Equity Group is set to expand its insurance business in Kenya and the Democratic Republic of the Congo (DRC) after shareholders approved the establishment of three new insurance subsidiaries, subject to regulatory approvals.
The expansion will be undertaken through Equity Group Insurance Holdings Limited as part of the lender’s strategy to strengthen its presence in the insurance sector and diversify its financial services offerings.
Under the plan, the Group will establish a microinsurance company in Kenya with an initial capital of Sh192 million. In the DRC, Equity intends to set up a life insurance company with a capital base of $12 million and a general insurance company with an initial capital of $13.37 million.
Shareholders authorized the Board of Directors to take all necessary steps to establish and operationalize the new subsidiaries once the required regulatory approvals are obtained.
The resolutions were approved during the Group’s Annual General Meeting, where shareholders also endorsed a higher dividend payout following the lender’s strong financial performance.
Investors approved a final dividend of Sh21.7 billion, equivalent to Sh5.75 per share, for the financial year ended December 31, 2025. The payout represents a 35.5 percent increase from the Sh16.04 billion, or Sh4.25 per share, distributed for the 2024 financial year.
Shareholders also approved several board resolutions, including the re-election of Prof. Isaac Macharia, Jonas Mushosho, Dr. Evanson Baiya and Farida Khambata as directors.
In addition, they approved the appointment of Dr. Eliane Ubalijoro as a director, subject to regulatory approval.
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