In a significant move that underscores its commitment to expanding its footprint in the financial services industry, NCBA Group PLC has finalized the acquisition of AIG Kenya Insurance Company Limited. This transaction marks the culmination of NCBA’s longstanding minority shareholding in AIG Kenya, a partnership that has spanned over 18 years. With the acquisition now complete, NCBA assumes full ownership of AIG Kenya, a venerable institution with a distinguished 50-year history in providing comprehensive general insurance solutions to Corporates, SMEs, and individuals.

A Strategic Integration for Enhanced Customer Offerings

Commenting on this pivotal development, John Gachora, Group Managing Director of NCBA, expressed enthusiasm about the integration of AIG Kenya into the NCBA family. He highlighted the strategic advantages this acquisition brings, emphasizing that customers will now have seamless access to a wide spectrum of financial products and services under one roof. Gachora noted, “With insurance increasingly recognized as a fundamental financial requirement for our diverse customer base, combining NCBA’s robust physical and digital distribution platforms with AIG Kenya’s established insurance expertise will unlock new avenues for expanding insurance penetration across Kenya and the broader East Africa region.”

Strengthening Capabilities and Market Presence

Stella Njunge, CEO of AIG Kenya, echoed Gachora’s sentiments, describing the acquisition as a transformative milestone for their company. Njunge emphasized that NCBA’s resources, extensive network, and deep industry knowledge will enhance AIG Kenya’s operational efficiencies and enable them to broaden their range of products and services. She affirmed, “This integration will enable us to deliver even greater value to our customers and partners, leveraging NCBA’s strengths to strengthen our market position and innovate our offerings.”

Seizing Opportunities in Kenya’s Dynamic Insurance Landscape

With the acquisition, NCBA is poised to tap into Kenya’s burgeoning insurance market, which is valued at approximately KES 309 billion and shows a robust compound annual growth rate (CAGR) of 10%. Despite prevailing macro-economic challenges, the insurance sector continues to demonstrate resilience and growth potential, presenting NCBA with strategic opportunities to expand its market share and contribute to the industry’s development.

Looking Ahead: A Unified Vision

As NCBA integrates AIG Kenya’s operations into its own, the focus remains on enhancing customer-centric solutions, fostering innovation, and delivering sustainable growth. The combined strengths of both entities are expected to drive synergies that will redefine the landscape of financial services in Kenya, setting new benchmarks for excellence and customer satisfaction.

The completion of the acquisition signals a new chapter for NCBA and AIG Kenya, marked by shared ambitions, strengthened capabilities, and a unified commitment to shaping the future of insurance and financial services across East Africa.