NCBA Group PLC (NCBA) has announced the completion of its full acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), a strategic move that solidifies its position in the financial services industry and expands its range of offerings.
NCBA, which has held a minority stake in AIG Kenya for over 18 years, now fully incorporates a renowned 50-year-old insurance business known for its sophisticated general insurance services catering to corporates, SMEs, and individuals. This acquisition aligns with NCBA’s strategy to provide comprehensive financial solutions under one umbrella, enhancing customer convenience and market penetration.
“We are excited to welcome AIG Kenya to the NCBA family. This acquisition will enable our customers to conveniently access all their financial products under one roof,” said John Gachora, NCBA’s Group Managing Director. “With insurance increasingly becoming a basic financial need for the type of customers we serve, 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, echoed the significance of this acquisition. “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 integration is poised to tap into Kenya’s burgeoning insurance industry, which is valued at KES 309 billion and continues to grow at a compound annual growth rate (CAGR) of 10%, despite ongoing macroeconomic challenges.
NCBA Group, with its extensive network of over 100 branches across five countries—Kenya, Uganda, Tanzania, Rwanda, and Ivory Coast—serves more than 60 million customers. It is the largest banking group in Africa by customer numbers, playing a pivotal role in supporting Africa’s economic ambitions. The group is a market leader in corporate banking, asset finance, and digital banking.
AIG Kenya, established in 1972, has become a market leader in general insurance with branches in Nairobi and Mombasa and satellite offices in the central business district. Its clientele includes multinationals, top Kenyan businesses, small and middle-sized enterprises, and thousands of individuals.
