Equity Group to Venture into Insurance Business in the DRC

Equity Group Holdings will seek approval from shareholders to incorporate two insurance business units in the Democratic Republic of Congo(DRC). This is as soon as the regional lender get a nod from shareholders at its 22^nd Annual General Meeting(AGM), scheduled for June 24^th 2026.

Equity Group already has a presence in DRC through Equity Banque Commerciale du Congo( Equity BCDC), its most profitable subsidiary where it owns 84.1%  stake.

Equity Group plans to spend some US$ 12Million to roll out a life insurance business in the DRC and another US$ 13.37 Million to set up a General Insurance Business Unit, the two units estimated to cost the Group some US$ 25.37Million.

This is in line with the lender’s long-term strategy of building diversified income streams while deepening financial inclusion through integrated financial services.

Equity Group is making this expansion after piloting its insurance services in the DRC for two years now, ahead of a planned roll out of this business to other regional markets where it already has a presence.

The lender hopes to leverage digital technology, regional reach and customer insights, to position insurance as a strategic pillar in its future growth ambitions as it deepens its footprint across East and Central Africa.

The Group runs its insurance business under Equity Group Insurance Holdings Limited (EGIHL), a subsidiary of Equity Group Holdings Plc, incorporated in 2021 under the Companies Act, 2015.

Equity Group Insurance Holdings Limited brings together the Group’s insurance businesses to provide innovative, accessible, and affordable risk and savings solutions that protect lives, health, and wealth. Equity Insurance Business Emerges as Strong Group’s Third Growth Engine in Q1 2026.

Equity Group Insurance Holdings Limited financial statements for Q1 2026

Equity Group financial statements for the first quarter 2026 ending 31^st March 2026 shows that its insurance business sustained strong growth momentum, reinforcing the Group’s diversification strategy as insurance increasingly emerges as a major third engine of growth alongside banking and payments businesses.

Equity Group Insurance Holdings recorded a 30% growth in gross written premiums to KSh4.5 billion, while profit before tax rose 53 percent to KSh0.64 billion, reflecting strong customer uptake across life, health and general insurance products.

The strong performance highlights Equity’s growing success in embedding insurance into its integrated financial services ecosystem, where customers can seamlessly access banking, payments, lending and insurance solutions through one platform.

While announcing the Q1 2026 performance, which saw the Group post a Profit After Tax increase of 24% to KSh19.1 billion, the Group Managing Director and CEO Dr James Mwangi hailed the insurance team for impressive results.

“In just three years of audited results, our Insurance Group is making its mark across the landscape. Ranking third in Return on Assets out of 56 players is a powerful validation of our capital efficiency. By breaking into the top 5 for profitability and top 6 for premiums, we have proven that a customer-centric model can scale at pace without compromising on returns,” said Dr Mwangi.

The life insurance business remained the largest contributor to the portfolio, underwriting KSh2.7 billion in premiums during the quarter under review.

Health insurance contributed KSh1.2 billion, while the general insurance business continued to scale steadily, recording KSh0.6 billion in premiums.

A key growth driver was Equity Life Assurance Kenya (ELAK), which continued to deliver strong profitability and rapid customer growth powered by technology and digital distribution channels. Profit before tax rose 27 percent to KSh 561 million from KSh 442 million recorded during the same period last year, driven by growth in insurance revenue and investment income.

Gross written premiums increased to KSh 2.7 billion, up from KSh2.1 billion, while insurance revenue grew 38 percent to KSh619 million. Insurance service result and net investment income rose to KSh 604 million, reflecting stronger underwriting performance and investment returns.

ELAK also continued to scale its customer reach through an aggressive insurtech strategy that has positioned it as one of the region’s leading digital-native insurers.

As of March 31, 2026, the insurer had issued 21.3 million policies, serving 7.1 million unique customers consuming various insurance products. Over 79 percent of policies were issued digitally, demonstrating the growing role of technology in expanding access to affordable insurance solutions.

Equity is meanwhile also seeking regulatory and shareholder approval to set up a microinsurance company, requiring some KSh 192 Million.