Allianz completes acquisition of majority stake in Jubilee’s general insurance business in East Africa

Allianz announces that it has completed the transaction to acquire a majority stake in Jubilee Holdings Limited’s general insurance business in East Africa, namely Kenya, Uganda, Tanzania, Burundi and Mauritius.

The two companies had announced the agreement on September 29, 2020, wherein Allianz had agreed to acquire the majority shareholding in the short-term general (property and casualty) insurance business operations of Jubilee Holdings.

The acquisition in Kenya was completed in May 2021, in Uganda in October 2021, in Burundi in March 2022, in Tanzania in May 2022 and in Mauritius in September this year. In Kenya, the former Allianz Insurance Company of Kenya and Jubilee General Insurance Company of Kenya have become one and now operate under the name Jubilee Allianz General Insurance Company of Kenya.

Delphine Traoré, Chief Executive Officer of Allianz Africa, said: “We are pleased to have completed the final transaction in our agreement with Jubilee, thereby cementing Allianz’s presence in East Africa. We remain confident that the global strength of Allianz, combined with Jubilee’s strong brand and deep local expertise, will enable us to provide best-in-class insurance solutions to customers in East Africa and beyond.”

Allianz and Jubilee will now focus on synergies to enhance their joint product offerings and customer experience.

Press contacts

Sara Benazouz
Allianz Africa
Jean-Claude Bilgo 
Allianz Africa
Allianz has over a century of history in Africa, where it has built and is continually expanding its footprint. The Group continues to gain leadership in key markets across the continent. Allianz is currently present in 14 countries and accompanies clients in 49 markets across the continent. At the regional level, the Group generated a Gross Written Premium of 732 million euros in 2021 (excluding AGCS). For further information, please visit us at www.allianz-africa.com.

About Jubilee Holdings Limited

Jubilee Holdings is the only ISO certified insurance group listed on the three East Africa stock exchanges – The Nairobi Securities Exchange (NSE), Dar es Salaam Stock Exchange and Uganda Securities Exchange. It has a network of offices in five countries-Kenya, Uganda, Mauritius, Burundi and Mauritius which are highly rated on leadership, quality and risk management and have been awarded an AA in Kenya, AAA in Uganda and an A in Mauritius. Jubilee Insurance is the largest provider of medical insurance in East Africa providing insurance services to over 1,900,000 people in the region.

The Allianz Group is one of the world's leading insurers and asset managers with more than 126 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage nearly 1.7 trillion euros** of third-party assets. Thanks to the systematic integration of environmental, social and governance criteria in our operations, business processes and investment decisions, we continue to be recognized as among the sustainable insurers in the Dow Jones Sustainability Index (September 23, 2022). In 2021, over 155,000 employees achieved total revenues of 148.5 billion euros and an operating profit of 13.4 billion euros for the group.

These assessments are, as always, subject to the disclaimer provided below.

*Including non-consolidated entities with Allianz customers.
** As of September 30, 2022
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Allianz completes acquisition of majority stake in Jubilee’s general insurance business in East Africa

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