Building stability through financial wellness

COMMENT | STEPHEN CHIKOVORE | When UAP Old Mutual officially rebranded to Old Mutual Uganda earlier this month, it signalled the beginning of a new era in Uganda’s financial landscape. This transition, part of a wider Pan-African unification strategy, strategically places Old Mutual Uganda at the center of a continent-wide movement towards integrated financial wellness.

With over 180 years of heritage, Old Mutual brings a legacy of trust, innovation, and resilience—values that align seamlessly with Uganda’s growth ambitions and the evolving financial needs of its people.

The rebrand underscores a renewed commitment to empowering Ugandans to achieve financial wellness—an approach that extends far beyond selling financial products.

It’s about fostering resilience through education, inclusion, and long-term prosperity. As Uganda advances its ambitious tenfold strategy to multiply GDP and double national savings, Old Mutual’s focus on financial wellness has never been more relevant.

For me, this rebrand symbolizes continuity built on trust, with a revitalized focus on innovation and customer experience. While our name has changed, our promise to customers remains steadfast. This new chapter allows us to sharpen our mission: helping Ugandans achieve their lifetime financial goals, protect their livelihoods, and build a secure future rooted in financial wellness.

Old Mutual’s philosophy of financial wellness is both holistic and practical. True stability, we believe, comes not only from saving or insuring but from a lifelong partnership that empowers individuals and businesses to plan, grow, and protect their wealth.

Our strategy is to remain our customers’ first choice in sustaining livelihoods and safeguarding what matters most. By integrating insurance, savings, investment, and advisory services, we create a seamless, connected experience—from protecting assets to growing investments—ensuring our customers enjoy a journey that enhances their overall economic well-being.

Whether you are insuring your car, saving for retirement, investing in a unit trust, or seeking expert financial advice, Old Mutual provides a unified experience where every solution supports your broader financial wellness. This integrated approach serves as a roadmap to lasting financial confidence.

At the heart of this transformation lies digital innovation. Old Mutual Uganda continues to lead in developing digital solutions—self-service platforms, mobile-first insurance products, and online investment tools—that make financial services simpler and more accessible.

Today, customers can purchase travel, motor, and medical insurance online; save for their future; and manage investments through digital portals and USSD platforms. The introduction of NextPe, a mobile premium payment solution developed in partnership with Airtel, further demonstrates our commitment to making financial engagement effortless and convenient.

But digitalization is about more than convenience—it’s about inclusion. With insurance penetration in Uganda still below one percent, our innovations aim to close this gap by extending access through mobile and digital channels.

This approach enables us to reach new audiences, especially young people and small and medium enterprises—key drivers of Uganda’s economic growth—who might otherwise be excluded from traditional financial systems.

However, technology alone cannot replace human connection. Old Mutual’s approach remains advice-led and people-centered. We pride ourselves on having one of the largest and most experienced networks of financial advisers in the region, equipped with advanced tools to guide customers at every stage of life.

Whether a client is saving for their child’s education, protecting their home, or expanding a business, Old Mutual provides personalized advice tailored to individual goals and circumstances.

At the core of Old Mutual’s identity is trust—the foundation of every lasting financial relationship. With an A+ GCR credit rating and ISO certification, we continue to demonstrate financial strength, ethical governance, and a commitment to quality.

This trust extends to our role in national development, where we serve as a lead insurer for major projects such as the Kingfisher Development Area, Tilenga Oil & Gas Project, East Africa Crude Oil Pipeline, and key hydropower plants like Karuma and Isimba. Through these partnerships, Old Mutual plays a vital role in safeguarding Uganda’s industrial growth and energy security.

Our contribution also includes significant economic impact. In 2023, Old Mutual paid out UGX 154 billion in claims and UGX 150 billion in 2024—proof of our unwavering reliability and commitment to standing with customers through uncertainty.

Through Old Mutual Investment Group (OMIG), we continue to drive innovation in investment solutions, including the launch of Uganda’s first Dollar (USD) Unit Trust. In 2024, OMIG achieved a 67% increase in total unit holders, reflecting growing public confidence in professionally managed investment products. These initiatives are channeling domestic savings into productive ventures that fuel Uganda’s economic progress.

Equally important is our dedication to sustainability and community empowerment. Through programs promoting financial literacy, environmental stewardship, and social welfare, Old Mutual is helping build a more resilient society.

In 2024 alone, we reached over 10,000 individuals and businesses through financial education initiatives and planted 10,000 trees in schools to cultivate environmental awareness among young Ugandans. We believe that when communities thrive, the nation prospers.

As Uganda’s economy continues to expand and diversify, financial literacy and responsible financial management will be key to ensuring inclusive and sustainable growth. Old Mutual’s rebrand represents a bold step toward leading this transformation—helping every Ugandan achieve financial wellness.

Because financial wellness isn’t just a goal—it’s a shared journey, made possible with the right guidance, tools, and a trusted partner by your side.

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The writer is the Managing Director, Old Mutual Insurance Uganda