NCBA Group PLC (NCBA), on 1st July announced the completion of its 100% acquisition of AIG Kenya Insurance Company Ltd (AIG Kenya), strengthening its position in the financial services industry.
NCBA has held a minority share in AIG Kenya for over 18 years and this strategic move brings into NCBA an over 50-year-old insurance business, with a heralded market reputation for offering a sophisticated general insurance proposition to Corporates, SMEs, and individuals.
“We are excited to welcome AIG Kenya to the NCBA family, and this acquisition will enable our customers to conveniently access all their financial products under one roof,” says NCBA Group Managing Director, Mr John Gachora.
“With insurance increasingly becoming a basic financial need for the type of customers we serve, an ecosystem of NCBA’s physical and digital distribution platforms and AIG Kenya’s insurance capabilities will unlock opportunities to catalyze deeper insurance market penetration in Kenya and the East Africa region.”
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Ms Stella Njunge, CEO of AIG Kenya said the acquisition marks a significant milestone in the 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,” Ms Njunge said.
With the full acquisition, NCBA is set to tap into a sizeable insurance industry in Kenya valued at Ksh309 billion, which continues to grow at a CAGR of 10% amidst ongoing macro-economic challenges.
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