NCBA Group has officially completed its 100% acquisition of AIG Kenya Insurance Company Limited (“AIG Kenya”), marking a significant milestone in the financial services industry. This strategic acquisition, announced on Monday, strengthens NCBA’s position in the market and brings into its fold an insurance business with over 50 years of experience and a strong reputation for providing comprehensive general insurance solutions to Corporates, SMEs, and individuals.
For over 18 years, NCBA has held a minority shareholding in AIG Kenya. With this full acquisition, NCBA aims to offer a seamless experience for its customers, enabling them to access all their financial products under one roof. John Gachora, NCBA’s Group Managing Director, expressed excitement over the acquisition, highlighting the convenience it will bring to their customers.
Gachora emphasized the growing importance of insurance as a fundamental financial need for NCBA’s customer base. By integrating AIG Kenya’s insurance capabilities with NCBA’s extensive physical and digital distribution platforms, the group aims to drive deeper insurance market penetration in Kenya and the East Africa region. This strategic move is expected to unlock new opportunities and provide a more comprehensive suite of financial services.
Stella Njunge, CEO of AIG Kenya, celebrated the acquisition as a significant milestone in the company’s evolution. She noted that NCBA’s resources, expertise, and expansive network would enhance AIG Kenya’s capabilities. This merger will allow the company to offer a broader range of products and services, improve operational efficiencies, and provide greater value to customers and partners.
The acquisition positions NCBA to tap into Kenya’s robust insurance industry, valued at KES 309 billion and growing at a compound annual growth rate (CAGR) of 10%, despite ongoing macroeconomic challenges. This growth trajectory underscores the potential and resilience of the insurance market in Kenya.
With this acquisition, NCBA is poised to play a pivotal role in the insurance sector, leveraging its strong foundation and AIG Kenya’s legacy to drive innovation, efficiency, and enhanced customer value. The future looks promising as NCBA continues to expand its footprint and deliver integrated financial solutions to its diverse clientele.
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