Browsing: UAP Old Mutual

• Faulu sees growth in its bancassurance business following the automation of its insurance sales in 2020
• Sales from the bancassurance agency have so far hit Ksh 327 million this year, a 31 per cent growth compared to a similar period last year
• The financial institution added that it is targeting to reach one million customers within a year as it rolls out its technology strategy which has digitized its entire operations

Faulu Microfinance Bank has seen significant growth in its bancassurance business following the automation of its insurance sales last year.

The Bank says it shrugged off a tough operating environment due to the coronavirus pandemic, to record increased uptake of insurance products through its bancassurance unit.

Overall sales from the bancassurance agency have so far hit Ksh 327 million this year, a 31 per cent growth compared to a similar period last year, driven by strong demand across the …

Regional insurer UAP Old Mutual Group has recorded a profit before tax of Sh552 million in the first half of the year, compared to a loss of Sh57 million for the same period in 2020.

The company has attributed the performance to strong topline growth and investment income performance on the back of the recovery of the Nairobi Securities Exchange during the period.

Excluding the impact of the Old Mutual Life Assurance Company (OMLAC) consolidation, the Group recorded a profit before tax of Sh518 million.

Commenting on the report, Arthur Oginga, Group CEO noted that the performance of the business in the period was delivered on the backdrop of the initial stages of the expected economic recovery as the different countries they operate in work towards a return to normalcy while managing the risks of subsequent waves of the Covid-19 pandemic.

“In our core Kenya market, we have seen positive …