(Juba) – Old Mutual Holdings Plc, a regional financial services group with operations in South Sudan, has received regulatory clearance to proceed with the final phase of merging its long term life insurance businesses in Kenya. The move is expected to strengthen the group’s operations across East Africa, including South Sudan, where it also maintains a presence.
The transaction involves the transfer of the life insurance portfolio of Old Mutual Life Assurance Company Ltd (OMLAC) to Old Mutual Life Assurance Kenya Ltd (OMLAK). This step follows previous approvals by shareholders and regulators dating back to 2021, when the group began a restructuring process to streamline and simplify its life insurance services.
Initially, Old Mutual’s strategy involved converting OMLAC into a closed fund, which means it no longer writes new policies. Instead, all new life insurance business was transferred to UAP Life Assurance Ltd. In May 2022, UAP Life was rebranded to OMLAK as part of a broader branding and operational integration across the group’s East African businesses.
According to a customer notice dated 25 June 2025, the Insurance Regulatory Authority of Kenya has now given further approval to continue with the full merger.
“We are pleased to notify you that we have now reached the next milestone in our journey to simplify and strengthen our life assurance services,” said Loreen Makwanya, managing director of OMLAC.
She confirmed that the entire OMLAC business, including all existing life insurance policies, will be transferred to OMLAK once the final phase of regulatory approval is complete. “This will result in one combined life assurance business in Kenya,” she said.
Ms Makwanya assured clients that existing policyholders will experience no interruption in service. “There shall be no change in the level or quality of services provided to you during this transition and thereafter. All existing policies with OMLAC shall continue to be valid and in force under the maintenance of OMLAK,” she added.
She further noted that the merger will not alter any policy terms, benefits, or obligations. Claims and customer support services will remain available to all policyholders as usual.
Old Mutual Holdings operates across Kenya, Uganda, Rwanda and South Sudan. The company includes seven insurance subsidiaries (covering both life and no -life risks), a stock brokerage firm in Uganda, and two property companies, one of which is in South Sudan. The financial group’s connection to South Sudan gives this development regional significance, especially in strengthening the parent group’s overall insurance capacity.
Old Mutual’s life insurance business recorded strong financial performance in 2024. Its profit before tax grew to Ksh682 million (approximately $5.28 million or 36.96 billion SSP at the official rate of $1 = 4,650 SSP), up from Ksh263 million (around $2.03 million or 14.22 billion SSP) in 2023. The improved performance was largely attributed to increased investment income, particularly from equity holdings and government securities.
The successful merger of the life assurance businesses is expected to enhance customer experience and allow the group to operate more efficiently across East Africa. For policyholders in South Sudan and elsewhere in the region, the consolidation may bring stronger financial backing and improved service reliability.
