Sanlam Allianz Holdings (Kenya) PLC has appointed Jacqueline Karasha as chief executive officer, effective November 1, 2026, as the Nairobi-listed insurer prepares to consolidate its long-term insurance business under the parent company.

Jacqueline Karasha will succeed Patrick Tumbo, who retires on October 31 after more than eight years leading the insurer. Jacqueline Karasha currently serves as chief executive and principal officer of Sanlam Allianz Life Insurance (Kenya) Limited, a wholly owned subsidiary whose life insurance operations are set to be transferred to the listed parent.

The leadership transition comes as Sanlam Allianz reorganises its Kenyan operations to improve efficiency, streamline regulatory oversight and align its corporate structure with its long-term strategy.

Sanlam Kenya consolidates life insurance operations

In a statement dated October 15, 2026, Sanlam Allianz said the subsidiary would transfer its long-term insurance business to the parent as a going concern, including its insurance portfolio, assets, liabilities and fund administration operations.

The restructuring would remove an intermediate corporate entity and bring the life insurance business directly under the listed company.

According to the Insurance Regulatory Authority’s June 2026 statistics, Sanlam Allianz Life Insurance held KSh38.47 billion ($296.36 million) in assets and Ksh31.83 billion ($245.21 million) in insurance contract liabilities. It ranked 11th among Kenya’s 22 long-term insurers, with a 2.91% market share and Ksh4.3 billion ($33.12 million) in gross premiums.

The leadership change also precedes the company’s November 12 extraordinary general meeting, where shareholders will vote on a proposal to rename the listed company Sanlam Allianz Life Insurance (Kenya) PLC.

Jacqueline Karasha succeeds Tumbo after eight years

Jacqueline Karasha joined Sanlam in 2016 as head of corporate business, progressing to chief sales officer in 2022 and chief sales and projects officer in 2024. She became chief executive of the life insurance subsidiary in 2025.

With more than 17 years of insurance experience, she has overseen distribution reforms, digital initiatives and strategic partnerships. During her earlier leadership of Sanlam’s corporate business, divisional revenue reportedly increased from approximately $17 million in 2016 to $35 million in 2020.

She holds a first-class honours degree in actuarial science from Jomo Kenyatta University of Agriculture and Technology and completed Stellenbosch Business School’s Senior Leadership Development Programme.

Tumbo became Sanlam Kenya Group CEO on August 6, 2018, after serving as chief executive of Jubilee Insurance in Kenya. His tenure included a Ksh2.5 billion ($19.26 million) rights issue in 2025, repayment of a Ksh2.4 billion ($18.49 million) Stanbic Bank loan, integration of Sanlam’s Kenyan operations into the Sanlam-Allianz partnership, and transfer of its general insurance business to Jubilee Allianz.

Sanlam Allianz reported net profit of Ksh124.6 million ($959,700) for the first half of 2026, compared with Ksh30.9 million ($238,000) a year earlier.

Sanlam advances proposed Santam buyout

The Kenyan restructuring comes as Sanlam pursues greater ownership of South African general insurer Santam.

On October 5, 2026, Sanlam agreed to offer R505 ($30.29) per share for the shares in Santam it does not already own, through a proposed scheme of arrangement that would take the century-old insurer private.

Sanlam currently holds approximately 62.7% of Santam. Based on the disclosed holding of 68,958,604 shares, the proposed transaction values the remaining interest at approximately R20.7 billion ($1.24 billion), subject to the scheme’s terms and implementation.

The all-cash offer remains subject to the required approval process, including approval by Santam’s minority shareholders.

Together, the developments reflect Sanlam’s efforts to simplify its insurance operations in Kenya while pursuing full ownership of a major South African insurance subsidiary. If completed, the Kenyan transfer would consolidate long-term insurance operations under the listed parent, while the Santam transaction would give Sanlam full ownership of the general insurer.