CRDB Insurance shines at ATI Bima awards

Last Saturday marked a major milestone for CRDB Insurance Company Limited after its Manag­ing Director, Mr Wilson Mnzava, was named the Best Chief Executive Officer (CEO) of 2025 during the ATI Bima Awards organised by the Asso­ciation of Tanzania Insurers (ATI).

The award, which brought together thousands of the industry’s stake­holders, was introduced for the first time to recognise outstanding perfor­mance in Tanzania’s insurance sector, with a focus on innovation, customer protection, market growth and con­tribution to the national economy.

For CRDB Insurance, the recognition comes at a time when the company is still relatively young in the market but has continued to record strong growth driven by its bancassurance model anchored on CRDB Bank’s exten­sive retail and digital network.

The industry’s performance indicators played a key role in justifying the rec­ognition. In 2025, CRDB Insurance emerged among the fastest-grow­ing insurers in Tanzania, posting strong results across all key financial metrics. Gross Written Premium (GWP) rose from Sh26.9 billion in 2024 to Sh55.7 billion in 2025, rep­resenting a 107 percent increase.

Profit before Tax (PBT) increased from Sh266 million to Sh6.1 billion, reflecting a remarkable growth of 2,199 percent, while profit after tax (PAT) rose from Sh346 million to Sh4.4 billion over the same period. Investment income also improved significantly, rising from Sh1.3 bil­lion to Sh2.9 billion, equivalent to a 127 percent increase.

Total assets grew from Sh19.2 billion to Sh44.6 billion, an increase of 132 percent, while shareholders’ funds rose from Sh5.9 billion to Sh10.3 billion, representing 75 percent growth.

Earnings per share surged from Sh98 to Sh1, 245, an increase of 1,180 percent, while return on equi­ty stood at 43 percent compared to the industry average of 20 per­cent, highlighting strong profita­bility and efficient use of capital.

Market data from the Tanzania Insurance Regulatory Authority (TIRA) shows that CRDB Insurance also improved its non-life ranking from 16th position in 2023 to 7th position, while its gross written pre­mium market share doubled within two years, signaling a rapid rise in competitiveness within the industry.

The company’s performance has been reinforced by the strong financial position of its parent company, CRDB Bank, which continues to provide a solid foundation for growth across its subsidiaries. The bank recently reported a profit after tax of Sh206 billion for the quarter ended March 2026, representing an 18.9 percent increase, further strengthening the group’s overall financial resilience.

The industry’s observers say Mnzava’s award reflects both individual leader­ship and the rapid transformation of CRDB Insurance into a strong com­petitor in a market traditionally dom­inated by long-established insurers.

They note that the company’s success is closely linked to its bancassurance m o d e l , which leverages CRDB Bank’s extensive branch network and dig­ital plat­forms to dis­tribute insurance products more efficiently and at a lower cost.

The model has enabled the company to reach a wider customer base, improve penetration and enhance conveni­ence for policyholders. In addition, CRDB Insurance has strength­ened collaboration with agents and insurance brokers, expanding its reach across urban and rural markets while improv­ing customer education and advisory services.

Technology has also played a key role in the company’s growth, with digital systems improv­ing policy issuance, claims processing and overall service delivery. This has contributed to greater efficien­cy and improved customer expe­rience; which the industry’s ana­lysts say is essential in a rapidly evolving financial services sector.

Speaking after receiving the award, Mr Mnzava said the recognition is a major encouragement for a relative­ly young company that has achieved strong growth in a short period. He said the award will boost the company’s visibility and strength­en customer trust in its services.

“This award means a lot to us as a young company. It will increase our visibility and strengthen custom­er confidence,” he said, adding that the company will continue focus­ing on innovation, quality products and increasing public awareness on the importance of insurance.

Speaking during the ceremony, Tan­zania Insurance Regulatory Authority (TIRA) Commissioner, Dr Baghayo Saqware, commended ATI for intro­ducing the awards, saying they will help promote excellence and compet­itiveness in the insurance industry. He said Tanzania’s insurance sector has strong growth potential supported by ongoing reforms, improved digital sys­tems and growing investor confidence.

He cited reforms such as the remov­al of the cash-and-carry system and the introduction of digital plat­forms, which have improved effi­ciency, transparency and trust in the market. According to him, a strong insurance sector is essen­tial for economic development as it provides protection to investors and enhances financial stability.

“The objective is to build public trust in the insurance system so that poli­cyholders are confident insurers will honour their commitments. Once that confidence is established, the entire market becomes stronger,” he said.

He added that insurers must contin­ue investing in innovation, technol­ogy and public awareness to expand coverage and reach more Tanzani­ans, noting that the country has the potential to become one of Africa’s most attractive insurance markets.

ATI Insurance Awards Organising Committee Chairman, Mr Jared Awando, said Tanzania’s insur­ance industry is attracting increas­ing investment aimed at expanding capital and strengthening com­petitiveness. He said the awards are designed to encourage inno­vation, professionalism and ser­vice excellence across the sector.

He noted that the growing inter­est from investors reflects confi­dence in the country’s insurance market and its potential to grow into a regional hub for insurance and risk management services.

“The awards are expected to trans­form the way industry players operate by encouraging innovation, compet­itiveness and service excellence,” he said.