Equity Group Holdings is seeking shareholder approval to establish three new insurance subsidiaries in Kenya and the Democratic Republic of Congo (DRC) as part of its strategy to expand beyond traditional banking and strengthen its position as a diversified financial services provider. The proposed entities include a microinsurance company in Kenya and two insurance businesses in the DRC. The move is expected to enhance cross-selling opportunities, deepen customer engagement, and accelerate growth across the group’s regional markets.
Key Highlights
- Equity Group has scheduled its 22nd Annual General Meeting (AGM) for June 24, 2026.
- Shareholders will vote on the creation of three new insurance subsidiaries.
- A Kenyan microinsurance company will be capitalized with KSh 192 million.
- Two new insurance businesses are proposed in the DRC.
- The DRC expansion requires a combined investment of US$25.37 million (KSh 3.29 billion).
- EquityBCDC contributed strong earnings growth in FY2025.
- The group’s Kenyan insurance business recorded KSh 4.5 billion in gross written premiums in Q1 2026.
- Shareholders will also vote on a final dividend of KSh 5.75 per share.
Equity Deepens Insurance Ambitions Across Africa
Equity Group Holdings is preparing for a significant expansion of its insurance operations as it seeks shareholder approval to establish three new insurance subsidiaries in Kenya and the Democratic Republic of Congo (DRC).
The proposals will be presented during the group’s 22nd Annual General Meeting scheduled for June 24, 2026. If approved, the new entities will strengthen Equity’s ambition of creating a comprehensive financial services ecosystem that goes beyond banking and offers customers a broader range of financial products under one umbrella.
The planned expansion reflects a growing trend among African financial institutions to diversify revenue streams and increase customer engagement through integrated financial solutions.
New Kenyan Microinsurance Company Planned
One of the key resolutions before shareholders involves the creation of a dedicated microinsurance company in Kenya.
The proposed insurer will operate under Equity Group Insurance Holdings Limited and will be capitalized with KSh 192 million. The capital allocation is designed to satisfy regulatory requirements under Kenya’s Insurance Act while also providing sufficient funding to support initial operations.
Microinsurance products are designed to serve low-income individuals and underserved communities by offering affordable insurance solutions tailored to their financial needs. The move aligns with Equity’s longstanding focus on financial inclusion and could help expand insurance penetration across Kenya.
By leveraging its extensive customer base and branch network, Equity is well positioned to distribute insurance products to segments that have historically had limited access to formal insurance services.
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DRC Expansion Targets Fast-Growing Market
Alt Text: Equity Group plans to invest US$25.37 million to establish life and general insurance subsidiaries in the Democratic Republic of Congo, expanding its presence in Central Africa.
Beyond Kenya, Equity is also seeking approval to establish two new insurance subsidiaries in the Democratic Republic of Congo, one of the group’s most important growth markets.
The proposed entities include a life insurance company and a general insurance company, both of which will operate through the group’s Insurance Holdings Company structure.
The life insurance business will require an initial capital investment of approximately US$12 million, equivalent to about KSh 1.55 billion. The proposed general insurance company will require approximately US$13.37 million, or around KSh 1.73 billion.
Together, the two subsidiaries represent a total planned investment of US$25.37 million, equivalent to approximately KSh 3.29 billion, subject to the necessary regulatory approvals.
The investment underscores Equity’s confidence in the long-term growth potential of the Congolese market and its commitment to expanding its presence in Central Africa.
EquityBCDC Provides Strong Foundation for Growth
The insurance expansion in the DRC is expected to benefit significantly from the existing market presence of EquityBCDC, where Equity Group owns an 85.4% stake.
EquityBCDC has emerged as one of the group’s strongest-performing subsidiaries and currently ranks as the second-largest commercial bank in the DRC. The bank delivered impressive results during the 2025 financial year, recording a 58% increase in profit after tax to KSh 24.7 billion.
The strong earnings performance was supported by robust lending activity, with the loan book expanding by 17% during the year.
With an established customer base, branch network, and distribution infrastructure already in place, Equity believes the new insurance subsidiaries can rapidly scale operations through cross-selling opportunities. Customers who currently access banking products through EquityBCDC could also be offered life and general insurance products, creating a more integrated financial services experience.
Insurance Business Continues Strong Momentum
The group’s confidence in expanding its insurance operations is also supported by strong growth within its existing insurance business in Kenya.
During the first quarter of 2026, Equity’s insurance division generated KSh 4.5 billion in gross written premiums, representing a 30% increase compared to the same period a year earlier.
The strong performance demonstrates increasing demand for insurance products within the group’s customer base and highlights the effectiveness of its bancassurance strategy, which integrates insurance offerings into its banking platform.
Replicating this model in the DRC could unlock significant growth opportunities, particularly given the country’s large population and relatively low insurance penetration levels.
AGM to Consider Dividend and Governance Matters
In addition to the insurance-related resolutions, shareholders attending the virtual AGM will consider several routine corporate matters.
The meeting, which will be conducted electronically from 9:00 a.m. East Africa Time, will review and adopt the audited financial statements for the year ended December 31, 2025.
Shareholders will also vote on a proposed first and final dividend of KSh 5.75 per share. If approved, the dividend is expected to be paid on or around June 30, 2026.
The agenda also includes the re-election of four directors and the proposed reappointment of Ernst & Young as the group’s external auditors.
Outlook
The proposed insurance subsidiaries mark another step in Equity Group’s transformation from a traditional banking institution into a diversified financial services powerhouse. By expanding its insurance footprint in both Kenya and the DRC, the group aims to unlock new revenue opportunities, deepen customer relationships, and strengthen its competitive position across Africa’s rapidly evolving financial sector. If shareholders approve the resolutions, Equity will be well positioned to accelerate its regional growth strategy while broadening access to insurance products in key markets.
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