Jubilee Holdings Limited (JHL) has announced its decision to divest from its general insurance operations across five African nations, according to Margaret Kipchumba, the Group General Counsel and Company Secretary.
The company’s Board of Directors has confirmed entering into a formal agreement with Sanlam Allianz Africa Proprietary Limited (SAZ) for the sale of all its directly and indirectly held shares in its general insurance subsidiaries.
The transaction encompasses Jubilee Allianz General Insurance in Kenya, Uganda, Tanzania, and Mauritius, as well as Jubilee Insurance Company of Burundi S.A. This decision is being executed under pre-existing commercial arrangements, specifically a put option right previously granted to JHL by SAZ.
The completion of this sale is not immediate and remains contingent upon the fulfilment of several standard regulatory conditions. These include securing necessary approvals from the insurance regulatory bodies and the relevant government ministries in each of the jurisdictions where the target companies operate.
Notably, in Kenya, this requires the green light from the Insurance Regulatory Authority and the Cabinet Secretary for the National Treasury and Economic Planning.
Once the transaction is finalised, it will mark a major portfolio shift for Jubilee Holdings, which will completely exit from its shareholding in these general insurance businesses. This will reorient the company’s strategic focus and alter its asset composition within the region.
In light of these ongoing developments, the company has issued guidance to its shareholders and the broader investment community.
Investors are advised to proceed with caution when trading JHL shares on the Nairobi Securities Exchange, the Uganda Securities Exchange, and the Dar es Salaam Stock Exchange until the sale is successfully concluded.
