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 is selling its 63.32% stake in two Kenyan insurers, First Assurance Company Limited and Absa Life Assurance Kenya Limited, to First Assurance Investments Limited. The Kenyan-owned investment vehicle is linked to Prime Cabinet Secretary Musalia Mudavadi. The estimated price for the combined deal is around KSh 3.8 billion, or approximately USD 29 to 29.4 million.
Regulatory approval from Kenya’s Insurance Regulatory Authority and other bodies is required for the transaction to proceed. Absa Group has also exited insurance manufacturing operations in Botswana, Mozambique, and Zambia in 2025. The sale returns the insurers to a Mudavadi-connected investment firm, rather than broad Kenyan ownership, amid regulatory scrutiny over the change in control by a senior Cabinet member.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
