Apollo Investment Limited has announced the repositioning of its Life business to leverage on APA Insurance’s regional strength and build on it’s heritage. Apollo Life will now be called APA Life. Its new brand identity will be similar to the Apollo group’s insurance arm across the region. APA Life aims to introduce 4 products by 2014.
Apollo Group’s Chief Executive Officer, Ashok Shah Announced this development saying APA is well known for rewriting rules of insurance. It has shown substantial growth in the general and health business. APA aims at tapping into the county structure to increase product penetration.
“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.
Apollo Life is 35 years old in offering corporate and individual life products such as Group Life, Credit Life and Micro Finance, Individual Pension plans, Corporate Pension Plans and annuity. Under new brand, the company has plans to launch additional products into the market. These products are bound to be key differentiators by providing extra product benefits and riders.
Aggrey Mulumbi, Chief Executive Officer for APA Life says 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,” Mulumbi added.
The company has put ambitious plans to increase its market share by end of 2014 as well as launch 4 products. It has also invested in new delivery channels that will include both the traditional and new alternative channels of distributing. This enables the newly acquired system.
APA Life remained resilient despite operating in a turbulent economic environment. The company recorded a 33% increase to Shs 1,171 million in the fund under deposit administration while the total comprehensive income Shs 53m in last year’s trading period.
The company’s deposit administration contributions on the other hand grew by 36% to Shs 247m, up from Shs 181m in 2011. In view of the improved financial performance, the company also declared a 12.5% interest for the deposit administration funds and 4% 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’ know they can access their investments as soon as they mature or per our contractual obligations,” said Mulumbi.
The group collectively paid out claims worth 2.84 billion in 2012. In the same period, the company registered a 12% growth in gross premium income to Shs 5.95 billion from Shs 5.3 billion in 2011. In terms of recognition, APA has been accorded Superbrand status. It obtained for the 2nd year the Delloites’ seal of excellence as the Best Company to Work For.