UAP Holdings

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UAP Holdings

Type

Public company: OTC[1]

Industry

Insurance, financial services

Founded

1920

Headquarters

Bishops Garden Towers

Bishops Road
Nairobi, Kenya

Key people

Peter Mwangi
chief executive officer
Joseph Wanjui
chairman

Products

Life and health insurance,investment

management,Investment advisory,brokerage, real
estate investment trusts

Revenue

KES: 12.7 billion (2013)

Net income

KES: 2.2 billion (2013)[2]

Total assets

KES: 24.6 billion (2012)

Website

Homepage

UAP Holdings is an investment, retirement, and insurance group that operates mainly in eastern
Africa but has plans to be a pan-African insurance company. UAP Holdings is one of the leading
insurance and financial services groups in eastern Africa with a network of branches and operational
subsidiaries spread across the greater eastern and central Africa regions.
Contents
[hide]

1Overview

2History

3Subsidiaries and associated companies

4Ownership

5Governance

6Merger

7Building

8See also

9References

10External links

Overview[edit]
The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, South
Sudan, Rwanda, Tanzania, theDemocratic Republic of Congo, and Mauritius. The Mauritius units are
holding companies for the non-Kenyan operations. The flagship company of the group is UAP
Insurance Kenya.[3]

History[edit]
The Group's origins in Kenya date back to the 1920s when Provincial Insurance Company of East
Africa was incorporated as a subsidiary of Provincial Insurance Company, an insurance group based
in London, United Kingdom. The 1994 merger of Union des Assurances De Paris (UAP) of France
and Provincial of the UK led to the formation of the UAP Insurance Company of Kenya. In 1996, the
firm became part of AXA when AXA acquired UAP in France. AXA divested its shareholding in 2000
and the firm became a wholly owned Kenyan company.[4]
UAP Holdings expanded to Uganda in 2005, to South Sudan in 2006, to Rwanda and the
Democratic Republic of the Congo in 2011, and to Tanzania in 2013. All entries other than Tanzania
were greenfield investments. The group entered Tanzania through the acquisition of Century
Insurance Company Limited and re-branded it to UAP Century Insurance Company Limited. [5] In
total, UAP has sixteen businesses operating in the region.[6]

On 8 January 2015, Centum and Chris Kirubi announced that they had entered into an agreement
with Old Mutual for the sale of their 13.75 percent and 9.58 percent stake in UAP Holdings,
respectively, to the London Stock Exchange-listed financial giant in a deal valued at over KES 7
Billion.[7] Once complete, Old Mutual will hold 23.33 percent of UAP Holdings-issued shares and will
act as a strategic investor to the group.[8] On 27 January 2015, Kenyan print media reported that Old
Mutual had acquired the shares in UAP Holdings previously owned by Abraaj, Africinvest, and
Swedfund, amounting to 37.33 percent of total shareholding, for US$155.5 million (KSh14.2 billion),
thereby raising Old Mutual's ownership in UAP Holdings to 60.66 percent. [9]

Subsidiaries and associated companies[edit]

The companies that comprise the UAP Holdings include, but are not limited, to the following: [10][11]
1. UAP Insurance Company Limited Nairobi, Kenya 100% Shareholding The flagship
company of the group. Offering general insurance.
2. UAP Life Assurance Limited Nairobi, Kenya 100 percent shareholding Offering life
Insurance.
3. UAP Insurance Uganda Limited Kampala, Uganda 53 percent shareholding Offering
general insurance.
4. UAP Life Assurance Uganda Limted Kampala, Uganda 53 percent shareholding
Offering life insurance.[12]
5. UAP Insurance South Sudan Limited Juba, South Sudan 100 percent shareholding
Offering general and life Insurance.
6. UAP Financial Services Kenya Limited Nairobi, Kenya 100 percent shareholding
Offering financial services, investment management, Investment advisory,
andbrokerage services.
7. UAP Financial Services Uganda Limited Kampala, Uganda 89 percent shareholding
Offering financial services, investment management, advisory and brokerage services.
8. UAP Investments Nairobi, Kenya 100 percent shareholding Offering unit trusts and
pension services.
9. UAP Properties Uganda Limited Kampala, Uganda 79 percent shareholding real
estate.
10.UAP Properties Kenya Limited Nairobi, Kenya 100 percent shareholding real estate.
11. UAP Properties South Sudan Limited Juba, South Sudan 70 percent shareholding real
estate.
12.UAP Brokers Kinshasa, Democratic Republic of Congo Offering brokerage services.
13.Union Life Rwanda Ltd Kigali, Rwanda 100 percent shareholding Offering life
insurance.

14.Union Insurance Rwanda Ltd Kigali, Rwanda 100 percent sareholding Offering general
insurance.
15.UAP Century Insurance Company Limited Dar es Salaam, Tanzania, 60 percent
shareholding Offering general and life insurance.
16.UAP Africa Limited Port Louis, Mauritius 100 percent shareholding Holding company
for insurance businesses.
17.UAP Investments Port Louis, Mauritius 100 percent shareholding Holding company for
advisory financial service businesses.
18.UAP Properties Port Louis, Mauritius 100 percent shareholding Holding company for
real estate businesses.
19.UAP Global Services Port Louis, Mauritius 100 percent shareholding Dormant.
20.UAP Credit Services Port Louis, Mauritius 100 percent shareholding Dormant.

Ownership[edit]
The shares of the UAP Holdings are traded over the counter at Dyer & Blair Investment
Bank pending future listing on the Nairobi Securities Exchange.[13] As of June 2015 the shareholding
of UAP Holdings was as follows:[9]
UAP Holdings Stock Ownership

Rank

Name of Owner

Percentage Ownership

Old Mutual[14] of the United Kingdom

60.66

Bawan Limited

20.46

James Muguiyi

5.97

William Kimutai

1.65

Andrew Smith

0.85

About 990 Other Local & International Investors[15]

10.41

UAP Holdings Stock Ownership

Rank

Name of Owner

Total

Percentage Ownership

100.00