Absa Exits Kenyan Insurance Business in Major Ownership Shake-Up

In a public announcement dated November 9, 2026, First Assurance Investments confirmed that it had finalised the transaction with Absa Financial Services Africa Holdings Proprietary Limited and Absa Insurance Company Limited.

The acquisition covers 100 per cent of Absa Group’s shareholding in First Assurance Holdings Limited, the holding company of First Assurance Company Limited and Absa Life Assurance Kenya Limited.

“First Assurance Investments Limited (“FAI”) has completed a transaction with Absa Financial Services Africa Holding Proprietary Limited and Absa Insurance Company Limited for the acquisition of 100 per cent of Absa’s shareholding in First Assurance Holdings Limited (“FAH”), being the holding company of First Assurance Company Limited (FAC) and Absa Life Assurance Kenya Limited (ALAK),” part of the notice read.

The completion follows the fulfilment of regulatory approvals and other customary conditions required for the transaction.

As part of the ownership transition, Absa Life Assurance Kenya Limited will adopt the name First Assurance Life, while First Assurance Company Limited will operate as First Assurance General.

However, both companies will retain the designation “Formerly an Absa Group Company” for six months to maintain continuity with their previous association with the banking group.

Despite transferring ownership of the insurance businesses, Absa Bank Kenya will maintain its existing distribution partnerships with the two companies.

First Assurance Investments said the transaction also included a supportive, collaborative process to ensure no disruption to the operations of First Assurance General and First Assurance Life.

The company further assured customers, policyholders and other stakeholders that existing products and services would not be affected by the ownership change.

“Existing distribution relationships with Absa Bank Kenya PLC will continue. The transaction also included a supportive, collaborative process to ensure no disruption to the operations of FAC and ALAK. We would like to assure all our customers, policyholders and stakeholders that our products and services are not affected by this transaction,” Absa assured its shareholders.

Also Read: Absa Raids Safaricom Again, Poaches M-PESA Executive

The Kenyan transaction follows a series of insurance disposals by Absa Group across Africa as the lender shifts towards a bancassurance distribution model.

In July 2024, Absa agreed to sell its insurance businesses in Botswana, Zambia and Mozambique to Hollard International.

The transactions were completed in phases, with the Mozambique business sold on April 1, 2025, Absa Life Botswana on May 1, 2025, and Absa Life Zambia on June 1, 2025.

According to the bank’s unaudited financial results, Absa Bank Kenya PLC reported a profit after tax of KSh10.5 billion for the six months ended June 30, 2026.

The lender’s customer loans rose 8 per cent to KSh329.9 billion, while customer deposits grew 5 per cent to KSh380.7 billion.

Total assets rose to KSh558.1 billion, while operating income stood at KSh29.3 billion, comprising KSh21.1 billion in net interest income and KSh8.2 billion in non-interest income.

The bank recorded a return on equity of 21.7 per cent, with capital adequacy at 19.4 per cent and liquidity reserves at 42.7 per cent.

Also Read: Absa Poaches NCBA Digital Banking Boss

Absa Bank Kenya is led by Yusuf Omari, Managing Director and Chief Executive Officer.

Omari has more than 20 years of banking experience, having joined the institution in 2004 from KPMG.

He previously served as Chief Financial Officer, Head of Compliance and Head of Internal Audit for East and West Africa.

Kenny Fihla has served as Absa Group Chief Executive Officer since his appointment on June 17, 2025.

Previously, Fihla held senior positions at Standard Bank, including Chief Executive Officer of Corporate and Investment Banking and Chief Executive Officer of Standard Bank South Africa.

Absa has also made leadership changes across its business divisions, appointing Zaid Moola Chief Executive of Corporate and Investment Banking in January 2026.

Sitoyo Lopokoiyit took charge of Personal and Private Banking in April 2026, and Leon Barnard was appointed Chief Executive of Business Banking in June 2026.

Faith Mwangi is a digital news writer at The Kenya Times with a strong foundation in multimedia journalism. She specializes in current affairs, education, and social justice reporting, with a keen focus on underreported stories affecting communities. Driven by a commitment to authentic storytelling and ethical journalism, she continues to grow in the dynamic digital media landscape. She can be reached at [email protected]

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