Britam expands Uganda presence with new life assurance arm

KAMPALA, UGANDA — Britam Uganda has launched Britam Life, a new life assurance business. The unit will initially focus on Group Life and Credit Life solutions, deepening Britam’s service offerings in the country. This expansion leverages the Britam Group’s 60 years of financial protection expertise across Africa.

The new company aims to provide risk protection for individuals, families and financial institutions. It enters the market as Uganda’s demand for tailored, accessible life insurance coverage continues to grow.

“With this life assurance offering, we are reinforcing that trust with solutions that speak directly to the everyday realities of Ugandan families and institutions,” said Aidah Nkwanzi Mwebaze, CEO of Britam Life Assurance Uganda.

The launch coincides with Britam Group’s 60th anniversary, celebrated under the campaign “We’ve Got Life.”

Britam entered Uganda in 2010 and has since become one of the country’s leading insurers. The introduction of Britam Life builds on this momentum, expanding the company’s ability to meet institutional and individual risk needs in Uganda’s dynamic economy.

According to the Insurance Regulatory Authority of Uganda Performance Report 2023, the country’s overall insurance penetration stood at 0.87%. Life insurance contributed 38% of total gross written premiums. Despite this progress, overall coverage remains low, particularly in life assurance. This underscores the need to expand access through more inclusive, innovative and tailored protection solutions.

Group Life Assurance provides financial protection to employees and their families in the event of death. Benefits are typically based on annual salary multiples and flexible coverage options. Credit Life Assurance shields lenders from loan defaults caused by a borrower’s death, helping institutions manage risk and promote responsible borrowing.

Grace Makoko, chairperson of Britam Life Assurance Uganda, welcomed the launch as a timely advancement for the sector.

“As a board, we view this launch as both timely and necessary. It reflects our long-standing commitment to delivering responsive insurance that addresses the real needs of Ugandans today,” Makoko said. “We’re proud to support this expansion into life assurance as part of Britam’s broader strategy for long-term growth in Uganda.”

Britam Life also benefits from the Group’s deep technical expertise and proven track record across its business footprint in seven African countries. In Kenya, Britam is the largest life insurer by market share, holding over 25 percent. This position was built on years of product innovation, strong distribution and customer trust.

“These solutions are built on tested models across East Africa, adapted for the nuances of the Ugandan market. Our teams have collaborated closely to ensure that what we offer here is not only reliable but relevant,” said Ambrose Dabani, Britam’s CEO and Principal Officer of Life Assurance.

Speaking from the Group, Tom Gitogo, Group Managing Director and CEO of Britam Holdings PLC, underlined the broader strategic significance:

“Uganda is a key pillar in Britam’s pan-African presence. We are pleased to see our life assurance portfolio take root here, with solutions that draw on regional expertise but are tailored for local impact. It’s a milestone that speaks to both our heritage and our future, reinforcing our brand purpose of safeguarding dreams and aspirations in our 60th year.”

To extend protection beyond basic life cover, Britam offers a range of benefits that address critical life events. These include:

• Total & Permanent Disability: Provides a lump sum in the event of irreversible disability.
• Critical Illness: Covers major medical events such as cancer, stroke or heart disease.
• Funeral Last Expense: Assists with funeral costs, easing the financial burden on loved ones.
• Retrenchment Rider: Offers support in the event of involuntary job loss.

These benefits provide clients with the flexibility to build personalized solutions that offer continuity in the face of disruption.

“This is not just a product launch,” said Mwebaze. “It’s a continuation of a promise to stand with Ugandans at every stage of life. Britam Life will later this year also introduce its individual life products such as unit-linked products, endowment solutions and SME-targeted plans.”