By Stephen Chikovore
When UAP Old Mutual officially rebranded to Old Mutual Uganda earlier this month, it marked the dawn of a new chapter in Uganda’s financial landscape.
The transition, part of a broader Pan-African unification strategy, strategically positions Old Mutual Uganda at the heart of a continental movement toward integrated financial wellness.
With over 180 years of experience, Old Mutual brings with it a legacy of trust, innovation, and resilience that is now fully aligned with Uganda’s growth ambitions and the evolving needs of its people.
The rebrand represents a renewed commitment to empowering Ugandans to achieve financial wellness, an approach that goes beyond selling financial products but through fostering resilience, through education, inclusion, and long-term prosperity.
As Uganda pursues its tenfold strategy which aims to multiply the Gross Domestic Product and double national savings, Old Mutual’s presence, with its strong focus on financial wellness, has never been more pertinent.
For me the rebrand represents continuity of trust with a reinvigorated focus on innovation and customer experience. While our name has changed, our commitment to our customers remains the same. This rebrand gives us a renewed focus on helping Ugandans achieve their lifetime financial goals, building futures, protecting livelihoods, and enhancing financial wellness.
Old Mutual’s concept of financial wellness is both holistic and practical. It recognizes that proper financial stability does not come from just saving or insuring, but from a lifelong partnership that empowers individuals and businesses to plan, grow, and protect their wealth. The company’s strategy is to be its customers’ first choice to sustain livelihoods and protect what matters most.
The company connects insurance, savings, investment, and advisory solutions into a single seamless experience. From protecting assets to growing investments, customers enjoy a connected journey designed to enhance overall economic well-being.
Whether you are insuring your car, saving for retirement, investing in a unit trust, or seeking financial advice, Old Mutual aims to provide a connected journey. This integrated approach ensures that every solution supports a customer’s overall economic well-being, delivering a roadmap to financial confidence.
Digital innovation lies at the heart of Old Mutual’s transformation. Old Mutual Uganda has made significant strides in digital innovation, developing self-service platforms, mobile-first insurance solutions, and online investment tools that simplify and accelerate access to financial services.
Customers can now purchase travel, motor and medical insurance online, save for their future plans online and manage investments through digital portals and USSD platforms.
The introduction of NextPe, a mobile premium payment solution in partnership with Airtel, is also proof of Old Mutual’s drive to make financial engagement as convenient as possible.
Beyond convenience, digitalisation is also about inclusion. Uganda’s insurance penetration remains below one per cent, and Old Mutual’s innovations are here to bridge this gap by making financial products accessible through mobile devices and digital channels, Old Mutual is reaching new audiences, particularly young people and small and medium enterprises, both key segments in Uganda’s growth story who might otherwise find traditional financial systems out of reach.
However technology alone isn’t enough. Old Mutual’s approach is distinctly advice-led, grounded in human connection. The company prides itself on having one of the largest and most experienced networks of financial advisers in the region, equipped with industry-leading tools to guide customers at every life stage.
Whether a client is looking to start saving for their child’s education, protecting their home, or growing their business, Old Mutual provides tailored advice that reflects individual needs and goals.
What remains central to Old Mutual’s identity is trust, which is the cornerstone of any financial relationship. With an A+ GCR credit rating and ISO certification, the company further demonstrates not only financial strength but also a commitment to quality and ethical governance. This trust extends to its role as a partner in Uganda’s economic development.
Old Mutual is a lead insurer for national assets, including some of the oil and gas projects such as the Kingfisher Development Area, the Tilenga Oil & Gas Project, the East Africa Crude Oil Pipeline, and key hydropower plants such as Karuma and Isimba. The company plays a vital role in safeguarding Uganda’s industrial growth and energy security.
Old Mutual’s contribution to Uganda’s economy extends to driving national growth. The company has demonstrated its reliability by paying out shs154 billion in 2023 and shs150 billion in 2024 in claims, reaffirming its commitment to standing with customers through uncertainty.
This commitment also extends through investment. Old Mutual Investment Group (OMIG) continues to lead the market with innovative investment solutions, including the country’s first Dollar (USD) Unit Trust.
In 2024, OMIG recorded a 67% increase in total unit holders, reflecting growing public confidence in managed investment products. Through these initiatives, Old Mutual is mobilizing domestic savings into productive ventures that help fuel Uganda’s economic growth.
Equally important is Old Mutual’s focus on sustainability and community empowerment. Through programs promoting financial literacy, environmental conservation, and social welfare, the company is helping to build a more resilient society.
In 2024 alone, Old Mutual reached over 10,000 individuals and businesses through financial education initiatives and planted 10,000 trees in schools to nurture environmental awareness among young Ugandans. These efforts reflect Old Mutual’s belief that true success is shared when communities thrive, so does the nation.
As Uganda’s economy continues to expand and diversify, financial literacy and responsible financial management will be essential to ensure that growth is inclusive and sustainable.
Old Mutual’s rebrand is a bold step toward leading that transformation, helping every Ugandan achieve financial wellness. Financial wellness is a shared goal that every Ugandan can achieve with the proper guidance, tools, and trusted partner.
The author is the Managing Director, Old Mutual Insurance Uganda
