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Absa and Co-op lead as banks double down on bancassurance
The Insurance Regulatory Authority has encouraged the expansion of bancassurance as part of efforts to deepen Kenya’s insurance penetration, which stood at 2.43 percent in 2025.
Absa Bank Kenya and Co-operative Bank of Kenya led listed lenders in pre-tax earnings generated from bancassurance in the first half of the year ended June 2026 as banks deepened their push into insurance.
Latest disclosures show Absa generated Sh1.1 billion in pre-tax profit from the business, up eight percent from Sh1.02 billion a year earlier. Co-op Bank followed with Sh812.7 million, representing a three percent increase from Sh789 million.
