Jubilee Holdings Limited (JHL) shareholders have approved the sale of a stake in the group's business portfolio to Allianz. The African subsidiary of the global insurer and asset manager Allianz plans to buy an 8% stake in Kenya’s Jubilee Holdings. It will also have control of Jubilee's short-term general and medical insurance business in Burundi and Mauritius, forming Jubilee-Allianz General Insurance Limited. JHL will retain ownership of its Life and Pensions operations and its Medical insurance business in Kenya, Uganda and Tanzania.