NCBA Group has finalized the full acquisition of AIG Kenya Insurance Company after holding a minority shareholding in the firm for over 18 years.
The takeover will allow the financial institution to offer corporations, SMEs, and individuals general insurance services.
NCBA Group Managing Director John Gachora said the company is tapping into a sizeable insurance industry in Kenya valued at Kes 309 billion which continues to grow at a Compound Annual Growth Rate of 10 percent.
“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,” he said.
“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.”
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AIG Kenya joins six other NCBA Group subsidiaries, including NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd., NCBA Bank Uganda, NCBA Bank Tanzania, and NCBA Bank Rwanda.
AIG Kenya CEO Stella Njuge said the acquisition marks a significant milestone in the 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.”
