The family of former Central Bank of Kenya governor Philip Ndegwa is set to regain full ownership of ICEA Lion Insurance Holdings after First Chartered Securities received regulatory approval to buy back a 24.1 per cent stake in the insurer for Sh8.5 billion.
First Chartered, the Ndegwa family’s investment vehicle, currently owns 75.9 per cent of ICEA Lion and will acquire the remaining stake from LeapFrog Strategic Africa Investments, which bought the shares for Sh2.4 billion in 2021.
The Competition Authority of Kenya (CAK) has approved the transaction, paving the way for First Chartered to take full control of the financial services group, which offers life and general insurance, asset management and fund management services in Kenya, Uganda and Tanzania.
“It is notified for general information that, in exercise of the powers conferred upon the Competition Authority of Kenya by Section 46 (6) (a) ii) of the Competition Act, the Competition Authority of Kenya has authorised the proposed transaction as set out herein,” said CAK Director-General David Kemei in a gazette notice.
LeapFrog’s exit is consistent with the private equity firm’s strategy of investing in businesses, growing their value and exiting after several years. Prudential Financial, which backed LeapFrog, has said the disposal is part of efforts to redirect capital towards higher-return opportunities.
The transaction will give the Ndegwa family sole control of ICEA Lion at a time when the group has continued to grow. It posted a net profit of Sh1.16 billion in the year ended December 2025, compared with Sh682.52 million in 2020, before Prudential joined the business. The group paid Sh600 million in dividends last year, up from Sh200 million in 2020.
ICEA Lion traces its roots to 1895 and took its current form following the 2012 merger of Insurance Company of East Africa and Lion of Kenya Insurance.
