Sanlam Kenya Plc has called an extraordinary general meeting (EGM) for October 9, 2025, to seek shareholder approval to change its name to Sanlam Allianz Holdings (Kenya) Plc, marking a significant milestone in the ongoing consolidation of Africa’s insurance landscape under the SanlamAllianz joint venture.
The proposed rebrand follows Jubilee Holdings’ complete exit from general insurance after it sold its remaining 34% stakes in Jubilee Allianz subsidiaries in Kenya, Uganda, and Mauritius, along with 19% in Burundi and 15% in Tanzania, to SanlamAllianz Africa. This strategic restructuring creates one of the largest pan-African non-banking financial services entities on the continent.
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The Genesis of the SanlamAllianz Partnership
The transformation began when Allianz entered the East African market in 2020 by acquiring 51-66% stakes in Jubilee’s general insurance units for KSh 10.8 billion, providing Jubilee with KSh 7.75 billion in cash. The phased acquisitions closed between 2021 and 2022, after which each business rebranded under the Jubilee Allianz name.
In 2022, Allianz SE, one of the world’s leading insurers and asset managers with more than a century of history in Africa, formed a strategic pan-African joint venture with Sanlam Limited, the largest non-banking financial services company in Africa. The partnership officially launched SanlamAllianz in September 2023 with a combined group equity value of R35 billion ($2 billion), split 60% to Sanlam and 40% to Allianz.
Strategic Restructuring and Capital Optimization
As part of the consolidation process, Sanlam Kenya had earlier transferred its general insurance portfolio—with assets valued at KSh 2.78 billion—to Jubilee Allianz Kenya as part of the broader reorganization strategy. This strategic move allows each entity to focus on its core strengths while maximizing operational efficiencies.
A significant KSh 2.5 billion rights issue completed in 2025 raised SanlamAllianz and Hubris Holdings’ combined stake in Sanlam Kenya to 71.5%. The Capital Markets Authority (CMA) granted an exemption from takeover rules to facilitate this restructuring, demonstrating regulatory support for the consolidation initiative.
With general insurance operations carved out and transferred, the rebranded Sanlam Kenya will maintain its focus on life insurance, pensions, and investment products, while the joint venture operates the general insurance business across East Africa through a unified platform.
Market Context: Kenya’s Growing Insurance Sector
The rebranding comes at a time when Kenya’s insurance market is experiencing significant growth and transformation. According to market analysis, Kenya’s insurance market is projected to reach a market volume of US$9.44 billion by 2029, with an expected annual growth rate of 3.24% from 2024-2029.
The country’s insurance density stands at $41.3 USD per capita as of 2023, with a penetration rate of 2.1% of GDP. While this remains below the continental average, it represents substantial growth potential as financial inclusion initiatives expand and economic development continues.
Kenya’s insurance regulatory framework is overseen by the Insurance Regulatory Authority (IRA), which has been implementing progressive reforms to enhance market stability and consumer protection. The regulatory environment has become increasingly supportive of consolidation initiatives that strengthen market players and improve service delivery.
Continental Expansion and Regional Integration
SanlamAllianz now operates across 26 countries in Africa, positioning itself among the top three insurance companies in most of its chosen markets. The joint venture leverages over 200 years of combined expertise to deliver comprehensive services including life and general insurance, asset management, assistance services, third-party administration, and retail credit products.
The partnership has already successfully merged operations in several key African markets including Nigeria, Morocco, Ghana, Uganda, and Côte d’Ivoire. In each market, the integration combines decades of experience across insurance and asset management while streamlining product delivery and facilitating regional expansion.
Recent developments include the successful rebranding of Sanlam Namibia to SanlamAllianz Namibia, marked by celebratory events in Windhoek that demonstrated the strong market reception of the unified brand across the continent.
Regulatory Framework and Compliance
The rebranding process operates within Kenya’s comprehensive regulatory framework for insurance and capital markets. Under current regulations, any acquisition, transfer, or disposal of more than 10% of the paid-up share capital or voting rights of an insurer requires prior written approval from the Commissioner of Insurance.
The CMA’s exemption from takeover rules for the rights issue demonstrates the regulatory authorities’ recognition of the strategic importance of this consolidation for Kenya’s financial services sector. The exemption facilitates the ownership restructuring necessary to align with the broader SanlamAllianz strategy while ensuring compliance with market regulations.
The regulatory framework supports market consolidation initiatives that enhance operational efficiency, improve customer service delivery, and strengthen the overall stability of Kenya’s financial services sector.
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Business Separation and Operational Focus
The strategic separation of general insurance operations represents a sophisticated approach to business optimization. Sanlam Kenya CEO Patrick Tumbo explained that the Insurance Regulatory Authority (IRA) has approved the merger between Sanlam General and Jubilee Allianz General Insurance, with both entities now owned by SanlamAllianz as the majority shareholder.
“There is a merger in the offing between Sanlam General and Jubilee Allianz General Insurance. It is yet to happen, but we have now gotten regulatory approval for the merger. Both businesses are owned by SanlamAllianz as the major shareholder,” Tumbo stated in a recent interview.
The operational separation allows each entity to concentrate on its areas of expertise. The life insurance, pensions, and investment operations will continue under the Sanlam Allianz Holdings banner, while general insurance operations integrate under the established Jubilee Allianz platform.
Technology Integration and Digital Innovation
The consolidation under SanlamAllianz brings together advanced technological platforms and digital capabilities from both parent companies. The joint venture prioritizes digital innovation to drive financial inclusion by providing greater access to products and services across African markets.
Leveraging telecommunication and bancassurance partnerships, SanlamAllianz creates new opportunities for market expansion and customer acquisition. The unified technology platform enables more efficient operations, enhanced customer experience, and improved service delivery across multiple markets.
The digital transformation initiatives align with broader industry trends toward mobile-based insurance products and online service delivery, particularly important in markets with growing smartphone penetration and mobile money adoption.
Financial Performance and Market Position
Sanlam Kenya’s financial performance provides a strong foundation for the rebranding initiative. The company has maintained its position as one of Kenya’s leading life insurers, with significant market share in pensions and investment products.
The rights issue that raised KSh 2.5 billion demonstrates strong investor confidence in the SanlamAllianz strategy and provides additional capital to support growth initiatives under the new structure. The funding strengthens the balance sheet and provides resources for market expansion and product development.
As part of the broader SanlamAllianz network, the Kenyan operations benefit from enhanced financial stability, expanded product offerings, and access to international best practices in insurance and investment management.
Competitive Landscape and Market Dynamics
The Kenyan insurance market features several major players including Britam, CIC Insurance, APA Insurance, and Jubilee Holdings. The SanlamAllianz consolidation creates a formidable competitor with enhanced scale, diversified product offerings, and strong regional presence.
Market dynamics continue evolving with increasing competition from both traditional insurers and new entrants leveraging digital platforms. The SanlamAllianz partnership positions the combined entity to compete effectively across all market segments while maintaining strong relationships with corporate and retail customers.
The consolidation trend extends beyond Kenya, with similar partnerships and mergers occurring across Africa as companies seek to achieve greater scale, operational efficiency, and market coverage in an increasingly competitive environment.
Customer Impact and Service Enhancement
For existing Sanlam Kenya customers, the rebranding represents continuity of service with enhanced capabilities and expanded product offerings. The transition maintains existing policy terms and conditions while providing access to the broader SanlamAllianz product portfolio.
The integration brings together expertise from both organizations, potentially offering customers improved claims processing, enhanced customer service, and access to innovative insurance and investment products developed across the SanlamAllianz network.
Corporate clients benefit from expanded coverage options, particularly for businesses operating across multiple African markets where SanlamAllianz maintains a presence. The unified platform facilitates cross-border business relationships and streamlines service delivery for multinational operations.
Future Growth Strategy and Market Expansion
Looking ahead, the rebranded Sanlam Allianz Holdings (Kenya) will focus on accelerating growth in life insurance, pensions, and investment products while leveraging the parent company’s continental presence for regional expansion opportunities.
The strategy emphasizes sustainable growth through product innovation, digital transformation, and enhanced customer experience. The company plans to capitalize on Kenya’s economic growth and increasing insurance awareness to expand market penetration and customer base.
Regional expansion opportunities include leveraging SanlamAllianz’s presence in neighboring East African markets to serve customers with cross-border operations and facilitate intraregional investment flows.
Conclusion: A New Era for African Insurance
The rebranding of Sanlam Kenya to Sanlam Allianz Holdings represents more than a name change—it symbolizes the emergence of a new generation of pan-African financial services companies capable of competing globally while maintaining deep local market knowledge.
As shareholders prepare to vote on October 9, 2025, they are deciding on participation in one of Africa’s most ambitious financial services consolidations. The SanlamAllianz partnership demonstrates how strategic alliances can create value for stakeholders while advancing financial inclusion and economic development across the continent.
The successful implementation of this rebranding will serve as a template for other potential consolidations in Africa’s fragmented insurance landscape, ultimately contributing to the development of more robust, efficient, and customer-focused financial services sectors across the continent.
For Kenya’s insurance market, the transformation represents a significant step toward greater maturity, enhanced competition, and improved service delivery—benefits that will ultimately flow to consumers, businesses, and the broader economy.
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By: Montel Kamau
Serrari Financial Analyst
15th September, 2025
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