Jubilee Holdings Sells Final Stake In General Insurance Business To Focus On What It Loves
East Africa’s Jubilee Holdings Plc has officially completed the final sale of its remaining general insurance stake to the newly formed SanlamAllianz joint venture. The completion of this deal, which began in 2020, signals Jubilee’s exit from the general insurance market in five key African countries to focus entirely on its core strengths.
The transaction, which finalised in 2025, involved the sale of Jubilee’s remaining minority shares: a 34 per cent stake in the Kenyan, Ugandan, and Mauritian businesses, and smaller stakes in Burundi and Tanzania. This move has fundamentally restructured Jubilee’s business model. The company, once a diversified insurer offering both life and general policies, will now operate exclusively as a specialised provider of life, health, and pensions insurance.
This shift is apparently a response to the highly competitive and capital-intensive nature of the general insurance market. Following this sale, Jubilee Holdings will free up significant capital and resources which will be reinvested into its core life and health segments, which have demonstrated stronger growth and profitability. The company aims to become a dominant regional player in these specialised areas.
The deal has created a new market leader in the form of SanlamAllianz, a joint venture between two of the world’s insurance giants. The new entity now consolidates its position as a major pan-African financial services company, inheriting Jubilee’s extensive network and customer base in the general insurance space. The transition will also see Sanlam Kenya’s general insurance business merge with Jubilee Allianz General Insurance Kenya, a move designed to streamline operations and create a more efficient market leader.
For Jubilee, the impact of the sale is both immediate and long-term. Besides the fact that its operational structure is now highly specialised, this will give the business the chance to take on a more targeted approach to its key markets. For customers, the change is primarily on the general insurance side, where they will now be served by Jubilee Allianz. Jubilee has reassured its life, health, and pensions clients that their policies and services will remain unaffected.
