First Assurance Investments Limited has completed the acquisition of Absa Group’s entire 100 per cent shareholding in First Assurance Holdings Limited, ending the lender’s ownership of the insurance business.
The transaction, announced on Monday, follows regulatory approvals and the fulfilment of customary completion conditions, transferring full ownership of the holding company, which controls First Assurance Company Limited and Absa Life Assurance Kenya Limited.
The two insurance businesses will operate under new names as part of the ownership transition, with Absa Life Assurance Kenya rebranding as First Assurance Life and First Assurance Company Limited becoming First Assurance General.
