On Monday, NCBA Group announced the completion of its 100% acquisition of AIG Kenya Insurance Company Limited (“AIG Kenya”), further solidifying its presence in the financial services sector.
NCBA has maintained a minority stake in AIG Kenya for over 18 years. This strategic acquisition integrates into NCBA a 50-year-old insurance business renowned for providing sophisticated general insurance solutions to Corporates, SMEs, and individuals.
“We are excited to welcome AIG Kenya to the NCBA family. This acquisition will enable our customers to conveniently access all their financial products under one roof,” stated John Gachora, NCBA’s Group Managing Director. “With insurance increasingly becoming a basic financial need for our customers, the integration of NCBA’s physical and digital distribution platforms with AIG Kenya’s insurance capabilities will unlock opportunities to catalyze deeper insurance market penetration in Kenya and the East Africa region,” he added.
Stella Njunge, CEO of AIG Kenya, remarked, “The acquisition marks a significant milestone in our company’s evolution. NCBA’s resources, expertise, and expansive network will enhance our capabilities, allowing us to offer a broader range of products and services, improve our operational efficiencies, and provide greater value to our customers and partners.”
With this full acquisition, NCBA aims to tap into the substantial insurance market in Kenya, valued at KES 309 billion. The industry continues to grow at a compound annual growth rate (CAGR) of 10%, despite ongoing macro-economic challenges.
