NCBA Group has completed its 100 percent acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), strengthening its position in the financial services industry.
NCBA has held a minority shareholding in AIG Kenya for over 18 years, and this move brings into the company an over 50-year-old insurance business. AIG Kenya already has a heralded market reputation for offering general insurance proposition to corporates, SMEs, and individuals.
Commenting on the acquisition, John Gachora, the Group Managing Director at NCBA Group expressed his excitement in its completion and welcomed 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,” Gachora said.
On her part, Stella Njunge, the CEO of AIG Kenya, said that this acquisition marks a significant milestone in the insurer’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,” Njunge remarked.
With the full acquisition, NCBA is set to tap into a sizeable insurance industry in Kenya valued at $2.4 Billion (KES 309 Billion), which continues to grow at a CAGR of 10% even amidst ongoing macroeconomic challenges.
