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Jubilee Holdings Limited (JHL), one of East Africa’s leading financial groups, has completed the sale of its remaining shares in its non-life insurance subsidiaries across five African countries.
The acquiring entity is SanlamAllianz, a company formed from the 2023 merger between Sanlam and Allianz.
This transaction marks the final step in a strategic partnership initiated in 2020 between JHL and global insurance leader Allianz.
On 29 September 2020, Allianz and JHL signed an agreement under which Allianz would acquire majority stakes ranging from 51% to 66% in JHL’s non-life insurance businesses in Kenya, Tanzania, Uganda, Burundi, and Mauritius.
The initial phases of the deal were implemented gradually between May 2021 and September 2022.
In September 2025, Allianz, now operating as SanlamAllianz, became the sole shareholder of the entities through the acquisition of the remaining stakes: 34% in Kenya, Uganda, and Mauritius; 19% in Burundi; and 15% in Tanzania.
With this acquisition, SanlamAllianz strengthens its foothold in the East African insurance market, while Jubilee continues to refocus its strategy on other core business areas, particularly life and health insurance, as well as asset management.
