Jubilee Insurance, a listed underwriter, has notified its shareholders of the forthcoming virtual Annual General Meeting scheduled for Tuesday 15th December 2020.
Shareholders will ratify a deal between German-based Allianz Africa Holding GmbH (Allianz) that will see both firms co-share management of Jubilee’s short-term general business in Kenya, Uganda, Tanzania, Burundi, and Mauritius.
The transaction will involve a series of sale and purchase agreements where Allianz will acquire equity stakes ranging from 51% to 66% in Jubilee Holding subsidiaries in a deal worth KSh 10.8 Billion.
Allianz Group has a presence in more than 70 countries, 17 of these countries in Africa. The global network gives Jubilee insurance a huge pool of knowledge and unrivalled expertise in underwriting all classes of insurance.
Allianz Kenya provides insurance products to protect individuals, families and corporates residing in Kenya.
Jubilee Insurance H1, 2020 net profits remained flat at KSh 1.8 Billion at the period ended 30th June 2020.
Gross underwritten business declined from KSh 7.7 Billion to KSh 7.5 Billion while its balance sheet grew from KSh 124.3 Billion to KSh 140.1 Billion.
Premiums earned from its general business declined from KSh 6.5 Billion to KSh 5.8 Billion during the period under consideration.