NCBA this evening announced that it has acquired AIG Kenya Insurance Kenya. The Insurance Company joins six other NCBA Group subsidiaries and they are NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd, NCBA Bank Uganda, NCBA Bank Tanzania and NCBA Bank Rwanda.
With this acquisition, NCBA is set to tap into a sizeable insurance industry in Kenya valued at KES 309 billion
Commenting on the 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. 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.”
Stella Njunge, CEO of AIG Kenya commented, “The acquisition marks a significant milestone in our company’s evolution. 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.”