The Group says the ‘Old Mutual’ signifies the company’s confidence in its future in Kenya as well as its readiness to unlock more opportunities and more value for its customers, communities, and other stakeholders.
“We finally completed the merger of the life companies this year (2022) and with that, we decided to have one brand. We have been operating as a dual-brand UAP Old Mutual over that period and with the completion of the integration, we have adopted a single brand which is going to be Old Mutual going forward,” Old Mutual Kenya CEO, Arthur Oginga during the rebrand.
“As part of the Old Mutual Group, the East Africa business is able to leverage technology, technical expertise and to offer skills development and broad career growth opportunities for our employees. Through knowledge sharing we are also able to come up with innovative and tailor-made solutions for our customers, assuring them of our long-term commitment to their financial growth.”
The rebrand has already taken place in Kenya and Rwanda and will later be followed by similar exercises in Uganda, South Sudan, and Tanzania which are expected to be completed in 2023.
“East Africa is growing as a regional investment and business hub, with this growth comes new opportunities for Alternative Investments, innovation, and expansion, and as Old Mutual Kenya we are ready to partner with Kenyan customers, communities and stakeholders to ensure we harness this potential,” Oginga remarked.
CEO of Old Mutual Limited Iain Williamson, on his part, noted that the group’s commitment will be directed towards growing and protecting the prosperity of customers and communities on the African continent.
As part of its strategy, the group will harness its African footprint to provide pooled cover for multinationals, product innovation and leveraging integrated financial services to realise economic growth.
For instance, it will be exiting the stock brokerage business to concentrate on its asset management unit.
“As part of the reorganisation of the group, we have carried out a review of the business that we will choose to stay on. The stock brokerage business fell outside our perimeter in the sense of synergies between the different businesses that we got,” said Mr Oginga.
“We are talking to different parties about a possible sale and nothing at this stage is signed. We hope before the end of the year we will exit that business.”
Old Mutual has been operating in Kenya for more than 100 years. In 2014 it acquired a controlling stake in Faulu Microfinance Bank and a year later, it similarly acquired a stake in UAP Holdings PLC (formerly UAP Holdings Limited), unifying the companies as UAP Old Mutual Group.