Barclays Life Assurance Kenya will offer a range of products such as education products, credit Life and personal accident, and funeral cover for immediate and extended family.

It will initially target the half million customers that the bank already has through its 122 branches of the Barclays Bank Kenya.

Barclays Life Assurance Kenya will be 66.6% owned by Barclays Africa Group, with the remaining stake owned by local Kenyan shareholders, namely Darshan Chandaria, director and group CEO of Chandaria Industries and Fanisi Capital’s Ayisi Makatiani.

The launch of life insurance business in Kenya is Barclays Africa’s fifth such venture, and is projected to serve as a launchpad for Barclay’s foray into the greater East African region.

Barclays Africa chief executive of wealth, investment management and insurance Willie Lategan said: “Barclays Africa wants to extend its footprint of holistic financial products and services across the continent in the most convenient, accessible and affordable way possible to meet the evolving needs of customers.

“Our entry into the Kenyan Life Insurance market provides us with a strong platform to further expand our offering into East Africa.”

The group has previously also established life insurance operations in South Africa, Botswana, Mozambique and Zambia.