Equity Group has received a licence to operate a life insurance business in Kenya as it eyes growth and diversification in the financial services industry.
The Insurance Regulatory Authority (IRA) issued the licence to Equity Life Assurance (Kenya) Limited, a subsidiary of the Nairobi Securities Exchange-listed firm.
For more than a decade, the lender has been an agent of established underwriter Britam Holdings through a bancassurance agreement.
“We believe we can make insurance to be understood better by the ordinary person,” Equity chief executive James Mwangi said. “Our inspiration is to offer insurance to all categories of consumers and make insurance accessible, affordable and inclusive in line with our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation.”
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