Equity Group, East Africa’s leading financial services group led by Kenyan banker James Mwangi, will seek shareholders approval at its 22nd Annual General Meeting on June 24, 2026, for the creation of three insurance subsidiaries.

The plan is aimed at strengthening its integrated banking and insurance model across its regional markets.

The meeting will be held electronically at 09:00 EAT and will also consider routine business, including audited accounts for the year ended Dec. 31, 2025, a final dividend, and board re-elections.

Equity Group expands insurance portfolio

At the center of the proposals is a new microinsurance business in Kenya under Equity Group Insurance Holdings Limited. The unit will be capitalized at KSh 192 million ($1.5 million), in line with the Insurance Act minimum requirements and early operating costs.

Equity Group already runs Equity Life Assurance Kenya, Equity General Insurance Kenya and Equity Health Insurance Kenya. However, it does not yet have a dedicated microinsurance arm, a gap the group says it wants to close as it widens access to low-cost coverage.

The company said the move supports its wider push to build a full-stack financial services platform combining lending, insurance, and digital financial products across its markets.

Focus on the Democratic Republic of Congo

The other two proposals relate to the Democratic Republic of Congo, where Equity Group holds an 85.4% stake in EquityBCDC.

Shareholders are expected to vote on the creation of a life insurance subsidiary requiring $12 million (KSh 1.55 billion) in capital and a general insurance business requiring $13.37 million (KSh 1.73 billion). Both will be set up under the DRC Insurance Code through an insurance holding structure.

Together, the planned investment in the DRC totals $25.37 million (KSh 3.29 billion), pending regulatory approvals.

Equity says the new units would allow it to sell insurance products through EquityBCDC’s branch network, building on its existing bancassurance model. In the year to date, EquityBCDC delivered 58% profit growth to KSh 24.7 billion ($190.7 million), supported by 17% loan growth.

Earnings and wider performance

In Kenya, the group’s insurance business continues to expand. Gross written premiums rose 30% year-on-year to KSh 4.5 billion ($34.7 million) in the first quarter of 2026.

Equity Group reported profit of KSh19.1 billion ($150 million) in the three months to March 2026, up from KSh15.4 billion ($120 million) a year earlier.

The group said growth was supported by its regional banking network and expanding non-interest income.

Equity Group regional footprint

Equity Group operates in Kenya, Uganda, Rwanda, Tanzania, South Sudan, and the Democratic Republic of Congo, along with a representative office in Ethiopia. It is listed on the Nairobi, Uganda, and Rwanda stock exchanges.

The lender has grown from a retail bank into a diversified financial services group, combining traditional banking with insurance, digital payments, and social development programs through its foundation. Equity Group continues to position itself as a regional financial institution focused on scale and cross-border integration.