This archive report was first published on 1 July 2020.
On 30 June, Equity Group shareholders overwhelmingly approved the establishment of a non-operating insurance holding company and a subsidiary to conduct insurance business in Kenya. The approval was given during the 16th Annual General Meeting.
The non-operating insurance holding company will serve as a holding company for insurance, while the Kenyan subsidiary will conduct and undertake long-term insurance business in the country.
The subsidiary will put in place necessary structures, commercial arrangements, and ancillary arrangements to undertake long-term insurance business in Kenya.
The holding company will provide KSh 400 million as share capital for the subsidiary, as required under the Insurance Act (Chapter 487, Laws of Kenya).
Regulatory approvals are still pending for the establishment of the non-operating insurance holding company.
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