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Mayfair Annual Report

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Mayfair Annual Report ANN UAL REPORT AND FINANCIAL S TATEMENT S ENERAL INS S G U S RA E N IN Ranked C S E U S B U # R K V N I E Y H T You are in safe hands M 2016 D DIT RATI A T E NG Y 1 L CR A F . L G AI O A E R I E C B N NSURANC O C L Y G + A- + (KE) M D A T Y . L FA O IR E C INSURANC KENYA ZAMBIA TANZANIA RWANDA OUR PASSION IS IN YOUR OUR PASSION IS IN YOUR SATISFACTIONSATISFACTION With us the needs of our customers come first. We strive for customer satisfaction and have made it our passion and goal. You are in safe hands 1 / 01 TABLE OF CONTENTS Our Goals & Values 02 Corporate Information 03 01 Board of Directors 04-05 Company Information Management Team 06-07 Company Activities 08 Corporate Social Responsibility (CSR) 09 Chairman’s Statement 11-14 Report of the Directors 15 02 Statement of Directors’ Responsibilities 16 Company Report Report of the Consulting Actuary 17 Report of the Auditor 18-21 Income Statement 23 Statement of Comprehensive Income 24 03 Statement of Financial Position 25 Financial Statements Statement of Changes in Equity 26 Statement of Cash Flows 27 Notes to the Financial Statements 28 – 67 Company Revenue Accounts 68 2 / 01 Mayfair Insurance Company Ltd OUR GOALS & VALUES VISION To be distinguished as a reliable and innovative Pan-African financial services leader MISSION To provide financial security through reliable and innovative insurance solutions CORE VALUES • Integrity • Professionalism • Reliability • Respect CUSTOMER VALUE PROPOSITION • Personalization • Simplicity • Convenience • Transparency You are in safe hands 3 / 01 CORPORATE INFORMATION DIRECTORS MANAGEMENT Joe W Okwach - Chairman Joshua Chiira- Managing Director Joshua Chiira - Managing Director Sawtantar Singh - General Manager Shehnaz Sumar Gurbux Singh - Assistant General Manager Ambrose D Rachier James Ndegwa - Reinsurance Manager Harish Shah Gibson Ndungu - Business Development Manager Bharat V Shah Eva Wambui - Claims Manager Edward K Muriu Catherine Ngure - Human Resource & Vishal Patel Administration Manager Christopher Harrison Anand Lakhani - Branch Manager Tushar Shah -Resigned 1st July 2016 Fredrick Karanja - Assistant Underwriting Manager Diana Bird - Appointed on 1 December 2016 Emma Mwangi - Assistant Claims Manager George Nyakomitta - Assistant Bancassurance Manager ADVOCATES Darshna Patel - Assistant Manager - Accounts Coulson Harney Gladys Gichogo - Assistant Finance Manager VISION 5th Floor, West Wing, ICEA Lion Centre Peter Ngugi - Assistant IT Manager To be distinguished as a reliable and innovative Riverside Park, Chiromo road Pan-African financial services leader P O Box 10643 – 00100, Nairobi AUDITORS PricewaterhouseCoopers MISSION BANKERS PwC Tower, Waiyaki Way / Chiromo Road, Westlands To provide financial security through reliable and CFC Stanbic Bank Limited P O Box 43963 - 00100, Nairobi innovative insurance solutions Kenyatta Avenue P O Box 72833 – 00200, Nairobi SECRETARY CORE VALUES Susan Wanjiru Gichina • Integrity Kenya Commercial Bank Limited Certified Company Secretary (Kenya) • Professionalism Kipande House P O Box 45761 – 00100, Nairobi • Reliability P O Box 30012 – 00100, Nairobi • Respect HEAD OFFICE Mayfair Centre, 8th Floor CUSTOMER VALUE PROPOSITION Ralph Bunche Road • Personalization P O Box 45161 – 00100, Nairobi • Simplicity • Convenience • Transparency 4 / 01 Mayfair Insurance Company Ltd BOARD OF DIRECTORS JOE W OKWACH JOSHUA CHIIRA Chairman Managing Director SHEHNAZ SUMAR AMBROSE D RACHIER Director Director Right Award: Mayfair was ranked No. 1 by Think Business Insurance Survey in the General Insurance Category. Left Award: Mayfair was awarded a Credit Rating of A- by Global Credit Rating (GCR) Agency signifying IT RAT RA RED ING ENE L INS C A S G U L G S RA A E E N a positive stable outlook on Mayfair’s claims B N IN Ranked C O C S E L Y U S G B U # R paying ability as well as reflecting Mayfair’s K V N I + + E Y H strengthened earnings capacity and strong A- T (KE) M M D 2016 D A T A T capitalization. Y L Y 1 L F . F . A O AI O IR E C R I E C INSURANC NSURANC You are in safe hands 5 / 01 BOARD OF DIRECTORS (CONTINUED) LEADERSHIP WITH DIVERSE SKILLS AND EXPERIENCE KENYA | ZAMBIA | TANZANIA | RWANDA CHRISTOPHER HARRISON EDWARD K MURIU BHARAT V SHAH Director Director Director HARISH SHAH DIANA BIRD VISHAL PATEL Director Director Director Mayfair has expanded its regional presence to better serve its customers and provide a premier networked service. 6 / 01 Mayfair Insurance Company Ltd MANAGEMENT TEAM UPPER JOSHUA CHIIRA SAWTANTAR SINGH JAMES NDEGWA Managing Director General Manager Reinsurance Manager LOWER GURBUX SINGH GIBSON NDUNGU EVA WAMBUI CATHERINE NGURE Assistant General Manager Business Development Manager Claims Manager H.R & Administration Manager You are in safe hands 7 / 01 MANAGEMENT TEAM (CONTINUED) ANAND LAKHANI FREDRICK KARANJA EMMA MWANGI UPPER Branch Manager, Eldoret Assistant Underwriting Manager Assistant Claims Manager GEORGE NYAKOMITTA DARSHNA PATEL GLADYS GICHOGO PETER NGUGI LOWER Assistant Bancassurance Manager Assistant Manager - Accounts Assistant Finance Manager Assistant IT Manager 8 / 01 Mayfair Insurance Company Ltd COMPANY ACTIVITIES Mayfair conducted a training to brokers and agents on Underwriting and Claims processing of Political Violence, Terrorism and Motor Insurance. Mayfair Golf sponsorship at Limuru Golf Club Golf sponsorship Tee off at Limuru Golf Club Sawtantar Singh (General Manager) and Joshua Chiira (Managing Mayfair sponsorship of the Laugh Festival, a comedians show Director) having a light moment at the year end christmas party. that hosts various comedian talent from across Africa. You are in safe hands 9 / 01 CORPORATE SOCIAL RESPONSIBILITY (CSR) Mayfair Insurance continues to extend support to needy Our other activities in 2016 included donations to the children through our Corporate Social Responsibility. Cottage Fair at Shree Cutchi Leva Patel Samaj in Nairobi, Diwali Celebrations in Eldoret, Roland Koch Children We believe that education is an equalizer and focus our Trust in Mombasa and Faraja Cancer Support in Eldoret. support to education of needy children in our society from various counties. Since we started the education sponsorship program, we have witnessed good success in the students we are supporting. In 2016, we supported children at various levels both in primary and high schools. Our specific sponsorship program that supports education of children with Albinism at The Salvation Army Thika Primary School for the Blind and The Salvation Army Thika High School for the Blind continues to be a success. Mayfair expanded it’s educational sponsorship program Mayfair presenting a cheque to to students at the Starehe Boys’ Centre and Starehe Boys’ Centre and School for School. Plans are underway to extend education sponsorship sponsorship of additional students at Starehe Boys’ and School Centre in the coming year. SUPPORTING THE NEEDY IN OUR SOCIETY 10 / 02 Mayfair Insurance Company Ltd KENYA | ZAMBIA | TANZANIA | RWANDA INDUSTRY LEADERS IN CONSTRUCTION & ENGINEERING INSURANCE You are in safe hands 11 / 02 CHAIRMAN’S STATEMENT DEAR STAKEHOLDERS On behalf of the Board of Directors of Mayfair Insurance Company, I am pleased to present to you the Annual Report and Financial Statements for the year ended 31st December 2016. These accounts have been prepared in accordance with International Financial Reporting Standards (IFRS). In what proved to be a challenging economic year, the Company has been resilient and continued to enjoy a strong financial position, with our market share increasing from 2.6% in 2015 to 3.0% in 2016. The Company was upgraded in its Global Credit Rating in the current year to A-, compared to the BBB+ rating in 2015, reflecting Mayfair’s strengthened earning capacity and strong capitalization which is ex- pected to persist going forward. The Company was also ranked 1st position in the General Business Category by Think Business Maga- zine. In the Implementation of our Strategic Plan 2015 – 2019, there has Joe Okwach (Chairman) been a renewed focus on the Company’s Brand Promise in the current year. We have undertaken a culture transformation program geared towards Customer Excellence, in order to retain our competitive edge and sustain growth over the long- term. ,, THE COMPANY WAS UPGRADED IN IT’S GLOBAL CREDIT RATING TO A-, REFLECTING MAYFAIR’S STRENGTHENED EARNING CAPACITY AND STRONG CAPITALIZATION BUSINESS ENVIRONMENT quarter of 2016 compared to 5.8% in the same period in 2015. The Gross Domestic Product grew by 5.6% against The World Bank’s Kenya Economic Update (KEU) October an estimated growth of 6.5%. Annual average inflation 2016 projected a 5.9% growth in 2016, rising to 6% in dropped from 6.5% in November to 6.3% in December, 2017. The growth rode on the vibrant services sector, the lowest reading since November 2015. enhanced construction, currency stability, and a growing middle-class. The amendment of the Banking Act in August 2016 to cap the lending rates to a maximum of 4% above the According to the Kenya National Bureau of Statistics Central Bank Rate (CBR) resulted in a substantial decline (KNBS), Kenya’s economy expanded by 5.7% in the third in the interest rates during the year. 12 / 02 Mayfair Insurance Company Ltd CHAIRMAN’S STATEMENT BUSINESS ENVIRONMENT amounting to Sh. 2.30 billion. The Company recorded (CONTINUED) an underwriting profit of Sh 236.5 million, and an oper- ating gross profit of Sh. 403.88 million after taking into In the 2016/2017 budget statement the National Trea- account investment and other income. sury proposed the introduction of Financial Services The shareholder’s funds amounted to Sh 1.823 billion as Authority (FSA) Bill to Parliament for debate. The Bill is at 31st December 2016. Total assets grew by 13.3% to envisaged to provide for the consolidation of the four close at Sh 4.9 billion financial sector regulators (Insurance Regulatory Au- thority, Capital Markets Authority, Retirements Benefits Authority and Sacco Societies Regulatory Authority).
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