Jubilee Holdings Limited (JHL) has announced the amalgamation of its insurance subsidiaries in Uganda.
In a notice on April 24, JHL Board of Directors notified its Shareholders and the public that it has approved the proposed amalgamation of its Ugandan Life and Health insurance subsidiaries, namely, Jubilee Health Insurance Company of Uganda Limited and Jubilee Life Insurance Company of Uganda Limited.
The Board said the transaction is strategic and intended to strengthen operational capabilities.
The JHL Board said the merger will offer enhanced products and services to Jubilee’s Life and Health customers.
Additionally, it explained that the move will create a more financially robust insurance entity capable of driving sustainable growth within Uganda’s evolving insurance landscape.
“The amalgamation forms part of JHL’s broader strategy to optimize operations, strengthen competitiveness, and deliver enhanced long-term value to its shareholders and stakeholders,” reads part of the notice.
Jubilee Life Insurance Company of Uganda to Takeover
The Board said Jubilee Life Insurance Company of Uganda Limited will be the continuing entity upon completion of the amalgamation.
It will undertake both Life and Health insurance business in Uganda.
The Board reassured all policyholders and business partners that the amalgamation will not affect the validity of insurance policies and other existing contracts.
It added that the policies will remain in full force and effect.
Besides, the Board said Jubilee remains firmly committed to delivering the high standards of service customers have always trusted.
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Jubilee Holdings on Operations in Kenya and Tanzania
Jubilee Holdings clarified that the proposed amalgamation applies exclusively to JHL’s operations in Uganda.
“The Group’s Life and Health insurance entities in Kenya and Tanzania remain unaffected and shall continue to operate as separate entities,” reads another part of the notice.
The Company said the completion of the transaction is subject to regulatory approval by the Insurance Regulatory Authority of Uganda and other customary approvals.
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JHL said the announcement complies with The Capital Markets (Public Offers, Listings and Disclosures) Regulations 2023, and has been approved for publication by the Capital Markets Authority.
Further announcements will be made in due course.
Jubilee Holdings currently operates in Kenya, Uganda, Tanzania, Burundi, and Mauritius.
It is listed on the Uganda Securities Exchange, Nairobi Securities Exchange, and the Dar es Salaam Stock Exchange.
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