NCBA Group Takes Full Control of AIG Kenya Insurance Company
NCBA Group has announced the completion of its full acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), after purchasing the remaining 66.67 percent stake from American International Group (AIG).
Prior to this, NCBA had held a minority interest in AIG Kenya for over 18 years, owning a 33.33 percent stake as of December 2022.
John Gachora, NCBA’s Group Managing Director, expressed his enthusiasm about the acquisition. He emphasized the convenience for customers, who can now access a comprehensive range of financial products under one roof.
“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.” John Gachora said.
Stella Njunge, CEO of AIG Kenya, shared this positive outlook, viewing the acquisition as a pivotal moment in the company’s history.
The foundation for this acquisition was laid last year when the NCBA Group board approved plans to purchase the remaining 66.67% stake in AIG Kenya. Following the board’s approval, John Gachora remarked that insurance had increasingly become a fundamental financial need for NCBA’s customers.
He stated that by integrating NCBA’s physical and digital distribution platforms with AIG Kenya’s insurance capabilities, the bank aimed to accelerate its ambition of becoming a universal bank that meets the complete range of its customers’ financial needs.
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American International Group, Inc. (AIG) is a globally recognized leader in insurance, with a rich heritage dating back to 1919. Its member companies offer a diverse range of insurance and financial services, including property casualty insurance, life insurance, and retirement solutions, to clients in approximately 70 countries.
AIG established its operations in Kenya in 1972 and has since grown into a national leader in general insurance. It is one of the largest general insurance providers in the country, with branches in Nairobi and Mombasa, alongside satellite offices within Nairobi’s central business district.
Over nearly five decades, AIG Kenya has developed a well-diversified product portfolio encompassing both commercial and consumer insurance solutions.
AIG Kenya brings extensive experience and a respected reputation for providing sophisticated general insurance solutions to a diverse clientele, including corporates, SMEs, and individuals.
