1 day Ago By The Independent
Kigali, Rwanda | THE INDEPENDENT | BK General Insurance Ltd, a subsidiary of BK Group, has announced plans to merge with Sonarwa General Insurance Ltd and Sonarwa Life Assurance Company Ltd, both owned by the Rwanda Social Security Board (RSSB). The move, announced on April 17, marks one of the most significant structural shifts in Rwanda’s insurance market in years.The merger will create a combined group offering both general and life insurance services, aligning with Rwanda’s broader push for financial sector integration.
BK Group CEO Uzziel Ndagijimana said the deal marks BK’s strategic entry into life insurance and underscores its commitment to diversified financial solutions.The consolidation is expected to boost operational efficiency, expand market reach, and offer more customer-tailored products. It also comes as Rwanda implements a national insurance strategy to promote innovation, transparency, and investor confidence.
The transaction remains subject to shareholder and regulatory approval. BK General, launched in 2017, reported a 9.4% rise in gross written premiums to Rwf16 billion and a 41.
1% increase in net profit to Rwf4.5 billion in 2024.Share on: WhatsAppThe post BK General insurance to merge with Sonarwa appeared first on The Independent Uganda:.
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