NAIROBI, Kenya, Nov 9 – 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, follows regulatory approvals and the fulfilment of customary completion conditions, transferring full ownership of the holding company, which controls First Assurance Company Limited and Absa Life Assurance Kenya Limited.
The two insurance businesses will operate under new names as part of the ownership transition, with Absa Life Assurance Kenya rebranding as First Assurance Life and First Assurance Company Limited becoming First Assurance General.
The companies will, however, retain references to their previous association with Absa Group through the designation “Formerly an Absa Group Company” for six months.
First Assurance Investments said the transaction would not affect existing insurance products and services, seeking to reassure policyholders and other stakeholders over continuity following the change in ownership.
Existing distribution arrangements between the insurance businesses and Absa Bank Kenya will also remain in place, suggesting the lender will continue to provide a channel through which customers can access insurance products despite its exit from the ownership structure.
The announcement said the transaction included a collaborative transition process intended to avoid disruption to the operations of the two insurers.
“We would like to assure all our customers, policyholders and stakeholders that our products and services are not affected by this transaction,” the company said in the announcement.
The ownership change comes as the two businesses move to establish a distinct identity under the First Assurance brand, while retaining their existing distribution relationship with Absa Bank.
