Jubilee Holdings has completed the sale of its remaining stakes in Jubilee Allianz subsidiaries to SanlamAllianz Africa, fully exiting the general insurance market.
- •The deal, announced in mid 2025, transferred 34% holdings in Kenya, Uganda, and Mauritius, plus 19% in Burundi and 15% in Tanzania.
- •SanlamAllianz now controls the businesses outright, consolidating its presence across East Africa.
- •The move closes a five-year process that began in September 2020, when Jubilee agreed to sell controlling stakes in its general insurance units to Allianz SE for KSh 10.8 billion.
Allianz’s Initial Entry
Jubilee received KSh 7.75 billion in cash and reinvested KSh 3 billion into the subsidiaries. Allianz took 51–66% stakes, leaving Jubilee with minorities. The acquisitions were phased: Kenya in May 2021, Uganda in October 2021, Burundi in March 2022, Tanzania in May 2022, and Mauritius in September 2022.
Each business was rebranded under the Jubilee Allianz name. The partnership gave Allianz a foothold in East Africa and allowed Jubilee to focus on life, health, and pensions.
In May 2022, Allianz expanded further by creating a joint venture with Sanlam. The SanlamAllianz venture launched in September 2023 with a group equity value of R35 billion ($2 billion), split 60% to Sanlam and 40% to Allianz, and a portfolio covering 27 markets, including the Jubilee Allianz units.
Kenya became the first market to integrate. In 2025, Sanlam Kenya Plc transferred its general insurance book—assets of KSh 2.78 billion and liabilities of KSh 2.76 billion—to Jubilee Allianz Kenya. A KSh 2.5 billion rights issue raised SanlamAllianz and Hubris Holdings’ combined stake in Sanlam Kenya to 71.5%, with CMA exempting the group from takeover rules. Sanlam Kenya shifted its focus entirely to life and pensions.
With Jubilee’s divestment now complete, SanlamAllianz Africa is the owner of general insurance firms in five East African markets. Jubilee Holdings is now concentrated on life, health, and asset management, while Sanlam Kenya emerges as a focused life insurer. Allianz, through the JV, has secured scale in Africa’s fast-growing insurance sector.
