Allianz Europe BV, part of the Allianz Group, a global leader in insurance and asset management, has announced its intent to increase its indirect shareholding in Sanlam Kenya Plc from 23.09% to 28%.
- •This comes following the signing of a conditional share purchase agreement with Sanlam Emerging Markets Proprietary Limited (SEM).
- •The agreement is part of a broader partnership between Allianz and Sanlam Limited, which formalized their joint venture—Sanlam Allianz Africa—in May 2022.
- •The collaboration aims to create the largest Pan-African non-banking financial services entity, spanning 27 countries.
- •Notably, the joint venture holds a 57.14% stake in Sanlam Kenya through its subsidiary Hubris Holdings Limited.
Sanlam Kenya reported a net loss of KSh 127 million for the financial year ending December 2023, attributed to rising finance costs driven by a high-interest rate environment.
In 2021, Allianz acquired a 66% stake in Jubilee General Insurance’s operations across Kenya, Uganda, Tanzania, Burundi, and Mauritius for KSh 10.8 billion. This marked Allianz’s first major acquisition in East Africa.
To facilitate the Proposed Transaction, Allianz has applied for an exemption from Kenya’s Capital Markets (Take-overs & Mergers) Regulations, since Sanlam is listed at the Nairobi Securities Exchange. Allianz said that the transaction would not affect Sanlam Kenya’s direct ownership structure.
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