Sanlam Kenya Plc has scheduled a virtual Extraordinary General Meeting (EGM) for Thursday, 9 October 2025, seeking shareholder approval to rebrand as Sanlam Allianz Holdings (Kenya) Plc.
The proposed name change aligns with the broader integration of Sanlam and Allianz operations across Africa under the SanlamAllianz joint venture.
Jubilee Holdings Exit and SanlamAllianz Formation
The rebrand follows Jubilee Holdings’ full divestment from general insurance, having sold its remaining stakes in Jubilee Allianz subsidiaries to SanlamAllianz Africa. The transaction included:
- Kenya, Uganda, Mauritius: 34% stake each
- Burundi: 19%
- Tanzania: 15%
Allianz initially entered East Africa in 2020 through a KSh 10.8 billion acquisition of 51–66% stakes in Jubilee’s general insurance units, injecting KSh 7.75 billion in cash. These phased deals were concluded in 2022, with each unit rebranding under the Jubilee Allianz banner.
In September 2023, Sanlam and Allianz formalised their pan-African joint venture, SanlamAllianz, valued at R35 billion (approx. $2 billion), with a 60:40 equity split favouring Sanlam.
Sanlam Kenya’s Restructured Focus
As part of the regional consolidation, Sanlam Kenya transferred its general insurance portfolio, valued at KSh 2.78 billion, to Jubilee Allianz Kenya. A subsequent KSh 2.5 billion rights issue in 2025 increased SanlamAllianz and Hubris Holdings’ combined stake in Sanlam Kenya to 71.5%, with the Capital Markets Authority (CMA) granting an exemption from takeover regulations.
Post-divestiture, Sanlam Kenya will concentrate on life insurance, pensions, and investment services, while general insurance operations will be managed by the joint venture across East Africa.
“The proposed name change is a key step in our alignment with the new SanlamAllianz brand,” said Dr. Patrick Tumbo, Group CEO, Sanlam Kenya Plc. “We aim to leverage the combined expertise and financial strength of two globally respected brands.”
Dr. Tumbo emphasised that the rebrand—pending regulatory and shareholder approvals—will reinforce Sanlam Kenya’s position as a resilient, client-focused business poised for long-term growth.
Financial Performance and Capital Strength
As of 30 June 2025, Sanlam Kenya reported:
- Insurance revenue: KSh 3.73 billion, up from KSh 3.52 billion
- Solvency ratios: 220% (Sanlam Life), 194% (Sanlam General)
- Total assets: KSh 41.3 billion, up from KSh 39.2 billion (Dec 2024)
The rights issue also raised issued share capital to KSh 3.22 billion, with shareholders’ funds more than doubling to KSh 3.85 billion.
Pan-African Footprint
SanlamAllianz now operates in 26 African countries, offering diversified insurance solutions and technical excellence. The joint venture aims to unlock economies of scale, expand market share, and deliver value through a broader geographic presence and product portfolio.
