Company Profile

  • Who We are

    First Assurance started its operations as Prudential Assurance Company PLC, a British Multinational Insurance Company that had commenced its operations in East Africa in 1930. On 1st January 1991, Prudential Assurance Company became a wholly owned Kenyan Company and changed its name to First Assurance Company Limited.

    On 30th April 2015, Barclays PLC through Barclays Africa Group Limited acquired 63.3% of FAK, making them the majority shareholding in First Assurance Company ltd.

    On 11th July 2018, Barclays Africa Group Limited changed its name to Absa in a rebranding exercise, almost a year after Barclays had sold most of its controlling stake in Absa, South Africa’s third-largest lender, ending more than a century of the British bank’s involvement in Africa to focus on its home market and the United Kingdom.
    First Assurance company Ltd is part of Absa Group Ltd.

    

  • Our Vision

    “To be preferred and trusted provider of insurance and integrated financial services”
  • Our Mission

    “To provide assurance and quality services for all insurable financial and social expectations that create and add value for all our stakeholders.”
  • Our Core Values

    • Security
    • Integrity
    • Quality Service
    • Professionalism
    • Corporate Responsibility
  • Awards

    First Assurance company Ltd had been recognised both locally and internationally as the preferred insurer as show cased by the following accolades:-

    • 2018 Award for Most Improved Company in Group Life –AKI Awards
    • Rated A for Claims Paying Ability by the Global Credit Rating Company of London
    • Awarded the 27th International Europe Award for Quality in recognition of our commitment to Quality and Business Excellence
    • Awarded First Runners Up for Efficient Claims Settlement by AIBK
    • Bestowed the International Award for Leadership in image by Globe Trade Leaders’ Club, Madrid Spain
    • Awarded 1st Runners Up Private Vehicle Insurer of The Year 2015 – Insurance Company Category, at the 16Th National Road Safety Awards, 2015
    • Over the years the Company has witnessed steady growth in premium income, registering over Kshs. 4.4 Billion by close of 2014 thereby maintaining it as one of the Leading Insurance Companies in Kenya.
  • Our Strength

    • Over 80 years of experience in insurance
    • Strong relationship with banks where customers can easily access insurance products and financing of the same through Insurance Premium Financing.
    • Skilled and knowledgeable workforce especially in property and casualty insurance classes.
    • Strong and sufficient asset base
    • Strong brand name (FAK and Absa Group)
    • Strong support from team of experts from the Centre of Excellence in South Africa for best insurance practices
    • Strong and stable GCR – A rated company.
    • Strong leadership team
    • Strong relationship with Reinsurers
    • Good relationship with Regulators
    • Innovative products and services to FAK customers
  • Our Strength

    Lawyers

    • Bowmans Kenya
    • Wangai Nyuthe & Co.

    Auditors

    • Ernst & Young

    Actuaries

    • QED Actuaries & Consultants (Pty) Limited
    • Alexander Forbes Financial Services (EA) Limited

    Bankers

    • ABSA
    • NCBA Bank Kenya Plc
    • Cooperative Bank of Kenya Limited
    • Kenya Commercial Bank Limited

    Company Secretaries

    • Azali Certified Public Secretaries

    Reinsurance Companies

    • Swiss Re, Switzerland (Leader)
    • PTA Reinsurance Corporation
    • Kenya Reinsurance Corporation
    • Africa Reinsurance Corporation
    • East African Reinsurance Company
    • Hannover Re