UAP Old Mutual records biggest market profit share

The financial statements released as of December, 31,2021 have indicated that UAP Old Mutual has clinched the market leadership spot.

According to results, despite the low insurance penetration which is below the 1% mark for many years, UAP Old Mutual managed to lead in terms of revenue.
The company’s revenue was shs152 billion in gross written premium, a summation of both their general and health insurance businesses against the rest.

The comparison showed that the closest competitors were Prudential Life at shs95 billion, Sanlam at shs89 billion, Jubilee Allianz at shs 83 billion and Britam insurance with shs70 billion.

UAP Old Mutual also paid out shs 67 billion in net claims to their customers, and according to the company officials, this feat was made possible due to their strong asset base with over shs 287 billion in total assets that translated into shs84 billion in shareholder’s equity.

For comparison, the closest in claims payment was the Life insurance section of Prudential at shs41 billion in 2021.

UAP Old Mutual also managed to close the year with shs 26 billion in profits before tax.

According to the Managing Director, UAP OLD Mutual Uganda, Stephen Chikovore, the lead is through superior customer experience and retention.

“We have focused on delivering a superior customer experience through continuous implementation of operational excellence initiatives and customer journey management by implementing and enhancing the touch points and feedback mechanisms,” he said.

UAP Old Mutual, a subsidiary of Old Mutual Limited based in South Africa has been in operation for over 177 years and is in 13 countries.

A report by PricewaterhouseCoopers titled “The road to recover: building economic resilience” highlighted digital transformation as a key enabler for economic transformation and improvement in efficiency and productivity.

Officials from UAP Old Mutual say the insurance company is strongly driving digital transformation to offer customers superior, quick, and seamless customer experience and solutions.

“An example of the digital solutions that the company recently added to their array of digital solutions is the online salvage bidding site where customers have instant access to bid for motor and electronic salvage products online,” said Stephen Chikovore, the UAP Old Mutual Managing Director.