As the global insurance giants Sanlam and Allianz deepen their partnership across Africa, Uganda’s life insurance sector is entering a new phase of strategic alignment, capital strength and governance discipline.
At SanlamAllianz Life Insurance Uganda, Chief Finance Officer Arnold M. Ainebyona is helping steer that transformation—ensuring the company’s financial strategy balances policyholder security, sustainable growth, and innovation in a market where life insurance penetration remains below one per cent.
A seasoned accounting and finance expert with over a decade of progressive experience in external audit, General and Life insurance.
Ainebyona began his career at PKF Uganda Limited before sharpening his expertise at PwC Uganda.
He joined the insurance industry in 2018 as Finance Manager at Sanlam General Insurance Uganda, later rising to become CFO of SanlamAllianz Life Uganda in 2022, where he now oversees capital allocation, investment strategy and financial governance.
A Certified Public Accountant with ICPAU and a member of the Association of Chartered Certified Accountants (ACCA-UK), Ainebyona brings a disciplined approach to managing long-term liabilities while unlocking new growth opportunities in Uganda’s evolving financial landscape.
His leadership journey is further strengthened by advanced executive development training from the University of Stellenbosch Business School and holds a postgraduate business qualification from Edinburgh Business School, Heriot-Watt University, and a Diploma in Insurance from the Insurance Training College of Uganda.
In this conversation with CEO East Africa Magazine, he explains how the Sanlam–Allianz collaboration is strengthening actuarial discipline, investment governance and financial resilience. He also outlines how digital distribution, tailored insurance products and financial literacy initiatives could help convert Uganda’s expanding middle class into long-term policyholders.
Following the merger, how has the life business reorganised its financial structures and capital allocation frameworks to fully leverage the strengths of both Sanlam and Allianz?
As a background, Uganda was one of the countries where both Sanlam and Allianz had separate businesses that were overlapping and therefore required to merge into the new JV business and brand name, Sanlam Allianz.
This overlapping aspect was, however, in the General Insurance businesses, which was not the case for the Life Insurance and Investment businesses. As such, Sanlam Life Insurance Uganda Ltd effectively had a legal change in shareholding and name to reflect the renewed strength and expertise of the Sanlam Allianz brand without the need for any operational merger/amalgamation like our sister General Insurance businesses in Uganda.
This has ensured stability in our strategic intent from a financial and capital allocation perspective, with the renewed excitement of incorporating and benefiting from the global expertise and leadership of Allianz.
What operational or financial synergies have been realised so far, particularly in actuarial processes, investment strategy alignment, or distribution efficiency?
Although the change is relatively new, we are already seeing meaningful synergies with strengthened actuarial pricing discipline and a heightened focus on a strong and foolproof balance sheet. It is particularly helpful to have already had strong governance models with prudent key valuation and risk management practices. As a business, we can only get better from here!
The life insurance segment grew nearly 15%, yet penetration remains low. What financial strategies are you implementing to convert Uganda’s growing middle class into long-term policyholders?
It is true that life insurance is growing at rates above GDP and other macros, which is a positive and indicative of the future. Still below 1% penetration, there is a challenge to grow this through designing and offering products tailored to the needs of the local person and sensitisation and education of the masses.
The opportunity is greater by any metric from a demographic point of view in a country. From our micro insurance offerings to the affluent products, we are committed to ensuring everyone lives with confidence. SanlamAllianz Life is committed to market development in this respect and has embedded these trainings, outreaches and sensitisations in its monthly calendar, budgets and strategic plan.
Sanlam Life reported UGX 4B after-tax profit and UGX 5B in investment income. How are you balancing short-term profitability with the long-term liability nature of life contracts in an environment of fluctuating interest rates?
Our primary obligation is to our policyholders, and this drives our investment philosophy. Through periodic Asset Liability Matching processes, we ensure that all liabilities are adequately matched both by quantum and maturity profile.
Deal Makers: Meet Deloitte Advisors Behind Absa’s Acquisition of StanChart’s Wealth and Retail Business in UgandaThis guides us to how we invest, and the returns observed are a result of this balance. Our governance processes under the stewardship of the Investment committee of the board ensure an appropriate level of expert deployment of independent custodians, asset managers and actuarial experts, all embedded in the company’s governance framework.
Which new life insurance products are being prioritised for launch, especially in retail, bancassurance, funeral cover, education plans, and micro-insurance, and what gaps are you targeting?
We shall continuously listen to the needs of our customers and develop suitable products that are not only relevant but also accessible. Leveraging digital channels through strategic partnerships with Fintechs and Neobanks for the middle and upper segments.
Mobile money growth, with now over 12 million active customers, has played a vital role in financial inclusion, and this is an avenue SAZ Life Uganda will spread the good news about insurance through affordable, hospitalisation, education and accident policies and benefits.
Given Uganda’s low insurance literacy, what financial inclusion strategies are you deploying to make life policies easier to understand and buy?
Simplicity is key if customers are to get the full benefit of their policies. Simplicity in policy contract wording, key facts sheets (KFDs), claims lodging and settlement processes. Often overlooked, literacy is often enhanced through tailoring messages to the correct audience, including the use of local languages that are relatable and inclusive.
SanlamAllianz’s combined portfolio totals UGX 191.6B based on the 2024 IRA annual report. Specifically for the life book, what is your current asset allocation, and to what extent are you increasing exposure to alternative assets to diversify returns?
Sanlam Allianz Life Insurance (U) Ltd (SAZ Life) closed the financial year 2025 with an asset base of Shs. 87.4bn (2024: Shs. 86.4bn), and this will continue to grow to positively support the shareholders’ value. The company will continue to diversify within the boundaries of the regulations, with the primary and underlying philosophy of meeting policyholder liabilities when they fall due.
Are you planning to introduce ESG-aligned investment strategies, given Allianz’s global sustainability frameworks?
Yes. We have since adopted and aligned with the Allianz sustainability framework, a process that included refreshing and reviewing the policy to ensure it is relevant to the local market while also being compliant with the global standards.
Policyholders and stakeholders will also receive communication on our ESG activities through the entity-specific annual sustainability report for SAZ Life Uganda Ltd for the reporting period ending December 2026.
What regulatory changes do you foresee impacting life insurance capital requirements, and how is the company preparing financially?
The industry in the recent past had the issuance of the Capital Adequacy and Prudential requirements in 2020, the transition to IFRS17 Insurance Contracts, alongside other regulations, which are indicative of the global and local appetite to reinforce industry stability.
I believe that we shall therefore continue seeing the move towards more risk-sensitive capital frameworks, and SanlamAllianz Life Uganda remains well-positioned to meet required capital standards while continuing to grow sustainably.
What emerging risks are shaping your current risk management framework?
We have seen some relative stability in Uganda’s macro-economic indicators in the recent past, but with the unpredictable geopolitical developments comes the risk of volatility, which aspects shape our risk management framework. Life insurance is long-term in nature, and our forward-looking risk management posture ensures we are prepared and have the resilience to address these risks if they materialise.
As we digitise, we remain aware of associated risks such as cybersecurity risks. SAZ Life Uganda has made significant investments in data security controls and incident response protocols to safeguard customer information and ensure continuity.
