The government has confirmed ongoing commitments to foster the growth of the local insurance services industry as part of an overall strategy to deepen the value of the financial sector in national development, National Treasury Cabinet Secretary John Mbadi has confirmed.
Speaking at the official rebrand of Sanlam Allianz Holdings Kenya, CS Mbadi, in a speech delivered on his behalf by the Kenya Revenue Authority (KRA) Commissioner General, Mr. Humphrey Wattanga, said the government is working hard to build a financial sector that is resilient, competitive, and inclusive, to fuel economic investments and support national transformation.
The listed non-banking financial services firm Sanlam Kenya Plc (NSE: SLAM) has officially rebranded to Sanlam Allianz Holdings (Kenya) PLC (“SanlamAllianz Kenya”). The name change follows the recent formation of a joint venture between Sanlam and Allianz, establishing SanlamAllianz as Africa’s largest non-banking financial services entity, with more than 200 years’ combined experience on the continent and beyond.
As part of the rebrand, following shareholder and regulatory approvals, Dr Tumbo reiterated that the firm will enhance its client experience and distribution capabilities through the deployment of innovative technology-based solutions.
The insurance sector, Mbadi said, is the quiet engine of every modern economy. “It protects families, cushions businesses, and enables investment in the sectors that propel national progress,” he said. As part of the commitments, CS Mbadi said the government has scaled up efforts to strengthen the regulatory foundation of the insurance sector to foster trust in insurance services and products.
“Through the IRA, we are rolling out reforms that sharpen oversight, protect consumers, and unlock innovation — from digital asset insurance frameworks, to standardised claims processes and a strengthened risk-based capital regime,” Mbadi said. He added, “These reforms serve one goal – trust. Because without trust, insurance cannot thrive.”
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The government, he said, has already petitioned all insurance industry players to align with regulatory requirements by strengthening their corporate governance, responsibly embracing
technology, and expanding insurance into underserved communities. “Kenya’s future depends on widening the safety nets that protect households, farmers, MSMEs, and investors,” Mbadi said.
While celebrating the rebrand of the former Sanlam Kenya Plc to Sanlam Allianz Holdings Kenya, Mbadi said the rebrand gives Kenya’s insurance industry something powerful: global strength fused with local insight.
Said Mbadi, “The rebirth of Sanlam as Sanlam Allianz is a signal — a signal that Kenya is open, ready, and rising. It tells the world that our market is mature, our institutions are strong, and our
ambitions limitless.”
On his part, SanlamAllianz Kenya Group CEO Dr Nyamemba Patrick Tumbo said the name change reflects a continental commitment to raise the bar in the delivery of non-banking financial services with localised attention. He added that the firm’s subsidiaries, Sanlam Allianz Life Insurance (Kenya) Limited (“SanlamAllianz Life Insurance Kenya”) and Sanlam Allianz General Insurance (Kenya) Limited (“SanlamAllianz General Insurance Kenya”), will continue to be headed by Ms Jacqueline Karasha and Mr George Kuria, respectively.
Confirming the strategic direction of Sanlam Allianz, Dr Tumbo articulated the company’s guiding principle: “We remain guided by a single purpose to protect what matters most, and that is we
protect our clients while empowering our clients to realise their ambitions, achieve their dreams and prosper.”
He stressed the industry’s crucial role, asserting that insurance assumes the risks faced by banks, enterprises, manufacturers, miners, and investors. “Insurance is there to educate people. Is there to come when we are in trouble and when we are celebrated,” he added, promising that SanlamAllianz will continue to stand tall as a “symbol of strength, reliability, and confidence,” not just in Kenya but across 26 countries in Africa.
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