Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an
investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort.
In finance, the purpose of investing i ...
,
retirement
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
Many people choose to retire when they are elderly or incapable of doing their j ...
, and
insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...
group that operates mainly in
Eastern Africa
East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territories make up Eastern Africa:
Due to the historical ...
, but has plans to be a pan-African insurance company. UAP Holdings is one of the leading insurance and financial services groups in eastern Africa with a network of branches and operational subsidiaries spread across the greater eastern and central Africa regions.
Overview
The group's headquarters are located in
Nairobi
Nairobi ( ) is the capital and largest city of Kenya. The name is derived from the Maasai phrase ''Enkare Nairobi'', which translates to "place of cool waters", a reference to the Nairobi River which flows through the city. The city proper ha ...
,
Kenya
)
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, capital = Nairobi
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, largest_city = Nairobi
, ...
, with subsidiaries in Kenya,
Uganda
}), is a landlocked country in East Africa
East Africa, Eastern Africa, or East of Africa, is the eastern subregion of the African continent. In the United Nations Statistics Division scheme of geographic regions, 10-11-(16*) territor ...
,
South Sudan
South Sudan (; din, Paguot Thudän), officially the Republic of South Sudan ( din, Paankɔc Cuëny Thudän), is a landlocked country in East Africa. It is bordered by Ethiopia, Sudan, Central African Republic, Democratic Republic of the C ...
,
Rwanda
Rwanda (; rw, u Rwanda ), officially the Republic of Rwanda, is a landlocked country in the Great Rift Valley of Central Africa, where the African Great Lakes region and Southeast Africa converge. Located a few degrees south of the Equator ...
,
Tanzania
Tanzania (; ), officially the United Republic of Tanzania ( sw, Jamhuri ya Muungano wa Tanzania), is a country in East Africa within the African Great Lakes region. It borders Uganda to the north; Kenya to the northeast; Comoro Islands and ...
, the
Democratic Republic of Congo
The Democratic Republic of the Congo (french: République démocratique du Congo (RDC), colloquially "La RDC" ), informally Congo-Kinshasa, DR Congo, the DRC, the DROC, or the Congo, and formerly and also colloquially Zaire, is a country in ...
, and
Mauritius
Mauritius ( ; french: Maurice, link=no ; mfe, label=Mauritian Creole, Moris ), officially the Republic of Mauritius, is an island nation in the Indian Ocean about off the southeast coast of the African continent, east of Madagascar. It incl ...
. The Mauritius units are holding companies for the non-Kenyan operations. The flagship company of the group is UAP Insurance Kenya.
History
The Group's origins in Kenya date back to the 1920s when Provincial Insurance Company of East Africa was incorporated as a subsidiary of
Provincial Insurance Company, an insurance group based in London, United Kingdom. The 1994 merger of (UAP) of France and Provincial of the UK led to the formation of the UAP Insurance Company of Kenya. In 1996, the firm became part of
Axa
Axa S.A. (styled as ''AXA'' or GIG in the Middle East) is a French multinational insurance company. The head office is in the 8th arrondissement of Paris, France. It also provides investment management and other financial services.
The Ax ...
when Axa acquired UAP in France. Axa divested its shareholding in 2000 and the firm became a wholly owned Kenyan company.
UAP Holdings expanded to Uganda in 2005, to South Sudan in 2006, to Rwanda and the Democratic Republic of the Congo in 2011, and to Tanzania in 2013. All entries other than Tanzania were
greenfield investment
In many disciplines, a greenfield project is one that lacks constraints imposed by prior work. The analogy is to that of construction on greenfield land where there is no need to work within the constraints of existing buildings or infrastructure ...
s. The group entered Tanzania through the acquisition of Century Insurance Company Limited and re-branded it to UAP Century Insurance Company Limited. In total, UAP has sixteen businesses operating in the region.
On 8 January 2015,
Centum
Languages of the Indo-European family are classified as either centum languages or satem languages according to how the dorsal consonants (sounds of "K", "G" and "Y" type) of the reconstructed Proto-Indo-European language (PIE) developed. An e ...
and
Chris Kirubi
Christopher John Kirubi (20 August 1941 – 14 June 2021), born in Murang'a county, was a Kenyan businessman, entrepreneur, and industrialist. He was a director at Centum Investment Company, a business conglomerate, of which he was the largest ...
announced that they had entered into an agreement with
Old Mutual
Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in S ...
for the sale of their 13.75 per cent and 9.58 per cent stake in UAP Holdings, respectively, to the
London Stock Exchange
London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...
-listed financial giant in a deal valued at over
KSh 7 billion. Once complete, Old Mutual will hold 23.33 per cent of UAP Holdings-issued shares and will act as a strategic investor to the group. On 27 January 2015, Kenyan print media reported that Old Mutual had acquired the shares in UAP Holdings previously owned by
Abraaj, Africinvest, and Swedfund, amounting to 37.33 per cent of total shareholding, for US$155.5 million (KSh 14.2 billion), thereby raising Old Mutual's ownership in UAP Holdings to 60.66 per cent.
Subsidiaries and associated companies
The companies that comprise the Old Mutual Holdings include, but are not limited, to the following:
# UAP Insurance Company Limited – Nairobi, Kenya – 100% Shareholding – The flagship company of the group. Offering
general insurance
General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determine ...
.
# UAP Life Assurance Limited – Nairobi, Kenya – 100 pe rcent shareholding – Offering
life insurance
Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...
.
# UAP Insurance Uganda Limited –
Kampala
Kampala (, ) is the capital and largest city of Uganda. The city proper has a population of 1,680,000 and is divided into the five political divisions of Kampala Central Division, Kawempe Division, Makindye Division, Nakawa Division, and Ruba ...
, Uganda – 53 per cent shareholding – Offering general insurance.
# UAP Life Assurance Uganda Limited – Kampala, Uganda – 53 per cent shareholding – Offering life insurance.
# UAP Insurance South Sudan Limited –
Juba
Juba () is the capital and largest city of South Sudan. The city is situated on the White Nile and also serves as the capital of the Central Equatoria State. It is the world's newest capital city to be elevated as such, and had a populatio ...
, South Sudan – 100 per cent shareholding – Offering general and life Insurance.
# UAP Financial Services Kenya Limited – Nairobi, Kenya – 100 per cent shareholding – Offering
financial services
Financial services are the Service (economics), economic services provided by the finance industry, which encompasses a broad range of businesses that manage money, including credit unions, banks, credit-card companies, insurance companies, acco ...
,
investment management
Investment management is the professional asset management of various securities, including shareholdings, bonds, and other assets, such as real estate, to meet specified investment goals for the benefit of investors. Investors may be institut ...
,
Investment advisory
An Investment advisory, in financial/investment organizations, is the unit linking the investment professionals in the central asset management unit (Investment Research, Portfolio Management) to the relationship managers and/or to important clien ...
, and
brokerage
A broker is a person or firm who arranges transactions between a buyer and a seller for a commission when the deal is executed. A broker who also acts as a seller or as a buyer becomes a principal party to the deal. Neither role should be confu ...
services.
# UAP Financial Services Uganda Limited – Kampala, Uganda – 89 per cent shareholding – Offering financial services, investment management, advisory and brokerage services.
# UAP Investments – Nairobi, Kenya – 100 per cent shareholding – Offering
unit trust
A unit trust is a form of collective investment constituted under a trust deed.
A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on ...
s and pension services.
# UAP Properties Uganda Limited – Kampala, Uganda – 79 per cent shareholding –
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
.
# UAP Properties Kenya Limited – Nairobi, Kenya – 100 per cent shareholding – real estate.
# UAP Properties South Sudan Limited – Juba, South Sudan – 70 per cent shareholding – real estate.
# UAP Brokers –
Kinshasa
Kinshasa (; ; ln, Kinsásá), formerly Léopoldville ( nl, Leopoldstad), is the capital and largest city of the Democratic Republic of the Congo. Once a site of fishing and trading villages situated along the Congo River, Kinshasa is now one o ...
, Democratic Republic of Congo – Offering brokerage services.
# Union Life Rwanda Ltd –
Kigali
Kigali () is the Capital (political), capital and largest city of Rwanda. It is near the nation's geographic centre in a region of rolling hills, with a series of valleys and ridges joined by steep slopes. As a primate city, Kigali has been Rwa ...
, Rwanda – 100 per cent shareholding – Offering life insurance.
# Union Insurance Rwanda Ltd – Kigali, Rwanda – 100 per cent shareholding – Offering general insurance.
# UAP Century Insurance Company Limited –
Dar es Salaam
Dar es Salaam (; from ar, دَار السَّلَام, Dâr es-Selâm, lit=Abode of Peace) or commonly known as Dar, is the largest city and financial hub of Tanzania. It is also the capital of Dar es Salaam Region. With a population of over s ...
, Tanzania, – 60 per cent shareholding – Offering general and life insurance.
# UAP Africa Limited –
Port Louis
Port Louis (french: Port-Louis; mfe, label= Mauritian Creole, Polwi or , ) is the capital city of Mauritius. It is mainly located in the Port Louis District, with a small western part in the Black River District. Port Louis is the country's ec ...
, Mauritius – 100 per cent shareholding – Holding company for insurance businesses.
# UAP Investments – Port Louis, Mauritius – 100 per cent shareholding – Holding company for advisory financial service businesses.
# UAP Properties – Port Louis, Mauritius – 100 per cent shareholding – Holding company for real estate businesses.
# UAP Global Services – Port Louis, Mauritius – 100 per cent shareholding –
Dormant.
# UAP Credit Services – Port Louis, Mauritius – 100 per cent shareholding – Dormant.
Ownership
The shares of Old Mutual Holdings are traded over the counter at
Dyer & Blair Investment Bank
Dyer & Blair Investment Bank is a Kenyan investment firm that engages in regional investment banking, securities, investment management, and other financial services with both Individual and institutional clients. It is regulated by the Capital M ...
pending future listing on the
Nairobi Securities Exchange
The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...
. the shareholding of Old Mutual Holdings is expected to look as depicted in the table below:
1 - These are subsidiaries of
Old Mutual
Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in S ...
of
South Africa
South Africa, officially the Republic of South Africa (RSA), is the southernmost country in Africa. It is bounded to the south by of coastline that stretch along the South Atlantic and Indian Oceans; to the north by the neighbouring countri ...
. This gives Old Mutual 66.67% control of UAP Holdings.
Governance
UAP Holdings is governed by a fourteen-person board of directors with Joseph Wanjui serving as the chairman of the group and
Arthur Oginga as the chief executive officer.
Merger
In June 2015, shareholders of UAP Holdings agreed to merge with the parent company's other businesses in Kenya, to create a single entity that is referred to as UAP-Old Mutual Group. The combined company is expected to list its shares on the
Nairobi Securities Exchange
The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...
. In June 2015,
Peter Mwangi
Peter King'ori Mwangi is an electrical engineer, accountant and business executive in Kenya. He is the current Group Managing Director and Group Chief Executive Officer of the UAP Old Mutual Group, the financial services conglomerate, based in ...
was appointed
chief executive officer
A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...
of the UAP-Old Mutual Group. In April 2020, Arthur Oginga took over as CEO. Joe B. Wanjui, the former chairman of UAP Holdings, will assume the role of chairman of the new
UAP Old Mutual Group.
Building
UAP Holding is set to open
UAP Old Mutual Tower
UAP Old Mutual Tower is a 33-storey office complex in the Upper Hill neighborhood of Nairobi, the capital and largest city in Kenya. It became the tallest structure in Kenya upon its completion in 2015, surpassing Times Tower which had held that ...
, a 33-storey office complex in Nairobi's
Upper Hill district. UAP Tower is set to becoming the tallest structure in eastern and central Africa upon its completion in 2015.
See also
*
Old Mutual
Old Mutual Limited is a pan-African investment, savings, insurance, and banking group. It is listed on the Johannesburg Stock Exchange, the Zimbabwe Stock Exchange, the Namibian Stock Exchange and the Botswana Stock Exchange. It was founded in S ...
*
Nairobi Stock Exchange
The Nairobi Securities Exchange (NSE) was established in 1954 as the Nairobi Stock Exchange, based in Nairobi the capital of Kenya. It was a voluntary association of stockbrokers in the European community registered under the Societies Act in ...
*
Uganda Securities Exchange
The Uganda Securities Exchange (USE) is the principal stock exchange of Uganda. It was founded in June 1997. The USE is operated under the jurisdiction of Uganda's Capital Markets Authority, which in turn reports to the Bank of Uganda, Uganda's ...
*
List of Insurance companies in Kenya
This is a list of some of the Insurance Companies carrying on insurance business in Kenya. They are regulated by the Insurance Regulatory Authority:
* CIC Insurance Group Limited
* Allianz
* Madison Insurancehttps://www.madison.co.ke/
* B ...
*
List of insurance companies in Uganda
This is a list of insurance companies in Uganda regulated by the Insurance Regulatory Authority of Uganda:
Non-life insurance companies
# basani insurance limited
# Alliance Africa General Insurance Limited
# Britam Insurance Uganda Limited
# CI ...
References
External links
UAP Group HomepageUAP Kenya HomepageUAP Wordpress
{{Authority control
Companies based in Nairobi
Insurance companies of Kenya
Financial services companies established in 1920
1920 establishments in Kenya