First Assurance Company has feted its key intermediary partners following a year of strong financial growth that saw the insurer hit Sh7.28 billion in revenue in 2025.
The firm says the growth underscores the critical role of distribution networks in Kenya’s competitive insurance sector.
First Assurance managing director Stephen Lokonyo said celebratory breakfast served as the moment of reflection on the past year’s achievements and a platform to deepen collaboration with stakeholders.
This performance highlights the company’s continued expansion and strengthened underwriting activities.
Insurance service results also showed a substantial improvement, increasing to KSh 349.3 million from KSh 46.9 million in the previous year.
This growth demonstrates enhanced cost management and improved profitability from core insurance operations.
Net financial results stood at Sh175.1 million, reflecting a decline compared to Sh440.3 million in 2024, primarily due to shifts in net finance income and expenses from insurance and reinsurance contracts.
Despite this, the company maintained a positive financial position, supported by steady investment income of Sh335.6 million.
Total expenses remained relatively controlled at Sh352.7 million, compared to Sh365.2 million in 2024, indicating disciplined cost management amid a dynamic operating environment.
Looking ahead, the company remains optimistic about continued growth, driven by innovation, customer-centric solutions, and strategic investments. The focus will remain on enhancing underwriting performance, optimizing costs, and navigating evolving market conditions.
The partners collectively generated more than Sh1.1 billion in revenue, highlighting their central role in the company’s market penetration and customer reach strategy.
“Today was about more than just numbers; it was a chance to connect, share ideas, and simply say thank you,” said Lokonyo, noting that the performance of intermediaries continues to set higher standards across the industry.
During the event, top-performing intermediaries were honoured for their outstanding contributions in the 2025 financial year, reinforcing the company’s commitment to rewarding excellence and nurturing long-term professional relationships.
Industry players have increasingly leaned on intermediary networks to expand access to insurance products in Kenya, where penetration remains relatively low compared to global averages.
First Assurance’s leadership reiterated that such partnerships are central to its broader mission of increasing insurance uptake while delivering value-driven solutions to policyholders.
The breakfast meeting also provided a strategic touchpoint for the company as it positions itself for sustained growth amid intensifying competition in the sector.
Management signaled its intent to continue investing in partner relationships and innovative distribution models to maintain momentum. The insurer described intermediaries as central to its growth strategy, noting that agents and brokers are key in connecting customers to its insurance solutions.
The company has introduced training programs and digital tools to support its distribution network, including automated policy dispatch, online quotation systems, and 24-hour customer support.
Among the company’s products gaining traction in the region are First Afya Biashara, a medical cover for small and medium enterprises, and Bima Taasisi, which insures educational institutions against risks such as fire.
These offerings target the Coast’s growing SME and private education sectors.
