NCBA Group PLC is weaving insurance products into its core banking, lending and wealth management offerings, a strategy the Kenyan lender says has fuelled growth in its bancassurance business in the first half of 2026.

The lender, one of Kenya’s largest financial services groups by assets, said gross written premiums from NCBA Insurance and its bancassurance unit rose to 2.1 billion Kenyan shillings ($16.3 million) and 2.3 billion shillings, respectively, in the six months to June 2026.

NCBA Group reported a profit after tax of 12.4 billion shillings for the first half of 2026, up 12.2% from 11.0 billion shillings a year earlier, the company said in a statement dated August 5. Operating income rose 15.1% to 40.7 billion shillings, while profit before tax climbed 14.3% to 15.5 billion shillings.

The group attributed part of the growth to “embedding insurance in every relationship” with customers, alongside expansion in wealth management and digital banking. Assets under management in its wealth unit grew to 101 billion shillings, with active wealth clients surpassing 60,000, the company said.

NCBA’s insurance push builds on its 2024 acquisition of AIG Kenya Insurance Company Limited, which the group took to full ownership after holding a minority stake for more than 18 years. The deal gave rise to NCBA Insurance, a standalone unit offering general insurance to individuals, small businesses and corporate clients.

“We 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,” Group Managing Director John Gachora said at the time of the acquisition.

NCBA has also extended embedded insurance to its digital lending arm, LOOP. In September last year, LOOP partnered with Singapore-based insurtech firm Bolttech to launch device financing and protection cover for smartphone buyers, bundling insurance against theft and accidental damage into the purchase.

“This partnership enables us to make high-quality devices more affordable while giving our customers the peace of mind that comes with comprehensive protection,” LOOP Chief Executive Eric Muriuki said in a statement announcing the tie-up.

Bolttech, which operates in more than 35 markets and was valued at over $2 billion following a Series C funding round, has positioned embedded insurance as a way to tap what it estimates is a $70 billion global market for insurance sold alongside other products and services.

The push into embedded insurance comes as Kenya’s insurance penetration lags regional peers. Insurance coverage in Kenya stands at below 3% of gross domestic product, compared with about 13% in South Africa.

Analysts say the gap has prompted banks, telecoms operators and technology firms to fold insurance products directly into everyday transactions rather than sell standalone policies.

Safaricom, Airtel and a number of fintech startups have similarly embedded micro-insurance policies into mobile money wallets and other consumer services.

The shift has put pressure on traditional standalone insurers, some of which have reported weaker profits due to low policy uptake, high claims costs and legacy operating structures, according to industry commentary.

NCBA said its technology investments are supporting the expansion of insurance and other digital offerings. The group spent 2.4 billion shillings on technology infrastructure in the first half of 2026 to support artificial intelligence adoption and strengthen cybersecurity, it said.

System uptime reached 99.68%, while its digital Net Promoter Score, a measure of customer advocacy, rose to 69%.

Mobile banking now accounts for 94% of NCBA’s transaction volumes, the group said, as it scales tools such as NCBA ConnectPlus, a business banking platform rolled out across its regional markets this year.

NCBA Group operates in Kenya, Tanzania, Uganda, Rwanda, Ivory Coast, South Sudan and Ghana. The group, formed through the 2019 merger of NIC Bank Group and Commercial Bank of Africa, holds a leading position in asset finance in Kenya, with a 35% market share as of 2024, according to the company.

The bank reaches more than 60 million customers through partnerships with telecommunications providers, underpinning what it describes as its “one-stop shop” strategy for combining banking, lending, wealth management and insurance under a single platform.

NCBA said it expects continued growth in its insurance and wealth segments in the second half of 2026, even as it cited a “softer” global growth outlook. The group forecast global economic growth of 3.1% for 2026 but said it remained confident in domestic conditions, pointing to projected private sector credit growth of 9.3% in Kenya.

“We remain confident in the strength of our UBUNTU strategy… and our ability to unlock new growth opportunities which will generate enduring value for customers, shareholders, and the communities we serve,” the company said in its results statement.