Nairobi — Sanlam Kenya Plc is poised to rebrand as Sanlam Allianz Holdings (Kenya) Plc, a strategic move that solidifies its role within a broader pan-African joint venture and sharpens its focus on key business segments. The proposed name change, which will be put to a shareholder vote on October 9, is the latest development in a multi-year consolidation of the African insurance market by two of its largest players.
The rebrand follows the conclusion of a complex series of transactions between South Africa’s Sanlam and the German-based global insurer Allianz. The two firms launched a joint venture, SanlamAllianz Africa, in 2023, with a combined group equity value of approximately R35 billion. The partnership, which operates in 27 countries, aims to leverage economies of scale and combined expertise to become a top-three insurance player in most of its target markets.
For Sanlam Kenya, the rebrand is a critical step in this larger strategy. The company has already transferred its general insurance portfolio, valued at KSh 2.78 billion, to Jubilee Allianz Kenya, a subsidiary now fully controlled by SanlamAllianz Africa. This divestiture allows Sanlam Kenya to concentrate exclusively on its core businesses: life insurance, pensions, and investments. The move is a significant pivot from its previous model as a diversified financial services provider and signals a strategic decision to specialize in high-margin, long-term products.
The deal, which was awarded the M&A deal of the year at the IFLR Africa Awards 2024, has been marked by meticulous legal and regulatory coordination across numerous jurisdictions. The partnership’s structure, with Sanlam holding a 60% stake and Allianz 40%, was designed to ensure Sanlam’s effective control while consolidating the operations of both companies into a single, cohesive entity.
The rebranding is a symbolic and strategic milestone, marking the end of the Jubilee Holdings era in general insurance for the merged entity and aligning the Kenyan business with the new SanlamAllianz brand. The new entity, Sanlam Allianz Holdings (Kenya), is positioned to benefit from enhanced distribution networks, digital innovation, and the combined financial strength of its parent companies, offering a broader array of products to both retail and corporate clients across the continent.
