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STELLA NJUNGE
MANAGING DIRECTOR & CEO, NCBA INSURANCE
“In any acquisition process, it takes the leaders from both companies to work well together, ensuring a seamless transition while blending the strengths of each organisation.” This principle underscores the leadership of Stella Njunge, Managing Director (MD) and CEO of NCBA Insurance, formerly known as AIG Kenya Insurance, who recently navigated the successful acquisition of AIG Kenya by NCBA Group. Her ability to foster collaboration and drive integration has been pivotal in ensuring that the newly acquired business thrives in the competitive landscape.
The acquisition brought AIG Kenya into NCBA’s expansive portfolio, which includes its investment bank, leasing arm, and insurance intermediary services across Eastern Africa. Under Stella’s direction, in close collaboration with the NCBA Group team, the transition has been seamless, laying a strong foundation for future growth. Following the finalisation of the acquisition in July 2024, Stella commented, “NCBA’s resources and expertise will significantly enhance our capabilities, allowing us to offer a wider range of products and services, improve operational efficiencies, and provide greater value to our customers.”
Stella’s strategic oversight during this acquisition reflects her adeptness in guiding AIG Kenya through both exciting opportunities and turbulent times. Taking the helm of the insurance firm in the middle of the Covid-19 pandemic, she was immediately faced with unprecedented challenges. Yet, her human-centric leadership style became the beacon that steered the company through the storm. Stella focused on fostering empathy and communication within her team, ensuring that employees felt supported, even in uncertain times, while continuing to deliver innovative and competitively priced insurance products.
Under her leadership, AIG Kenya has built a well-diversified product portfolio that caters to both commercial and consumer insurance needs. The company leveraged its international expertise to enrich its local offerings, ensuring that its customers receive world-class services. Stella has spearheaded efforts to educate customers on the importance of insurance, pioneering innovative distribution channels to expand insurance penetration across the region. Her belief in the power of leadership drives her to inspire others, create lasting impact, and enrich the lives of her customers and employees alike.
Born as the eldest in a family of seven siblings, Stella’s early life on a serene farm in Nairobi shaped her strong work ethic and nurtured her leadership qualities. Her parents passion for farming, combined with a family emphasis on academic excellence, instilled in her the drive for success and a deep appreciation for hard work.
Her educational path saw her join Alliance Girls’ High School, where she completed both her ‘A’ and ‘O’ levels. She went on to pursue a degree in International Business Administration (IBA) at the United States International University – Africa (USIU-A), and later deepened her expertise through postgraduate studies at Strathmore Business School. These academic achievements laid a strong foundation for her career in finance and insurance.
Stella joined ICEA (now ICEA LION), where she started in an entry-level position and worked her way up to Senior Accountant. Her financial acumen and leadership potential were quickly recognised, and she transitioned to GA Insurance, where she served as Finance Manager for six years. This was followed by a significant move into the life insurance sector, taking on the role of General Manager for Retail Life at Liberty Life.
In 2017, she became CEO of Sanlam Life Insurance, where she demonstrated her ability to lead large teams and manage complex operations, which would soon see her land the position of MD and CEO at AIG Kenya.
Stella’s career journey has been marked by a consistent willingness to embrace change and a dedication to continuous learning. She attributes much of her success to early mentors who instilled in her the importance of hard work, authenticity, and resilience. These values have become the cornerstones of her leadership philosophy. “Resilience is a vital quality for any leader aspiring to make a positive impact,” Stella notes, reflecting on the numerous transitions she has navigated throughout her career.
Stella is a member of the Institute of Certified Public Accountants of Kenya (ICPAK) and the Institute of Certified Public Secretaries of Kenya (ICPSK). She also holds a prestigious fellowship from the Life Management Institute (LOMA), underscoring her dedication to excellence in her field.
Outside of work, Stella enjoys reading and travelling, passions she has carried with her since childhood. These hobbies offer her personal fulfilment as well as contribute to her balanced approach to leadership, allowing her to maintain a fresh perspective and creative mindset.
In every role she has taken on, Stella Njunge has demonstrated a remarkable ability to lead with empathy, resilience, and vision. Her tenure at AIG Kenya is a testament to her strategic acumen and her unwavering commitment to fostering growth and innovation, both within the company and beyond.
AUTHOR: KAREN NDUKU
EDITOR: ASHLEY NGANGA
