SanlamAllianz Kenya has named Jacqueline Karasha chief executive from 1 November 2026. She replaces Dr Nyamemba Patrick Tumbo, EBS, who retires on 31 October after more than eight years in the role.
The board of Sanlam Allianz Holdings (Kenya) PLC, the Nairobi Securities Exchange listed insurer that trades under the SanlamAllianz Kenya brand, announced the change in a notice dated 15 October. It said it was “pleased to announce the appointment of Jacqueline Karasha”. She is now CEO and Principal Officer of Sanlam Allianz Life Insurance (Kenya) Limited, the subsidiary the group plans to absorb into the listed parent.
Who Jacqueline Karasha is
Karasha began her career in April 2008 as an actuarial trainee at Jubilee Insurance. She spent five years there, moving through premium allocation, new business and group life servicing as a team leader. She then joined UAP Old Mutual Group in 2013 and worked in corporate business development until 2015, before a year as Head of Corporate Business at CIC Insurance.
She joined Sanlam in September 2016 in the same role. She became Chief Sales Officer in October 2022 and Chief Sales and Projects Officer in November 2024. She took over as CEO of the life insurer on 1 June 2025. Divisional revenue reportedly rose from about US$17 million in 2016 to US$35 million in 2020 under her leadership of corporate business.
Karasha holds a first class honours degree in actuarial science from Jomo Kenyatta University of Agriculture and Technology. She completed Stellenbosch Business School’s Senior Leadership Development Programme and is studying for an Executive MBA at Strathmore University, due to finish in April 2027. Kenya Times reported at her 2025 appointment that she was recognised for reshaping distribution and building partnerships. Her LinkedIn profile describes an “experienced leader with a demonstrated history of working in the financial services industry”.
Tumbo retires after eight years
Tumbo took over in August 2018 from Mugo Kibati, after George Kuria spent six months as acting group chief executive. He came from Jubilee Insurance, where he was Kenya CEO and was credited with growing the business from KSh4 billion to KSh24 billion. His career began as a management trainee at Alico Kenya, now AIG Kenya, with later posts at CIC and PTA Reinsurance.
His tenure centred on repairing the balance sheet. The company raised KSh2.5 billion through a rights issue in 2025 and used it to repay the Stanbic Bank loan balance of KSh2.4 billion on 23 May 2025. The loan stood at KSh3.04 billion at the end of 2024 and had sat on the books since 2017. Sanlam Allianz Africa underwrote the issue and now holds about 71.5 per cent with Hubris Holdings.
He then led the group into the SanlamAllianz joint venture. The general insurance business moved to Jubilee Allianz on 1 November 2025, and the listed company took its current name that month. Khusoko reported the rebrand plan in September 2025.
Tumbo also chairs the Insurance Training and Education Trust of Kenya, which runs the College of Insurance, and sits on the Leadership Council of SanlamAllianz Africa. His awards include Africa Insurance CEO of the Year from the African Insurance Organisation. Of the half year results, he said the business is “fundamentally stronger and better capitalised than it was eighteen months ago”.
Shareholders vote on the life unit merger on 12 November
The leadership change comes before an extraordinary general meeting on Thursday 12 November at 11am. The meeting is virtual, and registration closes on 10 November. Shareholders will vote on renaming the listed company Sanlam Allianz Life Insurance (Kenya) PLC and on matching changes to its articles.
The proposal moves the subsidiary’s life insurance business, assets, liabilities and fund administration into the parent as a going concern. Regulators including the Insurance Regulatory Authority and the Retirement Benefits Authority must still clear the transfer. The subsidiary is then expected to surrender its licence and be dissolved. General insurance stays outside the listed company under George Kuria.
The Insurance Regulatory Authority’s June 2026 statistics show the subsidiary held KSh38.47 billion in assets and KSh31.83 billion in insurance contract liabilities. It ranked 11th among 22 long term insurers with KSh4.30 billion in gross premiums, a 2.91 per cent share. Industry life premiums rose 33.6 per cent to KSh147.46 billion in the half year, Business Daily reported. Dr Martin Oduor Otieno has chaired the board since 4 June 2026, succeeding Dr John Simba.
Half year profit rose, but core earnings fell
The group reported a net profit of KSh124.6 million for the six months to June 2026, against KSh30.9 million a year earlier. Gross written premiums grew 32 per cent, insurance revenue reached KSh2.2 billion, and assets passed KSh40 billion for the first time at KSh40.3 billion. The solvency ratio closed at 266 per cent. Khusoko covered the results in August.
Underlying earnings fell. Profit before tax dropped 28 per cent to KSh201 million. The insurance service result fell to KSh241.3 million from KSh368.4 million, and investment returns dropped 83 per cent to KSh479.6 million. The comparison also benefits from a KSh103.7 million loss on discontinued operations in the first half of 2025, Serrari Group reported. Dedan Maina of Ketu Capital said the “headline profit increase is misleading if viewed in isolation”. He said the second half turns on whether premium growth converts to better margins.
Karasha starts on 1 November, 11 days before shareholders vote on folding the unit she leads into the listed company.
