Kenya’s Insurance Regulatory Authority (IRA) has officially approved the transfer of Sanlam General Insurance Limited’s general insurance portfolio valued at KSh 820.6 million to Jubilee Allianz General Insurance (K) Limited. The transaction marks a pivotal step in the completion of the SanlamAllianz Africa integration, uniting the general insurance operations of Sanlam and Allianz under a single entity in Kenya.
The move completes a restructuring process that began in 2022 when the two global giants announced plans to merge their African businesses (excluding South Africa). With this green light from the regulator, SanlamAllianz has solidified its foothold as one of the continent’s largest non-bank financial services groups.
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Background: A Two-Year Journey to Integration
The restructuring follows the Sanlam–Allianz joint venture that sought to combine the strengths of both firms across multiple African markets. The deal was ratified by Kenyan regulators in late 2022 and became operational in September 2023. The merger aims to build an Africa-wide financial powerhouse with deeper capital, greater underwriting capacity, and a wider product offering.
According to a joint statement by Sanlam and Allianz, the alliance brings together Sanlam’s regional experience with Allianz’s global expertise, allowing for the creation of innovative insurance solutions tailored to local markets.
For Kenya, the move was particularly significant given both companies’ strong market presence. The IRA’s approval finalizes the transfer of all Sanlam General Insurance policies — including motor, fire, marine, medical, and other non-life classes — to Jubilee Allianz.
Transaction Details
The transaction, which had an effective valuation date of 31 December 2023, covers all general insurance business written by Sanlam General Insurance as of that date.
| Metric | Value / Detail |
| Transaction Value | KSh 820,607,000 |
| Effective Date | 31 December 2023 |
| Solvency Capital (Cash) | KSh 600 million |
| Net Consideration (Assets) | KSh 220.6 million |
| Legal Adviser | Anjarwalla & Khanna LLP |
| Regulatory Approval | IRA, 26 September 2025 |
| Transfer Type | Portfolio transfer (all general classes) |
| Law Invoked | Sections 113–118, Insurance Act (Cap 487) |
Jubilee Allianz has assumed all liabilities related to this transfer, including pending and contingent claims. Policyholders may request official Certificates of Assumption, confirming that their coverage has seamlessly transitioned to the new underwriter.
Regulatory Oversight and Safeguards
The IRA’s approval followed a rigorous assessment to ensure solvency, capital adequacy, and uninterrupted policyholder protection. The authority, which has been steering Kenya’s insurance reforms, emphasized compliance with the Insurance Act provisions that govern portfolio transfers.
The regulator’s role in recent years has expanded beyond compliance checking to strategic supervision, promoting consolidation to strengthen capital bases and ensure long-term stability. IRA Commissioner of Insurance Godfrey Kiptum has repeatedly highlighted the need for insurers to adapt through mergers and partnerships to withstand shocks from inflation, currency volatility, and changing consumer expectations.
By approving this transaction, the IRA signaled support for strategic restructuring that builds more resilient insurers — part of Kenya’s broader financial-sector modernization plan.
Strategic Significance for SanlamAllianz
For SanlamAllianz, this approval is more than administrative — it’s the final step in creating a unified regional platform. The Kenyan market acts as a central pillar in the group’s East African growth strategy. With Jubilee Allianz now holding the consolidated general insurance license, the group will benefit from scale, shared systems, and stronger balance-sheet efficiency.
According to Allianz Group’s 2025 Africa Strategy Report, integration in key markets like Kenya and Côte d’Ivoire is essential to achieving consistent profitability across the continent.
For Jubilee Holdings, the transfer marks a complete exit from the general insurance segment. The company has since shifted focus to life and health insurance, as well as regional investments through Jubilee Life Insurance Kenya.
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Efficiency, Scale, and Market Leadership
With the integration finalized, Jubilee Allianz now gains the benefits of economies of scale, centralized underwriting, and enhanced reinsurance capacity. The new structure enables optimized risk pooling and improved pricing models driven by digital analytics.
Industry analysts note that the transaction positions Jubilee Allianz among the top five general insurers in Kenya by gross written premiums. The group is expected to deepen digital penetration, expand bancassurance channels, and roll out AI-driven claims systems, echoing its parent company’s global innovation strategy.
An industry analyst quoted by The East African noted that “this consolidation signals a shift in how insurers manage regional operations — through shared service centers, technology integration, and unified risk frameworks.”
Legal and Structural Context
The portfolio transfer operates under Sections 113–118 of the Insurance Act (Cap 487), which stipulates that transfers of insurance business require IRA approval, policyholder notification, and public disclosure. The process also demands actuarial assessments of solvency and valuation to ensure fairness to all parties.
Anjarwalla & Khanna LLP, one of Kenya’s leading corporate law firms, acted as the legal adviser for the transaction. The firm previously supported landmark deals such as the Britam–AAR Insurance merger and several regional financial restructurings, reinforcing its footprint in complex insurance transactions.
Industry Implications
This transaction is part of a larger trend in Kenya’s insurance industry toward consolidation and modernization. According to IRA’s 2024 Annual Report, the number of active insurers in Kenya has dropped slightly over the past three years as mergers, acquisitions, and exits reshape the sector.
The regulator has emphasized that stronger, better-capitalized players are crucial to restoring public confidence and enabling deeper insurance penetration, which currently hovers around 2.3 percent of GDP — among the lowest in Africa.
The SanlamAllianz consolidation thus fits into a wider movement aimed at reducing fragmentation and aligning Kenya’s market with international standards.
Challenges Ahead
Even with regulatory clearance, successful integration will depend on effective execution:
- System Integration: Aligning Sanlam’s legacy systems with Jubilee Allianz’s platforms will require extensive data harmonization.
- Human Resource Consolidation: Combining workforces while maintaining morale is a delicate process.
- Customer Transition: Ensuring seamless communication to policyholders is essential to maintain trust.
- Claims Alignment: Synchronizing claims databases to avoid duplication or disputes remains a major challenge.
However, both Sanlam and Allianz bring strong digital expertise and a track record of managing cross-border integrations, suggesting they are well-positioned to navigate these complexities.
The Road Ahead for Kenya’s Insurance Market
The successful completion of this transaction positions Kenya as a regional hub for insurance innovation. As multinational insurers scale operations across East Africa, Kenya’s regulatory framework and growing digital infrastructure make it an attractive base for regional expansion.
Experts at the Association of Kenya Insurers predict increased product diversification, more embedded financial-protection models, and better alignment with emerging digital-finance ecosystems.
Furthermore, with Jubilee Allianz now operating under the SanlamAllianz umbrella, policyholders can expect improved efficiency in claims settlement, new product bundles integrating life and general cover, and broader access to digital service platforms.
Conclusion: A Blueprint for Consolidation in African Insurance
The IRA’s approval of the KSh 820.6 million Sanlam business transfer to Jubilee Allianz represents far more than a local transaction — it’s a strategic realignment that demonstrates how African insurers can achieve scale, efficiency, and resilience through consolidation.
With its regulatory foundation secure, SanlamAllianz can now focus on innovation, customer experience, and digital expansion — priorities that mirror both group strategy and Kenya’s vision for a robust financial sector.
If executed effectively, this merger could serve as a model for other markets seeking to balance competition with financial strength — not only in Kenya, but across Africa’s emerging insurance frontier.
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By: Montel Kamau
Serrari Financial Analyst
7th October, 2025
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