Allianz Completes Acquisition Of  Jubilee General Insurance Company Of Tanzania Limited

Allianz and Jubilee Holdings Limited have announced the completion of the previously signed agreement for Allianz to acquire a 51% stake in the Jubilee General Insurance Company in Tanzania.

The transaction is part of 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.

With this, Kenya, Uganda and Burundi transactions have been completed to date while Mauritius will follow, subject to regulatory approvals.

Allianz made this known in its news release today.

“Allianz, one of the world’s leading insurers and asset managers, became the majority shareholder in Jubilee General Insurance Company of Tanzania Limited (equivalent to 25,500,000 ordinary shares).

“This transaction consists of Allianz acquiring 51% stake ordinary shares from Jubilee Holdings Limited and AKFED combined. JHL will retain a 15% stake and the 6 minority shareholders will maintain their total of 34% shares in the company.

“Jubilee General Insurance Company of Tanzania Limited will change its name in due course to Jubilee Allianz General Insurance Company Limited, subject to approvals.

“This is the fourth acquisition to be completed as part of an 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. The first acquisition, in Kenya, was completed on May 4, 2021, while Uganda and Burundi were completed in October 2021 and March 2022 respectively. The closing of the transaction in Mauritius will follow shortly, subject to regulatory approvals,” Allianz stated in the statement.

Speaking on the development, Delphine Traoré, Allianz Africa Regional Chief Executive Officer said,  “This is another step towards expanding Allianz’s footprint in Africa. We are really proud of the progress and we are looking forward to working together with Jubilee to offer premium service delivery in the insurance space of East Africa.”

Jubilee Holdings Group Chairman, Mr. Nizar Juma affirmed that with the support of both teams and the regulators, Jubilee Holdings and Allianz SE have once again strengthened the commitment to broadening insurance in Tanzania and East Africa at large. “The combined strengths of the two brands present us with a perfect opportunity to further grow the insurance industry in the Tanzanian market. These synergies will go a long way in placing Tanzania on a higher pedestal in as far insurance penetration is concerned”, Mr. Juma noted.

Allianz and JHL will continue to work together to finalize the acquisitions in Mauritius, according to the statement.