The Ministry of Finance Permanent Secretary/ Secretary to the Treasury Ramathan Ggoobi has urged Uganda’s insurance industry players to play a more deliberate role in de-risking the economy and driving the country’s ambitious “tenfold growth strategy.”
The tenfold growth strategy is a government framework aimed at achieving rapid, sustainable, and inclusive economic expansion by increasing country’s Gross Domestic Product to $500 billion by 2040. Mr. Ggoobi made the remarks at a function where UAP Old Mutual officially rebranded to Old Mutual Uganda, at Kampala Serena Hotel on October 10, 2025.
He lauded Old Mutual’s business resilience and legacy of over 180 years in the financial services industry and underscored the insurer’s pivotal role in supporting Uganda’s economic transformation agenda, especially as the government implements its tenfold growth strategy. “Insurance is going to play a critical role in achieving this strategy, and Old Mutual will be instrumental in ensuring that goal is achieved because there is need for de-risking,” Goobi said.
He added: “As Uganda expands its export basket, now with 34 new products, demand for insurance will increase, driving higher premiums and market growth.” He commended Old Mutual’s contributions to national development through its life assurance, savings, and investment offerings, noting that such financial instruments provide a stable foundation for both individual and macroeconomic resilience.
The Insurance Regulatory Authority of Uganda (IRA) Chief Executive Officer, Alhaj Dr. Kaddunabbi Ibrahim Lubega, described the rebrand as both timely and necessary in an era of rapid financial sector transformation. “This transition reflects Old Mutual’s commitment to align its brand identity and strategic direction with its global heritage and the future of Uganda’s insurance market,” he said.
He emphasized that brand consolidation enhances operational efficiency and governance which are key elements in safeguarding policyholders’ interests. “As a regulator, we take pride in seeing players like Old Mutual not only comply but reimagine themselves to serve policyholders better,” he said.
Old Mutual Uganda Managing Director, Mr. Stephen Chikovore, hailed the rebrand as a promise of shared growth. “As we step into this future together, we will continue to innovate, grow, and strengthen the bonds that make Old Mutual a brand built for financial wellness, prosperity, and resilience,” he said.
The rebrand to Old Mutual marks a significant milestone in the company’s journey, aligning Uganda’s operations with the broader Old Mutual Group identity across Africa.
The transition, according to executives, is intended to unify all subsidiaries under one trusted and globally recognizable brand while reaffirming Old Mutual’s commitment to innovation and customer-centric financial solutions.