In an effort to diversify its fast-expanding revenue streams across the East African region, Equity Group ventured into the insurance business after receiving its license in early 2022.
A life insurance license was issued to Equity Life Assurance (Kenya) Ltd (ELAK), which is fully owned by Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of Equity Group.
ELAK then started providing life insurance solutions to an underserved market and contributing towards the Group’s vision to transform lives and expand wealth creation opportunities.
As revealed when Equity Group released its Q3 2024 financial results, ELAK now intends to go big on health and general insurance, banking on the success of its life insurance segment.
Speaking in an exclusive interview with Swala Nyeti, Angela Okinda, Managing Director of Equity Life Assurance (Kenya) Ltd, beamed with pride at the exemplary strides the insurance business has so far made in just two years.
She revealed that Equity ventured into insurance to take care of the holistic needs of its customers after realizing about 40 per cent of them were defaulting on their loans due to a health or death event.
Angela says life insurance, which set off the business, has raked in more than Sh1 billion in profit before tax and issued more than 13.2 million policies in the past 13 months alone.