ICEA Lion Life CEO retires after 27 years at the company

NAIROBI, Kenya, January 7 – Justus Mutabari Mutiga has retired as Managing Director of ICEA LION Life Assurance after 27 years of service and a career spanning over 35 years in the insurance industry in Kenya.

The Company has appointed its Chief Executive Officer; Business Development and Technical Services George Nyakundi as new Managing Director and Managing Director.

In addition to his role as CEO, Mutiga has served on the board of directors of other ICEA LION group companies, including ICEA LION Asset Management and ICEA LION Trust Company.

He has also served the industry, including in key leadership positions as President of the Kenya Association
Insurers (2015 – 2017), Director (Chairman) of the Insurance Institute of Kenya (1999-2001) and founding board member of the Association of Retirement Benefit Schemes.

He was also a member of the Insurance Examinations Committee, a member of the Curriculum Development Committee of the College of Insurance and Vice Chairman of the Board of Dedan Kimathi University. The Captain of Industry has written numerous publications and articles on the industry and is a regular speaker at
insurance and financial services agreements.

Mutiga is a graduate of the University of Nairobi, City University of London, Fellow of the Chartered Insurance Institute (FCII) of London, Fellow of the Insurance Institute of Kenya (FIIK) and Chartered Insurer.

Since 2012, when he was appointed CEO, Mutiga has overseen the growth of the gross premiums book and the company’s contributions from 5 billion shillings to over 14.6 billion shillings in 2020, while the assets total increased from 32 billion shillings in 2012 to over 100 billion shillings in 2020.

James Ndegwa, Chairman of the ICEA LION Group, said: “Justus has joined the East African Insurance Company (ICEA)
in 1994 and has demonstrated strong leadership and technical expertise. Justus has been passionate about advancing life insurance, pensions and investments, and has generously shared his knowledge and experience; the industry is truly indebted to him for his contribution. The ICEA LION group has benefited enormously from his contribution and we look forward to retaining and exploiting his wealth of knowledge as he joins the board of the holding company as a non-executive director.

During his tenure, Mutiga has received numerous awards, including Life Insurer of the Year for 6 consecutive years (2013 to 2018), Deloitte’s Best Company To Work For Award for the insurance industry (2014 to 2016), CEO of the Year in 2015 and 2017 as well as the Lifetime Achievement Award from Think Business in 2016 in recognition of his contribution to the industry in East Africa.

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Ndegwa added, “Justus has carved out a niche for himself as a highly respected professional and product innovator.
in insurance and investment circles. He has also been a mentor and tutor to a number of professionals in the life insurance industry who can attribute their growth and success to Justus.

Mutiga shared his feelings on his retirement: “I am truly grateful for the support that the Board of Directors, the industry
and the ICEA LION team have granted me over the years. I am leaving behind a solid business; a company based on
integrity and customer focus; I leave the company in very stable hands.

Nyakundi, who takes up his role as CEO effective January 1, 2021, began his career at Kenindia Assurance in 1988 before moving briefly to Occidental Insurance as Marketing and Administrative Director, then to Jubilee Insurance in 1999 as Senior Underwriter. for the group’s life insurance activities in East Africa.

He left Jubilee in 2006 to join Alliance Insurance Corporation in Tanzania as Head of Life Business, where he led the split of Life Business to form Alliance Life Assurance Company, Tanzania, as Deputy Managing Director before taking over the management. general. Officer in 2013.

As the CEO of Alliance Life Assurance Limited Tanzania, Nyakundi has led and led the company to winning numerous industrial and commercial awards.

At the time of its release, the company was ranked the second largest private life insurance company in Tanzania, by
market share and profitability. After working abroad for ten years, Nyakundi returned home and joined the ICEA LION group

Nyakundi holds a Bachelor of Arts in Economics from Napier University in Scotland, UK. He holds an MBA from the East and Southern Africa Institute of Management (ESAMI). Professionally, he is a partner of the Chartered Insurance Institute in London and holds a Diploma in Life and Disability Insurance Underwriting (DLDU) from the Insurance Medical Society of London. He has over 30 years of experience in the life insurance industry.

Carol M. Barragan

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