Equity Group has invested KSh400 million in establishing a subsidiary that will run its insurance business as the listed firm seeks to diversify from the mainstay banking operation.
According to disclosures in its latest annual report, the company committed the amount to Equity Group Insurance Holdings Limited.
Earlier this year, Equity received a licence to operate a life insurance business through Equity Life Assurance (Kenya) Limited (ELAK).
Equity has chosen life insurance which comprises Sh123 billion in annual premiums or 44.5 percent of the overall insurance business.
The NSE-traded firm formed Equity Group Insurance Holdings Limited to house its underwriting business, the first of which is ELAK.