Old Mutual exits Tanzania short-term insurance market after strategic review
Dar es Salaam. Old Mutual Limited announced today the sale of its full stake in UAP Insurance Tanzania, its short-term insurance business, to a group within its current minority shareholders, pending regulatory approval.
This decision follows a strategic review that identified challenges in achieving Old Mutual's desired returns on capital for the Tanzanian business. "We evaluated various options to attain market leadership, but no longer see a clear path," explained Arthur Oginga, Old Mutual Holdings CEO.
Despite the divestment, UAP Insurance Tanzania assured customers and stakeholders of continued excellent service and a smooth transition to the new owners, Strategic Ventures Company Limited.
Old Mutual remains committed to East Africa, but prioritizes sustainable and responsible growth. "We will strengthen our investment in corporate and retail propositions to position the business as a leading integrated financial service provider," Oginga emphasized.
Old Mutual expressed gratitude to the people of Tanzania for their warm embrace of UAP Insurance and the group over the years. "We are proud of the business we built with the commitment of our local teams," Oginga concluded.
