Equity Group Holdings Plc (EGH) shareholders overwhelmingly approved the establishment of a dedicated health insurance subsidiary at the company's 20th Annual General Meeting (AGM) held electronically on Wednesday.

This move marks EGH's significant expansion into Kenya's health insurance market, broadening its financial service offerings and catering to a growing demand for healthcare solutions.

The newly established subsidiary will operate under Equity Group Insurance Holdings Limited (EGIHL), which already offers life and general insurance products in Kenya.

This strategic integration allows EGH to create a more comprehensive financial service ecosystem, addressing a wider range of customer needs.

The overwhelming shareholder support, demonstrated through electronic voting, highlights the confidence in EGH's diversification plans.

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This move aligns with the company's vision of becoming a one-stop shop for all financial needs in East Africa, with health insurance now a key pillar in that strategy.

This development is expected to have a positive impact on Kenya's health insurance landscape.

With EGH's established presence and vast customer base, the new subsidiary has the potential to increase access to health insurance for Kenyans.

Further details regarding the subsidiary's launch date, product offerings, and target market are expected to be announced in the coming months.

While the broader AGM addressed various aspects of EGH's growth strategy, the establishment of the health insurance subsidiary takes centre stage.

This bold move signifies EGH's commitment to expanding its reach and becoming a true leader in East Africa's dynamic financial services landscape.