Equity Group has received in-principle approval from the Insurance Regulatory Authority (IRA) to set up a general insurance company.
The application for a general insurance business licence follows the lender's launch of Equity Life Assurance Kenya (ELAK) – Life Insurance business last year.
In the nine months that ELAK operated last year on receipt of product licences, it has gained an overall market share of 2.97 per cent and is the second in the market in the group credit life category with a 24 per cent market share.
Since starting operations, ELAK has recorded a net profit of Sh281 million, a gross written premium of Sh3.99 billion, issued 4.1 million policies and an asset base of Sh5.5 billion.
“The impact of the early success of the Life Insurance business inspired the Board to seek the general insurance business licence in the hope that Equity Insurance business will contribute in innovatively transforming the insurance industry for the betterment of our people, country and continent through insurance inclusion, affordability, reliability in protecting life, health and wealth,” said Equity Group in a statement.
The Equity Group Board has appointed Jonas Mushosho as the inaugural Chairman subject to the approval of IRA.
Mr Mushosho, who has led multi-national portfolios in different lines of business, particularly in financial services, is currently the African Export-Import Bank (Afreximbank) Insurance Trade Finance Programme Coordinator.
Previously, Mr Mushosho held various positions in Old Mutual, including as Managing Director Old Mutual Rest of Africa. He was also tapped in 2021 as a non-executive director to the Equity Group Board.