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ASHOK SHAH
CEO, APA APOLLO GROUP
In East Africa’s financial services industry, one leader stands out for his unwavering commitment to ethical leadership and sustainable growth: Ashok Shah, CEO of APA Apollo Group.
Over a distinguished 50-year career, Ashok has transformed the Group – including APA Insurance (Kenya and Uganda), APA Life Assurance, Apollo Asset Management, and an associate, Reliance Insurance Tanzania – into a regional powerhouse. His success proves that business and societal well-being can go hand-in-hand.
Ashok began his career in the mid-1970s in life insurance sales, using this opportunity to immerse himself in the insurance industry. His early commitment to strong values, responsible practices, and community service set the foundation for his remarkable career. Ashok joined the financial services sector during a period of rapid change, recognising early on the need for agility and innovation to navigate evolving markets. His guiding principle that business should serve a higher purpose has propelled APA Apollo to become one of East Africa’s most respected insurance and financial services companies. Ashok’s leadership is clearly reflected in the confidence shown by major investors in the group, including Swiss Reinsurance and, more recently, Hollard Insurance, where Tokio Marine holds a strategic stake.
Under Ashok’s leadership, APA Apollo has expanded its footprint, pioneered products, and demonstrated resilience in the face of market shifts. A standout initiative is APA Microinsurance, which has significantly increased coverage for smallholder farmers and pastoralists from 542 beneficiaries in 2016 to 2.1 million in 2023. This initiative, along with the formation of the Kenya Agriculture Insurance Group in collaboration with six other insurers, demonstrates Ashok’s commitment to inclusivity and the Group’s dedication to meeting the diverse needs of Kenya’s rural communities. APA Apollo has also been at the forefront of offering unique policies, such as covering people living with HIV in 2000 – a first in the region – and fully honouring COVID-19 claims in 2020 when other insurers limited coverage. APA Apollo was first to insure individuals up to 80 years and has now launched the first international cover with limits up to USD 10 million by a local insurer.
Ashok’s approach to leadership prioritises both people and continuity through transformative culture initiatives like the ‘Mindset Reset’ and ‘Pace-Setters’ programmes for developing young talent. These initiatives were launched to cultivate a forward-thinking and resilient company culture. The ‘Mindset Reset’ programme encourages adaptability and resilience, mentoring future leaders to thrive amid challenges. Meanwhile, the ‘Pace-Setters’ programme identifies and nurtures talent capable of swift, innovative decision-making. Together, these initiatives solidify a culture of agility and inclusivity, ensuring that APA Apollo remains dynamic and well-prepared for future challenges.
Ashok’s personal passion for environmental sustainability has led APA Apollo to make notable contributions to conservation. To date, APA Apollo Foundation has constructed 43 sand dams across arid regions in Kenya, providing reliable water access to over 3,000 people per dam, serving 129,000 in those regions. His partnership with Egerton University has further contributed to reforestation efforts through the APA Apollo Ngongeri Park, enhancing biodiversity and climate resilience. Additionally, the company’s push for paperless operations, cloud storage, and remote work aligns with Ashok’s focus on reducing the company’s environmental footprint and promoting a sustainable business culture.
Beyond APA Apollo, Ashok’s influence extends to shaping industry standards. As Chair of the Association of Kenya Insurers (AKI), he played a pivotal role in having the insurance industry as a significant player in the Retirement Benefits sector, ensuring robust regulation for Kenya’s pension system. His proactive stance on public safety, as seen in his efforts to improve safety in Kenya’s matatu public transport system, underscores his commitment to industry advancement and public welfare, as does his crusade for the two cheque system for injury claims to protect the awards for the injured parties
Trust has been the cornerstone of Ashok’s leadership, earning him a multitude of prestigious accolades. He was honoured as the first recipient of the Lifetime Achievement Award in the Insurance Industry, and subsequently recognised as Ernst & Young’s Entrepreneur of the Year for the African Chapter. Additionally, he received the All Africa Business Leaders Award (AABLA) and was among the first in Kenya to be awarded the Meaningful Business (MB) 100 Award, which celebrates inclusive business practices and solutions that empower communities.
In an era where responsible and impactful leadership is crucial, Ashok Shah’s career stands as a beacon of integrity and purpose. His enduring focus on people, planet, and ethical business practices exemplifies the potential of businesses to leave a positive and lasting legacy.
AUTHOR: APA APOLLO
EDITOR: ASHLEY NGANGA
