CIC Group’s shareholding in Takaful Insurance of Africa fell from 22% to 7.4% after a Djibouti-based firm took majority control of the Kenyan insurer.
Tamini Insurance S.A. acquired 65% of Takaful Insurance of Africa’s issued share capital, a transaction the Competition Authority of Kenya approved unconditionally in April 2025. The deal diluted all existing shareholders, including CIC Insurance Group, whose combined stake now stands at 35% alongside other minority investors.
The Authority cleared the deal on the grounds that Tamini holds no general insurance operations in Kenya. The acquisition therefore leaves the structure of the local insurance market unchanged. Competing insurers retain over 99% of the market, which the regulator determined removes any risk of reduced competition.
Takaful Insurance of Africa, incorporated in Kenya with a financial year ending 31 December, transacts both general and life insurance business. It is not listed on any securities exchange.
Because CIC’s stake dropped below the threshold required for significant influence, the group reclassified the investment. It now sits on the balance sheet at fair value through other comprehensive income, recorded as an unquoted equity instrument rather than an associate.
“During the year 2025, a new investor acquired a 65% stake in Takaful Insurance of Africa Limited. This is in effect diluted all other shareholders, including CIC Insurance Group, to a combined 35% shareholding. CIC Insurance Group’s shareholding was reduced from 22% to 7.4% after the investment. Without significant influence on the company, the investment is no longer an associate and has been reclassified and measured at fair value through other comprehensive income as unquoted equity instruments,” said CIC.
In CIC’s 2025 financial statements, the group wrote down the KShs 107.1 million carrying value of the associate to nil and reclassified the amount accordingly. The move reflects the loss of board-level influence that previously justified equity accounting treatment.
Tamini Insurance S.A. is a private limited liability company incorporated in Djibouti. Its Kenyan interests span investment banking and microfinance, making the Takaful deal its first direct entry into the country’s insurance underwriting sector.
