AIG KENYA NOW A SUBSIDIARY OF NCBA GROUP

Underwriter joins the big family of NCBA Group:   NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd, NCBA Bank Uganda, NCBA Bank Tanzania and NCBA Bank Rwanda

In a  strategic  move  that  will  further  strengthen  its position in the financial services industry,  NCBA Group   has  fully  acquired  AIG Kenya insurance company. For over eighteen years, NCBA was a minority shareholder of the underwriter. AIG Kenya is a leading player in offering innovative general insurance proposition to corporates, small and medium enterprises (SMEs) as well as individuals.

More opportunities, more growth

Commenting on this development, NCBA’s Group Managing Director, John Gachora, said:  “We are excited to welcome AIG Kenya to the NCBA family, and this acquisition will enable our customers to conveniently access all their financial products under one roof.”  He added:  “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.”

Market presence enhanced

The insurance business in Kenya and regionally is characterized by cutthroat competition.  Against this background, the acquisition is a move in the right direction since it will   enhance AIG Kenya‘s market presence and visibility. “The acquisition marks a significant milestone in our company’s evolution,” said Stella Njunge, CEO, AIG Kenya. “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,” she added.   With the full acquisition of AIG Kenya, NCBA is set to tap into a sizeable piece of  Kenya’s lucrative   insurance industry pie,  valued at Kshs.  309 billion.  Despite the prevailing macro-economic challenges in the country, the industry has continued to register a compound annual growth rate of 10%.