UAP Old Mutual Insurance shines at 2024 Financial Reporting Awards

Kampala, Uganda | THE INDEPENDENT | UAP Old Mutual Insurance has once again been recognized for its commitment to excellence in corporate reporting. The company secured top honours at the 2024 Financial Reporting Awards (FiRe Awards), solidifying its position as a leader in transparent and accountable business practices within Uganda’s insurance sector.

This year’s awards ceremony, held on November 6th, recognized companies dedicated to best practices in financial reporting, focusing on Environmental, Social, and Governance (ESG) disclosures. This marks a back-to-back victory for UAP Old Mutual, highlighting its leadership in transparent and accountable business practices within Uganda’s insurance sector.

Under the theme “Promoting Excellence in Corporate Reporting: Disclosing ESG Performance and Progress,” the 2024 FiRe Awards emphasized the importance of clear, comprehensive ESG reporting.

The event focused on how companies demonstrate progress in addressing feedback from previous evaluations and aligning their reporting with global sustainability standards. This year, UAP Old Mutual was distinguished through its commitment to improving corporate accountability and transparency in line with international best practices.

UAP Old Mutual’s subsidiaries achieved outstanding results in two competitive categories. Old Mutual Life Assurance secured the 1st Runner-Up position in the Life Assurance category, while General Insurance achieved the top spot as the winner in the General Insurance category.

These accolades underscore UAP Old Mutual’s dedication to maintaining high financial reporting standards and transparent communication of its ESG initiatives.

The awards ceremony highlighted the importance of corporate responsibility in today’s business environment. General Katumba Wamala, the Chief Guest and Minister for Works and Transport congratulated this year’s winners and emphasized that organizations must be deliberate in their actions that impact the environment and community.

"Financial reporting fuels trust and progress," he said, underscoring the essential role that transparent and accurate reporting plays in decision-making for shareholders, regulators, and the public.

FiRe Awards Committee Chairman CPA Stephen Ineget also noted the impressive growth in participation, with a record-breaking 108 entities competing in 2024 and 82% of last year’s participants returning.

“This increase reflects a strong commitment to transparency and excellence in corporate reporting among Uganda’s business community,” Ineget remarked.

For UAP Old Mutual Insurance, this year’s achievements at the FiRe Awards highlight its leadership within the industry and its commitment to high standards in ESG reporting.

The success in both the Life and General Insurance categories demonstrates the businesses’ excellence in ESG-focused reporting and fostering trust and accountability in the marketplace.

The Financial Reporting Awards (FiRe Awards) were introduced in 2011 by the Institute of Certified Public Accountants of Uganda (ICPAU), in partnership with the Capital Markets Authority (CMA) and Uganda Securities Exchange (USE).

The awards celebrate organizations that adopt best practices in financial reporting and encourage them to achieve greater transparency and accountability. Each year, the FiRe Awards evaluate private, public, and non-profit entities on their adherence to International Financial Reporting Standards (IFRS) and integration of emerging trends in corporate reporting.