NAIROBI, Kenya, June 25 – Equity Group plans to expand its insurance business in Kenya and the Democratic Republic of the Congo (DRC) after shareholders approved the creation of three new insurance subsidiaries, subject to regulatory approvals.
The lender said the expansion will be undertaken through its holding company, Equity Group Insurance Holdings Limited.
Under the plan, Equity will establish a microinsurance company in Kenya with a capital base of Sh192 million. In the DRC, the Group plans to set up a life insurance company with an initial capital of $12 million and a general insurance company with capital of $13.37 million.
Shareholders authorized the Board to take the necessary steps to operationalize the businesses once approvals are secured.
The approvals were granted during the Group’s annual shareholders meeting, where investors also approved a higher dividend payout.
Shareholders endorsed a final dividend of Sh21.7 billion, equivalent to Sh5.75 per share, for the year ended December 31, 2025. The payout represents a 35.5 percent increase from the Sh16.04 billion, or Sh4.25 per share, distributed for the 2024 financial year.
The meeting also approved several board resolutions, including the re-election of Prof. Isaac Macharia, Jonas Mushosho, Dr. Evanson Baiya and Farida Khambata as directors.
Shareholders further approved the appointment of Dr. Eliane Ubalijoro as a director, pending regulatory approval.
