Kenya’s insurance industry is undergoing a major transformation following the completion of a deal in which SanlamAllianz has acquired Jubilee Holdings’ remaining stakes in general insurance across East Africa. Under the transaction, Jubilee will fully exit the non-life insurance business, while SanlamAllianz assumes control of all general insurance operations including motor, fire, medical, marine and other classes in Kenya, Uganda, Mauritius, Burundi and Tanzania.
The Insurance Regulatory Authority (IRA) recently approved the transfer of Sanlam General Insurance’s business, valued at KSh 820.6 mn, to Jubilee Allianz Kenya. This transfer includes all assets, liabilities and existing policies as of December 31, 2023. The net consideration paid to Sanlam by JubileeAllianz is KSh 220.6 mn, with the remaining value accounting for solvency and regulatory capital requirements. This transaction marks the final stage of a multi-year restructuring effort that began when Sanlam and Allianz merged their African operations under the SanlamAllianz joint venture. The aim has been to consolidate operations, enhance efficiency and scale up general insurance under a unified, well-capitalized brand.
With this shift, Jubilee is strategically refocusing on life and health insurance, areas where it maintains a strong market presence. For SanlamAllianz, the acquisition strengthens its footprint across East Africa and positions it as one of the most diversified and financially robust players in the region. The merger is expected to improve operational efficiency through economies of scale, streamline underwriting and claims management and bolster reinsurance negotiations. Policyholders are also likely to benefit from increased stability, stronger claims handling and broader product innovation under a more consolidated entity.
However, as with any major merger, short-term challenges are expected. Integrating two portfolios with differing underwriting standards and claims histories can create transitional inefficiencies or temporary service disruptions. Ensuring smooth policy transfers, consistent customer communication and transparent handling of legacy claims will be key to maintaining trust.
Overall, the Sanlam–JubileeAllianz deal underscores a broader trend in Kenya’s insurance landscape consolidation as a survival and growth strategy. Rising regulatory requirements, competitive pressures and the need for capital efficiency are driving insurers to merge, scale or specialize. For investors, this consolidation wave signals a maturing industry, where strength will increasingly depend on operational efficiency, innovation, and customer confidence.
