Cannon

COMPANYPROFILE

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OUR HISTORY_____________________

WHO WE ARE_____________________

Our vision

Our Purpose_____________________

OUR VALUES_____________________

OUR LEADERSHIP_____________________

OUR SOLUTIONS_____________________

OUR FINANCIAL POSITION_____________________

CONTACTS_____________________

CONTENT

OUR HISTORY

Metropolitan Life Kenya has been operating since 2007, offering primarily life insurance solutions to retail and corporate clients. In 2013, the company held a solid position in the market place and managed to increase market.

Established in 1964, Cannon Assurance has a wide footprint in Kenya with 5 regional offices across the country, offering comprehensive suite of insurance products and asset management solutions. Following the acquisition of a majority stake in Cannon Assurance by MMI

Holdings, Metropolitan Life Kenya successfully merged with Cannon at the beginning of 2015.

Following the merger, Metropolitan Life Kenya and Cannon Assurance consolidated their life insurance licenses into one, and retained a stand-alone short-term insurance license.

Metropolitan Cannon is part of the MMIGroup Limited, an authorized financial services provider.

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About MMI Holdings Limited (MMI)

MMI Holdings Limited (MMI) is a South African based financial services group listed on the South African stock exchange, the JSE.

MMI was formed on 1 December 2010 from the merger of Metropolitan Holdings and the Momentum Group, both sizable insurance-based financial services players in South Africa.

The merged group now has a market capitalisation of R48 billion and an embedded value of some R40 billion (as at June 2015).

We operate in 18 countries across the globe: 13 in Africa, Hong Kong, Singapore, United Kingdom, Indonesia and India through a direct presence, strategic partnerships and joint ventures.

ABOUT US

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MMI at a Glance

WHO WE ARE

Our Purpose Why we exist

To enhance the lifetime financial wellness of people, their communities and their businesses.

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Our Vision Where we are headed

To be the preferred lifetime financial wellness partner, with a reputation for innovation and trustworthiness.

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AccountabilityWe show accountability in our willingness to take ownership for our roles, responsibility for our actions and our obligations to all stakeholders.

DiversityThroughout our organization we embrace and promote diversity, together with the many talents and skills our employees bring from different backgrounds and perspectives.

ExcellenceWe strive for excellence in everything we do, by delivering the highest standard of products, service and performance to all stakeholders.

InnovationWe thrive on innovation bychallenging ourselves to find better solutions, continuously improving our processes and growing our people.

IntegrityWe uphold integrity in living up to what we say, doing the right thing, being honest and treating people with respect.

OUR VALUES

TeamworkThrough teamwork, we support each other by listening, collaborating, encouraging and respecting each other in our quest to achieve mutually beneficial results.

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Simba ChinyembaCountry Head: Kenya

Chairperson: East Africa Regional Growth Hub (MMI International)

Academic qualifications:BCom (Hons), (FIA) Fellow of the Institute and Faculty of Actuaries-UK Experience:Simba Chinyemba has over 10 years’ experience in the insurance and reinsurance industry cutting across consulting, actuarial, enterprise risk management and regulatory work. He has held senior executive roles in the London insurance market and prior to joining Metropolitan Cannon in November 2015, Simba was the Chief Actuary and Chief Risk Officer at Kuwait Reinsurance

Stephen OkundiPrincipal Officer: Cannon Assurance Limited

Academic qualifications:

BA(Econ), AMP, ACII(UK)

Experience:Stephen Okundi is a seasoned insurer and successful marketer with vast experience in the insurance industry spanning over 22 years. Having worked in Kenya, Malawi and Tanzania, Stephen has experience in Management, Underwriting, Claims, Business Development and establishment of new ventures. Prior to joining the group in October 2015, he worked as Chief Executive Officer with Real Insurance Tanzania Ltd.

OUR LEADERSHIP

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John Ng’ang’aRegional Chief Finance OfficerAcademic qualifications:BCom, MBA, CPA

Experience:John Ng’ang’a has served as the Regional Chief Finance Officer since March 2015. He is a seasoned auditor, accountant and finance expert with over 21 years’ experience in the financial sector. He previously held the position of Finance Director with Cannon Assurance Limited and has vast experience in Governance, Investment Management, Risk Management, Audit, Finance, Accounting, Legal Frameworks relating to company management, Insurance (both long term and short term), Change Management and Implementation, IT and Systems Implementation and company leadership.

Our Board of Directors

• Desterio Oyatsi - Chairman• Tom Omariba• Vivienne Yeda• Inderjit Talwar• Vishisht Talwar• V J Gidoomal• Nick Rudston

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Brian KugotsiFranchise Principal

Eunice NganoBusiness Development ManagerGeneral Business

George NdiranguBusiness Development ManagerLife - Retail

James OyugiGeneral ManagerLife - Corporate Business

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SHORT-TERM OFFERINGS

RetailMotor Vehicle, Motorcycle, Golfers, Home/Household Insurance (Domestic Package), Personal Accident

Commercial, Institutional and CorporateFire and perils, Burglary, Business Interruptions, WIBA & EL (Employers Liability), Political Violence and Terrorism (PVT), Cash in Transit, Engineering, Marine and Motor Commercial classes of insurance

1. All Risks2. Directors and Liability3. Goods in Transit4. Plate Glass

Specialized MarketsBiashara Plus for SME

LONG-TERM OFFERINGS

Life Offerings

• Dread Disease • Risk products• Savings and investments• Education products• Last expense products• Funeral• Credit Life• WIBA

OUR SOLUTIONS

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5. Professional Indemnity6. Public Liability7. Theft or Burglary

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WHERE WE ARE

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*Branches to be opened soon

Nairobi

Machakos*

Thika

NyeriNakuru

Eldoret*

Kisumu

Mombasa

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OUR FINANCIAL POSITION

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METROPOLITAN CANNON GROUP

Combined Statement of Financial Position

May 2016 Dec 2015Assets

Intangible Assets 25,376,075 31,444,305Property and equipment 265,358,888 251,057,027Investment in Kenya Motor Insurance Pool 17,305,397 17,305,397Investment in Subsidiary 30,033,518 30,000,000Investment properties 1,079,235,426 1,076,499,999Government securities held to maturity 955,638,848 872,680,914Government securities Available for sale 102,123,385 103,150,884Corporate bonds 161,989,852 165,003,095Mortgage loans receivable 129,386,606 133,519,604Policy loans receivable 12,727,738 10,777,270Other receivables 70,538,224 100,812,959Available-for-sale equity investments 306,497,641 306,497,641

628,074,699 705,568,617Reinsurers’ share of insurance liabilities 661,000,544 643,591,633Deffered Commission Expense 82,855,638 59,813,327Deffered Tax Asset 18,108,279 18,108,279Tax recoverable 147,892,328 147,971,635Receivables arising out of reinsurance arrangements 81,164,487 96,963,051Receivables arising out of direct insurancearrangemen 507,699,272 322,539,178

192,891,611 293,104,359Cash and cash equivalents 39,765,253 56,415,967

Total assets 5,515,663,710 5,442,825,142

Share capital 1,357,793,000 1,357,793,000

Retained earnings (421,403,363) (371,672,789)General reserve 370,879,796 371,976,001Statutory reserve 428,673,812 427,206,813

Shareholders’ funds 1,735,943,245 1,785,303,025

Liabilities

Insurance contract liabilities 1,982,851,268 1,926,644,079Investment contract liabilities 542,691,369 567,434,177Payable under deposit administration contracts 3,823,319 4,355,934Provisions for unearned premium 697,209,306 580,055,884Deffered Commission Income 37,774,149 42,753,579Creditors arising from reinsurance arrangements 196,039,772 162,005,208Trade and other payables 138,088,450 193,030,430Dividend Payable - -Current income tax payable - -Deffered Tax Payable 181,242,832 181,242,826Total liabilities 3,779,720,465 3,657,522,117

Total Equity & Liabilities 5,515,663,710 5,442,825,142

NairobiUnion Towers, 4th FloorMoi AvenueP.O. Box 30216-00100 NairobiTel: +254 20 3966000Safaricom: +254 724 259847

Laptrust House, 5th FloorHaile Selassie AvenueP.O. Box 30216-00100 NairobiTel: +254 20 342150Safaricom: +254 728 606560

Taj Towers, 6th FloorUpperhill Road, UpperhillP.O. Box 30216-00100 NairobiTel: +254 20 3966000Safaricom: +254 701 640007

ThikaThika Arcade, 6th FloorP.O. Box 30216-00100 NairobiTel: +254 67 20190,Safaricom: +254 710 600214Thika

NyeriPetwell Place, 2nd Floor Gakere Road P.O. Box 30216 Nyeri

NakuruPolo Centre, 2nd Floor Kenyatta AvenueTom Mboya Street JunctionTel: +254 20 3513694Safaricom: +254 721 853001

KisumuNakumatt Megacity, Ground Floor P.O. Box 30216-00100 Nairobi Tel: 0772855146/0773158377

MombasaCannon Towers, 6th Floor Moi Avenue P.O. Box 88216-80100 Mombasa Tel: +254 41 2225165/2315621 Safaricom: +254 728 606562 Olemana House, 2nd Floor Moi Avenue P.O. Box 94071-00205 Mombasa Tel: +254 20 8003856 / 2375990

Head OfficeGateway Business Park, Block D, Mombasa Road

P.O. Box 46783 – 00100 Nairobi,Tel: +254 20 3966000,

Safaricom: +254 724 259847 Airtel: +254 734 243124

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