The Discipline Behind the Growth
Mayfair’s award-winning performance is built on a clear financial discipline: prudent underwriting, a strong capital base, and unshakeable governance.
CPA Gladys Gichogo, Regional Head of Finance & Audit, says this consistent approach has fuelled the company’s sustainable expansion, turning market challenges into opportunities for solid growth.
This financial strength now serves as the launchpad for Mayfair’s next chapter. The focus is on leveraging technology and data to boost efficiency and, ultimately, craft more innovative solutions that empower client growth.
CPA Gladys Gichogo unpacks the thinking behind this growth in the following Q&A:
Mayfair Insurance was recently named Insurance Company of the Year. What do you believe were the key drivers behind this recognition?
Being named Insurance Company of the Year is the result of years of consistent effort and disciplined growth. As a general insurer, our success has been anchored in a strong and loyal customer base, nurtured through trusted intermediaries and long-term partnerships. We’ve always prioritized meaningful engagement with our stakeholders, co-developing products that meet evolving needs, and maintaining a solid reputation for reliability, especially when it comes to claims settlement.
We also take pride in being among the market leaders in underwriting major risks in sectors such as construction and property insurance. Our well-rated reinsurance partners, including ZepRe, give us the confidence and financial backing to underwrite complex risks. Ultimately, our customer focus, strong partnerships, product innovation, and financial discipline have positioned
Mayfair as a trusted and forward looking player in the insurance industry, qualities that led to this recognition.
Looking back over the past 20 years, what milestones stand out most for Mayfair Insurance?
As we celebrate our 20th anniversary, several milestones stand out. Our regional expansion has been remarkable, we now operate in seven countries: Kenya, Zambia, Tanzania, Rwanda, Uganda, the Democratic Republic of Congo, and most recently Botswana, which opened in June 2025. In Kenya, our Gross Written Premium (GWP), excluding medical and life, has grown from Kshs 2 billion in 2014 to Kshs 8.5 billion in 2024, alongside consistent profitability. Achieving this in a competitive market characterized by price undercutting speaks volumes about our prudent underwriting and financial stability.
We are also proud of our AA- (KE) Global Credit Rating, which affirms our financial strength, sound business practices, and ability to deliver sustainable value to all stakeholders.
How does this award reflect the company’s journey and commitment to excellence? Winning the AIO Insurance Company of the Year Award is both a validation and a celebration of our values. It reflects the progress we’ve made through customercentricity, operational excellence, and regional growth.
We remain committed to understanding our clients’ needs and delivering tailored solutions that truly add value. By embracing innovation and technology, we continue to enhance efficiency and streamline our processes in an increasingly competitive industry.
With a footprint in seven countries, we can deliver seamless cross-border insurance solutions and consistent service wherever our clients operate. This recognition reinforces our dedication to excellence, innovation, and customer trust across Africa.
How would you describe Mayfair’s financial performance in recent years?
Our financial results tell a story of resilience and consistent growth. In 2024, our Gross Written Premiums stood at Kshs 8.5 billion and insurance revenue at Kshs 8 billion, up from Kshs 7.2 billion and Kshs 6.7 billion in 2022. Profit before tax rose to Kshs 1.3 billion in 2024, compared to Kshs 1.1 billion in 2023. These results highlight our ability to grow sustainably while maintaining strong financial discipline.
Our AA- (KE) credit rating further reaffirms our resilience and claims paying ability. Together, these achievements underscore our commitment to financial strength and the trust our clients place in us.
What role do Mayfair’s general insurance solutions play in meeting the diverse needs of clients?
Our general insurance solutions are designed to provide comprehensive protection and enable confidence across multiple sectors. In construction and property, for example, we help safeguard large scale investments, giving clients the assurance to invest, build, and recover quickly when risks materialize. Through aviation and marine insurance, we support trade and economic growth by protecting key industries that drive regional and global commerce.
We also partner with reputable reinsurers to offer broad coverage for both individuals and corporations, ensuring they can navigate uncertainty with peace of mind. In agriculture, our crop and livestock insurance programs in Kenya, Zambia, and Rwanda help farmers and agribusinesses protect livelihoods and strengthen food security. Ultimately, our solutions go beyond protection, they empower people and businesses to thrive confidently, even in the face of risk.
How does Mayfair balance risk management and profitability in Kenya’s competitive insurance market?
Balancing risk and profitability is at the heart of our sustainability strategy. We follow a disciplined underwriting approach, ensuring that every risk we take is carefully assessed, fairly priced, and aligned with our risk appetite.
Our strong reinsurance partnerships allow us to underwrite large and complex risks without compromising our financial health. At the same time, we continue investing in our people, building a skilled, engaged, and futureready workforce capable of adapting to evolving market dynamics.
Looking ahead, we’re deepening our investment in digital innovation and data-driven decision-making to further strengthen our competitive edge while delivering greater value to our clients and shareholders.
Mayfair has built a strong footprint across Africa. What drives your regional growth strategy?
Our expansion across Africa has been deliberate and sustainable. Since our inception in Kenya in 2005, we have established subsidiaries in Zambia (2010), Tanzania (2016), Rwanda (2017), Uganda (2018), DRC (2020), and most recently Botswana in 2025.
Collectively, our Gross Written Premiums across six countries reached USD 141 million as of December 31, 2024, a 25% increase from USD 113 million in 2023. This demonstrates the strength of our market presence and the trust we’ve earned.
We’ve also diversified our portfolio with the establishment of Mayfair Asset Managers in 2023, offering solutions in private wealth and pension fund management. This complements our insurance business and enhances the value we deliver to clients.
Our focus remains on deepening our presence in existing markets, pursuing prudent expansion, and leveraging innovation to provide integrated financial solutions across the continent.
What challenges have you faced expanding across Africa, and how do you maintain consistent financial governance across countries?
Each African market presents unique regulatory, economic, and cultural dynamics, so navigating that diversity has been both rewarding and challenging. We’ve addressed these differences by maintaining strong corporate governance frameworks across all subsidiaries. Each country has its own board of directors to ensure local compliance while staying aligned with Mayfair’s overall governance principles.
We also uphold uniform standards in financial oversight, audit practices, and compliance, reinforced by strong oversight from our regional leadership and directors. This approach ensures transparency, consistency, and stakeholder confidence across all markets. By combining local adaptability with group-wide governance, we’ve been able to grow sustainably while preserving financial integrity and trust across borders.
From your perspective as Regional Head of Finance & Audit, what financial strategies have been most instrumental to Mayfair’s success?
Our success has been driven by three key pillars: prudent underwriting that safeguards profitability, a solid capital base that ensures resilience, and robust corporate governance that promotes transparency and accountability. These elements have allowed us to grow sustainably, manage risk effectively, and remain competitive across multiple markets.
How does Mayfair foster innovation and leverage technology to stay ahead?
Innovation is central to how we design our products and deliver value. We constantly evaluate emerging client needs and develop tailored solutions, from specialized coverage for complex industries to agricultural insurance that enhances farmers’ resilience.
We’re also investing heavily in digital transformation. This includes digitizing claims processes, improving policy administration, and using data analytics for smarter decision-making and risk assessment. On the customer side, we’re enhancing convenience and responsiveness through digital platforms that make it easy to purchase policies, access information, and file claims.
Moving forward, we’ll continue deepening our use of data and technology to personalize services and strengthen our position as a trusted financial partner in an increasingly digital world.
What is your leadership philosophy in guiding teams through such an evolving industry?
I believe in open and inclusive leadership, one where every voice matters. Empowered, engaged teams are the foundation of innovation and resilience. At Mayfair, we nurture a culture built on integrity, collaboration, and continuous learning. We also maintain an open-door policy throughout the organization, right from the Managing Director’s office.
We celebrate our successes together every month, and even have a tradition where managers serve staff as a symbolic way of breaking silos and fostering unity. Leadership, for me, is about inspiring people to adapt, innovate, and lead with purpose in an ever-changing industry.
What are Mayfair Insurance’s strategic priorities for the next few years?
Our long-term vision is to go beyond insurance and become a trusted financial partner that enables growth, resilience, and prosperity across Africa, in line with our promise: “You are in safe hands.” As African economies diversify, we aim to be the partner of choice for emerging industries and cross-border trade, helping businesses seize opportunities with confidence.
Finally, what is your vision for Mayfair’s role in shaping the future of insurance in Africa?
Our vision is to be recognized as a reliable and innovative pan-African financial services leader. We aspire to build a truly continental presence distinguished by innovation, reliability, and customer-first service. Beyond providing insurance, we see our role as contributing to a more resilient and prosperous Africa, one where individuals, businesses, and communities can thrive confidently, knowing they are in safe hands.
