APA Apollo Group acquires majority stakes in two Tanzanian insurance companies

Kenyan financial services group APA Apollo has completed the acquisition of majority stakes in two Tanzanian insurers, Meticulous General Insurance Company and Metro Life Assurance Company.

The financial terms of the transaction were not disclosed.

Approved by the relevant regulatory authorities, the acquisition will enable APA Apollo to expand its presence in the East African market.

The group already operates in Tanzania through a 34% stake in non-life insurer Reliance Insurance Tanzania.