UAP Holdings

Overview

The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Tanzania, the Democratic Republic of Congo, and Mauritius. The Mauritius units are holding companies for the non-Kenyan operations. The flagship company of the group is UAP Insurance Kenya.

History

The Group's origins in Kenya date back to the 1920s when Provincial Insurance Company of East Africa was incorporated as a subsidiary of Provincial Insurance Company, an insurance group based in London, United Kingdom. The 1994 merger of Union des Assurances De Paris (UAP) of France and Provincial of the UK led to the formation of the UAP Insurance Company of Kenya. In 1996, the firm became part of AXA when AXA acquired UAP in France. AXA divested its shareholding in 2000 and the firm became a wholly owned Kenyan company.

UAP Holdings expanded to Uganda in 2005, to South Sudan in 2006, to Rwanda and the Democratic Republic of the Congo in 2011, and to Tanzania in 2013. All entries other than Tanzania were greenfield investments. The group entered Tanzania through the acquisition of Century Insurance Company Limited and re-branded it to UAP Century Insurance Company Limited. In total, UAP has sixteen businesses operating in the region.

On 8 January 2015, Centum and Chris Kirubi announced that they had entered into an agreement with Old Mutual for the sale of their 13.75 percent and 9.58 percent stake in UAP Holdings, respectively, to the London Stock Exchange-listed financial giant in a deal valued at over KES 7 Billion. Once complete, Old Mutual will hold 23.33 percent of UAP Holdings-issued shares and will act as a strategic investor to the group. On 27 January 2015, Kenyan print media reported that Old Mutual had acquired the shares in UAP Holdings previously owned by Abraaj, Africinvest, and Swedfund, amounting to 37.33 percent of total shareholding, for US$155.5 million (KSh14.2 billion), thereby raising Old Mutual's ownership in UAP Holdings to 60.66 percent.

Subsidiaries and associated companies

The companies that comprise the UAP Holdings include, but are not limited, to the following:

1. UAP Insurance Company Limited – Nairobi, Kenya – 100% Shareholding – The flagship company of the group. Offering general insurance.
2. UAP Life Assurance Limited – Nairobi, Kenya – 100 percent shareholding – Offering life Insurance.
3. UAP Insurance Uganda Limited – Kampala, Uganda – 53 percent shareholding – Offering general insurance.
4. UAP Life Assurance Uganda Limted – Kampala, Uganda – 53 percent shareholding – Offering life insurance.
5. UAP Insurance South Sudan Limited – Juba, South Sudan – 100 percent shareholding – Offering general and life Insurance.
6. UAP Financial Services Kenya Limited – Nairobi, Kenya – 100 percent shareholding – Offering financial services, investment management, Investment advisory, and brokerage services.
7. UAP Financial Services Uganda Limited – Kampala, Uganda – 89 percent shareholding – Offering financial services, investment management, advisory and brokerage services.
8. UAP Investments – Nairobi, Kenya – 100 percent shareholding – Offering unit trusts and pension services.
9. UAP Properties Uganda Limited – Kampala, Uganda – 79 percent shareholding – real estate.
10. UAP Properties Kenya Limited – Nairobi, Kenya – 100 percent shareholding – real estate.
11. UAP Properties South Sudan Limited – Juba, South Sudan – 70 percent shareholding – real estate.
12. UAP Brokers – Kinshasa, Democratic Republic of Congo – Offering brokerage services.
13. Union Life Rwanda Ltd – Kigali, Rwanda – 100 percent shareholding – Offering life insurance.
14. Union Insurance Rwanda Ltd – Kigali, Rwanda – 100 percent sareholding – Offering general insurance.
15. UAP Century Insurance Company Limited – Dar es Salaam, Tanzania, – 60 percent shareholding – Offering general and life insurance.
16. UAP Africa Limited – Port Louis, Mauritius – 100 percent shareholding – Holding company for insurance businesses.
17. UAP Investments – Port Louis, Mauritius – 100 percent shareholding – Holding company for advisory financial service businesses.
18. UAP Properties – Port Louis, Mauritius – 100 percent shareholding – Holding company for real estate businesses.
19. UAP Global Services – Port Louis, Mauritius – 100 percent shareholding – Dormant.
20. UAP Credit Services – Port Louis, Mauritius – 100 percent shareholding – Dormant.

Ownership

The shares of the UAP Holdings are traded over the counter at Dyer & Blair Investment Bank pending future listing on the Nairobi Securities Exchange. As of 31 December 2015 the shareholding of UAP Holdings was as follows:

1 - These are subsidiaries of Old Mutual of the United Kingdom. This gives Old Mutual 60.66% control of UAP Holdings.

Governance

UAP Holdings is governed by a fourteen-person board of directors with Joseph B. Wanjui serving as the chairman of the group and Peter Mwangi as the chief executive officer.

Merger

In June 2015, shareholders of UAP Holdings agreed to merge with the parent company's other businesses in Kenya, to create a single entity that is referred to as UAP-Old Mutual Group. The combined company is expected to list its shares on the Nairobi Securities Exchange. In June 2015, Peter Mwangi was appointed chief executive officer of the UAP-Old Mutual Group. Joe B. Wanjui, the former chairman of UAP Holdings, will assume the role of chairman of the new UAP-Old Mutual Group.

Building

UAP Holding is set to open UAP Tower, a 33-storey office complex in Nairobi's Upper Hill district. UAP Tower is set to becoming the tallest structure in eastern and central Africa upon its completion in 2015. The building was financed through private equity to a tune of about KSH 4 Billion.