Absa exits Kenya insurance after Sh3bn buyout by Mudavadi group

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Absa Group has completed its exit from direct ownership in two Kenyan insurers following a Sh3 billion buyout by local investors, marking the end of its decade-long investment in the local insurance market.

In a public announcement, First Assurance Investments said it has now completed the acquisition of Absa’s entire 63.32 percent shareholding in the two insurers—First Assurance Company Limited and Absa Life Assurance Kenya—after regulatory approval.