In July 2024, lender NCBA Group PLC marked a milestone in its financial services journey, unveiling a fresh chapter for its insurance arm following the full acquisition of AIG Kenya. 

The rebranded entity, now known as NCBA Insurance Company, has stepped into the spotlight with a new identity—NCBA-IG (NCBA Insurance Group). 

In a statement on Thursday, the lender said this move not only reflects the seamless integration of the insurance subsidiary into the NCBA family but also signals the Group’s strategic push to deepen its roots in Kenya’s financial services sector.

John Gachora, NCBA’s Group Managing Director, shared his enthusiasm about the transition. “Today is a pivotal moment for us as we introduce NCBA-IG, a brand that embodies the fusion of our legacy and our future ambitions."

He added, "This rebrand isn’t just about a new name; it’s about harnessing the trust and reputation NCBA has built over the years to create a stronger, more competitive presence in the insurance market. NCBA-IG is poised to deliver innovative, customer-focused solutions that align with our mission to prioritize the needs of our clients as we move toward 2025 and beyond.”

The timing of this transformation couldn’t be better. Kenya’s insurance industry, valued at roughly KES309 billion in 2023, is on an upward trajectory, growing at a compound annual growth rate (CAGR) of 10 percent. 

The general insurance market alone, worth KES188 billion (approximately $1.3 billion) in 2023, is projected to grow at a CAGR of over 9 percent between 2024 and 2028. This growth underscores a broader shift in the country, as more Kenyans recognize the importance of financial security and seek reliable insurance products.

With NCBA-IG, the Group said it now well-positioned to tap into this expanding market. By combining NCBA’s established reputation with a renewed focus on innovation and customer-centricity, NCBA-IG aims to not only increase its market penetration but also redefine what it means to be a trusted insurance partner in Kenya’s evolving financial landscape.

Stella Njunge, Managing Director of NCBA Insurance Company, added: “Being part of NCBA has significantly enhanced our ability to deliver exceptional products and services to a wider set of customers."

She explained, "With this new brand identity, we are set to drive better understanding of insurance products, demonstrate value for our customers, and accelerate our growth within the insurance sector.”

The transformation into NCBA-IG (NCBA- Insurance Group) reflects the Group’s ongoing strategy to diversify its offerings and expand its reach in key markets.

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