Allianz Acquires Stake In Jubilee General Insurance Co. Of Tanzania

Allianz acquires 65% stake in Jubilee Insurance — Business — The Guardian  Nigeria News – Nigeria and World News

Yemisi Izuora

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 retain their total 34% stake in the company. (AKFED is JHL’s largest shareholder with a 37.98% stake, an Allianz representative said).

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 exchange were not disclosed.

This is the fourth acquisition to be completed under a deal announced on September 29, 2020, when Allianz agreed to acquire the majority stake in the short-term general insurance business (casualty/casualty) of JHL in five African countries. : Kenya, Uganda, Tanzania, Burundi and Mauritius.

The first acquisition, in Kenya, was finalized on May 4, 2021, while Uganda and Burundi were finalized in October 2021 and March 2022, respectively. Closing of the transaction in Mauritius will follow shortly, subject to regulatory approvals.

“This is another step towards expanding Allianz’s presence in Africa. We are truly proud of the progress made and look forward to working with Jubilee to deliver premium insurance service delivery in East Africa,” said Delphine Traoré, Regional CEO of Allianz Africa. .

“The combined strengths of the two brands provide us with a perfect opportunity to further develop the insurance industry in the Tanzanian market. These synergies will go a long way in putting Tanzania on a higher pedestal when it comes to insurance penetration,” commented Jubilee Holdings Group Chairman, Nizar Juma.

The Allianz Group is one of the world’s leading insurers and asset managers with 126 million individual and corporate customers in more than 70 countries. Allianz has over a century of history in Africa, where it continues to expand its presence. Allianz is currently present in 13 African countries and supports its customers in 49 markets across the continent.

Jubilee Holdings Ltd. is the only ISO-certified insurance group listed on all three East African 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 provides financial services to help local and national economies grow, with the goal of creating stable financial institutions and ultimately improving local living standards.

Add Comment