The first full-year results of the Sanlam–Allianz combination reveal more than a successful integration—they signal the emergence of a new industry champion that has translated merger-driven scale into market leadership, stronger profitability, improved efficiency, and a balance sheet capable of supporting Uganda’s largest and most complex risks.
SanlamAllianz General Insurance Uganda has delivered a powerful first set of post-merger financial results, combining scale, profitability, and balance sheet strength to firmly position itself as the country’s leading non-life insurer.
In its 2025 financial statements—the first full-year report following the merger of Sanlam General Insurance and Jubilee Allianz—the company reported a 26.7% increase in profit after tax to UGX 17.95 billion, up from UGX 14.16 billion in 2024. This performance was underpinned by a 30.2% rise in insurance revenue to UGX 147.4 billion, reflecting strong growth across the combined business and continued momentum in key insurance segments.
At the same time, the company’s total asset base expanded sharply by 63% to UGX 281.2 billion, up from UGX 172.7 billion a year earlier, driven by the enlarged scale of the merged entity and growth in both underwriting and investment activities.
The results highlight a business that is growing not only in size but also in profitability, market reach, and financial capacity, providing a strong platform for its next phase of growth.
(L-R) Gary Corbit, former Chief Executive Officer, SanlamAllianz Life Uganda; Ruth Namuli, Chief Executive Officer, SanlamAllianz General Insurance Uganda; Gaffer Hassam, Executive: Strategy, Brand & Corporate Affairs, SanlamAllianz; Amine El Kernighi, Regional Executive for Eastern and Southern Africa, SanlamAllianz; and Julius Magaga, Chief Executive Officer, SanlamAllianz Life Insurance Tanzania, during the official launch of the SanlamAllianz brand in Uganda. The merger has since helped create Uganda’s leading non-life insurer, with gross written premiums of UGX 209.5 billion and a 20.9% market share.
Premium Growth Powers Market Leadership
The financial performance aligns closely with SanlamAllianz’s rising dominance in the market. According to Insurance Regulatory Authority (IRA) data, the company closed 2025 with gross written premiums of UGX 209.5 billion, translating into a 20.9% market share—placing it at the top of the non-life segment.
This marks a decisive shift from 2024, when Sanlam General and Jubilee Allianz operated as separate mid-tier players. The merged entity has not only consolidated its books but also expanded its footprint, overtaking competitors through both scale and strategic growth in high-value segments.
A deeper look at the portfolio shows that this leadership is anchored in clear dominance across key insurance lines:
- Fire Insurance: UGX 65.2 billion, one of the largest in the market, with a lead of over UGX 30 billion ahead of its nearest competitor—cementing its position in corporate property risks.
- Motor Insurance: UGX 50.1 billion, reflecting strong scale in the mass market, with a margin of over UGX 30 billion compared to peers, underlining distribution strength.
- Miscellaneous Insurance: UGX 50.6 billion, significantly ahead of competitors, highlighting diversified SME and customised product solutions.
- Engineering Insurance: UGX 11.4 billion, positioning the company at the centre of infrastructure and construction risk underwriting, supported by enhanced post-merger capacity.
- Marine Insurance: UGX 8.85 billion, reinforcing its foothold in trade and logistics, with growing traction in localising premiums in a traditionally offshore-dominated segment.
Together, these segments show a business that is not reliant on a single line but is balanced across high-volume retail and high-value corporate risks—a structure that underpins both its growth and its newly secured market leadership.
Profit Growth Signals Strong Integration
Crucially, the merger has not come at the cost of profitability—a common risk in large integrations. Instead, SanlamAllianz has managed to grow earnings while scaling operations.
Profit before tax rose to UGX 23.0 billion from UGX 20.2 billion, while the insurance service result increased to UGX 23.7 billion from UGX 20.4 billion, indicating that the core insurance business remains strong and profitable.
At an operational level, the company also recorded improvements in efficiency. The claims ratio declined to 35% from 37%, suggesting better underwriting discipline and improved claims management, while the management expense ratio edged down to 33% from 34%, pointing to early cost synergies from the merger.
These metrics indicate that the company is not merely growing larger but also becoming more efficient—a critical factor in sustaining long-term profitability in the insurance business.
Balance Sheet Expansion Reflects Scale and Capacity
Beyond the income statement, the most striking transformation is visible in the balance sheet.
Total assets rose by UGX 108.5 billion to UGX 281.2 billion, driven by growth across multiple categories. Financial assets at amortised cost increased significantly to UGX 119.1 billion, while reinsurance contract assets surged to UGX 84.5 billion, reflecting expanded underwriting activity and increased use of reinsurance structures.
Cash and bank balances also rose sharply to UGX 22.5 billion from UGX 6.1 billion, providing a strong liquidity buffer to support claims payments and operational needs.
On the liabilities side, insurance contract liabilities more than doubled to UGX 124.5 billion, in line with the growth in the underwriting book. While this reflects increased obligations, it is also a sign of a larger and more active insurance portfolio.
Equity strengthened to UGX 126.4 billion, supported by higher retained earnings of UGX 74.9 billion, reinforcing the company’s capital base and long-term financial resilience.
Capital Strength and Risk Capacity
SanlamAllianz’s capital position remains one of its most defining strengths, underscoring its ability to compete at the highest level of Uganda’s insurance market. The company reported a capital adequacy ratio of 446%, up from 354% in 2024, placing it comfortably above regulatory requirements and among the most strongly capitalised insurers in the country.
This substantial capital buffer provides a clear competitive advantage, enabling the company to underwrite larger and more complex corporate, infrastructure, engineering, and specialised risks while maintaining the resilience needed to absorb major claims events. It also strengthens the insurer’s ability to support long-term economic activity by providing the risk capacity required for large-scale investments and strategic projects.
For Chief Executive Officer Ruth Namuli, the company’s financial performance and strengthened balance sheet demonstrate that the merger is already delivering on its strategic objectives.
“Delivering a 26.7% increase in profit after tax and a 30.2% rise in insurance revenue whilst reducing the management expense ratio to 33%, in a merger year, is a remarkable achievement and sets a strong foundation. It tells us that the strategic rationale was right, that our teams executed well, and that our clients continued to trust us through a period of significant change,” she said.
Namuli acknowledged that integrating two established organisations was never going to be straightforward, but credited employees for the successful transition.
“Mergers are complex, and it would be dishonest to say that combining two established businesses with their own cultures, systems, and ways of working is straightforward. What I can say is that our people have been exceptional. The speed and discipline with which our teams came together, aligning underwriting standards, consolidating client relationships, and harmonising operations, has been one of the defining stories of this past year.”
She noted that the combination of Sanlam’s deep understanding of African insurance markets and Allianz’s global technical expertise is already yielding benefits that extend well beyond operational efficiencies.
“We brought together Sanlam’s deep knowledge of the African insurance market and Allianz’s global technical expertise, and we have done so without losing what made each business valuable in its own right. The early cost synergies in our expense ratio are just the beginning. The more significant gains in underwriting capability, reinsurance access, and product development will compound over time. We have built something genuinely stronger than the sum of its parts.”
The company’s balance sheet provides tangible evidence of that transformation. Total assets rose by 63% to UGX 281.2 billion, while equity strengthened to UGX 126.4 billion, and retained earnings increased to UGX 74.9 billion. Together, these indicators point to a business that is not only larger but also financially stronger and better positioned to sustain growth over the long term.
“The balance sheet transformation is perhaps the clearest expression of what the merger has unlocked. Total assets growing by 63% in a single year reflects not just consolidation but the confidence of our shareholders, reinsurance partners, and clients in the combined entity.”
Strategy and Market Positioning
SanlamAllianz’s emergence as market leader is not solely a function of size but also of strategic positioning.
The merger has combined Sanlam’s deep African market expertise with Allianz’s global underwriting and risk management capabilities, creating a hybrid model that leverages both local knowledge and international best practices.
As CEO Ruth Namuli noted in a recent interview, the merger is enabling the company to deliver “greater financial strength, enhanced risk capacity, and access to international best practices in underwriting, claims management, and innovation.”
The company is also focusing on:
- Customer experience differentiation through faster claims processing
- Technical excellence and underwriting discipline
- Product innovation across retail, SME, and corporate segments
- Expansion into underserved markets, including microinsurance
(L-R) Steven Kaddu Mukasa of the Insurance Regulatory Authority (IRA), Ruth Namuli, Chief Executive Officer of SanlamAllianz General Insurance Uganda, and Sam Stuart Mutabaazi of the Civil Society Coalition on Transport launch the On-the-Go Accident Cover in November 2025. The product reflects SanlamAllianz’s post-merger strategy of leveraging its increased scale, technical expertise, and financial strength to develop accessible insurance solutions that broaden protection for Ugandans while deepening insurance penetration across the country.
Outlook: Growth, Innovation, Inclusion and What Customers Can Expect
Having successfully completed its first full year as a merged entity, SanlamAllianz is now shifting its focus from integration to acceleration. While 2025 was largely about validating the strategic rationale behind the merger, the company believes the next phase will be defined by translating its increased scale, capital strength, and technical capabilities into a superior customer experience and sustained market leadership.
Chief Executive Officer Ruth Namuli says the company enters 2026 with a clear sense of direction and a sharpened strategic focus.
“2025 was about proving that the merger could work. 2026 is about accelerating what we have built and translating that scale into a differentiated customer experience and sustained market leadership.”
According to Namuli, the company’s growth agenda is anchored on four strategic priorities that will shape its next chapter.
The first is deepening customer experience through faster claims settlement, simpler and more relevant products, and digital capabilities that make it easier for customers to engage with the company whenever and wherever they choose. The insurer is already investing in initiatives such as Motor Fast Track claims processing, expanded call centre support, and enhanced digital onboarding journeys aimed at reducing turnaround times and improving responsiveness.
“Our focus for the next phase of growth is anchored on four strategic priorities. First, deepening customer experience through faster claims settlement, simpler and more relevant products, and digital capabilities that make it easier for customers to engage with us anytime and anywhere,” Namuli explains.
The second priority is expanding insurance access across underserved segments of the market. Despite growth in the industry, insurance penetration in Uganda remains among the lowest in the region, presenting what the company views as a significant long-term opportunity. SanlamAllianz intends to address this through microinsurance products and flexible, affordable solutions tailored to the realities of everyday consumers, small businesses, and informal sector participants.
“We are focused on expanding insurance access across underserved segments through microinsurance and flexible ‘on-the-go’ solutions that reflect how Ugandans actually live and work. Products such as our On-the-Go Accident Cover are part of a broader strategy to make insurance more accessible, affordable, and convenient for individuals, SMEs, and informal sector participants who have traditionally been excluded from formal protection.”
The third pillar centres on strengthening technical underwriting capabilities and risk management expertise. As Uganda continues to invest in infrastructure, energy, construction, and large-scale commercial projects, demand for sophisticated risk solutions is expected to increase. SanlamAllianz believes the combined strengths of Sanlam and Allianz position it uniquely to capture these opportunities.
“Third, we are strengthening our technical underwriting capability and risk management expertise so that we can confidently compete for increasingly complex and high-value risks across infrastructure, energy, engineering, and corporate sectors. The combined strength of Sanlam and Allianz gives us enhanced underwriting depth, stronger reinsurance partnerships, and access to global best practices that position us uniquely in the market.”
The fourth priority is unlocking the full value of the merger through deeper integration of systems, processes, talent, and culture. While the company has already begun realising cost synergies, management sees greater opportunities in operational excellence, collaboration, and performance optimisation across the combined business.
“We remain focused on fully unlocking the synergies of the merger not only through cost efficiencies, but also through integrated systems, streamlined processes, stronger collaboration, and the development of a unified high-performance culture across the business.”
Looking ahead, Namuli believes Uganda’s low insurance penetration should be viewed not as a challenge but as one of the industry’s greatest growth opportunities. Millions of households, entrepreneurs, SMEs, farmers, and infrastructure projects remain underinsured, creating significant room for expansion while contributing to economic resilience.
“Every household, SME, farmer, entrepreneur, and infrastructure project without adequate insurance protection represents an opportunity for us to create impact and build resilience within the economy. Our ambition for 2026 is to close that protection gap faster and to set a new benchmark for what insurance can and should look like in Uganda — simpler, faster, more inclusive, and more customer-centric.”
Backed by stronger capital, broader underwriting capacity, global expertise, and a growing market presence, SanlamAllianz enters 2026 focused not only on defending its newly acquired leadership position but also on reshaping how insurance is delivered, experienced, and accessed across Uganda.
