Old Mutual Insurance Uganda, Uganda’s No.1 general insurer, has announced that its Managing Director and Chief Executive Officer, Stephen Chikovore, will step down from his role effective 31 January 2026.
His exit comes at a critical inflection point for Uganda’s general insurance market, just as Sanlam General Insurance and Jubilee Allianz General Insurance have completed their merger, creating SanlamAllianz General Insurance—a significantly stronger and well-capitalised number-two competitor in the market.
The leadership transition was formally communicated in a public notice shared with CEO East Africa Magazine, in which the company stated:
“Old Mutual Insurance Uganda announces a leadership transition of our esteemed Managing Director, Mr. Stephen Chikovore from this role to pursue new endeavours effective 31st January 2026.
Mr. Chikovore has shown exceptional leadership, dedication, and business growth to Old Mutual Group.”
The notice outlines Chikovore’s journey within the organisation, noting that he “started as the General Manager in 2015 and was later appointed as the Managing Director in 2019.”
During this period, the company says, he led the business to “achieve important milestones such as Old Mutual attaining market leadership and a successful rebrand from UAP Old Mutual to Old Mutual Insurance Uganda Limited in 2025.”
Board confirms orderly transition
Speaking in a phone conversation with CEO East Africa Magazine, Mathias Katamba, the Board Chairperson of Old Mutual Insurance Uganda, confirmed the development and emphasized that the transition has been carefully planned and internally communicated.
“It is true, Stephen is leaving. The company has already communicated internally, and we shall communicate externally as well—you will see the adverts,” Katamba said. “These things take time to put together internally.”
Katamba paid glowing tribute to Chikovore’s contribution to the business, particularly his role in steering the company through multiple phases of identity and ownership.
“Stephen is a super guy and has done a lot for the company. He is transitioning out after doing amazing things for the business and bringing it to where it is today, including fully completing the transition to the Old Mutual brand,” he said.
“Remember, we were first UAP Insurance, then UAP Old Mutual, and eventually Old Mutual. He has done a fantastic job.”
A tenure defined by growth, rebranding, and market leadership
In its statement, Old Mutual Insurance Uganda highlighted Chikovore’s leadership style and impact, noting that his “technical expertise in identifying and harnessing opportunities has enabled the company to attain strategic focus and propel business growth.”
TotalEnergies EP Hit With $100,000 Penalty Over Delayed Tax Audit Disclosures in UgandaThe company added that “his leadership has been decisive with clear direction, fostering a healthy culture of delivering excellence with integrity.”
Quantifying that impact, the notice states:
“During his leadership, Old Mutual Insurance Uganda attained an average annual growth rate of 6% over the past five years, with the leading market share averaging 21%.”
Industry data from the Insurance Regulatory Authority (IRA) places Old Mutual General Insurance as the largest general insurer in Uganda by gross written premium, reinforcing its position as the market leader.
Chikovore’s departure, however, comes as competition at the top of the market intensifies following the completion of the Sanlam–Jubilee Allianz merger, which has created SanlamAllianz General Insurance—a larger, more capitalised rival with expanded distribution and underwriting capacity.
Interim leadership and continuity
As part of the transition, the Board has appointed Andrew Makumbi, the company’s Chief Financial Officer, as Acting Managing Director effective 1 February 2026, subject to regulatory approval.
The public notice states: “Mr. Andrew Makumbi, the Chief Financial Officer, has been appointed by the Board as Acting Managing Director effective 1st February 2026, subject to Regulatory approval.”
The company emphasized that the leadership change will not disrupt operations, adding: “The Board, leadership team and staff remain focused on executing the company’s strategy and delivering its mandate to all stakeholders.”
Closing a chapter at a turning point
In concluding its announcement, Old Mutual Insurance Uganda expressed appreciation for Chikovore’s service, stating:
“Old Mutual extends sincerest gratitude and appreciation to Mr. Stephen Chikovore for his service to the Group and wishes him the very best in his endeavours.”
Chikovore exits at a moment when Old Mutual Insurance Uganda stands firmly as the market leader, fully rebranded and strategically positioned—but now facing a more consolidated and aggressive competitive landscape.
As SanlamAllianz General Insurance emerges as a stronger number-two player, the next phase for Old Mutual will hinge on leadership continuity, underwriting discipline, and the ability to defend market leadership in a rapidly evolving insurance sector.
