Absa sells its two Kenyan insurers for 3 billion shillings
By the AFREEQUE newsroom, based on Business Daily
Absa Group has completed the sale of its 63.32% stake in two Kenyan insurers to local investors for 3 billion shillings. The deal, approved by regulators, ends the group’s decade of direct investment in Kenya’s insurance sector, according to Business Daily Africa.
First Assurance Investments has completed the acquisition of Absa Group’s 63.32% stake in two Kenyan insurers, First Assurance Company Limited and Absa Life Assurance Kenya, for 3 billion Kenyan shillings. The transaction received regulatory approval, according to the public announcement by First Assurance Investments reported by Business Daily.
The transaction ends Absa Group’s direct ownership of the two companies after a decade of investment in Kenya’s insurance market, Business Daily reports. First Assurance Investments thus becomes the new local investor to have taken over Absa’s entire stake in the two insurers.
