Jubilee Allianz gets Sh2.75bn shareholder capital boost

NAIROBI, Kenya, July 1 – Jubilee Allianz General Insurance (Kenya) Limited has received a capital injection of Sh2.75 billion from its shareholders, enabling the insurer to meet the Insurance Regulatory Authority’s (IRA) capital adequacy requirements.

The fresh capital now places the company above the 100 percent threshold for capital adequacy ratio, a key metric used by regulators to gauge an insurer’s ability to absorb financial shocks and meet its obligations.

“With this capital injection, Jubilee Allianz Kenya has achieved full compliance with the 100% capital adequacy requirement and now operates above the mandated threshold,” the firm confirmed in a statement.

The move comes amid rising regulatory scrutiny within the insurance sector, where capitalisation and solvency levels are being closely monitored to ensure insurers remain resilient amid economic volatility and increasing claims risks.

The insurer, a joint venture between Germany’s Allianz Group and Kenya’s Jubilee Holdings, was formed following a transaction that saw Allianz acquire a 66 percent stake in Jubilee’s general insurance business in 2023. Jubilee Holdings retained a 34 percent stake in the firm.

The deal, executed through an agreement first signed in September 2020, was part of a broader regional acquisition covering five countries—Kenya, Uganda, Tanzania, Burundi, and Mauritius—as Allianz sought to expand its presence in Africa’s short-term insurance market.

The capital boost is expected to strengthen the company’s capacity to underwrite risk and invest in new insurance solutions amid growing competition in Kenya’s general insurance sector.