(JUBA) – UAP Insurance South Sudan (UAPISS), a subsidiary of Old Mutual Holdings, has officially announced the end of its insurance business operations in South Sudan, bringing an 18 year presence in the country to a close. The decision takes effect from 3 July 2025.
The company said in an official statement that it will no longer write new insurance policies or renew existing ones as part of a strategic decision taken after reviewing the business environment in South Sudan. However, UAPISS confirmed it will continue to serve existing policyholders and meet valid claims in accordance with the law.
“This follows a strategic review of the business and its operating environment. During this period, UAPISS will continue to service all existing policies and honour its obligations to policyholders,” said Nannette Miingi, Group Company Secretary, in the notice.
Despite its exit, UAPISS assured clients and regulators that the company remains solvent and will handle all liabilities during the wind-down phase.
“UAPISS remains solvent and will continue to meet all valid claims and policyholder liabilities during the run off period in compliance with prevailing laws and relevant regulatory oversight,” Miingi added.
Founded in 2006, UAPISS was one of the first insurance companies to set up shop in South Sudan following the signing of the Comprehensive Peace Agreement in 2005. It offered both short term and long term insurance solutions and was active in property management, playing a pioneering role in the development of the country’s private insurance sector.
The shutdown in South Sudan follows a similar move in Tanzania, where the UAP Old Mutual Group concluded the sale of its stake in UAP Insurance Tanzania to Strategic Ventures Company in August last year. The company said the sale was due to underperformance in the Tanzanian unit and a failure to meet expected returns on capital.
The broader UAP Old Mutual Group is part of Old Mutual Limited, which formed one of East and Central Africa’s largest financial services groups after acquiring controlling stakes in UAP and Faulu Microfinance Bank in 2015 and 2014 respectively. The integration created a regional powerhouse that included Old Mutual Kenya, UAP Holdings and Faulu Bank.
The exit from South Sudan is seen as a significant retreat from the region by one of the continent’s most recognisable financial brands. For many in South Sudan’s nascent financial sector, UAPISS had become synonymous with early post independence investment confidence, providing a wide range of services in an uncertain market.
The closure is also happening amid growing shareholder concerns within the wider Old Mutual Holdings. In September last year, Kenyan investor Joel Kibe, who owns 1.55 million shares in the group, petitioned Kenya’s Capital Markets Authority (CMA), alleging mistreatment of minority shareholders.
Kibe accused the firm of mismanagement, selling assets without proper disclosure, unauthorised borrowing, diluting minority stakes, and denying shareholders access to company records. He claimed these actions had made the company’s shares illiquid, limiting investment value for minority holders.
Old Mutual has yet to formally respond to these claims.