First Assurance Kenya Limited (FAKL), also First Assurance Company Limited, is an insurance company in Kenya. It is a member of Absa Group.
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.[1][2]
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).[3] 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