Absa Sells Two Kenyan Insurers to Mudavadi-Linked Investment Firm
Kenya · FINANCE Key Facts —Seller and stake: Absa Group Limited is selling its entire 63.32% shareholding in First Assurance Company Limited and Absa Life Assurance Kenya Limited. —Buyer: First Assurance Investments Limited, an existing shareholder linked to Prime Cabinet Secretary Musalia Mudavadi, will become 100% owner of both insurers. —Estimated price: Kenyan business outlets […] The post…
Absa Group Limited has agreed to sell its entire 63.32% shareholding in First Assurance Company Limited and Absa Life Assurance Kenya Limited to First Assurance Investments Limited, a politically connected investment firm linked to Prime Cabinet Secretary Musalia Mudavadi. The deal is estimated to be worth around KSh 3.8 billion, or USD 29 to 29.4 million, and is subject to regulatory approval from Kenya’s Insurance Regulatory Authority and other bodies.
Following the transaction, First Assurance Investments Limited will own 100% of both insurers, reversing a previous 2015 sale to Barclays Africa Group. Absa Group will retain its bancassurance distribution through Absa Bank Kenya, ensuring operational continuity for existing products and services.
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