NCBA Group PLC (NCBA), has completed the acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), further strengthening its position in the financial services industry.

NCBA has held a minority shareholding in AIG Kenya for over 18 years and 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.

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Regarding 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 access all their financial products under one roof conveniently,” said NCBA Managing Director John Gachora.

“With insurance increasingly becoming a basic financial need for our customers, 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.”

With the full acquisition, NCBA is set to tap into a sizeable insurance industry in Kenya valued at Sh309 billion which continues to grow at a CAGR of 10 percent even amidst ongoing macro-economic challenges.

“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,” Stella Njunge, CEO of AIG Kenya said.