Allianz Africa S.A signed an agreement to acquire a majority stake in Five Subsidiaries of Jubilee Holdings Limited (NASE:JUB) from Aga Khan Fund for Economic Development and Jubilee Holdings Limited for KES 10.8 billion on September 29, 2020. Transaction includes acquisition of Jubilee General Insurance Company in Kenya, Tanzania, Uganda, Burundi and Mauritius. Under the agreement, Jubilee Holdings Limited will retain ownership of its Life and Pensions operations and its Medical insurance business in Kenya, Uganda and Tanzania. Jubilee Holdings Limited will retain a significant minority stake in each subsidiary. The transaction is subject to regulatory approvals in the five markets as well as a restructuring of Jubilee Holdings Limited's subsidiaries in Uganda and Tanzania into separate general insurance units, will result in Allianz becoming co-shareholder alongside Jubilee Holdings Limited in five general insurance subsidiaries of the Jubilee Holdings Limited Group, holding between 51% and 66% in each company. As of December 15, 2020, transaction is approved by shareholders of Jubilee Holdings Limited. As on May 4, 2021, Allianz Africa S.A completed the acquisition of 66% stake in Jubilee General Insurance Company, Kenya from Jubilee Holdings Limited. Allianz Africa acquired 1,522,622 ordinary shares of Jubilee General Insurance Company, Kenya. Jubilee Holdings Limited will retain remaining 34% stake in Jubilee General Insurance Company, Kenya. Jubilee General Insurance Company, Kenya will operate as “Jubilee Allianz General Insurance Limited”. The two companies of Allianz in Kenya, Allianz Insurance Company of Kenya Limited and Jubilee Allianz Insurance Limited will continue to operate separately until their operations are consolidated into Jubilee Allianz General Insurance Limited, which is subject to regulatory approval. Allianz and Jubilee Holdings Limited will continue to work together to finalize the acquisitions for the businesses in Tanzania, Uganda, Burundi and Mauritius. As of October 25, 2021, Allianz Africa completed acquisition of 66% stake in Jubilee General Insurance Company, Uganda and Jubilee Insurance Co Uganda will change its name in due course to Jubilee Allianz General Insurance Co Ltd. As of May 18, 2022, Allianz Africa S.A completed acquisition of 51% stake in The Jubilee Insurance Company of Tanzania Limited. The Jubilee Insurance Company of Tanzania Limited will change its name to Jubilee Allianz General Insurance Co. Ltd.

Tim Boxell, David Ives and Gareth Miles of Slaughter and May and Coulson Harney LLP acted as legal advisors to Allianz Africa. Stanbic Bank Kenya Limited acted as financial advisor and Ashwini Bhandari of CMS Daly Inamdar Advocates acted as legal advisor to Jubilee Holdings Limited.

Allianz Africa S.A completed the acquisition of a majority stake in Five Subsidiaries of Jubilee Holdings Limited (NASE:JUB) from Aga Khan Fund for Economic Development and Jubilee Holdings Limited for KES 10.8 billion on September 22, 2022.