KAMPALA. UAP Old Mutual registered a health gross written premiums for the period ended December 2021. According to details published in its fi nancial results, UAP registered a combined gross written premiums of Shs152b from both general and health insurance businesses, which represents a market share of about 22.99, according to details from Insurance Regulatory Authority.
During the period, UAP paid out Shs67b in net claims, while its asset base grew to more than Shs87b.
Shareholder equity stood at Shs84b. Insurance penetration remains under 1 percent, but players have engaged a number of innovations to return a profit.
During the period, UAP reported a Shs26b in profi ts before tax, driven by both the insurance business and investment income. Mr Stephen Chikovore, the UAP managing director, said the performance was testament of the insurer’s superior customer experience and retention, which has been supported by both innovation and capacity to underwrite special risks.
“We are a subsidiary of Old Mutual based in South Africa, which has been in operation for over 177 years and is in 13 countries. The growth of the business is attributed to the experience we have in the insurance sector, a wide variety of insurance products and capacity to underwrite special risks,” he said, noting that the performance was also due to strategic alignment of service and product development to the projected key economic drivers.
A report published by PwC titled: The road to recover: Building economic resilience, highlighted digital transformation as a key enabler for economic transformation and improvement in efficiency and productivity.
UAP, Mr Chikovore said, has engaged digital solutions that are able to serve customers in real time. The insurance sector has remained resilient in the face of a number of challenges occasioned by Covid-19.