Old Mutual sheds UAP name in strategic African shift

KAMPALA, UGANDA — Old Mutual has dropped the UAP prefix from its name, adopting a unified identity that aims to leverage its global financial expertise and accelerate market growth in Uganda.

The transformation, announced by company executives, is a strategic move to solidify Old Mutual’s role as a diversified financial services provider, blending digital solutions with a focus on customer financial wellness.

“In Uganda, we have been purposeful in our growth, evolving from insurance to a truly diversified financial services provider,” said Mathias Katamba, board chair of Old Mutual, celebrating the milestone. He said the rebrand continues a legacy that includes former leaders such as Sir Gordon Wavamunno.

The shift unifies the brand under the Old Mutual banner, aligning its identity with its global operations across 13 African markets. This move is expected to streamline branding costs and enhance synergy, positioning the company to compete more aggressively against rivals like Jubilee Insurance in Uganda’s financial sector.

Kitariko Kenneth, board chairman of the Life Assurance Board, emphasized the rebrand’s core theme of client support. “Financial wellness begins with you — our customers, our partners, and our people,” he stated. He noted that the company’s comprehensive offerings target underserved markets, especially since only 58% of adults in Uganda hold formal financial accounts, according to a 2023 FinScope survey.

The rebrand also signals a heightened commitment to digital transformation and regulatory alignment.

Richard P. Byarugaba, board chair of Old Mutual Investment Group, described the initiative as a “fundamental transformation” focused on delivering value and innovation. He assured stakeholders of the company’s commitment to supporting government efforts on financial inclusion, aligning with Uganda’s Vision 2040, and adhering to the Insurance Regulatory Authority’s post-COVID oversight.

With mobile money penetration nearing 70%, Old Mutual’s focus on digital solutions, such as wealth management apps and streamlined claims processes, is aimed at capturing tech-savvy millennials and challenging fintech disruptors.

Stephen Chikovore, managing director of Old Mutual Insurance, underscored the company’s unique, comprehensive offerings—from health to wealth accumulation—stating, “We are the only business in the country with this comprehensive service offering.”

The company has also prioritized robust internal engagement to ensure a smooth transition. Patrick Kimathi, managing director for Old Mutual, noted that internal activities have energized employees, a key factor given studies suggesting engaged teams can significantly lift productivity.

Zac Kisesi, managing director of Old Mutual Investment Group, reassured the public about the continuity of service. “Our name has changed but our commitment to you remains steadfast,” he said, mitigating the risk of alienating loyal clients.