Sanlam Allianz Holdings Kenya Plc plans to drop the subsidiary structure and make its life insurance business the listed entity on the Nairobi Securities Exchange (NSE).
The company said in a notice it intends to transfer all the assets and liabilities of its wholly owned subsidiary, Sanlam Allianz Life Insurance (Kenya) Limited, to the listed firm as a going concern, subject to regulatory approvals.
The company plans to hold a special general meeting for shareholders to vote on the proposed structure that will see the holding company change its name to Sanlam Allianz Life Insurance (Kenya) Plc to reflect its new role as the listed firm and the direct provider of life insurance.
The holding company already owns 100 percent of Sanlam Allianz Life Insurance Kenya, meaning the transfer will remove an additional corporate layer between the listed entity and the life insurance operations.
“The purpose of the proposed reorganisation is to simplify the group’s corporate structure and improve operational efficiency,” said the company in a cautionary announcement.
The restructuring will leave the listed company operating the life insurance business directly, while the subsidiary will surrender its insurance licence and eventually be dissolved.
The restructuring could see one of the two CEO positions scrapped as the group streamlines its structure. Veteran insurance executive Patrick Tumbo currently serves as CEO of Sanlam Allianz Holdings Kenya, while Jacqueline Karasha heads Sanlam Allianz Life Insurance Kenya.
The board said the transaction is an internal restructuring and does not involve the sale of the business to an outside investor or a change in ownership or control of the listed company.
“All existing insurance policies will continue on their current terms, with the [new listed] company becoming the insurer,” said the firm.
The announcement comes as the group continues to reorganise its operations following the transaction involving Sanlam Kenya, Jubilee Allianz and their ultimate parent companies— South Africa’s Sanlam Group and Germany’s Allianz SE.
Sanlam Kenya was previously the NSE-listed entity before transferring its general insurance business to Jubilee-Allianz General Insurance (Kenya) Limited, an unlisted company that now operates as Sanlam Allianz General Insurance Kenya.
The listed entity subsequently became Sanlam Allianz Holdings (Kenya) Plc, with the life insurance business housed in a separate subsidiary.
The latest proposal would place the life insurance operations directly under the listed company, while the general insurance business remains under the non-listed Sanlam Allianz General Insurance Kenya that is headed by George Kuria.
Sanlam Allianz Holdings Kenya posted a Sh124.6 million net profit for the half-year ended June 2026, nearly quadrupling its earnings from the corresponding period last year when it incurred one-off costs linked to business reorganisation.
The net earnings grew from Sh30.96 million posted in the previous half year when the listed entity incurred Sh103.67 million loss from discontinued operations, being sale of the general business.
