Sanlam General Insurance Limited and Jubilee Allianz General Insurance (K) Limited have formally applied for regulatory approval to amalgamate their general insurance businesses in Kenya. This strategic move, announced through a public notice published on August 1, 2025, is subject to clearance by the Insurance Regulatory Authority (IRA) under Sections 114 and 118 of the Insurance Act (Cap 487, Laws of Kenya).
The notice identifies Sanlam as the Vendor and Jubilee Allianz as the Purchaser in the proposed portfolio transfer, which seeks to move all general insurance assets, liabilities, obligations, and business undertakings from Sanlam General Insurance to Jubilee Allianz, effective December 31, 2025.
“To the transfer by the Vendor to the Purchaser with effect from 31 December 2023, of all those insurance policies issued by the Vendor in relation to its general insurance business of all classes, and for the Purchaser to accept these insurance policies issued by the Vendor in relation to its general insurance business and amalgamate the same with the Purchaser’s general business (the Portfolio Transfer).” the statement reads.
If approved, the General insurance merger would consolidate two major players in Kenya’s insurance sector, signaling a trend towards industry consolidation in a market characterized by growing competition and tightening regulatory standards.
In recent years, Kenya’s insurance industry has faced calls for consolidation to enhance efficiency, increase capital adequacy, and streamline service delivery. By combining their operations, Sanlam and Jubilee Allianz expect to create a stronger entity with improved economies of scale, better customer service delivery, and a more resilient balance sheet.
The two insurers currently operate multiple branches across Kenya. Sanlam’s branches include offices in Nairobi, Thika, Nakuru, and Mombasa, while Jubilee Allianz maintains presence in Kisumu and Nairobi. The merged entity is expected to maintain this national footprint, allowing continuity of service for existing policyholders and clients.
In accordance with the Insurance Act, the parties have submitted a comprehensive portfolio transfer proposal to the Insurance Regulatory Authority. This includes a detailed statement of the portfolio to be transferred and a draft business transfer agreement.
Copies of these documents are available for inspection at multiple locations, including the insurers’ offices, IRA’s website (www.ira.go.ke), and the offices of legal adviser Anjarwalla & Khanna LLP, located in Westlands, Nairobi.
Stakeholders, including policyholders, employees, and shareholders have been invited to review the documents and, if necessary, raise objections. The notice provides a 30-day window, ending August 31, 2025, for any person with reasonable grounds to believe they would be adversely affected by the transfer to file their concerns with the IRA.
“Copies of a statement setting out particulars of the Portfolio Transfer and a copy of the draft business transfer agreement relating to the Portfolio Transfer, are available for inspection at the following locations for a period of not less than thirty (30) days from the date of publication of this Notice,” the notice stated.
Sanlam and Jubilee Allianz have assured policyholders that the amalgamation will be carried out in full compliance with the Data Protection Act (Cap 411C, Laws of Kenya) and all relevant data privacy regulations. The statement commits to safeguarding the personal data of customers and highlights the implementation of appropriate safeguards to prevent any breaches during the transition.
Do you have any story or press releases you want to share? Send tips to editor@envestreetfinancial.com
Follow us on Twitter, Facebook, or LinkedIn to ensure you don’t miss out on any