NCBA Approves Full Acquisition of AIG Kenya Insurance

The Board of Directors of NCBA Group has approved the full acquisition of AIG Kenya Insurance Company Limited for an undisclosed amount.

NCBA intends to use AIG Kenya’s breadth and size to provide general insurance to businesses, SMEs, and individuals.

“Insurance is increasingly becoming a basic financial need for the type of customer that NCBA serves,” NCBA Group Managing Director John Gachora said.

“We believe that by bringing together NCBA’s physical and digital distribution platforms and AIG Kenya’s insurance capabilities we will accelerate towards our ambition to become a universal bank that addresses a full set of our customers’ financial needs,” Gachora added.

The lender has also ruled out the possibility that the purchase may accelerate its revenue growth.

“The announcement of intent by NCBA and AIG is an exciting development as it represents an opportunity to continue to build on AIG Kenya’s solid platform,” Stella Njunge, CEO of AIG Kenya, stated.

“Through a combination of NCBA’s customer-centric product offering and their cutting-edge technology solutions, customers will be able to access a variety of insurance products and services, seamlessly,” she added.