Britam plans to enter Life Insurance Space, says no plans to exit Uganda

Kampala, Uganda | Julius Businge | 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, executives said in a press statement dated Jan.20.

The statement adds: “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 focusses on customer centricity and exceeding value delivery to its clients and partners.”

Speaking to clients and partners at a Britam Business Cocktail held on Jan.19 in Kampala, the Britam Group MD Tom Gitogo said, Britam Uganda entered the market in November 2010 and remains a key player in the financial services industry of Uganda.

“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,” he said.

He added that the Asset Management business is the fastest growing, reaching the top 3 position in Assets Under Management in just a few years.

“Britam Uganda is now looking at growing its revenue streams even further by considering additional product offerings such as entry into the Life Insurance Market,” Gitogo said.

Britam has a presence in seven 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.