Equity’s Insurance Unit Powers Profit Growth As Premiums Jumps By 75%

Equity Group’s push into insurance is paying off, with its non-banking subsidiary, Equity Insurance Group, emerging as a fast-growing pillar in the lender’s diversification strategy.

The insurance business posted a 75 per cent jump in gross written premiums to Sh9.17 billion for the year ended 2025, underlining rising uptake of its products as the Group deepens its footprint beyond traditional banking.

Profitability remained strong, with profit before tax rising 36 per cent to Sh2.0 billion, supported by a 150 per cent surge in insurance revenue to Sh3.57 billion. The growth reflects increased scale and momentum across the Group’s life, general, and health insurance segments.

Speaking during the results announcement at Equity Centre, Group Managing Director and CEO James Mwangi said the performance signals the success of the Group’s expansion into underwriting following the acquisition of key licenses.

“Profitability remained strong, with profit before tax rising by 36 per cent to Sh2.0 billion, while insurance revenue grew by an impressive 150 per cent to Sh3.57 billion, signalling increased scale and operational momentum,” said Dr Mwangi.

He noted that in just three years of audited results, the insurance arm has climbed the ranks in a competitive market, placing third in return on assets among 56 players, while also breaking into the top five in profitability and top six in premiums.

The Group’s insurance subsidiaries are also gaining traction, driven by a customer-centric model anchored on its vast distribution network.

Equity Life Assurance continues to anchor the business, serving 6.9 million customers and issuing 19.2 million policies since inception. The unit posted a profit before tax of Sh1.77 billion, reinforcing its position in inclusive insurance.

Equity Life Assurance (Kenya) Limited Managing Director Managing Director Angela Okinda said the subsidiary’s growth reflects strong demand for affordable and accessible insurance solutions.

“The subsidiary has achieved significant scale, now serving 6.9 million unique customers and issuing 19.2 million policies since inception, reinforcing its leadership in inclusive insurance,” said Okinda.

Meanwhile, Equity General Insurance delivered Sh1.79 billion in gross written premiums and Sh199 million in profit before tax in its first full year of operations, highlighting the Group’s ability to scale new business lines quickly.

Equity Health Insurance, a newer entrant, is also showing early promise. Within four months of operations, it recorded Sh20 million in premiums and Sh40 million in profit before tax, pointing to strong potential in the health insurance segment.

The rapid expansion follows the Group’s acquisition of life, general, and health underwriting licenses, allowing it to capture more value across the insurance chain while expanding its product offering.

Analysts say the insurance unit is increasingly positioning itself as a strategic hedge against volatility in banking income, while strengthening Equity’s transition into a broad-based financial services ecosystem.

By leveraging its extensive branch network and digital platforms, the Group is scaling insurance access to millions, advancing its financial inclusion agenda.

As the lender deepens its diversification strategy, insurance is now shaping up as a critical growth engine, expected to play a bigger role in driving long-term value for the Group.

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