NCBA Group completes full acquisition of AIG Kenya to boost insurance market presence and integrate financial services in East Africa.
NCBA Group PLC has finalised the full acquisition of AIG Kenya Insurance Company Limited, strengthening its footprint in Kenya’s financial services sector.
Announced on July 1, the acquisition brings AIG Kenya—an established general insurer with a 50-year legacy—under NCBA’s expanding portfolio. The group already operates several subsidiaries, including NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd, and banking units in Uganda, Tanzania, and Rwanda.
NCBA had held a minority stake in AIG Kenya for over 18 years. The completion of this deal now gives NCBA 100% ownership, allowing it to directly integrate insurance into its full-service financial offering for individuals, SMEs, and corporate clients.
Stronger Insurance Access
John Gachora, NCBA’s Group Managing Director, welcomed the deal:
“We are excited to welcome AIG Kenya to the NCBA family. This acquisition will allow customers to conveniently access all their financial needs under one roof. By combining our digital and physical platforms with AIG Kenya’s insurance expertise, we see huge potential to deepen insurance penetration in Kenya and the wider East Africa region.”
Operational Gains and Market Reach
Stella Njunge, CEO of AIG Kenya, called the acquisition a significant milestone:
“NCBA’s capital strength, industry experience, and regional network will empower us to offer broader product lines, improve efficiency, and add value for both customers and partners.”
Targeting a Growing Market
Kenya’s insurance industry is valued at approximately KES 309 billion, growing at a compound annual rate of 10%, despite current economic headwinds. With this acquisition, NCBA aims to capture a larger share of this rapidly expanding market.