Kampala, Uganda – Uganda’s insurance watchdog has formally approved the renaming of UAP Old Mutual Insurance Company Uganda, which will now operate as OLD MUTUAL UGANDA LIMITED. The change took effect on 15 July.
The Insurance Regulatory Authority of Uganda (IRA) confirmed the rebranding, stating the move aligns with the country’s Insurance Act.
Alhaj Kaddunabbi Ibrahim Lubega, the chief executive of the IRA, highlighted the regulatory framework surrounding such changes. He reiterated that all insurers in Uganda must hold a valid license issued by the authority, and that the IRA is mandated to publicly disclose details of all granted licenses.
The regulator also used the announcement to caution the public to only engage with licensed insurance providers. Consumers with complaints related to insurance can use the IRA’s online complaints bureau.
The rebranding follows a significant expansion by South African financial services giant Old Mutual in East Africa. In June 2019, Old Mutual completed its acquisition of a majority stake in Kenya’s UAP Holdings, a process that began in 2015 and led to the creation of the UAP Old Mutual brand across the region.
More recently, Old Mutual injected funds into what was UAP Old Mutual Life Assurance Uganda Limited. This capital infusion aims to help the company meet compliance with capital requirements, consequently diluting the stakes of existing shareholders, including Nairobi-based UAP Holdings, which previously held 53% of the Ugandan business. Old Mutual, as the majority owner of UAP, is now recapitalising its Ugandan subsidiary.
Beyond Uganda, Old Mutual’s operations, which include underwriting insurance, managing unit trusts, investment funds, and properties, extend to Kenya and Rwanda.
