Allianz has acquired a 51% stake in Jubilee Normal Insurance coverage Co. of Tanzania Ltd. from Jubilee Holdings Ltd. (JHL) and the Aga Khan Fund for Financial Improvement (AKFED).
JHL will retain a 15% stake and 6 minority shareholders will keep their whole of 34% stakes within the firm. (AKFED is the most important shareholder of JHL with a stake of 37.98%, mentioned an Allianz consultant).
Jubilee Normal Insurance coverage Co. of Tanzania Ltd. will change its identify in the end to Jubilee Allianz Normal Insurance coverage Co. Ltd., topic to approvals.
Monetary particulars of the deal weren’t disclosed.
That is the fourth acquisition to be accomplished as a part of an settlement introduced on Sept. 29, 2020, when Allianz agreed to amass the bulk shareholding within the short-term common (property/casualty) insurance coverage enterprise operations of JHL in 5 nations in Africa: Kenya, Uganda, Tanzania, Burundi and Mauritius.
The primary acquisition, in Kenya, was accomplished on Could 4, 2021, whereas Uganda and Burundi have been accomplished in October 2021 and March 2022, respectively. The closing of the transaction in Mauritius will observe shortly, topic to regulatory approvals.
“That is one other step in the direction of increasing Allianz’s footprint in Africa. We’re actually pleased with the progress, and we’re wanting ahead to working along with Jubilee to supply premium service supply within the insurance coverage area of East Africa,” mentioned Delphine Traoré, Allianz Africa regional CEO.
“The mixed strengths of the 2 manufacturers presents us with an ideal alternative to additional develop the insurance coverage business within the Tanzanian market. These synergies will go a good distance in inserting Tanzania on a better pedestal in as far insurance coverage penetration is worried,” commented Jubilee Holdings Group Chairman Nizar Juma.
About Allianz, Allianz in Africa and AKFED
The Allianz Group is without doubt one of the world’s main insurers and asset managers with 126 million personal and company prospects in additional than 70 nations. Allianz has over a century of historical past in Africa, the place it continues to broaden its footprint. Allianz is at present current in 13 nations in Africa and helps shoppers in 49 markets throughout the continent.
AKFED delivers monetary providers to assist native and nationwide economies develop, aiming to create secure monetary establishments and finally enhance native requirements of dwelling.
Subjects
Mergers & Acquisitions
Allianz
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