United Assurance now UAP Insurance
UNITED Assurance Company has changed its name to UAP Insurance Uganda to complete its merger with Kenyan-based UAP Insurance.
By Charles Bwogi
UNITED Assurance Company has changed its name to UAP Insurance Uganda to complete its merger with Kenyan-based UAP Insurance.
“There are many benefits that will accrue from a unified branding, which include brand recognition and association in the regional market, leading to enhanced confidence in our services,†Prof. Gordon Wavamunno, the chairman UAP Uganda, said during a re-branding party at Fang Fang Restaurant in Kampala.
UAP Insurance Kenya acquired majority shares in United Assurance two years ago.
UAP Uganda’s managing director, Mathew Koech, said the company, made a sh2.1b profit before tax last year after making a sh1.1b loss in 2005.
He said the firm’s assets grew to sh19.4b against liabilities of sh12.2b, while the UAP Insurance Group registered a pre-tax profit of sh20.4b with assets worth sh188b.
Koech said: “Although the industry’s penetration level is still below 1% of the Gross Domestic Product (GDP) in Uganda, the growth potential is great if all stakeholders work towards increasing awareness of the benefits.â€
UNITED Assurance Company has changed its name to UAP Insurance Uganda to complete its merger with Kenyan-based UAP Insurance.
“There are many benefits that will accrue from a unified branding, which include brand recognition and association in the regional market, leading to enhanced confidence in our services,†Prof. Gordon Wavamunno, the chairman UAP Uganda, said during a re-branding party at Fang Fang Restaurant in Kampala.
UAP Insurance Kenya acquired majority shares in United Assurance two years ago.
UAP Uganda’s managing director, Mathew Koech, said the company, made a sh2.1b profit before tax last year after making a sh1.1b loss in 2005.
He said the firm’s assets grew to sh19.4b against liabilities of sh12.2b, while the UAP Insurance Group registered a pre-tax profit of sh20.4b with assets worth sh188b.
Koech said: “Although the industry’s penetration level is still below 1% of the Gross Domestic Product (GDP) in Uganda, the growth potential is great if all stakeholders work towards increasing awareness of the benefits.â€