NCBA Group PLC (NCBA) has announced the successful completion of its full acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), marking a significant expansion in its footprint within the financial services industry. This strategic move integrates a well-established insurance entity into NCBA, enhancing its offerings and market presence.
For over 18 years, NCBA has held a minority stake in AIG Kenya. The acquisition now brings AIG Kenya’s over 50-year legacy in general insurance under NCBA’s banner, known for its sophisticated insurance solutions for corporates, SMEs, and individuals.
NCBA’s Group Managing Director, John Gachora, expressed enthusiasm about the acquisition, stating, “We are excited to welcome AIG Kenya to the NCBA family. This acquisition will enable our customers to access all their financial products under one roof conveniently. With insurance increasingly becoming a basic financial need for our customers, 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.”
Stella Njunge, CEO of AIG Kenya, highlighted the significance of the acquisition, saying, “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 acquisition, NCBA is poised to tap into Kenya’s substantial insurance market, valued at KES 309 billion, which continues to grow at a compound annual growth rate (CAGR) of 10% despite macroeconomic challenges. The integration of AIG Kenya’s offerings is expected to drive deeper market penetration and broaden the financial services ecosystem in the region.
