Jubilee Allianz General Company Limited (Jul 2022)


Jubilee Allianz Uganda is a subsidiary of Allianz Africa Holding GmbH (“Allianz Africa”), an intermediate non-operating holding company of Germany headquartered Allianz SE (“Allianz” or “the group”) following the strategic transaction with Jubilee Holdings Limited that consummated in October 2021. Under the transaction, Allianz Africa acquired 66% of the company’s shareholding, with a 34% shareholding remaining under Jubilee Holdings Limited (“Jubilee group”) through The Jubilee Investment Company Limited. The continued shareholding by the Jubilee group is structured to ensure a long-term partnership between the transacting parties. In this respect, no material changes in business relationships and processes are expected from the change of ownership, with a transitional period of two years from the date of transaction having been cut out to ensure a well-managed integration into the Allianz ecosystem. However, this could take longer than planned due to high assimilation levels of the insurer to the Jubilee group.

Over the medium to longer term, we expect Jubilee Allianz Uganda to stabilise relationships within the vast business network and franchise built by the Jubilee group and its parent the Aga Khan Development Network in East Africa and combine these strengths with the global hegemony of Allianz in offering world class insurance solutions. Nonetheless, the transition period poses risk with regards to market repositioning in Uganda that could erode envisaged brand synergies.

Given that Allianz has gross premiums of EUR147bn, Jubilee Allianz Uganda is a small entity within the group, contributing less than 1% of gross premiums at a scale of less than EUR25m in FY21. We have, therefore, assessed the credit profile of the insurer on a stand-alone basis.

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