"We are going nowhere" Britam speaks out on reports of exiting Ugandan market
Insurance firm Britam Uganda and Britam Asset Managers Company Uganda Limited have dismissed as unfounded, reports that they are planning to exit the Ugandan market.
According to the insurer, through its holding company Britam Holdings PLC, they are "committed" to would like 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 statement by the company read in part.
The company said it is in the third year of its five year (2021-2025) transformational strategy that focusses on customer centricity and exceeding value delivery to its clients and partners.
“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 bottom of the pack to the top four in market share, " Tom Gitogo, the Britam Group Managing Director said.
Gitogo said their asset management business is fastest growing, reaching the top three position in assets under management in just a few years.
"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 has a presence in seven countries in Africa including Uganda, Kenya, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi and according to officials, the company 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," the Britam Group MD, Tom Gitogo said.
