KENYA · INSURANCE
Key Facts
- What is happening Sanlam Allianz Kenya’s chief executive, Dr Patrick Tumbo, retired on 31 October after 35-plus years in insurance.
- Why it matters The Nairobi-listed insurer is merging its life arm into its parent, and shareholders meet on 12 November.
- The numbers Half-year profit was KSh124.6 million (US$0.96 million), against KSh31.0 million (US$0.24 million) a year earlier.
- Who is who Jacqueline Karasha, who ran the life insurance arm, became group chief executive on 1 November.
- What to watch Shareholders vote on 12 November on renaming the company Sanlam Allianz Life Insurance (Kenya) PLC.
- What it means for you Life policyholders keep substantially the same terms and the Nairobi listing stays, the company says.
Dr Patrick Tumbo led a Nairobi-listed insurer for more than eight years. His exit comes days before shareholders vote on renaming the company.
Dr Patrick Tumbo, chief executive of Sanlam Allianz Holdings (Kenya) PLC, retired on Saturday, 31 October 2026. Jacqueline Karasha, who runs its life insurance business, took over on Sunday, 1 November.
The insurer trades on the Nairobi Securities Exchange and was formed when South Africa’s Sanlam and Germany’s Allianz merged Kenyan units. For US readers with Kenyan cover or shares, the company says the insurer and listing stay the same.
A Career of More Than 35 Years
Tumbo became group chief executive on 6 August 2018 and led the group for more than eight years, the company says. He has worked in insurance for more than 35 years.
He is a past chair of the Organisation of Eastern and Southern African Insurers, a regional industry body. He is also a past chairman of the Association of Kenya Insurers, the national trade group.
He chairs and is a trustee of the Insurance Training and Education Trust of Kenya, which runs the College of Insurance. The company says he sits on the Leadership Council of SanlamAllianz Africa.
The company lists a state commendation, Elder of the Burning Spear, and a Lifetime Achievement Award at the 2026 Think Business Awards. It also says he holds an MBA and is a Fellow of the Chartered Insurance Institute of London.
The Business He Leaves
For the six months to 30 June 2026, the group posted total profit of KSh124.6 million (about US$0.96 million). A year earlier it was KSh31.0 million (about US$0.24 million), after a discontinued-business loss.
Insurance revenue, the income earned from policies, was KSh2.20 billion (about US$16.9 million). Total assets stood at KSh40.3 billion (about US$310 million), and the results are unaudited.
What the Company Is Changing
On 14 October the board called a shareholder meeting for Thursday, 12 November 2026. Holders vote on a special resolution to rename the company Sanlam Allianz Life Insurance (Kenya) PLC.
The group plans to move its life insurance business from a subsidiary into the listed parent, subject to regulatory approval. The notice says this is an internal step with no sale to a third party.
Share capital, control and the Nairobi listing would stay unchanged, the notice says. Policyholders would continue on substantially the same terms.
What It Means for You
Life policyholders should see no change in service, the company says. Shareholders vote on the name change, but the transfer of the life business needs no separate vote.
Related Rio Times reports include Sanlam Allianz Kenya Names New Boss on 1 Nov and Sanlam Allianz Kenya to Drop Life Subsidiary. More coverage sits on the Kenya hub.
What Is Not Known
Tumbo has described helping to rescue the Co-operative Insurance Society, now CIC Insurance Group, from insolvency in 1995. That account, including a KSh120 million (about US$0.92 million) fundraising drive, is his own and no regulator or filing confirms it.
The date of regulatory approval for the life merger is not known. Karasha’s plans for strategy and targets have not been published.
What Comes Next
Shareholders meet online on 12 November at 11 a.m. Kenya time, and registration closes on 10 November. Regulators must still approve the life transfer, which does not change who controls the group.
Frequently Asked Questions
Who is Patrick Tumbo?
Dr Patrick Tumbo was group chief executive of Sanlam Allianz Holdings (Kenya) PLC from August 2018 until 31 October 2026. He has worked in insurance for more than 35 years.
Who replaces him?
Jacqueline Karasha became chief executive on 1 November 2026. She previously ran Sanlam Allianz Life Insurance (Kenya) Limited and has more than 17 years in life insurance.
Is the company being sold?
No, the company says the reorganisation is internal, with no sale to a third party. Control and the Nairobi listing stay unchanged.
Will the company change its name?
Shareholders vote on 12 November 2026 on renaming it Sanlam Allianz Life Insurance (Kenya) PLC. The legal entity, shares and listing would stay the same.
Sources: Sanlam Allianz Holdings (Kenya) PLC, public announcement on management changes, 15 October 2026; Sanlam Allianz Holdings (Kenya) PLC, notice of extraordinary general meeting, 14 October 2026; Sanlam Allianz Holdings (Kenya) PLC, unaudited results to 30 June 2026; Sanlam Allianz Holdings (Kenya) PLC, 2025 annual report (conversions at KSh129.9 per US$1, exchange rate of 1 November 2026; all accessed 1 November 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief