First Assurance Company Limited is a well-known insurance provider in Kenya, offering a wide range of services, including general insurance and life assurance. Over the years, it has built a strong reputation in the market, known for customer-centric services and quick claims processing. But who exactly owns this reputable firm?
First Assurance and Its Connection to Absa Group
First Assurance is part of Absa Group Limited, a leading financial services provider with a presence in over 10 African countries. Absa Group, formerly Barclays Africa Group, acquired a majority stake in First Assurance in 2015, marking its expansion into the insurance sector. This acquisition has enabled First Assurance to leverage Absa’s strong financial muscle and extensive network to offer enhanced insurance products and services to customers across Kenya and the region.
The Acquisition by Absa Group
The acquisition of First Assurance by Absa was part of a broader strategy by the banking group to diversify its financial services portfolio. Absa Group, which is primarily known for its banking operations, saw the insurance sector as a natural extension of its services. First Assurance, being one of the top players in Kenya’s insurance industry, was a perfect fit.
In 2015, Absa Group (then Barclays Africa Group) acquired a 63.3% stake in First Assurance, making it the majority shareholder. This acquisition opened doors for synergies between banking and insurance, allowing Absa to offer integrated financial solutions to its customers.
How First Assurance Operates Under Absa Group
Since becoming part of the Absa family, First Assurance has maintained its brand identity and operational independence while benefiting from the financial backing and strategic support of the larger group. The company has continued to grow its product offerings, providing services in motor insurance, property insurance, health insurance, life assurance, and other specialized products for both individuals and corporate clients.
This partnership with Absa allows First Assurance to offer more comprehensive and flexible insurance products, while also enhancing its customer service and claims processes. Moreover, the association with Absa strengthens its credibility and trust among clients.
First Assurance Products and Services
With the backing of Absa Group, First Assurance offers a wide array of products and services. These include:
- General Insurance: Covering motor vehicles, homes, businesses, and travel.
- Health Insurance: Providing coverage for medical needs, including individual, family, and corporate health plans.
- Life Assurance: Offering life insurance products that secure the financial future of policyholders and their families.
Ownership Benefits for Customers
Being owned by Absa Group has brought several benefits to First Assurance customers. The company now offers integrated banking and insurance services, making it easier for customers to access multiple financial services under one roof. This has also improved their ability to offer innovative products tailored to the diverse needs of Kenyans and other clients in the region.
Conclusion
First Assurance’s ownership by Absa Group Limited has greatly contributed to its growth and sustainability in Kenya’s competitive insurance market. The financial backing from Absa allows First Assurance to continue offering high-quality insurance services while maintaining its focus on customer satisfaction. For Kenyans seeking reliable insurance products backed by a leading financial group, First Assurance remains a top choice.
For any inquiries or services, First Assurance can be reached via:
- Phone: +254 722 444 117 or +254 709 544 000
- Email: customercare@firstassurance.co.ke
- Head Office: First Assurance House, Clyde Gardens, Gitanga Road, Lavington, Nairobi.
This article sheds light on the ownership structure and the benefits it offers to customers, making First Assurance a key player in Kenya’s insurance industry under the Absa Group banner.
