Overview:

Old Mutual is restructuring its East African operations by moving Uganda from Kenya-led reporting to a standalone market reporting directly to South Africa.

KAMPALA, Uganda — Old Mutual is undertaking a major restructuring of its East African operations, carving Uganda out of its Kenya-led reporting structure to create a standalone market that reports directly to South Africa, according to a report by CEO East Africa.

The pan-African financial services giant is establishing a new Uganda holding company to unify its core businesses, including Old Mutual General Insurance, Old Mutual Life Assurance and Old Mutual Investment Group.

Highly placed industry sources said seasoned executive Edith Jiya has been appointed to lead the new structure. Jiya, who previously served as group CEO of Old Mutual Malawi and held senior roles in South Africa, is expected to assume office this month.

The move marks a significant shift in the regional hierarchy, placing Kampala on a parallel reporting line with Nairobi. Industry observers say the change is designed to simplify governance and strengthen direct South African oversight as competition intensifies in the Ugandan market.

This is much bigger than a management change, a senior industry executive said. This is Old Mutual redesigning how it sees Uganda within the group.

The restructuring follows a period of steady growth for the firm’s Ugandan subsidiaries. Data from the Insurance Regulatory Authority shows Old Mutual General Insurance recorded gross written premiums of UGX 207.18 billion in the fourth quarter of 2025, up from UGX 184.97 billion the previous year. This secured the company a 20.7% market share, trailing only the newly merged Sanlam Allianz Uganda, which posted UGX 209.47 billion.

The life insurance arm also expanded, with premiums rising to UGX 115.71 billion in the same period. Meanwhile, the investment division remains a dominant force in collective investment schemes and pension fund management.

Analysts suggest the elevation of the Uganda market will allow for faster decision-making and better access to capital from Johannesburg. It also reflects a vote of confidence in Uganda’s financial sector, which continues to grow through digital adoption and rising pension savings despite low overall insurance penetration.

Old Mutual has not yet made a formal public announcement regarding the transition, but internal processes are reportedly underway.