Sanlam, Allianz in 10 year joint venture
Insurance giants Allianz SE and Sanlam Limited have signed an agreement to form a 10-year joint venture that will bring together their interests in their local subsidiaries Sanlam Kenya and Jubilee Allianz General Insurance Kenya. In a statement seen by NMG, Sanlam will own a 60% stake in the joint venture while Allianz will hold a 40% interest with an option to buy an additional 9% ownership in the future. Allianz will contribute its ownership in its African subsidiaries including majority stakes in Jubilee general insurance businesses in Kenya, Uganda, and Burundi which it recently acquired in cash transactions.
