First Assurance Kenya Limited

First Assurance Kenya Limited (FAKL), also First Assurance Company Limited, is an insurance company in Kenya. It is a member of Absa Group.[1]

First Assurance Kenya Limited
TypeSubsidiary
IndustryFinancial services
Founded1930 (1930)
HeadquartersNairobi, Kenya
ProductsInsurance policies & annuities
RevenueIncrease Aftertax: KES:537,562,000 (US$5.363 million) (2014)
Total assetsKES:7.11 billion (US$71 million) (2014)
OwnerAbsa Group Limited (63.3%)
Number of employees
132 (2015)
Websitefirstassurance.co.ke

History

The company was founded in 1930 as Prudential Assurance Company, later re-branding to its present name. In 2015, Barclays Africa Group of South Africa, acquired 63.3 percent shareholding in FAKL for an estimated KSh2.9 billion. The original shareholders received KSh2.2 billion and Barclays Africa injected KSh700 million new capital into the business.[2][3]

Overview

FAKL is a key financial services provider in East Africa. As at December 2014, the company's total assets were valued at KSh 7.11 billion (approx. US$71 million), with shareholders' equity valued at KSh2.162 billion (approx. US$21.6 million).[4] In 2015, the company had 132 employees, with over 50,000 policyholders in general, medical and group life insurance.[1] The insurance firm has five branches in Kenya; one branch each in Kisumu, Mombasa and Nakuru; and two branches in Nairobi. It also has branches in Dar es Salaam, Tanzania.[2] In June 2014, the company was rated "A-, with Stable Outlook", by Global Credit Rating Company of South Africa.[5]

  • Note: US$1.00 = KSh 100.24 on 10 April 2016

Ownership

The shares of First Assurance Kenya Limited are privately held. The shareholding in the stock of the company is illustrated in the table below:[1]

First Assurance Kenya Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Barclays Life Assurance Kenya63.3
2First Assurance Investment
3Syndicate Nominees
Total100.00

See also

References
  1. Mutegi, Mugambi (10 June 2015). "Barclays Africa buys stake in First Assurance for Sh2.9 billion". Business Daily Africa. Nairobi. Retrieved 10 April 2016.
  2. CFM (7 April 2016). "Kenya: Barclays Africa Completes First Assurance Acquisition". Nairobi: 98.4 Capital FM (CFM). Retrieved 10 April 2016.
  3. "Barclays Africa says to acquire Kenya's First Assurance". Reuters. 10 June 2015.
  4. FAKL (31 December 2014). "First Assurance Company Limited: Consolidated Statement of Comprehensive Income for the Period Ending 31 December 2014" (PDF). First Assurance Kenya Limited (FAKL). Retrieved 10 April 2016.
  5. GCRC (2 June 2014). "GCR affirms First Assurance Company Limited's rating of A-(KE); Outlook Stable". Johannesburg: Global Credit Rating Company (GCRC). Retrieved 10 April 2016.
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