The ICEA LION Machakos branch opened as the insurer’s 38th branch across East Africa, ICEA LION Group said on 12 November. Machakos residents and business owners can now buy life assurance, general insurance, pensions, asset management and investment advice at one office.
The branch serves individuals, SMEs (small and medium enterprises) and commercial enterprises, the group said. It staffs advisory teams on site.
What the ICEA LION Machakos branch changes for clients
ICEA LION Group Chairman James Ndegwa said at the opening ceremony: “Sustainable economic growth relies heavily on resilient risk mitigation and sound wealth management.”
Group CEO Philip Lopokoiyit said: “With 37 existing branches across East Africa, the launch of our 38th branch in Machakos brings our advisory expertise directly to the doorsteps of local entrepreneurs, families, and institutions.”
The group said Machakos County’s economy is growing on infrastructure, urbanisation, agribusiness and SMEs. It gave no figures.
Group net profit fell to KSh1.16 billion in 2025
ICEA LION Insurance Holdings, the group’s parent company, posted net profit of KSh1.16 billion for the year to December 2025, Business Daily reported on 5 October. That compares with KSh1.34 billion in 2024, a fall of KSh180 million, and KSh682.52 million in 2020.
The group paid dividends of KSh600 million in 2025, up 50 percent from KSh400 million in 2024. Dividends in 2020 totalled KSh200 million.
ICEA LION Life ranks second in long term insurance
Insurance Regulatory Authority disclosures show ICEA LION Life Assurance held 13.9 percent of long term insurance business in 2025, behind only Britam Life at 22.6 percent.
ICEA LION General held 3.98 percent of short term insurance business and ranked ninth.
GCR affirmed AAA(KE) for the general insurer
GCR Ratings affirmed ICEA LION General Insurance Company Limited at AAA(KE) with a Stable Outlook on 24 June 2026.
The national scale financial strength rating measures an insurer’s ability to pay claims relative to other Kenyan insurers, and GCR’s scale tops out at AAA. ICEA LION said GCR also affirmed ICEA LION Life Assurance at AAA(KE) in 2026.
Prudential’s 24 percent stake sale needs completion
The Competition Authority of Kenya authorised First Chartered Securities Capital Limited to acquire sole control of ICEA LION Insurance Holdings in Gazette Notice No. 15918, dated 21 August 2026.. Khusoko reported the clearance on 5 October. First Chartered Securities, controlled by the Ndegwa family, already owns 75.9 percent.
Prudential Financial agreed in January 2026 to sell its 24 percent stake, which it holds through a private equity partnership managed by LeapFrog Investments. The price at KSh8.5 billion for 24.1 percent, against KSh2.4 billion in the 2020 deal.
Prudential valued the holding at US$142.22 million at 31 December 2024, up from US$107.53 million a year earlier. TechTrendsKE said that figure is a book valuation and not the sale price.
What it means for Machakos clients and shareholders
The branch gives Machakos residents and business owners an office for policies, pensions and investment advice. Profit fell in 2025 while dividends rose, a result that reaches the two shareholders, First Chartered Securities and Prudential’s partnership, and not policyholders.
