Equity Group has got an entry into the insurance sector to offer life insurance after being awarded an operation license by the Insurance Regulatory Authority (IRA).
In a list provided by the Nairobi Securities Exchange, the Equity Life Assurance (Kenya) Limited was one of the new registered companies.
According to a statement provided by the IRA CEO Godfrey Kiptum, the entry of Equity Life Assurance will enhance the value and distribution of life insurance in the country which is still driven by the general business class.
The entry which provides for Sh102 billion annually targets long term projects.
“We hope that we shall in the same spirit make insurance understood. We bring to the insurance sector a brand that can be trusted to drive inclusivity in the insurance sector,” said Equity CEO Dr James Mwangi.
In partnership with Britam which sold its 6.7 percent stake to the bank, the company aims at providing affordable insurance to all categories of consumers as they transform lives and provide opportunities for wealth creation.
Equity’s ventures into insurance comes amid economic recovery from the effect of the Covid pandemic.