NCBA Group PLC (“NCBA”) has announced the completion of its 100% acquisition of AIG Kenya Insurance Company Limited (“AIG Kenya”), further strengthening its position in the financial services industry.
NCBA has held a minority shareholding 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.
Commenting on the development, NCBA’s Group Managing Director, John Gachora, said, “We are excited to welcome AIG Kenya to the NCBA family, and 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, commented, “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 the full acquisition, NCBA is set to tap into a sizeable insurance industry in Kenya valued at KES 309 Billion, which continues to grow at a CAGR of 10% even amidst ongoing macroeconomic challenges.
