The newly merged SanlamAllianz Uganda has officially become the country’s second-largest general insurer.
Market performance report for the 2025 third quarter by Insurance Regulatory Authority (IRA) shows that the merged entity, resulting from the union of Sanlam General and Jubilee Allianz, which was formally licensed in August 2025, has immediately reshaped the structure of Uganda’s non-life insurance market.
IRA data shows that SanlamAllianz now holds 19.8% of the general insurance market, with UGX 173.33 billion in gross written premiums.
This places it just behind long-time market leader Old Mutual, which posted UGX 185.88 billion and a 21.2% market share.
As a result, the gap between the two insurers has sharply narrowed to 1.4 percentage points, marking the closest contest for the top position in years.
Before the merger, Sanlam General held 11.42% market share while Old Mutual commanded 18.75%.
The sharp rise of the merged SanlamAllianz now puts it within striking distance of overtaking Old Mutual for the first time in more than a decade.
Industry rankings shift as SanlamAllianz surges
The 2025 third-quarter standings in the general insurance segment confirm the reshaped industry hierarchy.
Old Mutual leads with UGX 185.9 billion in gross written premiums and a 21.2% market share.
SanlamAllianz follows with UGX 173.3 billion and 19.8%, followed by Jubilee Health, with UGX 95.6 billion and a 10.9% market share.
Britam is fourth with UGX 73.0 billion and 8.3%, while ICEA Lion General completes the top five with UGX 46.8 billion and 5.3%.
These figures highlight how the SanlamAllianz consolidation has altered competitive dynamics, producing a stronger rival to Old Mutual, which has dominated the market for years.
Q3 numbers not the full Picture as government renewals intensify
Although Q3 results place SanlamAllianz close behind Old Mutual, observers caution that the full competitive picture will only be clear after Q4.
Many government ministries, departments and agencies close major insurance placements between July and December, aligning with the government’s July–June financial year.
Since Q3 reflects performance only up to September, the most significant premium inflows, especially from government and infrastructure-related accounts, are expected to appear in Q4.
This means the standings could shift again when the final 2025 numbers are released.
Performance comparison: Old Mutual vs SanlamAllianz
A deeper look at IRA data shows that while Old Mutual remains ahead in total gross written premiums, SanlamAllianz has outperformed it on several operational and profitability indicators.
In gross written premiums, Old Mutual recorded UGX 185.88 billion compared with SanlamAllianz’s UGX 173.33 billion, a difference of only UGX 12.5 billion.
The market share gap has, therefore, compressed to nearly a single percentage point, signaling a highly competitive close to the year.
After reinsurance, both insurers retain almost the same level of risk. Old Mutual ceded UGX 98.78 billion to reinsurers and retained UGX 87.1 billion as net written premium, while SanlamAllianz ceded UGX 87.38 billion and retained UGX 85.95 billion.
Anastacia Tshesane to become PwC SA CEOSanlamAllianz also registered higher net earned premium at UGX 78.01 billion, compared to Old Mutual’s UGX 71.28 billion. This suggests SanlamAllianz converted more of its underwritten business into revenue during the period.
Claims data shows an even sharper contrast. Old Mutual posted net incurred claims of UGX 46.48 billion and a loss ratio of 65.2%, reflecting a heavier claims burden likely tied to its larger exposure base.
On the other hand, SanlamAllianz recorded net incurred claims of UGX 29.06 billion and a loss ratio of 37.25%, pointing to stronger claims management, cleaner risk pools, or improved underwriting following the merger.
Cost structure and efficiency
Expense patterns reflect the realities of a newly merged operation. Old Mutual spent UGX 27.64 billion on management expenses compared to SanlamAllianz’s UGX 37.55 billion, indicating higher integration and operating costs for the merged insurer.
Commission expenses were UGX 13.81 billion for Old Mutual versus UGX 29.13 billion for SanlamAllianz, showing that SanlamAllianz is aggressively acquiring business through intermediaries.
This is also evident in their commission ratios, with Old Mutual at 7.4% and SanlamAllianz at 16.8%. Old Mutual remains more cost-efficient overall, with a management expense ratio of 14.9% compared to SanlamAllianz’s 21.7%.
Customer footprint: Old Mutual still leads on policy volumes
Despite the near-tie in premiums and market share, Old Mutual still dominates in policy numbers. It reported 45,241 group policies and 35,924 individual policies, totaling 81,165.
SanlamAllianz reported 1,811 group policies and 1,916 individual policies, totaling 3,727. Industry sources say this disparity reflects timing and integration lag rather than market weakness.
Policy transfers, system migrations, and portfolio harmonization often trail premium consolidation after mergers, and SanlamAllianz’s policy volumes are expected to rise as integration stabilizes.
Life insurance: SanlamAllianz Life still ranked fifth
While SanlamAllianz has surged in general insurance, its life insurance arm remains fifth in the life segment.
Prudential Life leads with 28.5% market share, followed by ICEA Lion Life at 22.1%, Jubilee Life at 14.8%, and Old Mutual Life at 13.4%. SanlamAllianz Life holds 9.7% after posting UGX 61.68 billion in gross written premiums, maintaining a steady position but facing strong competition from larger life insurers.
Strong industry growth ahead of the year-end procurement cycle
IRA’s Q3 report points to broad sector growth. Non-life gross written premiums rose by 10.71%, life gross written premiums increased by 15.82%, and total industry premiums reached UGX 1.57 trillion.
With government tenders being finalized through Q4, analysts expect further shifts in premium volumes and market shares before year-end.
A high-stakes contest for market leadership
SanlamAllianz’s Q3 performance confirms it as Old Mutual’s first credible challenger in years. The merger has created a stronger, better-capitalized insurer with a broader client base and improved risk-handling capacity.
However, because the government procurement cycle is still underway, it remains uncertain whether SanlamAllianz will close the remaining 1.4-point gap or whether Old Mutual will reinforce its lead.
Analysts expect competition to intensify into 2026 as both insurers expand distribution, refine underwriting, and pursue high-value corporate and public-sector accounts.
For now, Q3 results signal a pivotal shift: Uganda’s general insurance market has become a two-player race.
