UAP Holdings

UAP Holdings
Public company: OTC[1]
Industry Insurance, Financial services
Founded 1920
Headquarters Bishops Garden Towers
Bishops Road
Nairobi, Kenya
Key people
 Dominic Kiarie
Group Executive Director
Dr. J B Wanjui
Chairman
Products Life and health insurance, investment management, Investment advisory, Brokerage, REITs
Revenue Increase KES: 12.7 billion (2013)
Increase KES: 2.2 billion (2013)[2]
Total assets KES: 24.6 billion (2012)
Website Homepage

UAP Holdings is an investment, retirement, and insurance group that operates mainly in East Africa and plans to be a Pan-African insurance company. UAP Holdings is one of the leading insurance and financial services groups in East Africa with a network of branches and operational subsidiaries spread across the greater East and Central Africa region.

Overview

The group's headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, Uganda, South Sudan, Rwanda, Tanzania, 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.[3]

History

The Groups’ 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, UK. 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.[4]

UAP Holdings expanded to Uganda in 2005, to South Sudan in 2006, to Rwanda and the Democratic Republic of Congo in 2011 and in Tanzania in 2013. All Entries other than Tanzania were Greenfield investment. The group entered Tanzania through the acquisition of Century Insurance Company Limited and re-branded it to UAP Century Insurance Company Limited.[5] In total, UAP has sixteen businesses operating in the region.[6]

On January 8, 2015, Centum and Chris Kirubi announced that they had entered into an agreement with Old Mutual for the sale of their 13.75% and 9.58% stake in UAP Holdings respectively to the LSE listed financial giant in deal valued over KES 7 Billion US$77.8 Million.[7] Once complete, Old Mutual will hold 23.33% of UAP Holdings issued shares and will act as a strategic investor to the group.[8] 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% of total shareholding, for US$155.5 million (KSh14.2 billion), thereby raising Old Mutual's ownership in UAP Holdings to 60.66.[9]

Subsidiaries and associated companies

The companies that comprise the UAP Holdings include, but are not limited, to the following:[10][11]

  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% Shareholding - Offering Life Insurance.
  3. UAP Insurance Uganda Limited – Kampala, Uganda - 53% Shareholding - Offering General Insurance
  4. UAP Life Assurance Uganda Limted Kampala, Uganda 53% Shareholding - Offering Life Insurance[12]
  5. UAP Insurance South Sudan Limited – Juba, South Sudan - 100% Shareholding - Offering General and Life Insurance.
  6. UAP Financial Services Kenya Limited – Nairobi, Kenya - 100% Shareholding - Offering Financial services, investment management, Investment advisory and Brokerage services.
  7. UAP Financial Services Uganda Limited – Kampala, Uganda - 89% Shareholding - Offering Financial services, investment management, Advisory and Brokerage services.
  8. UAP Investments – Nairobi, Kenya - 100% Shareholding - Offering Unit Trusts and Pension services.
  9. UAP Properties Uganda Limited – Kampala, Uganda - 79% Shareholding - Real Estate.
  10. UAP Properties Kenya Limited – Nairobi, Kenya - 100% Shareholding - Real Estate.
  11. UAP Properties South Sudan Limited – Juba, South Sudan - 70% Shareholding - Real Estate
  12. UAP Brokers – Kinshasa, Democratic Republic of Congo - Offering Brokerage services.
  13. Union Life Rwanda Ltd - Kigali, Rwanda - 100% Shareholding - Offering Life Insurance.
  14. Union Insurance Rwanda Ltd - Kigali, Rwanda - 100% Shareholding - Offering General Insurance.
  15. UAP Century Insurance Company Limited - Dar es Salaam, Tanzania, - 60% Shareholding - Offering General and Life Insurance
  16. UAP Africa Limited - Port Louis, Mauritius - 100% Shareholding - Holding Company for Insurance Businesses.
  17. UAP Investments - Port Louis, Mauritius - 100% Shareholding - Holding Company for Advisory Financial Service businesses.
  18. UAP Properties - Port Louis, Mauritius - 100% Shareholding - Holding Company for Real Estate Businesses.
  19. UAP Global Services - Port Louis, Mauritius - 100% Shareholding - Dormant
  20. UAP Credit Services - Port Louis, Mauritius - 100% 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.[13] As of January 2015 the shareholding of UAP Holdings was as follows:[9]

UAP Holdings Stock Ownership
Rank Name of OwnerPercentage Ownership
1Old Mutual of the United Kingdom 60.66
2 Bawan Limited 20.46
3 James Muguiyi 5.97
4 William Kimutai 1.65
5 Andrew Smith 0.85
6 Others Local and International Investors 10.41
Total100.00

Governance

UAP Holdings is governed by an fourteen-person Board of Directors with Joseph B. Wanjui serving as the Chairman of the group and Dominic Kiarie as the Group Managing Director.

See also

References

  1. ↑ UAP new shares start trade over the counter
  2. ↑ UAP Holdings Press Release – 28 March 2014
  3. ↑ "UAP » Subsidiaries". UAP Holdings. Retrieved 2014-12-31.
  4. ↑ UAPH, . (2014). "About UAP: History". UAP Holdings (UAPH). Retrieved 31 December 2014.
  5. ↑ UAPH, . (6 June 2006). "UAP Enters Tanzania Market". UAP Holdings (UAPH). Retrieved 31 December 2014.
  6. ↑ UAPH, . (31 December 2013). "UAP Holdings 2013 Annual Review" (PDF). UAP Holdings (UAPH). Retrieved 31 December 2014.
  7. ↑ Juma, Victor (9 January 2015). "Kirubi Earns KSh2.8 Billion From Sale of UAP Holdings Stake". Business Daily Africa (Nairobi). Retrieved 9 January 2015.
  8. ↑ "Sale of Shares in UAP Holdings Limited by Centum Investment Company Limited and a Related Party". http://www.centum.co.ke/''. Centum Investment Company Limited. January 8, 2015. Retrieved January 9, 2015.
  9. ↑ 9.0 9.1 Juma, Victor (27 January 2015). "Old Mutual Raises Stake In UAP After KSh14 Billion Buyout". Business Daily Africa (Nairobi). Retrieved 27 January 2015.
  10. ↑ "UAP Holdings Limited 2012 Annual Report". UAP Holdings Limited. December 31, 2012. p. 94. Retrieved December 31, 2014.
  11. ↑ "UAP Holdings Limited - Abridged Prospectus for Public Offer". UAP Holdings Limited. 2012-11-07. p. 6. Retrieved 2014-12-31.
  12. ↑ IRAU, . (January 2015). "List of Licensed Insurance Companies In Uganda". Insurance Regulatory Authority of Uganda (IRAU). Retrieved 26 January 2015.
  13. ↑ Gichane, Charles (9 January 2013). "UAP Begins Trading of New Shares". 98.4 Capital FM. Retrieved 31 December 2014.

External links