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UAP Holdings Limited Profit Hits KeS 2.2 Billion Mark
NAIROBI – UAP Group posted strong financial performance in 2013 driven by profitable growth of its core insurance business and execution of its regional diversification strategy.
Speaking during a press briefing, UAP’s Group Managing Director, Mr Dominic Kiarie, said that the impressive results and ongoing performance improvement demonstrated that the Group’s strategy of enhancing performance of its businesses and growth into new markets is continuing to bear positive results.
Key Performance Highlights:
• Gross Insurance Premium revenue grew by 41% to KeS 12.7bn
• Life Insurance business grew by 55% to Kes 1.4bn
• General Insurance business grew by 39%
• Investment income grew by 10%
• Total income increased by 35% to 12.7bn
• Property business revenues grew by 30%
• Expense growth contained at 21%
• Profit before tax increased by 27% to KeS 2.2bn
• Dividend payment up 13% from KeS 317mn to KeS 359mn
Gross insurance premium revenue grew by 41% to KeS 12.7bn as a result of significant investment in customer experience, product innovation and expanded distribution across the region. General Insurance business grew by 39% and Life Insurance business had a 55% growth to Kes 1.4bn. Investment income grew by 10% on the back of execution of a robust investment strategy.
Total income increased by 35% to 12.7bn due to strong performance by the insurance and property businesses. Property business revenues grew by 30% following the completion of UAP Nakawa Business Park in Kampala, Uganda.
Profit before tax increased by 27% to KeS 2.2bn. “This is the highest profit ever reported by UAP, which evidences that our growth and diversification strategy is bearing results. Consequently, the Board will recommend to shareholders the payment of a first and final dividend of KeS 1.70 per share from KeS 1.50 paid in 2012″ he added.
The regional business demonstrated marked improvement with a strong performance of 27% income growth year-on-year from KeS 2.5bn in December 2012 to KeS 3.5bn in December 2013, thus contributing 28% of the Group’s revenues. “We expanded our geographical coverage from 5 to 6 countries through the acquisition of a 60% stake in Century Insurance Tanzania Ltd and the business has since been rebranded to UAP Insurance Tanzania Ltd” said the Group Managing Director.
Year 2013 Achievements
UAP invested significantly in talent management for both Group and operating subsidiaries. In 2013, the Group launched a regional Graduate Development Program to provide a pipeline of future UAP business leaders. Other initiatives included strengthening of control processes and governance functions across the Group and expansion of the Group’s board to 12 members from the previous 7, to bring in additional skills and to support business growth and expansion.
UAP also enhanced its business distribution networks to improve convenience to its customers and also launched the UAP Information Centre. In our dedicated community outreach, UAP sponsored Ndakaini Marathon for the 10th year running to support UAPs conservation agenda.
The Social Democratic Party (SDP) and the Inter-Party Advisory Council (IPAC) have disclosed details of their recent closed-door meeting with President Bola Tinubu, explaining that the engagement focused on strengthening Nigeria’s democratic process ahead of the 2027 general elections.
The clarification came amid speculation surrounding the meeting, which took place at the Presidential Villa in Abuja after leaders of several opposition parties attended an Iftar dinner hosted by the president earlier in the week.
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Speaking during a gathering hosted in Abuja by the SDP’s former presidential candidate, Adewole Adebayo on Friday, the party’s National Chairman, Prof. Sadiq Gombe, said the meeting with Tinubu followed an official invitation from the Presidency and lasted about an hour.
According to Gombe, the discussion centred on the need to strengthen Nigeria’s electoral laws and restore public confidence in the country’s electoral process ahead of the 2027 polls.
He explained that the meeting provided an opportunity for party leaders to remind the president of the importance of conducting transparent, free, and credible elections.
Gombe noted that democracy can only thrive when governments listen to the concerns of citizens and ensure electoral processes that guarantee fairness and accountability.
The SDP chairman also expressed concern over growing voter apathy, pointing to the low turnout recorded in the recent Area Council election in the Federal Capital Territory.
He said the Abuja Municipal Area Council election witnessed only about seven per cent voter turnout, which he described as a clear sign that many Nigerians are losing confidence in the electoral system.
Gombe urged the government and members of the National Assembly to take urgent steps to review electoral laws and rebuild public trust in Nigeria’s democracy.
Also speaking, the National Chairman of IPAC, Dr. Yusuf Dantalle, said political parties used the meeting to raise concerns about aspects of proposed electoral reforms, particularly issues related to indirect primaries and the mandatory electronic transmission of results.
Dantalle explained that the parties appealed to the president to use his influence to encourage legislative review where necessary, noting that reforms should strengthen, rather than complicate, the democratic process.
He expressed optimism that Tinubu would consider the concerns raised and support necessary amendments that would improve the electoral system.
The IPAC chairman also called on the Independent National Electoral Commission (INEC) to strictly adhere to electoral guidelines as preparations for the next election cycle begin.
Earlier in his remarks, Adebayo cautioned political actors against turning the 2027 general elections into a do-or-die contest, stressing that the primary goal of democracy should be the progress and stability of Nigeria rather than personal political victories.
He urged leaders across political parties to encourage citizens to actively participate in the democratic process and ensure that elections are conducted peacefully and transparently.
President Bola Tinubu and Mr. Taiwo Oyedele during his nomination on Wednesday.
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