Kenya’s UAP Holdings and Old Mutual to merge their life assurance divisions

KENYA – Financial services group UAP Holdings Limited (UAPH) has announced plans to merge its life insurance business with the life insurance business of Old Mutual Life Assurance Company Limited (OMLAC). The Group’s company secretary Nkirote Mworia Njiru through a statement said the move is part of an internal restructuring of the UAP old Mutual Group where UAP Holdings will acquire shares in Old Mutual Life Assurance Company. ” Pursuant to the proposed restructuring, UAPH will acquire shares in OMLAC through its wholly owned subsidiary UAP Life Assurance Limited and…

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UAP Holdings records US$0.53m loss in the first half of 2020, attributed to slow activities in equities market

KENYA – UAP Holdings Plc, an investment, retirement, and insurance group, reported a KSh57million (US$0.53m) loss in the first six months of the year, diluting a profit of KSh517million (US$4.77m) posted the same period last year. The poor performance was attributed to slow activities in the equities market. The group however recorded improved cash flow generation over the period coupled with improved claims ratios. This was delivered on the backdrop of the COVID-19 pandemic which has adversely impacted different sectors of the economies that the Group operates in. Gross written…

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