Kenya: Absa Completes Exit From First Assurance After Selling Entire Stake

Kenya: Absa Completes Exit From First Assurance After Selling Entire Stake

Nairobi -- First Assurance Investments Limited has completed the acquisition of Absa Group's entire 100 per cent shareholding in First Assurance Holdings Limited, ending the lender's ownership of the insurance business.

Absa exits Kenya's insurance market in Sh3 billion deal

Absa Group has completed the sale of its Kenyan insurance businesses to First Assurance Investments Limited (FAI), a firm linked to Prime Cabinet Secretary Musalia Mudavadi and Lamu Governor Issa Timamy. The deal ends the banking group’s direct ownership of the two underwriters. In a public notice dated November 9, 2026, FAI confirmed that it

Local investors reclaim First Assurance as Absa completes its Kenyan insurance exit

Absa Bank Kenya’s bancassurance business generated KSh1.3 billion in net profit in 2025, growing 35% from the previous year. The performance provides an important commercial backdrop to Absa Group’s completed KSh3 billion sale of its controlling interest in two Kenyan insurance companies, as the group retains its distribution relationship with the businesses under their new …

First Assurance Investments Completes Acquisition of Absa's Insurance Business

First Assurance Investments Limited has completed the acquisition of Absa Group’s entire 100 per cent shareholding in First Assurance Holdings Limited, ending the lender’s ownership of the insurance business. The transaction, announced on Monday, followed regulatory approvals and the fulfilment of customary completion conditions, transferring full ownership of the holding company, which controls First Assurance [...]

Absa Exits Kenya Insurance Business After Selling Entire Stake in First Assurance

First Assurance Investments Limited has regained full control of two Kenyan insurance companies after completing a buyout of Absa Group’s entire stake in their parent company, bringing an end to the banking group’s direct ownership of the businesses. The acquisition of First Assurance Holdings Limited was finalised on Monday, November 9, following regulatory approvals and […]