July 17, 2024

NCBA Group Secures 100% Ownership of AIG Kenya Insurance Company

NCBA Group Secures 100% Ownership of AIG Kenya Insurance Company

NCBA Group has announced the completion of its 100% acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), after purchasing the additional 66.67 percent stake from American International Group (AIG). NCBA had held a minority stake in AIG Kenya for over 18 years, with a 33.33 percent stake at the end of December 2022.

John Gachora, NCBA’s Group Managing Director, expressed his enthusiasm about the acquisition. He highlighted the ease of access for customers who can now obtain 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, echoed the sentiment, viewing the acquisition as a pivotal moment in the company’s history.

The groundwork for this acquisition was laid last year when the NCBA Group board approved plans to purchase the remaining 66.67% stake in AIG Kenya.

In a statement after the board approval, John Gachora noted 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 at accelerating its ambition of becoming a universal bank that addresses the complete range of its customers’ financial needs.

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American International Group, Inc. (AIG) is a globally recognized insurance leader 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 Kenyan operations in 1972 and has since grown into a national leader in general insurance. It stands as one of the largest general insurance providers in the country, with branches in Nairobi and Mombasa alongside satellite offices within the Nairobi central business district.

Over nearly five decades, AIG Kenya has meticulously crafted a well-diversified product portfolio encompassing both commercial and consumer insurance solutions. AIG Kenya brings a wealth of experience and a well-respected reputation for offering sophisticated general insurance solutions to a diverse clientele – Corporates, SMEs, and individuals.