Allianz has acquired a 51% stake in Jubilee General Insurance Co. of Tanzania Ltd. from Jubilee Holdings Ltd. (JHL) and the Aga Khan Fund for Economic Development (AKFED).
JHL will retain a 15% stake and six minority shareholders will maintain their total of 34% stakes in the company. (AKFED is the largest shareholder of JHL with a stake of 37.98%, said an Allianz representative).
Jubilee General Insurance Co. of Tanzania Ltd. will change its name in due course to Jubilee Allianz General Insurance Co. Ltd., subject to approvals.
Financial details of the deal were not disclosed.
This is the fourth acquisition to be completed as part of an agreement announced on Sept. 29, 2020, when Allianz agreed to acquire the majority shareholding in the short-term general (property/casualty) insurance business operations of JHL in five countries in Africa: 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.
“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,” said Delphine Traoré, Allianz Africa regional CEO.
“The combined strengths of the two brands presents 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,” commented Jubilee Holdings Group Chairman Nizar Juma.
About Allianz, Allianz in Africa, JHL and AKFED
The Allianz Group is one of the world’s leading insurers and asset managers with 126 million private and corporate customers in more than 70 countries. Allianz has over a century of history in Africa, where it continues to expand its footprint. Allianz is currently present in 13 countries in Africa and supports clients in 49 markets across the continent.
Jubilee Holdings Ltd. is the only ISO certified insurance group listed on the three East Africa stock exchanges – 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. Jubilee Insurance is the largest provider of medical insurance in East Africa providing insurance services to over 1.9 million people in the region.
AKFED delivers financial services to help local and national economies grow, aiming to create stable financial institutions and ultimately improve local standards of living.
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