- Absa sells 63.32% stakes in two Kenyan insurers.
- Local investors regain control in reported KES3bn deal.
NAIROBI, KENYA — South Africa’s Absa Group has sold its controlling stakes in two Kenyan insurers, deepening its retreat from direct insurance underwriting across African markets.
First Assurance Investments Limited acquired Absa’s entire 63.32% interest in each insurer through First Assurance Holdings Limited, following regulatory approvals. The transaction covers First Assurance Company Limited and Absa Life Assurance Kenya Limited, although the parties did not disclose the purchase price.
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