2024 Strategic Plan,” said Mr. David Maina, Chairman of the Board. “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.”
The year 2024 marked the final year of the company’s three-year strategic plan.
Reflecting on the journey, the company’s Managing Director, Dr. Peter Gichuru, said:
“In recent years, we’ve focused on reconnecting with 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.”
Geminia Life Insurance has been a key player in the industry since 1992, initially operating as a department within Geminia Insurance, which offered both Life and General insurance. Today, the company holds approximately 1.5% of the market share and stands out as one of the most dynamic and visible players within its market share segment.
ABOUT GEMINIA LIFE INSURANCE COMPANY LIMITED
Geminia Life Insurance Company Limited is a fully Kenyan-owned life insurance provider delivering responsive life insurance products and services. The Company was established in 1992 as a department within Geminia Insurance but demerged 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 KES 3 billion as of December 2024.
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.
