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Equity Life Assurance Kenya, a subsidiary of Equity Group, has posted a record profit after tax of Ksh1.24 billion ($9.6 million) for the year ended Dec. 31, 2025, a 16.2% increase from the prior year, as the life underwriting subsidiary of his group, which launched just three years ago, continues to scale at a pace that is reshaping Kenya's insurance market.
Profit before tax rose 27.5% to Ksh1.78 billion ($13.8 million), while earnings per share climbed to 2,954 from 2,542 the year before, according to audited results published by Equity Life Assurance Kenya, known as ELAK.
The top-line performance was driven by a 40% jump in gross written premiums to Ksh7.3 billion ($56.6 million), reflecting wider uptake of the subsidiary's protection, savings and retirement solutions across its bancassurance and digital distribution channels. Insurance revenue rose 45.4% to Ksh2.08 billion ($16.1 million), and investment income grew 38.7% to Ksh4.19 billion ($32.5 million), with the net insurance and investment result advancing 33.5% to Ksh1.97 billion ($15.3 million).
The balance sheet expanded 31.6% to Ksh31.88 billion ($247.1 million) in total assets. Insurance contract liabilities grew 25.4% to Ksh24.95 billion ($193.4 million), reflecting the accumulating weight of policies now in force.
By Dec. 31, ELAK had issued 19.2 million cumulative policies since inception, a 36% increase from 14.1 million a year earlier, and served 6.9 million unique customers, up 17% from 5.9 million. Digital channels accounted for 79% of policies issued during the year, underpinning the unit's low-cost distribution model.
Angela Okinda, managing director of Equity Life Assurance Kenya, said the subsidiary's growth reflected sustained demand for affordable insurance solutions. "The subsidiary has achieved significant scale, now serving 6.9 million unique customers and issuing 19.2 million policies since inception, reinforcing its leadership in inclusive insurance," Okinda said.
The Deposit Administration Fund, which holds pension savings on behalf of corporate clients, closed the year at Ksh17.34 billion ($134.4 million), up 24.8%. During 2025, ELAK received Ksh3.11 billion ($24.1 million) in fresh pension deposits, paid out Ksh1.96 billion ($15.2 million) in benefits and credited Ksh2.56 billion ($19.8 million) in interest to members, a 26.2% increase.
ELAK sits within a broader insurance buildout at Equity Group Holdings. Across the full Equity Insurance Group, which now includes life, general and health underwriting, gross written premiums rose 75% to Ksh9.17 billion ($71.1 million) in 2025, with profit before tax growing 36% to Ksh2.0 billion ($15.5 million).
Mwangi, who holds a 3.39% stake in Equity Group, has been the architect of the group's expansion into insurance since 2022. The group posted a record profit after tax of Ksh75.5 billion ($585 million) for FY2025, and the board recommended a dividend of Ksh5.75 per share, a 35.3% increase. Based on his declared shareholding of 127.8 million shares, that dividend translates to a personal payout of approximately Ksh735 million ($5.7 million).
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