Sanlam Allianz Kenya to fold life unit into listed parent; shareholders meet 12 November

Sanlam Allianz Holdings (Kenya) Plc, listed on the Nairobi Securities Exchange (NSE), plans to take over the business of its wholly owned subsidiary Sanlam Allianz Life Insurance (Kenya) Limited, Business Daily reported on 15 October 2026. The Star reported on 19 October 2026 that the move will bring KSh 38.5 billion in assets (about US$297 million at KSh 129.81 to the dollar, the Central Bank of Kenya rate posted on 15 October 2026) under the listed parent.

Shareholders will meet at an extraordinary general meeting, held electronically, at 11am on 12 November 2026, the Kenyan news site The Kenya Times reported on 16 October 2026. The meeting will vote on a special resolution to change the company's name and on matching amendments to its articles of association. The holding company would be renamed Sanlam Allianz Life Insurance (Kenya) Plc.

The transfer itself still needs approval from the Insurance Regulatory Authority (IRA), the Retirement Benefits Authority (RBA) and other relevant authorities. The company's statement, dated 15 October 2026, says the business transfer does not need a separate shareholder resolution.

The company describes the change as an internal restructuring. It is not expected to alter the share capital, shareholding structure, control or listing, and no third party will acquire a stake. The company says the aim is to simplify the group's structure, improve operational efficiency and streamline regulatory oversight.

The subsidiary, which also handles fund administration, is expected to surrender its insurance licence after the transfer and later be dissolved.

The company says existing policies will continue on their current terms, and policy terms are not expected to change substantially.

Sanlam Allianz Life Insurance held 2.91 per cent of Kenya's long-term insurance market, ranking 11th among insurers, according to IRA statistics for June 2026 cited by The Star. Its gross premium income was KSh 4.3 billion (about US$33 million) in the first half of the year. Sanlam Allianz shares fell 0.5 per cent to close at KSh 10.35. The counter has gained 22.1 per cent since January.

General insurance stays in a separate, unlisted company, Sanlam Allianz General Insurance Kenya.

Patrick Tumbo is chief executive of Sanlam Allianz Holdings Kenya and Jacqueline Karasha heads the life insurer. The restructuring could see one of the two chief executive posts scrapped.

Sanlam Allianz Holdings Kenya posted a net profit of KSh 124.6 million (about US$960,000) for the half-year ended June 2026.

Shareholders who cannot attend the electronic meeting can appoint a proxy. Registration for the meeting opens at 9am on 21 October 2026 and closes at 11am on 10 November 2026. Completed and signed proxy forms go to Image Registrars Limited by the same deadline, together with the proxy's mobile phone number.