Jubilee Health Insurance Company of Tanzania Limited (Jan 2023)


Jubilee Health Tanzania is a successor business of The Jubilee Insurance Company of Tanzania Limited (“Jubilee Tanzania”), following the unbundling of the general business in 2021. Pursuant to the transaction between Jubilee Holdings Limited (“the parent” or “the group”) and Allianz, which was consummated in 2021, for the disposal of general business portfolios from the group’s stable, the erstwhile Jubilee Insurance Tanzania unbundled its general business portfolio and rebranded to the current name. The approvals for the disposal of the general business to Allianz were received in 2022. Jubilee Health Tanzania is one of the three players operating within the medical sector in Tanzania and holds good brand equity. The retention of life and medical portfolios in the aforesaid transaction underscores the importance of the insurer in the group’s overall strategy in East Africa. Post-transaction, the group is expected to hold operations in life insurance, medical insurance, investments and associates in non-financial industries as well as long term unlisted investments of strategic interest spread over Kenya, Uganda, Tanzania and Burundi. Furthermore, the group will continue to hold minority interests in former general businesses in the five markets (including Mauritius), partnering with Allianz. Jubilee Health Tanzania is expected to remain a small subsidiary in terms of gross premiums and assets, accounting for less than 6% and 2% of the respective group lines. We, therefore, assess the entity’s credit profile on a stand-alone basis, with a level of support received from the group.

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