Equity Insurance Business Emerges as Strong Group’s Third Growth Engine in Q1 2026
Nairobi, 21st May 2026…Equity Group’s insurance business sustained strong growth momentum in the first quarter of 2026, reinforcing the Group’s diversification strategy as insurance increasingly emerges as a major third engine of growth alongside banking and payments businesses.
The Insurance Group recorded a 30 percent 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 #3 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, writing 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.
The GCEO said the digital model has significantly simplified policy onboarding, premium collection and customer access to insurance products, enabling the insurer to scale rapidly while reaching underserved segments that traditionally had limited access to financial protection. The strong growth reflects increasing customer awareness around protection, education plans, savings-linked products, and investment-backed insurance solutions.
Meanwhile, Equity General Insurance Kenya (EGIK) recorded a strong turnaround during the quarter, posting a profit before tax of KSh58 million compared to a loss of KSh7 million recorded during the same period in 2025. The improved performance was driven by strong growth in insurance revenue, which surged 417 percent to KSh243 million, alongside improved underwriting performance and operational efficiency. Gross written premiums stood at KSh595 million, while the insurer’s total assets rose to KSh2.0 billion. The results reflect growing demand for motor, property, business and asset protection covers from retail and SME customers.
At the same time, Equity Health Insurance Kenya (EHIK), the Group’s newly launched health insurance subsidiary, made a strong market entry in Q1 2026. The business recorded gross written premiums of KSh1.2 billion, while insurance revenue stood at KSh297 million during the quarter. EHIK posted a profit before tax of KSh17 million, signaling a positive start as it scales operations and customer acquisition. Insurance service result and net investment income reached KSh42 million, while total assets stood at KSh2.1 billion.
Dr. Mwangi closed saying: “The overall performance underscores Equity’s long-term strategy of building diversified income streams while deepening financial inclusion through integrated financial services”. By leveraging digital technology, regional reach and customer insights, the Group is positioning insurance as a strategic pillar in its future growth ambitions as it deepens its footprint across East and Central Africa.
Equity Group Managing Director and CEO Dr James Mwangi while announcing Q1 2026 performance and Investor Briefing.
Equity Group Managing Director and CEO Dr. James Mwangi addresses a section of investors and staff during Q1 2026 Investor Briefing.