The Company was founded in the coastal city of Mombasa by a family of Asian origin with the first Chairman being Mr Ambalal Patel, who in 1954 was appointed a Minister of the Government of Kenya Colony. The Company started writing life business in March 1947.

In 1963 the company was listed on the Nairobi Stock Exchange, the first Insurance Company to be quoted. To date there are only two quoted insurance companies. The name was changed in 1963 to Pan Africa Insurance Company Limited to reflect the broadened ownership. The Company opened branches in Nairobi, Dar-es-salaam and Kampala.
In 1972 the Company started writing general insurance business. Political developments (Ujamaa in Tanzania and Idi Amin in Uganda) forced the Company to close operations in Tanzania and Uganda.

On 1 August 1982 the Company moved its head office from Mombasa to the Kenyan capital Nairobi. The Company re entered the regional market by way of an equity stake in Reliance Insurance Company (T) Limited in Dar-es-salaam in 1998.

By way of a rights issue in year 2000 African Life Assurance of South Africa became a strategic partner. In year 2002 the Company was restructured into three entities namely, Pan Africa Insurance Holdings Limited which is the holding company quoted on the Nairobi Stock Exchange and its two wholly owned subsidiaries, Pan Africa Life Assurance Limited dealing with the life insurance business and Pan Africa General Insurance Limited dealing with general insurance business.

Pan Africa General Insurance limited and Apollo Insurance Company Limited merged in 2003 to form APA Insurance Company Limited. Pan Africa Insurance Holdings Limited was restructured in 2004 after the merger to form two wholly owned subsidiaries. These subsidiaries are Pan Africa Life Assurance Limited dealing with life business and PA Securities which owns a 40% stake in APA Insurance, a 100% stake in Mae Properties and a 25% stake in Runda Water.

Pan Africa Holdings has assets in excess of Kshs 3 billion as at end of 2003. Pan Africa Life closed year 2003 with a premium income of Kshs 812 million and has targeted a premium income of Kshs 1.1 billion in year 2004.