In a significant move that strengthens its position in the financial services industry, NCBA Group has completed the 100% acquisition of AIG Kenya Insurance Company Limited. This strategic move brings into NCBA an over 50-year-old insurance business with a heralded market reputation for offering a sophisticated general insurance proposition to Corporates, SMEs, and individuals.
Unlocking Opportunities
With this acquisition, NCBA customers can now conveniently access all their financial products under one roof. The ecosystem of NCBA’s physical and digital distribution platforms, combined with AIG Kenya’s insurance capabilities, is expected to catalyze deeper insurance market penetration in Kenya and the East Africa region. Insurance has become a basic financial need for the type of customers NCBA serves, and this strategic move positions them well to meet those needs.
AIG Kenya’s Evolution
Stella Njunge, CEO of AIG Kenya, expressed excitement about the acquisition, calling it a significant milestone for the company. She highlighted that NCBA’s resources, expertise, and expansive network will enhance AIG Kenya’s capabilities. This enhancement will allow them to offer a broader range of products and services, improve operational efficiencies, and provide greater value to their customers and partners.
Tapping into a Growing Industry
The Kenyan insurance industry is valued at KES 309 billion and continues to grow at a CAGR of 10%, even amidst ongoing macro-economic challenges. With the full acquisition of AIG Kenya, NCBA is well-positioned to tap into this sizeable market and further solidify its presence in the region.
