Allianz acquires majority stake in Jubilee’s general insurance business in East Africa

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Chuks Udo Okonta

Allianz and Jubilee Holdings Limited have announced the completion of the previously signed agreement for Allianz to acquire a 66 per cent 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 five 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 per cent of shares in the company (equivalent to 3,554,275 ordinary shares). This transaction consists of Allianz acquiring 51 per cent 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 per cent stake in the company and a further 25.63 per cent 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, 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.”

About Allianz

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 AGCS).

For further information, please visit us at www.allianz-africa.comallianz-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. Cautionary note regarding forward-looking statements.

This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties.

Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements. Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the 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.