KENYA · BUSINESS
Key Facts
- —The country Kenya’s capital Nairobi hosts the Nairobi Securities Exchange, where Sanlam Allianz Kenya is listed.
- —What happened Sanlam Allianz Kenya, listed on the Nairobi Securities Exchange, named Jacqueline Karasha as its new chief executive from Sunday 1 November 2026.
- —Who leaves Dr Patrick Tumbo, the group chief executive since August 2018, retires on Saturday 31 October after more than eight years in the job.
- —Who arrives Karasha now runs Sanlam Allianz Life Insurance (Kenya) Limited, the company’s life insurance subsidiary, and has more than 17 years in the industry.
- —The timing The change comes as the company plans to merge that life subsidiary into the listed parent, a move that still needs regulatory approvals.
- —The numbers The company reported a half-year net profit of KSh 124.6 million (about US$0.96 million) for the six months to June 2026.
- —Still open The company has not said whether the new chief executive will change strategy, and no date is set for the subsidiary merger.
Sanlam Allianz Kenya will have a new chief executive from Sunday 1 November 2026, Jacqueline Karasha, according to a notice to the Nairobi Securities Exchange. She takes over from Dr Patrick Tumbo, who retires on Saturday 31 October.
Sanlam Allianz Kenya, formally Sanlam Allianz Holdings (Kenya) PLC, is backed by South Africa’s Sanlam and Germany’s Allianz. Kenyan media reported the notice on Thursday 22 October.
Who Is Jacqueline Karasha
Karasha is currently chief executive and principal officer of Sanlam Allianz Life Insurance (Kenya) Limited, the wholly owned subsidiary that sells life policies. She has more than 17 years of leadership, sales and operations experience in life insurance.
She holds a first-class actuarial science degree from Kenya’s Jomo Kenyatta University of Agriculture and Technology, plus a Stellenbosch Business School leadership programme. She is a Fellow of the Life Management Institute and an associate member of the Insurance Institute of Kenya.
What the Board Says About Her Record
The company says she led a turnaround of distribution channels, meaning the agents, brokers and bank partners that sell its policies. It also credits her with digital services and with strategic partnerships.
Capital FM reported that the group described her leadership as instrumental in repositioning the life business. The board said the appointment supports growth, a better customer experience and higher shareholder value.
Why Patrick Tumbo Is Leaving
Tumbo is retiring after more than eight years as group chief executive, a post he took up in August 2018. He has worked in insurance for more than 35 years and has chaired the Association of Kenya Insurers and the regional insurers’ body OESAI.
The board thanked him for his service and wished him success in the next chapter. He led Sanlam Allianz Kenya through its 2025 rebranding from Sanlam Kenya, launched in Nairobi on 26 November 2025.
A Company in the Middle of a Restructuring
On 15 October Sanlam Allianz Kenya said it plans to move all assets and liabilities of its life subsidiary into the listed parent. That would end the separate subsidiary, so Karasha takes charge of the whole group just as the business she runs today is folded into it.
That plan is subject to regulatory approval, as the Rio Times reported in Sanlam Allianz Kenya to Drop Life Subsidiary. Business Daily reported that one of the two chief executive posts could be scrapped as the group streamlines its structure.
What the Numbers Show
Half-year net profit reached KSh 124.6 million (about US$0.96 million) for the six months to June 2026, Business Daily reported on 13 August. The figure is nearly four times the profit of the same period a year earlier, which was hit by one-off costs from a reorganisation.
Tumbo said in August that the balance sheet had passed KSh 40 billion (about US$308 million) for the first time. He put the solvency ratio at 266 percent, well above the regulatory minimum.
What It Means for US Readers
US investors in African markets now know who will run Sanlam Allianz Kenya, whose shares trade in Nairobi under the symbol SLAM. The company profile is on the Rio Times at Sanlam Allianz Holdings Kenya PLC.
Americans with ties to Kenya, including diaspora families who buy life cover for relatives at home, deal with the life business Karasha currently runs. Foreign insurers and reinsurers that work with the group will now have a new chief executive to deal with.
What Is Not Known
The company has not said whether Karasha will change strategy, set new targets or reshape the management team that reports to her. It has not named who will succeed her at the life subsidiary, which is due to be merged into the parent.
No date has been announced for regulatory approval of the subsidiary merger or for the shareholder meeting that follows. The notice also gives no pay or share-option terms for the new chief executive.
More: Kenya news in English, every day from The Rio Times.
Frequently Asked Questions
Who is the new CEO of Sanlam Allianz Kenya?
Jacqueline Karasha becomes group chief executive of Sanlam Allianz Holdings (Kenya) PLC on 1 November 2026. She currently leads its life insurance subsidiary.
Who is she replacing?
She succeeds Dr Patrick Tumbo, who has led the group since August 2018. He retires on 31 October 2026.
Is Sanlam Allianz Kenya listed?
Yes, its shares trade on the Nairobi Securities Exchange under the symbol SLAM. The CEO change was announced to the exchange in a public notice.
Why does the timing matter?
The company plans to merge its life insurance subsidiary into the listed parent, subject to regulatory approval. The new chief executive will lead the group through that change.
How profitable is the company?
It made a net profit of KSh 124.6 million (about US$0.96 million) in the first half of 2026. That is almost four times the profit of the same period in 2025.
Who owns Sanlam Allianz in Kenya?
The Kenyan company is part of the SanlamAllianz network, a partnership between the South African group Sanlam and the German insurer Allianz. Its shares are listed in Nairobi.
Sources: Nairametrics, Sanlam Allianz Kenya appoints Jacqueline Karasha as CEO from November 1, 22 October 2026; Capital FM, Sanlam Allianz CEO Patrick Tumbo to retire after eight years, 22 October 2026; Business Daily, Sanlam Allianz Kenya to drop subsidiary in latest shake-up, 15 October 2026; Business Daily, Sanlam posts half-year net profit, 13 August 2026; Sanlam Allianz Kenya, leadership page, 23 October 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