ICEA Lion Life has appointed George Nyakundi as the Company’s new Chief Executive to take over from Justus Mutabari Mutiga, who has retired from the e-suite after 27 years with the firm.
Nyakundi was previously the ICEA Lion Life General Manager Business Development & Technical Services. He took over as CEO effective 1st January 2021.
Nyakundi’s career background in Insurance
Nyakundi began his career at Kenindia Assurance in 1988, before briefly moving on to Occidental Insurance as the Marketing and Administration Manager. He later joined Jubilee Insurance in 1999 as a Senior Underwriter before leaving in 2006 to join Alliance Insurance Corporation in Tanzania as the Head of the Life Business and later took over as the Chief Executive Officer in 2013.
He has Bachelor of Arts Degree in Economics-Napier University in Scotland, U.K.
Nyakundi is an Associate of the Chartered Insurance Institute of London and holds a Life and Disability Underwriting (DLDU) diploma from the Assurance Medical Society, London. He has over 30 years’ experience in the life assurance sector.
Credentials of retired CEO
With over 35 years in Kenya’s insurance business, Mutiga has been CEO at ICEA LION LIFE and sat on the board of LION Asset Management and ICEA LION Trust Company.
He has also been Chairman of the Association of Kenya, Director (Chairman) of the Insurance Institute of Kenya and a Founder Council Member of the Association of Retirement Benefits Schemes.
Mutiga is a graduate of the University of Nairobi, City University of London, a Fellow of the Chartered Insurance Institute (FCII) – London, a Fellow of the Insurance Institute of Kenya (FIIK) and a Chartered Insurer.
During his tenure as ICEA Lion Life CEO, for a period of 8years, the firm’s balance sheet grew from KSh 32 Billion in 2012 to over KSh 100 Billion in 2020.
ICEA LION Group Chairman, James Ndegwa stated, “ICEA LION Group has benefited immensely from his contribution and we look forward to retaining and tapping into his wealth of knowledge as he joins the holding company board as non-executive director.”
Background of ICEA LION LIFE
Latest figures from the Association of Kenya Insurers (AKI) places ICEO LION LIFE as the third-largest underwriter in the life insurance business with a market share of 10.09% behind Jubilee Life ( 11.26% and Britam Life( 36.07%).
ICEA Lion Life is a subsidiary of the ICEA Lion Insurance Holdings Limited, formed from the joining of Insurance Company of East Africa Limited (ICEA) and Lion of Kenya Insurance Company Limited, some ten years ago.