The family of former Central Bank of Kenya governor Philip Ndegwa, through its investment vehicle First Chartered Securities, will purchase the remaining 24.1 per cent stake in ICEA Lion Insurance Holdings for KSh8.5 billion, giving the family full ownership of the insurer.
The Competition Authority of Kenya (CAK) has granted approval for the transaction, and CAK Director-General David Kemei stated in a gazette notice: “It is notified for general information that, in exercise of the powers conferred upon the Competition Authority of Kenya by Section 46 (6) (a) ii) of the Competition Act, the Competition Authority of Kenya has authorised the proposed transaction as set out herein.”
First Chartered already holds 75.9 per cent of ICEA Lion and will acquire the balance from LeapFrog Strategic Africa Investments, which bought the shares for KSh2.4 billion in 2021.
LeapFrog’s exit aligns with its private-equity model of investing, building value and divesting after several years, while Prudential Financial, a backer of LeapFrog, said the sale reflects a shift of capital toward higher-return opportunities.
ICEA Lion reported a net profit of KSh1.16 billion for the year ended December 2025, up from KSh682.52 million in 2020, and paid dividends of KSh600 million last year, compared with KSh200 million in 2020.
The insurer traces its origins to 1895 and assumed its present structure after the 2012 merger of the Insurance Company of East Africa and Lion of Kenya Insurance.
