Equity Insurance, a subsidiary of Equity Bank, achieved remarkable success by selling 7.2 million policies, contributing to an 8% growth in profits for the Equity Group, as revealed in its recently announced half-year results. The impressive performance of Equity Insurance has ignited optimism that it could potentially outshine its banking counterpart by 2030, as stated by the Group’s CEO, James Mwangi.
In the midst of unveiling the Group’s 2023 half-year financial results, it was highlighted that Equity Insurance achieved a robust Return on Equity (ROE) of 61.5%. This remarkable achievement underscores the strategic direction and commitment of the Group in the insurance sector.
James Mwangi, the Group CEO, emphasized the significance of this accomplishment, stating, “More importantly, however, is that we have sold 7.2 million policies as of 30th June 2023. We are committed to increasing insurance penetration to underserved sections of the population in the country and across the East African Community.”
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Mwangi further highlighted a key shift in the industry, noting, “And for the first time, we are seeing that insurance is being bought and not sold. This is what makes us think that we have the right strategy.”
The Group’s commitment to expanding insurance coverage to underserved populations aligns with its broader mission of fostering financial well-being and driving economic growth across East Africa.
