First Assurance Investments Limited (FAI) has completed the acquisition of Absa Group’s entire controlling interest in First Assurance Holdings Limited, ending an 11-year period of South African ownership.
The deal, signed on August 13, 2026 and cleared after regulatory approval from the Insurance Regulatory Authority and satisfaction of customary closing conditions, transferred Absa’s 63.32 per cent shareholding in the holding company to FAI.
The transaction is valued at approximately KSh3 billion (US$23.2 million) and returns a combined asset base of KSh33.54 billion to local hands, with the two operating insurers reporting a half-year net profit of KSh603.56 million.
As part of the ownership change, Absa Life Assurance Kenya Limited will be rebranded as First Assurance Life and First Assurance Company Limited will operate as First Assurance General, each bearing the descriptor “Formerly an Absa Group Company” for a six-month transition period.
The companies said customer policies, coverage terms and daily service operations will remain unaffected, and Absa Bank Kenya will keep its existing bancassurance distribution agreements with both insurers.
A statement from First Assurance Investments assured customers, policyholders and stakeholders that products and services are not affected by the transaction.
The acquisition concludes an investment cycle that began in 2015 when Barclays Africa (now Absa Group) bought a 63.3 per cent stake for KSh2.2 billion, and follows Absa’s 2025 divestments in Botswana, Mozambique and Zambia as it shifts to a capital-light, distribution-led bancassurance model.
The purchasing consortium is composed of long-standing local investors, with prominent shareholders including Syndicate Nominees and Mombasa-based Exclusive Holding Limited.
