Britam insurance firm dismisses Uganda exit fears

Britam Uganda, an insurance company, has dismissed allegations that it about to cease its operations in Uganda.  

In a statement issued on Friday, January 20, 2023, Britam Uganda said it has experienced significant growth in the country and instead is now looking at growing its revenue streams even further by considering additional product offerings.

“Britam Uganda, through its holding company Britam Holdings PLC would like to reiterate its commitment to staying in and growing within the markets it operates,” the company statement read.

“With this, Britam Uganda would like to categorically state that the company does not have any intentions of leaving the Ugandan General Insurance and Asset Management sectors. The company is in the 3rd year of its 5 year (2021-2025) Transformational Strategy that focusses on customer centricity and exceeding value delivery to its clients and partners,” it added.

“With this, Britam Uganda would like to categorically state that the company does not have any intentions of leaving the Ugandan General Insurance and Asset Management sectors. The company is in the 3rd year of its 5 year (2021-2025) Transformational Strategy that focusses on customer centricity and exceeding value delivery to its clients and partners,”

BRITAM UGANDA

Speaking to clients and partners at a Britam Business Cocktail held on Thursday, January 19 at Kampala Serena Hotel, the Britam Group MD – Mr. Tom Gitogo said: “Britam Uganda entered the market in November 2010 and remains a key player in the financial services industry of Uganda, 13 years later. This is the perfect time to partner with Britam – the General Insurance business has grown quickly from near bottom of the pack to the top 4 in market share.”

He added: “Similarly, the Asset Management business is the fastest growing, reaching the top 3 position in Assets Under Management in just a few years. Britam Uganda is now looking at growing its revenue streams even further by considering additional product offerings such as entry into the Life Insurance Market.”

Britam has a presence in 7 countries (Uganda, Kenya, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi).

Mr Gitogo further stated at the event that Britam has no intentions of leaving any of the countries within which it operates.

“To the contrary, we want to grow our revenue streams in markets such as Uganda where through innovation and partnerships with Organisations such as the ones represented here, the headroom for growth is enormous”