By Felix Oketcho
Allianz-one of the world’s leading insurers and asset managers have partnered with Jubilee Holdings Limited to grow the insurance market in the five East African countries where Jubilee Insurance currently operates.
Jubilee Holdings currently operates in Kenya, Uganda, Rwanda, Burundi and Tanzania.
JHL Regional Chief Executive Officer-Julius Kipngetich while briefing the media was optimistic about the joint venture noting that through this partnership, the two parties aim to expand and broaden insurance markets across East Africa, leveraging Jubilee Insurance’s deep regional knowledge, extensive networks and brand reputation with the global expertise and capacity of the Allianz Group.
According to Kipngetich, the partnership intends to further reinforce JHL’s regional leadership position by bringing international best practices to its customers in East Africa, addressing evolving insurance risks with relevant products, and support Allianz ambitions to reshape its footprint and gain market leadership in key markets on the African continent.
JHL’s total consolidated net assets of KES 32.3 billion (252 million euros, $299 million) as of June 30, 2020.
Jubilee Holdings Chairman-Nizar Juma noted that this strategic partnership will allow Jubilee to offer innovative, affordable and technically advanced products to a growing section of the regional population, supporting the ambition to increase insurance awareness and accessibility.
”The partnership will foster synergies with existing Allianz investments like Africa Re, BIMA and Safeboda, which currently have operations in many African markets,” said Nizar before adding that it will also provide opportunities to deploy Allianz global insurance solutions to support the growing multinational and cross-border business sector in East Africa.
Meanwhile, Nandini Wilcke who is the Regional Head of Mergers for Allianz said, “We are excited to begin the process of marrying the best of Jubilee and Allianz together in each of these countries and in so doing to establish Allianz as a meaningful presence in East Africa.”
Allianz, with its headquarters in Germany, serves more than 100 million retail and corporate customers in more than 70 countries worldwide and has over a century of history in Africa, where it has built a meaningful footprint across the continent.
Germany Ambassador to Uganda-Mathias Friedrich Gottlob Schsuer noted that the acquisition will increase German insurance investment and business relations while increasing its insurance footprint in the East Africa market.
“East Africa region has very vibrant middle-class people who yearning to invest in different insurance products both on short and long term despite natural calamities,” he said.
Insurance Regulatory Authority Executive Director, Hon Ibrahim Kadunabi lauded the two companies but urged them to work together as regulators to roll out and expand insurance products portfolio and insurance awareness in the region.