Old Mutual is undertaking one of the most significant restructurings of its East African operations in recent years, with Uganda being carved out of the Group’s Kenya-led reporting structure and elevated into a standalone market that will now report directly to South Africa, highly placed industry sources have told CEO East Africa Magazine.
As part of the changes, the pan-African financial services giant is creating a new Uganda holding company structure that will bring together its flagship businesses: Old Mutual General Insurance, Old Mutual Life Assurance, Old Mutual Investment Group, and potentially its property interests, under a unified country leadership framework.
Sources say seasoned Old Mutual executive Edith Jiya has been appointed to lead the new structure and is expected to officially assume office this month.
The development marks a major strategic shift within the Group’s East African operating model and could significantly alter the balance of power between Kampala and Nairobi within Old Mutual’s regional hierarchy.
Uganda breaks away from Kenya oversight
For years, Uganda has operated under a broader East African structure in which the Kampala business reported through Kenya following Old Mutual South Africa’s acquisition of UAP Holdings in 2015.
However, sources familiar with the restructuring say the Group has now decided to elevate Uganda into an independently managed market reporting directly to Johannesburg.
The move comes barely a year after the Group completed the high-profile transition from the “UAP Old Mutual” brand to simply “Old Mutual” across East Africa, a rebrand publicly positioned as part of a Pan-African brand unification strategy.
But insiders increasingly believe the rebrand was only the first phase of a much deeper strategic restructuring exercise aimed at simplifying governance structures, integrating subsidiaries more tightly and strengthening direct South African oversight across key African markets.
Under the new Uganda arrangement, the heads of the Group’s core businesses, General Insurance, Life Assurance, and Investment Management, are expected to report into a single Uganda holding structure led by Jiya.
The model mirrors structures used by several large pan-African financial groups, where multiple regulated subsidiaries operate under one country-level holding entity overseen by a chief executive with broad strategic authority.
Industry observers say the restructuring is likely intended to improve strategic coordination, capital allocation, governance, customer integration, cross-selling opportunities and execution speed in one of East Africa’s increasingly competitive financial services markets.
“This is much bigger than a management change,” one senior industry executive familiar with the developments said.
“This is Old Mutual redesigning how it sees Uganda within the Group.”
Why Uganda matters more than ever
The restructuring comes at a time when Uganda has become increasingly important to Old Mutual’s broader African ambitions, particularly in investments, pensions and insurance.
Despite rising competition, Old Mutual remains one of Uganda’s most influential financial services groups, with strong positions in general insurance, life insurance and asset management.
According to the latest Insurance Regulatory Authority industry performance data, Old Mutual General Insurance recorded gross written premiums of UGX 207.18 billion in Q4 2025, up from UGX 184.97 billion a year earlier.
That translated into an estimated market share of approximately 20.7% of Uganda’s non-life insurance industry, placing Old Mutual General as the second-largest player in the market behind the newly merged Sanlam Allianz Uganda.
Sanlam Allianz posted UGX 209.47 billion in non-life premiums during the same period.
The closeness of those numbers underscores how intensely competitive Uganda’s insurance landscape has become.
Old Mutual Life Assurance also expanded premium volumes, growing gross written premiums to UGX 115.71 billion in Q4 2025 from UGX 99.57 billion in Q4 2024.
However, while the life business grew in absolute terms, its market share softened amid aggressive expansion by rivals such as Jubilee Life, Prudential and ICEA Life, whose rapid growth has reshaped Uganda’s life insurance market.
The investment business remains one of Old Mutual Uganda’s strongest franchises.
Old Mutual Investment Group Uganda is widely regarded as one of the country’s dominant asset managers and a leading force in collective investment schemes and pension fund management, a position analysts say likely contributed to South Africa’s decision to take more direct oversight of the Uganda market.
Edith Jiya and the new leadership direction
Jiya is one of Old Mutual’s most experienced senior executives in Africa and most recently served as Managing Director for Retail Mass Market within Old Mutual South Africa’s Mass and Foundation cluster.
Before that, she spent years as Group Chief Executive Officer of Old Mutual Malawi, where she led the business through significant transformation and growth initiatives.
Her background spans insurance, retail financial services, digital savings and integrated financial-services leadership.
According to her LinkedIn profile, Jiya has more than two decades of management experience across financial services and the energy sector, having previously served as General Manager at Old Mutual Life Assurance Company Malawi and earlier as Aviation Fuels Business Manager at BP Malawi Limited. Her profile also highlights expertise in executive management, insurance and business strategy.
Analysts say that a combination of insurance leadership, retail financial-services experience and multi-business management exposure aligns closely with Old Mutual’s apparent strategy of creating a more integrated Uganda operation spanning insurance, investments and wealth management.
A new regional power structure
The restructuring also signals a notable shift in regional reporting dynamics.
Whereas Uganda previously fell under a Nairobi-led oversight model, the new arrangement is expected to place Kampala and Nairobi on parallel reporting lines directly into South Africa.
That effectively gives Uganda greater strategic visibility within the Group and could potentially allow faster access to capital, decision-making and executive attention from Johannesburg.
For Uganda’s financial services industry, the development is likely to be interpreted as a vote of confidence in the country’s long-term growth potential.
Insurance penetration in Uganda remains relatively low compared to more mature African markets, but the sector continues to present significant expansion opportunities driven by a growing middle class, increasing digital adoption, rising pension savings, and broader financial inclusion efforts.
Neither Old Mutual Uganda nor the Group’s South African headquarters had publicly announced the restructuring by press time. However, multiple industry sources familiar with the developments confirmed the changes and indicated internal transition processes were already underway.
