NCBA has finalised its full acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), a move that significantly bolsters its presence in the financial services sector.

This strategic decision marks the culmination of NCBA's long-term investment in AIG Kenya, in which it has held a minority stake for over 18 years.

AIG Kenya, with a distinguished history spanning more than five decades, is renowned for its comprehensive general insurance solutions tailored to Corporates, SMEs, and individuals.

This acquisition seamlessly integrates the established insurance provider into the NCBA fold, enhancing the breadth of services available to NCBA customers.

NCBA’s Group Managing Director, John Gachora, expressed enthusiasm about the acquisition, stating, “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."

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With insurance increasingly becoming a basic financial need for our customers,  Gachora envisaged an ecosystem of NCBA’s physical and digital distribution platforms and AIG Kenya’s insurance capabilities will unlock opportunities to sput deeper insurance market reach in beyond Kenyan borders.

Stella Njunge, CEO of AIG Kenya, highlighted the strategic benefits of the acquisition, saying marks a significant milestone in the company’s evolution.

Njunge noted, that NCBA's resources will enable them to offer more value and products  to their customers and partners alike.

"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," Njunge stated.

The completion of this acquisition positions NCBA to capitalise on the robust Kenyan insurance market, valued at Sh309 billion and experiencing a compound annual growth rate (CAGR) of 10 per cent, despite ongoing macroeconomic challenges.

The incorporation of AIG Kenya into NCBA Group PLC's portfolio adds to its existing subsidiaries, which include NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd, NCBA Bank Uganda, NCBA Bank Tanzania, and NCBA Bank Rwanda.

This acquisition signifies NCBA’s commitment to expanding its service offerings and solidifying its footprint in the region’s financial landscape.