Britam insurance set to join the life insurance market space

Britam Insurance Company (Uganda) Limited and Britam Asset Managers Company (Uganda) Limited have noted baseless rumours about a potential exit of the company from the Ugandan market.

Britam Uganda, through its holding company Britam Holdings PLC would like to reiterate its commitment to staying in and growing within the markets it operates. With this, Britam Uganda would like to categorically state that the company does not have any intentions of leaving the Ugandan General Insurance and Asset Management sectors. The company is in the 3rd year of its 5 year (2021-2025) Transformational Strategy that focuses on customer centricity and exceeding value delivery to its clients and partners.

Speaking to clients and partners at a Britam Business Cocktail held on the 19th of January 2023 at Kampala Serena Hotel, the insurance Group MD – Mr. Tom Gitogo stated that:

“Britam Uganda entered the market in November 2010 and remains a key player in the financial services industry of Uganda, 13 years later. This is the perfect time to partner with Britam – the General Insurance business has grown quickly from near bottom of the pack to the top 4 in market share. Similarly, the Asset Management business is the fastest growing, reaching the top 3 position in Assets Under Management in just a few years. The insurance company is now looking at growing its revenue streams even further by considering additional product offerings such as entry into the Life Insurance Market”

Britam has a presence in 7 countries (Uganda, Kenya, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi) and is looking at entering into other countries in the region with a promising growth trajectory as appropriate.

Mr. Tom Gitogo, the Britam Group MD further stated at the event that “The insurance company has no intentions of leaving any of the countries within which it operates, to the contrary, we want to grow our revenue streams in markets such as Uganda where through innovation and partnerships with Organisations such as the ones represented here, the headroom for growth is enormous”

Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern and Southern Africa region, with operations in Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi. The group offers a wide range of financial products and services in Insurance, Asset management, Banking, and Property.