First Assurance seals 100% buyout of Absa Stake in Strategic Ownership Transition

First Assurance Investments Limited (FAI) has completed the acquisition of 100 per cent of Absa’s shareholding in First Assurance Holdings Limited (FAH), marking a significant ownership transition in the Kenyan insurance market.

The transaction, completed following regulatory approvals and the fulfilment of customary conditions, was executed through an agreement between First Assurance Investments Limited, Absa Financial Services Africa Holding Proprietary Limited and Absa Insurance Company Limited.

Under the new ownership structure, Absa Life Assurance Kenya Limited (ALAK), the life insurance subsidiary previously owned by First Assurance Holdings, will operate under a new name, First Assurance Life. The company will, however, retain the designation “Formerly an Absa Group Company” for an initial period of six months to maintain continuity and recognition during the transition.

Similarly, First Assurance Company Limited (FAC) will adopt the new name First Assurance General, while retaining the “Formerly an Absa Group Company” designation for the same six-month transition period.

Despite the ownership change, existing distribution relationships between the insurance businesses and Absa Bank Kenya PLC will remain in place. The transaction also incorporates a collaborative support arrangement aimed at ensuring a seamless transition without disrupting the operations of First Assurance General and Absa Life Assurance Kenya.

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In a joint statement, Githanji Waiguru, Managing Director of Absa Life Assurance Kenya Limited, and Stephen Lokonyo, Managing Director of First Assurance Company Limited, assured customers, policyholders and other stakeholders that the transaction would not affect the products and services currently offered by the businesses.

The companies reaffirmed their commitment to maintaining service continuity while pursuing innovation and delivering competitive financial products and services to customers.

The announcement was issued by order of the board of First Assurance Investments Limited and signed by the two managing directors on November 9, 2026.

The acquisition signals a new chapter for First Assurance’s insurance operations in Kenya, with the businesses transitioning to independent brand identities while maintaining existing customer and distribution relationships.