Nairobi, 21 July 2026 – GCR Ratings (GCR) has upgraded GA Insurance Limited’s (GA Kenya or the group) national scale financial strength rating to AA+(KE) from AA(KE), with the Outlook revised to Stable from Positive.

Rating rationale
The upgrade of GA Kenya’s financial strength rating is driven by sustained profitable growth, which has reinforced solvency and liquidity across the group (GA Kenya and its subsidiaries). As the core operating entity, GA Kenya continues to underpin the group’s credit profile, contributing over 88% of total insurance revenue in 2025 while maintaining a top‑tier market position.

Risk‑adjusted capitalisation remains a key credit strength, underpinned by consistent internal capital generation over the review period. The group’s capital base increased to KES13.2bn (USD102.3m) as of 31 December 2025, up from KES11.3bn (USD87.3m) at the prior year-end, translating into an improved GCR CAR of 3.4x (31 December 2024: 3.0x). Similarly, GA Kenya’s standalone statutory CAR was sustained at a robust 234%, well above the regulatory minimum requirement of 100%. In addition, the group’s property concentration relative to capital declined to 30.0% (31 December 2024: 36%; 31 December 2023: 43.6%) and is expected to remain below this level, provided that planned property disposals are executed in a timely manner. Accordingly, we expect the group’s GCR CAR to remain comfortably above 3.0x, supported by continued strong profit retention and improving asset quality.

The GCR liquidity ratio strengthened to 1.9x (2024: 1.6x), supported by solid underwriting performance and higher investment income. Over the next 12 months, we expect internally generated cash flows, alongside continued asset reallocation towards government securities and other liquid instruments, to sustain the GCR liquidity coverage ratio within the 1.8x to 2.0x range.

Liquidity metrics are also expected to benefit from ongoing balance sheet de-risking, including the planned disposal of additional investment properties in 2026. The group’s earnings softened, although they remained relatively resilient, supported by the above‑average performance of the core entity and rising investment income from the life subsidiary. As a result, return on total income has been sustained above 10% over the past five years, albeit now trailing stronger-performing peers despite remaining at a comparatively elevated level. While we note persistent claims pressure across certain major lines within the general insurance business, we still expect underwriting profitability to be maintained, underpinned by an estimated cross‑cycle combined ratio of 90% to 95% for the core entity over the next 12 months. This outlook is further supported by the group’s topline growth prospects and conservative investment strategy, which should help sustain return on total revenue within the 10% to15% range, albeit at levels that may continue to lag leading peers.

The group’s competitive position is underpinned by GA Kenya’s top‑tier standing in the primary market and a well‑diversified revenue profile across four significant lines of business. This diversification is further enhanced by the growing scale and profitability of the life subsidiary’s deposit administration segment. Approximately 88% of total insurance revenue is generated from the primary market, with 55% of written premiums ceded to reinsurers, supporting risk management and earnings stability. Looking ahead, we expect the group to maintain its current market position, supported by long‑standing relationships with intermediaries and a highly
granular policyholder base.

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