Kenya: NCBA Seeks Full Ownership of AIG Insurance

26 September 2023
Capital FM (Nairobi)
By Phidel Kizito

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

NCBA hopes to leverage AIG Kenya's breadth and scale to offer general insurance for corporations, 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 excluded confidence that the acquisition will further propel 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.

Read the original article on Capital FM.

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