NAIROBI, Kenya- In a move set to shake up the financial services industry, NCBA Group announced on Monday the completion of its 100pc acquisition of AIG Kenya Insurance Company Limited (“AIG Kenya”).
This strategic acquisition strengthens NCBA’s foothold in the market, bringing a 50-year-old insurance powerhouse under its umbrella.
NCBA has held a minority shareholding in AIG Kenya for over 18 years.
Now, by fully integrating AIG Kenya, NCBA is set to offer a more comprehensive suite of financial products to its customers.
“We are excited to welcome AIG Kenya to the NCBA family,” said John Gachora, NCBA’s Group Managing Director.
“This acquisition will enable our customers to conveniently access all their financial products under one roof.”
Gachora emphasized the synergy between NCBA’s distribution platforms and AIG Kenya’s insurance expertise.
This integration aims to unlock opportunities for deeper insurance market penetration in Kenya and the broader East Africa region.
Stella Njunge, CEO of AIG Kenya, echoed the excitement, stating, “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.”
The merger is expected to leverage NCBA’s physical and digital distribution platforms, creating an ecosystem where customers can seamlessly access banking and insurance services.
This integration is particularly timely as insurance becomes a basic financial need for the diverse customer base NCBA serves.
Tapping Into a Growing Market
With the full acquisition, NCBA is poised to capitalize on Kenya’s sizable insurance industry, valued at KES 309 billion and growing at a compound annual growth rate (CAGR) of 10pc, despite ongoing macro-economic challenges.
This strategic move aligns with NCBA’s vision to expand its product offerings and solidify its market position.
