First Assurance Company was incorporated in 1980. It came into existence after the exit of Prudential Assurance Ltd (UK) from the Kenyan market after operating for a period of 50 years. First Assurance Kenya Limited (FAKL), also First Assurance Company Limited, is an insurance company in Kenya. It is a member of Absa Group. The company inherited Prudential Assurance’s deep understanding of the insurance market in Kenya alongside its understanding of the country’s unique market needs. The company holds its pride of place among the progressive insurance companies in the Kenyan market with its wide range of general insurance products for individuals and corporate entities. These products include car insurance, personal accident cover, the domestic package and employer’s liability among others.
First Assurance Kenya Limited
||Insurance policies & annuities
|| Aftertax: KES:537,562,000 (US$5.363 million) (2014)
||KES:7.11 billion (US$71 million) (2014)
||Absa Group Limited (63.3%)
Number of employees
History of First Assurance Company Limited
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.
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). In 2015, the company had 132 employees, with over 50,000 policyholders in general, medical and group life insurance. 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. In June 2014, the company was rated “A-, with Stable Outlook”, by Global Credit Rating Company of South Africa.
- Note: US$1.00 = KSh 100.24 on 10 April 2016
Ownership of First Assurance Company Limited
The shares of First Assurance Kenya Limited are privately held. The shareholding in the stock of the company is illustrated in the table below:
First Assurance Kenya Limited Stock Ownership
||Barclays Life Assurance Kenya
||First Assurance Investment
First Assurance Company Limited Insurance Products
First Assurance Kenya Limited Branches and Contacts
Medical Office First Assurance House, Clyde Gardensa Gitanga RoadNairobiKenya
Head Office First Assurance House, Cylde Gardens, Gitanga Road.Nairobi NairobiKenya
Nairobi Town Office Queensway Building 4th FloorNairobiKenya
Nakuru Office Westside mall along Kenyatta Avenue – 2nd floor (Above Naivas)NakuruKenya
Kisumu Office United Mall, Ground floor along Kisumu – Kakamega HighwayKisumuKenya
Mombasa Office First Assurance House along Nyali Road off Mombasa – Malindi HighwayMombasaKenya
First Assurance House, Cylde Gardens, Gitanga Road.
Phone: 020-2900 000, 0722 444 117, 0733-605 480