{"id":122257,"date":"2024-07-02T21:26:59","date_gmt":"2024-07-02T21:26:59","guid":{"rendered":"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance"},"modified":"2024-07-02T22:00:15","modified_gmt":"2024-07-02T22:00:15","slug":"ncba-completes-buyout-of-aig-kenya-insurance","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance","title":{"rendered":"NCBA completes buyout of AIG Kenya Insurance"},"content":{"rendered":"

Africa-Press – Kenya. <\/strong><\/span>NCBA Group has completed 100 per cent acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), further strengthening its position in the financial services industry.<\/p>\n

NCBA has held a minority shareholding in AIG Kenya for over 18 years, and this strategic move brings into NCBA an over 50-year-old insurance business, with a heralded market reputation for offering a sophisticated general insurance proposition to corporates, SMEs, and individuals.<\/p>\n

This move comes after approval by NCBA\u2019s cooperate board in early September 2023, to buy the remaining 66.7 per cent of the total shares in a bid to gain full control of the insurer.<\/p>\n

The plan involves pumping an additional Sh2 billion into the local subsidiary of AIG.<\/p>\n

NCBA , before the full acquisition, held 33.3 per cent of AIG Kenya\u2019s total shares.<\/p>\n

Consequently, execution of the transaction was subject to necessary due diligence approvals from the Boards of NCBA, AIG Kenya, AIG Group and the requisite banking, insurance and other regulatory authorities.<\/p>\n

NCBA\u2019s Group managing director, John Gachora, expressed confidence in the acquisition seeing it as a catalyst for revenue growth.<\/p>\n

\u201cWe 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,\u201d said Gachora.<\/p>\n

He said AIG Kenya\u2019s insurance capabilities will unlock opportunities to catalyse deeper insurance market penetration in Kenya and the East Africa region.<\/p>\n

Notably, AIG Kenya CEO Stella Njunge highlighted the need for more collaboration between banks and the insurance sector.<\/p>\n

\u201cThe acquisition marks a significant milestone in our company\u2019s evolution. NCBA\u2019s resources, expertise, and expansive network will enhance our capabilities, allowing us to offer a broader range of products and services,” said Njunge.<\/p>\n

AIG Kenya joins six other NCBA Group subsidiaries – NCBA Investment Bank, NCBA Leasing LLP, NCBA Bancassurance Intermediary Ltd, NCBA Bank Uganda, NCBA Bank Tanzania and NCBA Bank Rwanda.<\/p>\n

The insurance industry, with a Compound Annual Growth Rate of 10 per cent, has a low penetration rate in Kenya, currently at 2.43 per cent.<\/p>\n

Banks in the country have been keen to tap the insurance market, with almost every lender currently having a bancassurance offering, with major lenders going for stand-alone underwriting businesses through subsidiaries.<\/p>\n

Apart from NCBA, Equity has also gone big into the insurance sector having received approvals from the regulator-Insurance Regulatory Authority (IRA) to set up a general insurance company in May 2023.<\/p>\n

The move into general insurance by banks is likely shake-up the market that currently has about 56 major players.<\/p>\n

For More News And Analysis About Kenya Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Kenya. NCBA Group has completed 100 per cent acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), further strengthening its position in the financial services industry. NCBA has held a minority shareholding in AIG Kenya for over 18 years, and this strategic move brings into NCBA an over 50-year-old insurance business, with a […]<\/p>\n","protected":false},"author":84,"featured_media":122256,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[544],"class_list":["post-122257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-kenya"],"yoast_head":"\nNCBA completes buyout of AIG Kenya Insurance - kenya<\/title>\n<meta name=\"description\" content=\"NCBA Group has completed 100 per cent acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), further strengthen ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCBA completes buyout of AIG Kenya Insurance\" \/>\n<meta property=\"og:description\" content=\"NCBA Group has completed 100 per cent acquisition of AIG Kenya Insurance Company Limited (AIG Kenya), further strengthen ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-02T21:26:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-02T22:00:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/07\/sm_1719941302.451806.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"894\" \/>\n\t<meta property=\"og:image:height\" content=\"643\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"NCBA completes buyout of AIG Kenya Insurance\",\"datePublished\":\"2024-07-02T21:26:59+00:00\",\"dateModified\":\"2024-07-02T22:00:15+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance\"},\"wordCount\":432,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2024\/07\/sm_1719941302.451806.jpg\",\"keywords\":[\"Kenya\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/all-news\/ncba-completes-buyout-of-aig-kenya-insurance\",\"name\":\"NCBA completes buyout of AIG Kenya Insurance - 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