By David Mwanje
Old Mutual has unveiled a dynamic rebrand, dropping the UAP prefix to embrace a sleek, unified identity that channels over 180 years of global financial expertise. Announced with fervor by top executives, this transformation signals Old Mutual’sambition to dominate Uganda’s financial services landscape, blending cutting-edge digital solutions with a renewed focus on customer-centric wellness. Far from a superficial facelift, the move reveals a calculated strategy to deepen market penetration, leverage Africa’s fintech surge, and solidify its role as a trusted partner in Uganda’s economic growth.
Since acquiring UAP in 2015, Old Mutual has evolved from an insurance-focused entity to a diversified financial powerhouse. Mathias Katamba, Board Chair, celebrated this milestone, noting, “In Uganda, we have been purposeful in our growth evolving from insurance to a truly diversified financial services provider.” He honored predecessors like Sir Gordon Wavamunno, framing the rebrand as a continuation of their legacy.
Analytically, this shift is a masterstroke: shedding “UAP” aligns Old Mutual with its global brand, potentially cutting branding costs and enhancing cross-border synergy across its 13 African markets. In Uganda’s competitive financial sector, where players like Jubilee Insurance vie for dominance, this move could boost Old Mutual’s market share by streamlining its identity and capitalizing on its international pedigree.
Kitariko Kenneth, Board Chairperson of the Life Assurance Board, emphasized the rebrand’s core theme: “Financial wellness begins with you our customers, our partners, and our people.” He highlighted Old Mutual’s contributions to employee welfare and economic stability, with solutions designed for peace of mind. This resonates in Uganda, where only 58% of adults hold formal financial accounts, per the 2023 FinScopesurvey.
By prioritizing comprehensive services—from life assurance to investments Old Mutual targets underserved markets, particularly amid 5.5% inflation and rising youth unemployment. Kenneth’s pledge to invest in staff signals a hedge against talent attrition, critical in a sector where skilled labor is scarce. “This rebrand is about delivering solutions smarter, faster, and more meaningfully,” he added, a nod to operational efficiency in a digital-first era.
Richard P. Byarugaba, Board Chair of Old Mutual Investment Group, described the rebrand as a “fundamental transformation” delivering value, service, and innovation. His commitment to supporting government efforts on financial inclusion aligns with Uganda’s Vision 2040, which prioritizes economic growth. Byarugaba’s assurance of regulatory compliance is strategic, given the Insurance Regulatory Authority’s tightened post-COVID oversight. With mobile money penetration at 70%, per Bank of Uganda, Old Mutual’s focus on digital transformation think wealth management apps and streamlined claims processes positions it to challenge fintech disruptors like MTN MoMo. This could erode competitors’ share while capturing tech-savvy millennials, who form 50% of Uganda’s population.
Zac Kisesi, Managing Director of Old Mutual Investment Group, reassured stakeholders: “Our name has changed but our commitment to you remains steadfast.” This continuity mitigates risks of alienating loyal clients, a common rebrand pitfall. Stephen Chikovore, Managing Director of Old Mutual Insurance, underscored the company’s unique holistic offerings, from health to wealth accumulation. “We are the only business in the country with this comprehensive service offering,” he said. In 2024, insurance accounted for 60% of Old Mutual Uganda’s portfolio, per industry estimates. By bundling products, the company could mirror models like South Africa’s Discovery Group, potentially boosting retention by 20-30% through cross-selling.
Patrick Kimathi, Managing Director for Old Mutual, highlighted robust internal engagement quizzes, trivia, and staff events that energized employees around the rebrand. Gallup studies suggest engaged teams lift productivity by 21%, a boon for Old Mutual as Uganda’s GDP is forecast to grow 9% in 2025. This internal buy-in could accelerate market expansion.
Old Mutual’s rebrand is a strategic leap, not a mere logo tweak. In a post-pandemic economy grappling with inflation and demand for secure investments, its “financial wellness” mantra taps unmet needs. Challenges fintech competition, regulatory flux persist, but with global expertise and digital innovation, Old Mutual is primed to lead. As Katamba urged, “Together, we will continue to write the next chapter of our story.” For Uganda’s investors and customers, this vibrant new chapter promises growth, if execution matches ambition.
