Shareholders of Nairobi-headquartered Equity Group Holdings have approved an insurance expansion into Kenya and the Democratic Republic of Congo, at the Group's 22nd Annual General Meeting held last week.
The insurance push will see the financial services group incorporate three subsidiaries under Equity Group Insurance Holdings, subject to regulatory approvals.
-
These include:
- a microinsurance company in Kenya capitalised at KES192m ($1.42m)
- a life insurance subsidiary in the DRC capitalised at $12m, and
- a general insurance subsidiary in the DRC capitalised at $13.37m.
In a statement, Equity Group MD & CEO Dr James Mwangi said the move would deepen the Group's integrated financial services across the region. "The approvals to expand our insurance footprint strengthen our ability to offer more holistic financial services that help customers and communities manage risk, build resilience, and plan confidently for the future," he added.