Allianz acquires majority stake in Jubilee’s general insurance business in East Africa
Allianz and Jubilee Holdings Limited announce the completion of
the previously signed agreement for Allianz to acquire a 66% stake
in Jubilee Insurance Mauritius Limited.
This transaction successfully concludes the agreement signed with
Jubilee Holdings Limited (JHL) in September 2020 for Allianz to
become the majority stakeholder in Jubilee’s general insurance
businesses in 5 East African countries.
Allianz is now represented in the general insurance market in
Uganda, Burundi, Tanzania, and Mauritius in addition to Kenya,
where the former Allianz Insurance Company of Kenya and Jubilee
General Insurance Company of Kenya company have become one
and now operate under the name Jubilee Allianz General
Insurance Company of Kenya
Port Louis, Mauritius, September 21, 2022
Allianz, one of the world’s leading insurers and asset managers, has become the majority
shareholder in Jubilee Insurance Mauritius Limited, purchasing 66% of shares in the
company (equivalent to 3,554,275 ordinary shares). This transaction consists of Allianz
acquiring 51% of ordinary shares from Jubilee Holdings Limited (JHL) and all shares
previously owned by the Aga Khan Fund for Economic Development (AKFED). JHL will
retain an 8.37% stake in the company and a further 25.63% through its subsidiary, the
Jubilee Investments Company Ltd.
This is the fifth and final transaction envisioned by the agreement announced on September
29 2020 by Allianz and JHL. Allianz had agreed to acquire the majority shareholding in the
short-term general (property and casualty) insurance business operations of JHL in five
countries in Africa, namely Kenya, Uganda, Tanzania, Burundi, and Mauritius. The first
acquisition in Kenya was completed in May 2021, while Uganda was completed in October
2021, followed by Burundi in March 2022 and Tanzania in May 2022.
“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,” says
Delphine Traoré, Allianz Africa Regional CEO.
Jubilee Holdings Group Chairman, Mr. Nizar Juma, stated that “The new entity will leverage
the digital capabilities, global underwriting expertise, and capacity of Allianz. We thank the
regulator and everyone who has been involved in the entire process. We look forward to
pooling our synergies to enhance product offering and customer experience to our mutual
clients across all fronts.”
For further information, please contact:
Sara Benazouz Tel. +212661472428, e-mail : firstname.lastname@example.org
Jean-Claude Bilgo Tel. +2250778551199, e-mail: email@example.com
Jubilee Holdings Limited:
Caroline Ndungu Tel. +254 20 3281000, e-mail: Caroline.Ndungu@jubileekenya.com
The Allianz Group is one of the world's leading insurers and asset managers with 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 809
billion euros on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz
Global Investors manage 2.0 trillion euros of third-party assets. Thanks to our systematic integration of
ecological, social and governance criteria in our business processes and investment decisions, we hold the
leading position for insurers in the Dow Jones Sustainability Index, launched on 12.11.2021. 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.
For further information, please visit us at: www.allianz.com
About Allianz in 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
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.
These assessments are, as always, subject to the disclaimer provided below.
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management's current views and assumptions and subject to known and unknown risks and uncertainties. Actual
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development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent
of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange
rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and
related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each
individual case, apply at a local, regional, national, and/or global level. Many of these changes can be
exacerbated by terrorist activities.
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