It is not possible to talk about First Assurance Co Ltd without giving a brief background of its predecessor – The Prudential Assurance Company PLC A British Multinational Insurance Company.
The Prudential Assurance Company Limited, the parent Company of Prudential Assurance Company of Kenya Limited, commenced active business operations in East Africa in 1930.
The Company’s early years of operation were mainly on Life Assurance Business and the General Insurance Branch was merely set up to cater for the General Insurance Business of Life Policy Holders. This trend changed in 1953 when a full General Insurance Branch status was given to East Africa.
The expansion of business in East Africa brought about the opening of a Branch Office in Kampala and Dar-es-salaam in 1958 and 1959 respectively and the eventual construction of Prudential Assurance Building on Wabera Street, Nairobi which was opened on 7th October 1959.
Following tax changes on Retirement Annuity Contracts, which reduced savings on Tax to a large section of the Business Community in the early seventies (70’s), Long Term Life Assurance business investment naturally became affected and quite a number of Composite Insurance Companies ceased to underwrite Life Assurance Business. Prudential ceased to write Life Business on 1st April 1974 with the General Insurance Branch remaining to grow.
On 1st January 1980, The Prudential Assurance Company Ltd ceased to write any business in Kenya and Prudential Assurance Company of Kenya Ltd was incorporated to take over all General Insurance Business and the existing policies issued by the Prudential – United Kingdom. The Local Company having taken over from a solid base continued to grow and moved from Prudential Assurance Building to Yaya Centre in March 1990.
On 1st January 1991, the Company became a wholly owned Kenyan Company in keeping with the growing trend in the Kenyan economy and changed its name to First Assurance Company Limited. The Company’s Shareholders are well known Businessmen in Kenya who are determined to continue with the excellent and proven policies of the Prudential.
The Shareholders of the Company are conscious of the fact that the strength of Insurance Company is not judged by profitability solely. Accordingly the paid up capital of the Company has been increased steadily and now stands at Kshs. 310million which makes us one of the best capitalised General Insurers in Kenya.
To be the Preferred and Trusted Provider of Insurance and Integrated Financial Services.
To provide Assurance and Quality Services for all Insurable Financial and Social expectations that create and add Value for all Stakeholders/
OUR CORE VALUES
- Quality Service
- Corporate Responsibility
Over the years the Company has witnessed steady growth in premium income, registering Kshs. 3.2 Billion by close of 2013 thereby maintaining it as one of the Leading Insurance Companies in Kenya.
The Company has an excellent Treaty Reinsurance Programme, which continues to be led by World Class Reinsurers. We have had a long and respected presence in the Kenyan Insurance Market and with such a foundation we are determined to continue to play a much more significant role in the Kenyan Insurance Industry.
The participants in our Reinsurance Programme are:
- Swiss Re, Switzerland (Leader)
- PTA Reinsurance Corporation
- Kenya Reinsurance Corporation
- Africa Reinsurance Corporation
- East African Reinsurance Company
- Arab Insurance Group (ARIG)
Our spacious offices are situated at our prestigious modern and purpose built First Assurance House, Clyde Gardens, off Gitanga Road, Lavington Nairobi away from the hustle and bustle of the city centre. There is ample and secure parking, making it both convenient and stress free for our customers.
The MOMBASA BRANCH offices also modern, prestigious and purpose built also known as First Assurance House – Mombasa, are situated along Nyali Road off Malindi Road. There is ample and secure parking for all our dear customers.
The KISUMU BRANCH offices are located along Kisumu-Kakamega Road in the United Mall, a prestigious and modern mall with ample and secure parking away from the hustle and bustle of town.
The NAKURU BRANCH offices are located in West End Mall a prestigious and modern mall with ample and secure parking