The Insurance Regulatory Authority (IRA) has approved the transfer of Sanlam General Insurance Limited’s entire general insurance business, valued at KSh 820.6 million, to Jubilee Allianz General Insurance (K) Limited.
- •The transaction completes the consolidation of Sanlam and Allianz’s Kenyan operations under the SanlamAllianz Africa joint venture.
- •The approval finalizes a two-year restructuring process following the Sanlam and Allianz merger announcement in 2022.
- •The portfolio transfer includes all general insurance policies such as motor, fire, marine, medical, and other non-life classes previously issued by Sanlam General Insurance.
| Metric | Value / Detail |
|---|---|
| Transaction Value | KSh 820,607,000 |
| Effective Date | 31 December 2023 |
| Solvency Capital (Cash) | KSh 600 million |
| Net Consideration (Assets) | KSh 220.6 million |
| Legal Adviser | Anjarwalla & Khanna LLP |
| Regulatory Approval | Insurance Regulatory Authority, 26 Sep 2025 |
| Transfer Type | Portfolio Transfer (all general classes) |
| Law Invoked | Sections 113-118, Insurance Act (Cap 487) |
Transfer Covers All General Classes
Jubilee Allianz has assumed all related liabilities, including pending and contingent claims, and will issue Certificates of Assumption to policyholders upon request.
The effective date of 31 December 2023 serves as the valuation point for assets and liabilities, ensuring continuity in underwriting and claims management.
The approval coincides with SanlamAllianz Africa completing its acquisition of Jubilee Holdings’ remaining stakes in the Jubilee Allianz subsidiaries across East Africa. The move gives SanlamAllianz full control of the entities while marking Jubilee Holdings’ full exit from the general insurance segment.
Part of Sanlam and Allianz Africa Integration
The deal is part of the wider SanlamAllianz Africa restructuring, which merged Sanlam’s and Allianz’s African operations (excluding South Africa) into a single entity.
The joint venture, approved by the IRA in November 2022 and operational since September 2023, aims to create Africa’s largest non-bank financial services group.
With the Kenyan regulator’s approval now complete, SanlamAllianz has unified its general insurance operations in Kenya under Jubilee Allianz. The consolidation strengthens its solvency position, enhances efficiency, and aligns Kenya’s insurance sector with the group’s pan-African integration strategy.
