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Absa Bank Uganda leads Bancassurance Market with Record Growth in 2024

by Muhamadi Byemboijana
April 28, 2025
Absa Bank Uganda Reports 22% Profit Growth and 15% Increase in Revenue
26
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Bancassurance has continued to revolutionize Uganda’s insurance sector, with the Insurance Regulatory Authority (IRA) Q4 report indicating UGX 225b Gross Written Premium (GWP) in 2024 from UGX 179b in 2023.

The report indicates that bancassurance contributed 12.56% to the entire insurance industry in quarter four of 2024. Since its rollout, the product has become a vital channel for banks to enhance their customer value propositions and deliver comprehensive solutions to their customers by selling insurance products alongside traditional banking services.

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In terms of market share, Absa Bank Uganda continues to lead its peers with UGX 39.2b total premiums, followed by Stanbic Bank (UGX 38.5b total premiums) and Centenary Bank (36.6b).

Absa Bank’s double-digit growth rate of 13% and 17.46% market share was attributed to its robust product offering, a very experienced team of people, robust marketing strategies, and personalized customer service.

Bancassurance, which is supervised by the Insurance Regulatory Authority, is a partnership between banks and insurance companies that allows banks to offer insurance products to their customers. 

Bancassurance started in 2017 with the passing of the Financial Institutions Amendment Act 2016, and since then, several banks have been licensed to provide insurance services.

Life products contributed UGX 34.1b to Absa Uganda’s Gross Written Premium (GWP), realising 8.8% year-on-year growth. In non-life products, Absa Bank registered a year-on-year growth of 46.6% with a Gross Written Premium of UGX 5.2 B. Key drivers included motor insurance, fire, and allied perils, among others.

Commenting on the bank’s achievement, Absa Bank Uganda’s Head of Bancassurance, Josephine Mutabuza Hakiza, highlighted the bank’s commitment to delivering innovative and relevant financial solutions.

She credited the bank’s success to constant innovation, dedicated staff, strong partnerships, and unwavering focus on customer satisfaction.

“The bank’s success can be attributed to our strategic approach to bancassurance, focusing on innovation to deliver customer-centric products and services. 

By leveraging our branch network and digital platforms, we have been able to reach a wider customer base, offering them a range of affordable and convenient insurance products tailored to their needs.”

In terms of partnerships, Absa Bank in May 2023 partnered with UAP Old Mutual and unveiled the Absa Medical Insurance policy targeting self-employed and non-salaried individuals in the drive to increase access to health insurance in Uganda.

The Absa Medical Insurance policy covers treatment for critical illness, inpatient, outpatient, optical, dental, and maternity, in addition to disability cover, funeral expenses, a wellness program, and international cover for travel outside East Africa and more.

Other insurance products that Absa Bank Uganda offers include Education Plan, Endowment Plans, and Absa Family Protection Plan. 

Other non-life solutions include Absa Executive Motor Comprehensive Insurance, Fire and Allied Perils, Domestic Package Insurance, and Professional Indemnity Insurance, among others.

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