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ICEA Lion picks new CEO as long-serving Mutabari retires after 27 years

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By Isaac Oganga

ICEA Life assurance has picked its General Manager for Business Development & Technical Services George Nyakundi as the new Chief Executive and Principal Officer replacing the long-serving Justus Mutabari Mutiga who retires after 27 years at the helm.

Mutabari’s career lasted an illustrious more than 35 years in Kenya’s insurance industry and served on the boards of other companies within the ICEA LION Group including ICEA LION Asset Management and ICEA LION Trust Company.

He also served the Industry including in such key leadership positions as Chairman of the Association of Kenya Insurers Director (Chairman) of the Insurance Institute of Kenya and as a Founder Council Member of the Association of Retirement Benefit Schemes.

Since 2012 when he was appointed CEO, Mr. Mutiga oversaw the growth of the Company’s Gross Premium and Contributions book from Kes 5 Billion to over Kes 14.6 Billion in 2020 while Total Assets strengthened from Kes 32 Billion in 2012 to over Kes 100 Billion in 2020.

Mr. Nyakundi who takes over as CEO effective 1 st January 2021, started his career at Kenindia Assurance in 1988 before briefly moving on to Occidental Insurance as the Marketing and Administration Manager and later to Jubilee Insurance in 1999 as a Senior Underwriter for the Group’s life insurance business in East Africa.

He left Jubilee in 2006 to join Alliance Insurance Corporation in Tanzania as the Head of the Life Business where he spearheaded the demerger of the life business to form Alliance Life Assurance Company, Tanzania, serving as the Assistant General Manager before taking over as the Chief Executive Officer in 2013.

As the Chief Executive Officer of Alliance Life Assurance Limited Tanzania, Mr Nyakundi steered and led the Company to win numerous industry and commercial awards. At the time of his exit, the company was ranked as the second largest private life insurance company in Tanzania, by market share and profitability.

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