First Assurance Investments Limited has completed the acquisition of Absa Group’s entire 100 per cent shareholding in First Assurance Holdings Limited, ending the lender’s ownership of the insurance business.
The transaction, announced on Monday, followed regulatory approvals and the fulfilment of customary completion conditions, transferring full ownership of the holding company, which controls First Assurance Company Limited and Absa Life Assurance Kenya Limited.
As part of the ownership transition, the two insurance businesses will operate under new names. Absa Life Assurance Kenya Limited will be rebranded as First Assurance Life, while First Assurance Company Limited will become First Assurance General.
The companies will, however, retain references to their former association with Absa Group through the designation “Formerly an Absa Group Company” for six months.
First Assurance Investments said the change in ownership would not affect existing insurance products and services, seeking to reassure policyholders and other stakeholders about continuity.
Existing distribution arrangements between the insurance businesses and Absa Bank Kenya will also remain in place, allowing the lender to continue providing customers with access to insurance products despite its exit from the ownership structure.
The company said the transaction included a collaborative transition process aimed at ensuring that the operations of the two insurers continued without disruption.
“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 in the announcement.
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