Old Mutual has expanded its East African presence by acquiring a 23.3% stake in UAP holdings for Kshs. 8.8 billion. The deal reinforces Old Mutual’s presence in East Africa by expanding the market to 6 countries where UAP currently operates.
UAP was the second-largest property and casualty, and health insurance company and the third-largest life insurance business in Uganda, Old Mutual said in a statement. . It also has P&C businesses in Rwanda, Tanzania and South Sudan, and a brokerage business in the Democratic Republic of the Congo.
In Kenya, UAP had the third-largest property and casualty market share and the second-largest health insurance business. It also had a property portfolio and a life insurance business, the statement further said. UAP has also established and diverse distribution networks including via brokers; an agency force; direct sales; banc assurance; digital; and via supermarkets.
Ralph Mupita, Chief Executive of Old Mutual Emerging Markets, said: “This investment is another significant step in delivering the Group’s aim of becoming an African financial services champion. UAP is an ideal and complementary fit to our existing Kenyan businesses and we look forward to deepening and broadening our relationship in the future
Old Mutual Kenya has more than 500,000 customers through its activities in life insurance, asset management and micro-finance.