Uganda’s insurance sector is set for a major shake-up following regulatory approval for the long-anticipated merger between Sanlam General Insurance (Uganda) Limited and Jubilee Allianz General Insurance Company Limited.
The Insurance Regulatory Authority of Uganda (IRA) has officially sanctioned the amalgamation, marking a pivotal moment for an industry that has long grappled with fragmentation, low penetration, and limited economies of scale.
The landmark merger is part of a broader Africa-wide joint venture between South Africa’s Sanlam Group and Germany’s Allianz SE, announced in September 2023.
The strategic alliance spans 27 African countries, with a combined enterprise value nearing US$2 billion and a cumulative experience of 200 years, and is designed to consolidate operations, unlock growth, and deepen market influence across the continent.
In Uganda, the Sanlam-Allianz merger aims to create a stronger, leaner, and digitally enabled insurance player capable of responding to the diverse needs of individuals, small businesses, corporates, and institutions.
The combined entity will integrate systems, consolidate functions, and harness the strengths of both companies in underwriting, distribution, customer engagement, and innovation.
The merger will deliver more value to Ugandans, provide more support for agents, and brokers and expand access to a broader portfolio of innovative insurance solutions while improving delivery through better tools, training, and market insights.
The new unified company will also be better placed to invest in digital infrastructure, deploy inclusive insurance products, and reach underserved markets — a challenge the IRA has consistently flagged as limiting insurance uptake, with penetration still below 1% of GDP.
At close of last year, Sanlam General held a market share of 11.5%, securing second place in Uganda’s non-life insurance market with UGX 112.6 billion in gross written premiums in the three months to December 2024, based on an IRA quarterly report.
Jubilee Allianz held the fourth position within the same reporting period, with a 9.1% share and UGX 88.4 billion in premiums within — a marginal improvement from the previous year of 2023.
At the helm of Sanlam General is Ruth Namuli, who became CEO in 2022 after building a strong track record at UAP Old Mutual and Insurance Company of East Africa.
Her leadership since 2016, first as general manager corporate, has been instrumental in positioning Sanlam as a competitive player in the market.
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His tenure has seen Jubilee Allianz consolidate its business following Allianz Group’s 66% acquisition of Jubilee Holdings’ general insurance businesses across East Africa.
Together, Namuli and Kavuma bring a blend of local insight and global best practices, critical for steering the merged company through Uganda’s competitive insurance terrain.
The IRA’s approval of the merger sends a strong signal of regulatory confidence in the prudential soundness of both companies and the merger roadmap.
It aligns with the regulator’s agenda of promoting sector professionalism, reducing fragmentation, and boosting financial inclusion.
In its Q4 2024 Market Performance Report, the IRA notes that Uganda’s insurance sector remains highly concentrated.
Only 10 companies account for the bulk of premiums written — five in non-life with 58.9% market share, and another five in life commanding 88.5%.
There are 31 licensed insurers, including 20 non-life, 8 life, and 3 micro-insurers, but many operate below optimal scale.
Despite its structural challenges, Uganda’s insurance industry continues to grow. Total gross premiums reached UGX 1.7 trillion in the three months to December 2024 — a 12.04% year-on-year growth.
Non-life insurers contributed UGX 976.5 billion (54.53%) while life insurers accounted for UGX 742.9 billion (41.49%).
As the Sanlam-Allianz vision materializes in Uganda, the merger sets a benchmark for how global capital and expertise can be localized to drive inclusive growth and innovation in Africa’s underpenetrated insurance markets.
