Equity Group Holding said on Monday it had received regulatory approval to set up a general insurance business in Kenya, which would add on to its life assurance business.
This is after the lender in first quarter of 2023 posted a 10 percent jump in pre-tax profit to Ksh.16.9 billion on a rising loan book.
“Equity Group has now received approval in principle from the Insurance Regulatory Authority to set up a general insurance business,” said the Group’s CEO and Managing Director Dr. James Mwangi.
The lender has since appointed Jonas Mushosho the inaugural chair of the General Equity Insurance.
Equity operates in Uganda, Tanzania, Rwanda, Burundi, South Sudan and Democratic Republic of Congo.
Net loans rose by just over a fifth to Ksh.756.3 billion from Ksh.623.6 billion in the year-earlier period.
Total assets jumped 21 percent to Ksh.1.54 trillion from Ksh.1.3 trillion in the first quarter 2022.