Sanlam Kenya has announced plans to transfer the general insurance business of its subsidiary, Sanlam General Insurance Limited (SGIL), to Jubilee Allianz General Insurance (K) Limited (JAGIL).
In a notice dated Tuesday, August 26, 2025, the company announced that the transaction, dubbed the Portfolio Transfer, will be executed through a Business Transfer Agreement between the two firms.
“Pursuant to Regulation 89 of the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations, 2023, Sanlam Kenya Pic (the Company) hereby announces to the public that its subsidian Sanlam General Insurance Limited (SGIL), intends to enter into a Business Transfer Agreement with Jubilee Allianz General Insurance (K) Limited (JAGIL), whereby the general insurance business of SGIL will be transferred to JAGIL, (the Portfolio Transfer,” read the notice.
According to Sanlam Kenya, the transfer move happened after the Africa-wide joint venture, which was completed in September 2023. In this deal, Sanlam Limited from South Africa and Allianz SE from Germany, along with their subsidiaries, combined certain African operations, including those in Kenya, into a new joint venture company called Sanlam Allianz Africa.
Additionally, Sanlam Kenya said the proposed transfer is subject to customary conditions, including approval from relevant authorities and regulatory notifications.
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The company further noted that the transaction could materially affect the price of its shares listed on the Nairobi Securities Exchange (NSE).
In a statement signed by Board Chairman Dr. John PN Simba, Sanlam assured clients and stakeholders that service delivery will remain uninterrupted during the transition.
“We are committed to fulfilling our service obligations to our esteemed clients in accordance with our established service standards,” said Dr. Simba.
Sanlam has advised shareholders and investors to exercise caution when dealing with its shares until further announcements regarding the portfolio transfer are issued.
About Sanlam
Sanlam Kenya Plc is a financial services group listed on the Nairobi Securities Exchange. It operates through two subsidiaries, Sanlam Life Insurance Limited and Sanlam General Insurance Limited, offering life and general insurance products.
Also Read: Sanlam Life Insurance Company: History, Branches, Premiums and Packages Offered
The company runs 15 branches across major towns in Kenya. It holds a 6.84% share of the life insurance market, serving more than 78,000 individual policyholders and over 235,000 under group life policies.
Sanlam Kenya traces its roots back to 1946, when it was founded as Indo Africa Insurance Company. It later became Pan Africa Insurance Company, and eventually Pan Africa Insurance Holdings Ltd. In 2016, the company rebranded to Sanlam Kenya PLC following its integration into the Sanlam Group.
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