Financial services in Sub-Saharan Africa is growing at about 19% annually, with East Africa a particular area of growth. Apollo is one of the region’s star performers when it comes to insurance.
The company, which operates through its wholly owned subsidiary APA, is active in Kenya, Uganda and Tanzania. Apollo sells various types of insurance policies, from life to motor to health to crop insurance. It is a pillar of Kenyan society, emphasizing affordable protection products to the underserved. LeapFrog invested in Apollo in 2011, forming a partnership that focused on creating a dedicated emerging consumer strategy and developing pioneering new health products.
Says Ashok Shah, Apollo CEO, “LeapFrog provided more than capital; the team helped us to scale our substantial health insurance offerings. They helped us launch a number of products for underserved clients, including last needs and hospital cash insurance. These innovations will be crucial not just for Apollo, but for regional development.”
LeapFrog successfully exited Apollo to Swiss Re, in a deal announced in October 2014. By then, Apollo was reaching 969,000 people of whom almost 725,000 were under-served emerging consumers. At exit, health insurance coverage had increased 26% to reach 72,500 people, while life insurance coverage had increased 170% to reach 490,000 people.
“LeapFrog provided more than capital…(their) innovations will be crucial not just for Apollo, but for regional development.”
Ashok Shah, CEO Apollo
LeapFrog successfully exited Apollo to Swiss Re in 2014