KAMPALA – Allianz Group and Jubilee Holdings have announced that following the successful completion of the separation of the business of Jubilee Insurance Company of Uganda Limited into separate general and medical insurance companies, the parties will shortly proceed to close Allianz’s purchase of a 66% stake in the Jubilee Insurance Company of Uganda Limited.
This was after Allianz received approval from the Insurance Regulatory Authority of Uganda for the acquisition on August 5, 2021.
Jubilee Insurance Company of Uganda Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited, subject to regulatory approvals.
This is the second acquisition which will be completed as part of the agreement announced on September 29, 2020 wherein Allianz 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.
Coenraad Vrolijk, the Regional CEO of Allianz Africa, shared that they are proud of this transaction and are looking forward to working together with Jubilee to build out the best general insurance franchise in Uganda and in East Africa.
The partnership, which combines Allianz’s 130 years plus of experience in insurance and asset management with Jubilee’s regional knowledge and network, aims to bring world-class insurance to the East African markets.
Nizar Juma, Chairman of JHL, shared that the transaction points to their commitment to contribute to the broadening of insurance in Uganda.
“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.”
For over 80 years, Jubilee Insurance has distinguished itself as the regional market leader and the largest composite insurer in East Africa, with an asset base of Kshs. 151.72 billion (1.183 billion Euros) as of June 30, 2021.
It has a diverse business and an investment portfolio that is well-positioned to execute its strategic focus across the various business segments.
In Africa, Allianz is currently present in 12 countries and accompanies clients in 49 markets. Its 1,167 employees achieved regional revenues of 371 million euros in 2020. Allianz also provides micro-insurance for 1.7 million low-income families and individuals in Africa.
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, Tanzania, 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 Tanzania.
Jubilee Insurance is the largest provider of medical insurance in East Africa providing insurance services to over 1,900,000 people in the region.