Britam Uganda says Not Exiting Ugandan Market

Kampala, Uganda 20th January 2023: Britam Insurance Company (Uganda) Limited and Britam Asset Managers Company (Uganda) Limited have dismissed reports citing a potential exit from the Ugandan market.

Britam Group Managing Director, Tom Gitogo, reassured clients and partners during a Britam Business Cocktail held on January 19, 2023, at Kampala Serena Hotel.

He reiterated Britam Uganda’s commitment to staying in and growing within the markets it operates.

“With this, Britam Uganda would like to categorically state that the company does not have any intentions of leaving the Ugandan General Insurance and Asset Management sectors. The company is in the 3rd year of its 5-year (2021-2025) Transformational Strategy that focuses on customer centricity and exceeding value delivery to its clients and partners,” Gitogo noted.

Britam Uganda entered the market in November 2010 and remains a key player in the financial services industry of Uganda, 13 years later.

“This is the perfect time to partner with Britam – the General Insurance business has grown quickly from near the bottom of the pack to the top 4 in market share. Similarly, the Asset Management business is the fastest growing, reaching the top 3 positions in Assets Under Management in just a few years,” Gitogo stated.

He said Britam Uganda is now looking at growing its revenue streams even further by considering additional product offerings such as entry into the Life Insurance Market.

Britam (through its holding company Britam Holdings PLC) has a presence in seven countries (Uganda, Kenya, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi) and is looking at entering into other countries in the region with a promising growth trajectory as appropriate.

“Britam has no intentions of leaving any of the countries within which it operates, to the contrary, we want to grow our revenue streams in markets such as Uganda where through innovation and partnerships with Organisations such as the ones represented here, the headroom for growth is enormous,” added Gitogo.