Editor's Review

NCBA Group PLC has completed a 100% acquisition of AIG Kenya Insurance Company Limited (AIG Kenya). 

NCBA Group PLC has completed a 100% acquisition of AIG Kenya Insurance Company Limited (AIG Kenya). 

In a statement to newsrooms on Monday evening, July 1, NCBA’s Group Managing Director John Gachora noted that the acquisition would enable customers to conveniently access all their financial products under one roof.

"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," Gachora stated.  

(From Left to Right) Louisa Wandabwa, NCBA Group Chief of Staff and Director of Strategy, John Gachora, NCBA Group MD, and Stella Njunge, MD, AIG Kenya. 

Commenting on the acquisition, AIG Kenya CEO Stella Njunge said, "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.”

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The Insurance Company, AIG Kenya, joins six other NCBA Group PLC subsidiaries which include NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd, NCBA Bank Uganda, NCBA Bank Tanzania, and NCBA Bank Rwanda.

NCBA is set to tap into a sizeable insurance industry in Kenya valued at Ksh309 billion which continues to grow at a CAGR of 10% even amidst ongoing macro-economic challenges.