Who We are
It is not possible to talk about First Assurance Company Limited without giving a brief background of its predecessors.
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 States.
First Assurance company Ltd is part of Absa Group Ltd.
Absa Group Limited History
Absa was founded in 1991 through the merger of financial service providers, United Bank (South Africa), the Allied Bank (South Africa), the Volkskas Bank Group and certain interests of the Sage Group. In 1992, Absa acquired the entire shareholding of the Bankorp Group which included Trustbank, Senbank and Bankfin, thereby extending its asset base. Each bank operated under its own name until 1998 when they were fused into one single brand. A year later, Absa adopted a new corporate identity and the name was changed into
Absa Group Limited.
In May 2005, Barclays Bank PLC purchased 56.4% stake in Absa to expand its international retail and commercial banking businesses outside the UK. In 2013, the group acquired the entire issued share capital of Barclays Africa Limited and issued 129,540,636 consideration Shares to Barclays Africa Group Holdings Limited (a wholly owned subsidiary of Barclays) thus increasing the shareholding of Barclays plc to 62.3%
Absa is one of a top five banks in South Africa and one of Africa’s largest financial services companies listed on the Johannesburg Stock Exchange (JSE) top 40 Index on Africa’s largest stock exchange. Has a strong balance sheet of ZAR 1.2 trillion(Kes 9.6 Trillion ) ,it’s a financially sound Company with strong levels of capital and liquidity. Absa Group owns majority stakes in 12 African banks employing 42,000 employees in Botswana, Ghana, Kenya, Mauritius, Mozambique, the Seychelles, South Africa (Absa Bank), Tanzania (Barclays Bank in Tanzania and National Bank of Commerce), Uganda
and Zambia. Absa also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania & Zambia.
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
- Quality Service
- Corporate Responsibility
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.
- 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
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- Africa Reinsurance Corporation
- East African Reinsurance Company
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