The Lower Eastern Times Opening The Third Eye
The transaction, announced on Monday, was finalised following the receipt of regulatory approvals and the fulfilment of all customary completion requirements, paving the way for First Assurance Investments to assume full ownership of the holding company.
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First Assurance Holdings controls two insurance businesses: First Assurance Company Limited and Absa Life Assurance Kenya Limited.
As part of the ownership transition, the two companies will undergo rebranding, with Absa Life Assurance Kenya adopting the name First Assurance Life, while First Assurance Company Limited will operate as First Assurance General.
For the next six months, both businesses will retain a reference to their former ownership through the designation “Formerly an Absa Group Company” as they establish their independent corporate identities.
First Assurance Investments has assured customers and policyholders that the change in ownership will not affect existing insurance products, services or ongoing operations.
The company also confirmed that existing distribution agreements between the two insurance businesses and Absa Bank Kenya will remain intact, allowing customers to continue accessing insurance products through the bank despite Absa’s exit from the ownership structure.
According to the announcement, the transition involved collaboration between the parties to ensure a smooth handover and minimise potential disruptions to customers and business operations.
“We would like to assure all our customers, policyholders and stakeholders that our products and services are not affected by this transaction,” the company said.
The completion of the deal marks a new chapter for the two insurance businesses as they transition from the Absa Group ownership structure to operate under the First Assurance brand, while maintaining their existing business relationship with Absa Bank Kenya.
