BK Group Plc is set to become a major player in Rwanda’s life and general insurance market through a planned merger involving its subsidiary BK General Insurance and two units of the Rwanda Social Security Board (RSSB) Sonarwa General and Sonarwa Life Assurance, the lender said in a statement shared by the Rwanda Stock Exchange.
“This proposed new insurance group aims to combine the strengths of leading insurance providers to enhance market offering and create long-term value for shareholders, customers, and employees,” the Group said in a statement.
If completed, the transaction will mark BK Group’s first entry into the life insurance segment, reinforcing its broader strategy to diversify revenue streams and build a full-spectrum financial services platform. The consolidation would also enable the combined entity to tap into an expanded distribution network and better respond to growing demand for tailored insurance solutions in Rwanda’s underpenetrated market.
While discussions are still ongoing and no binding agreements have been finalized, the proposal signals a significant shift in Rwanda’s insurance landscape. The deal remains subject to regulatory approval, shareholder consent, and other customary conditions.
