Nairobi — NCBA Group has finalized the full acquisition of AIG Kenya Insurance Company, further expanding its grip on Kenya's insurance sector.

NCBA has held a minority shareholding in AIG Kenya for over 18 years, and the takeover will allow the financial institution to offer general insurance services to corporations, SMEs, and individuals.

The lender is tapping into a sizeable insurance industry in Kenya valued at Sh309 billion and which continues to grow at a Compound Annual Growth Rate of 10 percent.

"We are excited to welcome AIG Kenya to the NCBA family, and this acquisition will enable our customers to access all their financial products under one roof conveniently," Commenting on the development, NCBA Group Managing Director John Gachora said.

"With insurance increasingly becoming a basic financial need for our customers, 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."

AIG Kenya now joins six other NCBA Group subsidiaries, including NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd., NCBA Bank Uganda, NCBA Bank Tanzania, and NCBA Bank Rwanda.

"The acquisition marks a significant milestone in our company's evolution. NCBA's resources, expertise, and expansive network will enhance our capabilities, allowing us to offer a broader range of products and services, improve our operational efficiencies, and provide greater value to our customers and partners," Stella Njunge, CEO of AIG Kenya, added.