NCBA Group completes acquisition of AIG Kenya

NCBA Group has completed the 100 percent acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), strengthening its position in the financial services industry.

NCBA has held a minority stake in AIG Kenya for over 18 years and this move brings over 50 years of insurance business into the company. AIG Kenya already has a well-established market reputation in providing general insurance propositions to corporates, SMEs and individuals.

Commenting on the acquisition, John Gachora, Group Managing Director, NCBA Group, expressed his delight at the completion of the acquisition and welcomed AIG Kenya to the NCBA family.

“This acquisition will enable our customers to conveniently access all their financial products under one roof. As insurance becomes an increasingly primary financial need for our customers, NCBA’s ecosystem of physical and digital distribution platforms and AIG Kenya’s insurance capabilities will open up opportunities to catalyze deeper penetration of the insurance market in Kenya and the East African region,” Gachora said.

Stella Njunge, CEO of AIG Kenya, said the acquisition marked an important milestone in the insurer’s development.

“NCBA’s resources, expertise and extensive network will enhance our capabilities, enabling us to offer a broader range of products and services, improve our operational efficiency and deliver greater value to our customers and partners,” noted Njunge.

The full acquisition provides NCBA with the opportunity to tap into Kenya’s significant insurance sector, which is estimated to be worth KES 309 billion ($2.4 billion) and which continues to grow at a CAGR of 10%, even in the face of ongoing macroeconomic challenges.