APA Apollo expands in Tanzania with majority stakes in two insurers
DAR ES SALAAM: KENYA’S APA Apollo Group has acquired majority stakes in two Tanzanian insurers, Metro Life Assurance and Meticulous General Insurance, to expand its presence in East Africa’s insurance market.
The investment is expected to strengthen the companies’ financial capacity, introduce modern technology and expand their product offerings as the group targets growth in a region where insurance penetration remains low.
APA Apollo Group Executive Vice Chairman Ashok Shah said Tanzania offered significant opportunities, with the group targeting premium income levels comparable to Kenya’s within the next five years.
“Tanzania is a growing market with significant investment opportunities in the insurance sector,” Shah said at a ceremony announcing the partnership in Dar es Salaam.
He said the group’s expansion strategy was supported by international investors, including Swiss Re and Tokio Marine, as it seeks to strengthen operations across the 10 countries where it has a presence.
Shah said APA Apollo would invest in training Tanzanian employees and introducing new insurance products tailored to individuals, businesses and institutions.
The group also has experience in agricultural and livestock insurance and handling major claims across the region, including those arising from a fire at Jomo Kenyatta International Airport in Kenya, he said.
Metro Life Assurance and Meticulous General Insurance Board Chairman Protas Isengoma said the investment would strengthen capital resources, improve service delivery and introduce modern technological systems into the companies’ operations.
He said Tanzania’s insurance market was expanding as public awareness increased, although fraudulent claims remained a challenge for insurers.
APA Apollo Group Chief Executive Officer Risper Ohaga said the partnership would combine the local companies’ understanding of Tanzania’s market with the group’s regional experience and operational capacity.
Insurance penetration remained low across much of East Africa, leaving many people without adequate financial protection, pension arrangements and cover for their assets, she said.
Ohaga said the partnership aimed to widen access to insurance, pension schemes and investment opportunities, particularly among underserved populations. It would also improve services for customers living and working across different East African countries.
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Metro Life Assurance and Meticulous General Insurance Chief Executive Officer Amani Boma said the majority investment would enable the companies to diversify beyond their existing general and life insurance offerings.
The expanded portfolio would include specialised health insurance and microinsurance products, allowing the companies to reach more customers, he said.
DCB Commercial Bank Insurance Manager Alex Mwashirindi said the partnership would create opportunities for closer cooperation between banks and insurers, enabling insurance products to reach more customers through established financial networks.
The companies did not disclose the financial value of the transaction, the exact ownership percentages acquired or the timeline for introducing the new products.
