UAP to merge life insurance businesses
Regional insurer UAP Holdings Plc has moved to merge its life insurance business in a quest for efficiency in its operations.
The respective life insurance business lie in UAP Life Assurance Limited (UAP Life) and Old Mutual Life Assurance Company Limited (OMLAC).
The merger is part of an internal restructuring of the UAP Old Mutual Group and the single resulting unit will be referred to as UAP Life.
“UAP Old Mutual Group is confident that the restructuring will ensure the group realises increased efficiencies from consolidating the Kenyan businesses of UAP Life and OMLAC,” the firm stated.
The transaction which is set for completion on or before March 2021 is expected to see UAP Life acquire shares in Old Mutual Life.
The deal remains the subject of both shareholder and regulatory approval