Old Mutual Holdings
Old Mutual Holdings, formerly UAP Holdings Limited, was an Eastern African insurance, investment, retirement-services, and property group controlled by Old Mutual.
Last updated August 31, 2026
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History
Old Mutual Holdings developed from UAP's long-running insurance presence in Kenya and its subsequent regional expansion. The earliest institutional predecessor identified in the reference material was Provincial Insurance Company of East Africa, incorporated in Kenya during the 1920s as a subsidiary of the London-based Provincial Insurance Company. This provided the historical foundation for a business that later became part of the UAP insurance network. In 1994, the merger of Union des Assurances de Paris of France and Provincial of the United Kingdom led to the creation of UAP Insurance Company of Kenya. The Kenyan company entered a new ownership phase in 1996 when AXA acquired UAP in France and thereby became associated with the Kenyan operation. AXA later divested its shareholding in 2000, leaving the company wholly Kenyan-owned according to the cited account. UAP Holdings expanded beyond Kenya during the following decade. It entered Uganda in 2005 and South Sudan in 2006. In 2011, it established operations in Rwanda and the Democratic Republic of the Congo. Its Tanzanian entry in 2013 differed from the other expansions: rather than a greenfield launch, UAP acquired Century Insurance Company Limited and renamed it UAP Century Insurance Company Limited. Mauritius became the location for several holding companies covering non-Kenyan insurance, investment, property, and service interests. The operating network described in the source extended across Kenya, Uganda, South Sudan, Rwanda, Tanzania, and the Democratic Republic of the Congo. The decisive ownership transition occurred in 2015. On 8 January, Old Mutual was reported to have agreed to purchase stakes from Centum and Chris Kirubi. Later that month, reports described additional acquisitions from Abraaj, AfricInvest, and Swedfund. Together, the transactions gave Old Mutual a substantial and ultimately controlling interest in UAP Holdings. The deal transformed Old Mutual from a strategic investor into the central shareholder in the regional platform. In June 2015, shareholders approved the combination of UAP Holdings with Old Mutual's other Kenyan businesses. The resulting enterprise was commonly described as UAP-Old Mutual Group, with an anticipated future listing on the Nairobi Securities Exchange. Peter Mwangi became chief executive of the combined organization in the same month. Arthur Oginga succeeded him in April 2020. Joe B. Wanjui, previously chairman of UAP Holdings, was identified as the intended chairman of the new group. The group was not limited to underwriting. Its listed businesses included UAP Insurance Kenya, UAP Life Assurance Kenya, Ugandan insurance subsidiaries, South Sudanese general and life insurance operations, Rwandan insurance companies, UAP Century Insurance in Tanzania, financial-services and investment-management companies, unit trusts and pension services, brokerage operations, and property subsidiaries. Mauritius-based entities served as holding structures for parts of the regional portfolio. Property was also visible in the group's public identity. UAP Old Mutual Tower, a 33-storey office development in Nairobi's Upper Hill district, was opened as a major corporate and real-estate project. The supplied material does not establish whether Old Mutual Holdings continues to exist as a standalone legal or brand entity, so its present status cannot be stated with certainty.
- 2020
Arthur Oginga becomes chief executive
[1]Arthur Oginga succeeded Peter Mwangi as chief executive of the UAP-Old Mutual Group.
- 2015
Old Mutual becomes controlling shareholder
[1]Old Mutual acquired stakes from several existing investors and was reported to have increased its ownership of UAP Holdings to 60.66 percent.
- 2015
UAP and Old Mutual Kenyan businesses combined
[1]Shareholders approved the combination that produced the UAP-Old Mutual Group structure.
- 2013
Entry into Tanzania
[1]UAP acquired Century Insurance Company Limited and rebranded it as UAP Century Insurance Company Limited.
- 2011
Expansion into Rwanda and the Democratic Republic of the Congo
[1]The group established businesses in Rwanda and the Democratic Republic of the Congo.
- 2006
Expansion into South Sudan
[1]UAP entered South Sudan through a new local operation.
- 2005
Expansion into Uganda
[1]UAP established operations in Uganda.
- 2000
AXA divests its Kenyan holding
[1]AXA exited its shareholding, after which the Kenyan company became wholly Kenyan-owned.
- 1996
AXA acquires UAP
[1]AXA's acquisition of UAP in France brought the Kenyan UAP operation into the AXA ownership chain.
- 1994
UAP Insurance Company of Kenya formed
[1]The merger of UAP in France and Provincial in the United Kingdom led to the formation of UAP Insurance Company of Kenya.
Products and positioning
A regional African financial-services platform combining insurance, life assurance, investments, retirement products, brokerage, and property interests under UAP and Old Mutual ownership.
General insurance
UAP Insurance Kenya
The flagship Kenyan insurance company in the group, providing general-insurance products and serving as the principal operating foundation of UAP's regional network.
Life insurance
UAP Life Assurance Kenya
The Kenyan life-assurance business offering protection and longer-term insurance solutions within the group's broader financial-services platform.
General and life insurance
Regional insurance subsidiaries
The group operated general and life insurance businesses in Uganda and South Sudan, and general and life insurance companies in Rwanda. Tanzania was served through UAP Century Insurance Company Limited, while brokerage activities extended into the Democratic Republic of the Congo.
Investments and retirement
UAP Investments
Investment-related operations included investment management, advisory services, unit trusts, and pension or retirement products for customers and institutional clients.
Financial services
UAP Financial Services
Kenyan and Ugandan financial-services subsidiaries provided investment management, investment advice, and brokerage services alongside the insurance operations.
Real estate
UAP Properties
Property subsidiaries in Kenya, Uganda, and South Sudan formed the group's real-estate arm. The portfolio was supported by Mauritius-based holding entities and included the group's prominent Nairobi office development.
Commercial real estate · 2015
UAP Old Mutual Tower
A 33-storey office complex in Nairobi's Upper Hill district, developed and opened by the group. The tower became a prominent physical expression of the UAP-Old Mutual combination and its property interests.
Brand decisions
2015
Old Mutual acquires a controlling stake in UAP HoldingsM&ABackground
Old Mutual sought a strategic position in UAP Holdings and agreed to acquire stakes from Centum and Chris Kirubi, followed by reported purchases from other investors.
Action taken
Old Mutual completed or agreed the reported transactions, raising its ownership to 60.66 percent of UAP Holdings.
Aftermath
The transaction made Old Mutual the controlling shareholder and set the stage for the subsequent combination of UAP and Old Mutual's Kenyan businesses.
Reported acquisition consideration. More than KSh 7 billion for the Centum and Chris Kirubi transactions; later reported purchases from other investors were valued at US$155.5 million (KSh 14.2 billion) (January 2015)
2015
Merger into UAP-Old Mutual GroupM&ABackground
Following Old Mutual's investment, UAP Holdings and Old Mutual's other Kenyan businesses were reorganized to create a single combined enterprise.
Action taken
Shareholders approved the merger in June 2015, with a future Nairobi Securities Exchange listing anticipated.
Aftermath
The combined structure became known as UAP-Old Mutual Group. The supplied material does not confirm whether the original Old Mutual Holdings legal entity remained active afterward.
Sources1 sources
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