Kenya’s NCBA Group acquires insurer AIG for undisclosed amount
TLDR
- NCBA Group acquires AIG Kenya, becoming a wholly-owned subsidiary after necessary approvals from regulatory authorities.
- Acquisition undisclosed, showcasing NCBA Group's impressive financial performance with 4.6% growth in Q1 2024 net profit.
- Approval from Competition Authority, Insurance Regulatory Authority, and Central Bank of Kenya solidifies NCBA Group's strategic move in the financial sector.
NCBA Group, a leading financial services provider and one of Kenya's largest banks, has completed the acquisition of AIG Kenya, making it a wholly-owned subsidiary of the Group.
The acquisition, for an undisclosed amount, was made from American International Group Inc. and has received necessary approvals from the Competition Authority of Kenya, the Insurance Regulatory Authority of Kenya, and the Central Bank of Kenya.
This acquisition follows NCBA Group's impressive financial performance, with a 4.6% growth in net profit for Q1 2024 and a 55.7% growth in net profit for the year ended December 2023.
Key Takeaways
In September 2023, NCBA announced its plans to buy out AIG Kenya, with the board approving the transaction. Following this announcement, NCBA’s subsidiary, Bancassurance Intermediary Ltd, launched a digital insurance portal in October 2023. Now, NCBA has fully acquired the insurance company, having previously held a minority stake in AIG Kenya for up to 18 years. This acquisition includes the purchase of the remaining 66.7% stake in the firm. AIG Kenya, which has been operating in the country since 1972, provides insurance services to corporates, SMEs, and individuals. With this acquisition, NCBA will leverage AIG’s established customer base and market reputation to expand its financial services reach, offering its customers more options and tapping into a broader audience.
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