Absa agrees to sell its entire stake in First Assurance businesses
Absa Group has signed an agreement to sell its entire shareholding in two Kenyan insurance businesses to First Assurance Investments Limited (FAI), marking another step in the lender’s broader strategy of exiting insurance manufacturing operations. In an X statement by Mwango Capital dated August 13, 2026, Absa said it had entered into a sale and […]
Absa Group has reached an agreement to sell its entire stake in two Kenyan insurance companies to First Assurance Investments Limited (FAI). This move is part of the bank's strategy to exit insurance manufacturing operations. The deal involves Absa Life Assurance Kenya Limited (ALAK) and First Assurance Company Limited (FAC), for which Absa holds a 63.32% share.
FAI already owns a stake in these companies. The transaction remains subject to regulatory approvals and other customary conditions. Absa assured customers and partners that the change would not disrupt operations, stating that distribution relationships and customer products and services would remain unaffected. If the deal is finalized, FAI will gain full control of First Assurance Holdings, while Absa Bank Kenya will continue to distribute insurance products through its existing partnerships.
Written by urgent.news from People Daily Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
