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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 New African magazine has announced its highly anticipated list of the 100 Most Influential Africans of 2024, recognizing exceptional individuals who have made significant contributions to politics, business, science, sports, and civil society.
The annual compilation celebrates achievements by Africans on the continent and in the diaspora, reflecting the diversity and ingenuity of African talent.
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In a statement, Anver Versi, editor of the London-based magazine, emphasized the importance of the list in today’s divided global climate.
She said, “We need this because I cannot recall the world being so polarised, so divided, so stone-faced in the face of terrible man-made atrocities.
“The 100 Most Influential Africans of 2024 edition of New African offers an in-depth look at the lives and achievements of the extraordinary individuals shaping the African narrative on the continent and abroad.
“Their stories serve as a source of inspiration and a testament to the resilience and ingenuity of the African spirit.”
Spotlighting African Excellence Across Fields
Politics and Public Service
1. Bassirou Diomaye Faye
2. Kemi Badenoch
3. Muhammad Ali Pate
4. Claver Gatete
5. Ali Mohamed
6. King Mohamed VI
7. Ronald Lamola
8. Yemi Osinbajo
9. Nardos Bekele-Thomas
10. Ibrahima Cheikh Diong
Business
11. Robins Tchale-Watchou
12. Fatima Tambajang
13. Dr. Sidi Ould Tah
14. Samaila Zubairu
15. Thierno-Habib Hann
16. Akinwumi Adesina
17. Tariye Gbadegesin
18. Adebayo Ogunlesi
19. Wale Tinubu
20. Aigboje Aig-Imoukhuede
21. Prof. Benedict Okey Oramah
22. Moulay Hafid Elalamy
23. Olugbenga Agboola
24. Alain Ebobissé
25. Tunde Olanrewaju
26. Nassef Sawiris
27. Aliko Dangote
28. Ismael Belkhayat
29. Hassatou Diop N’Sele
30. Jeremy Awori
31. Manuel Moses
32. Hassanein Hiridjee
33. Rene Awambeng
Civil Society
34. Joseph Moses Oleshangay
35. Mohamed Adow
36. Michael Kakande
37. Ndidi Okonkwo Nwuneli
38. William Asiko
39. Eva Omaghomi
40. Nelson Amenya
41. Helmy Abouleish
42. Binaifer Nowrojee
Science and Academia
43. Elhadj As Sy
44. Chinasa T. Okolo
45. Tshilidzi Marwala
46. Prof. Colleen Masimirembwa
47. Prof. Moses Obimbo Madadi
48. Rediet Abebe
49. Rachid Guerraoui
50. Abdoulaye Diabaté
51. Joy Buolamwini
52. Abeba Birhane
Opinion Shapers
53. Miatta Fahnbulleh
54. Olajide Olatunji
55. Carlos Lopes
56. Zain Verjee
57. John-Allan Namu
58. Vera Songwe
59. Nesrine Malik
60. Tayo Aina
61. Thebe Ikalafeng
62. Mavis Owusu-Gyamfi
63. Hannah Ryder
64. Ayman Mohyeldin
65. Nicolas Pompigne-Mognard
Creative Arts
66. Zineb Sedira
67. Rita Mawuena Benissan
68. Iansmith Mwenda
69. Idris Elba
70. Ken Wakia
71. Adejoké Bakare
72. Ayra Starr
73. Selma Feriani
74. DJ Edu
75. Eugene Mbugua
76. Chigozie Obioma
77. Kamel Daoud
78. Tesfaye Urgessa
79. Mehdi Qotbi
80. DBN Gogo
81. Yinka Ilori
82. Amina Lola Shoneyin
83. Ekow Eshun
84. Zhong FeiFei
85. Mati Diop
86. Hassan Hajjaj
87. Koyo Kouoh
88. Mo Harawe
89. Victoria Kimani
Sports
90. Patrice Motsepe
91. Letsile Tebogo
92. Imane Khelif
93. Tunde Onakoya
94. Gelson Fernandes
95. Oumar ‘Reug Reug’ Kane
96. Biniam Girmay
97. Ademola Lookman
98. Ruth Chepng’etich
99. Omar Berrada
100. Sifan Hassan
Prominent activist Martins Otse, widely known as VeryDarkMan (VDM), has alleged that over N180 million was stolen from the account of his NGO, the Martins Vincent Osei Initiative, following a cyberattack.
Otse, who launched the initiative in October, initially raised over N35 million within hours of its debut.
The campaign gained further momentum when celebrated music producer Michael Collins Ajereh, popularly known as Don Jazzy, contributed N100 million.
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In a video shared on Instagram on Friday, Otse disclosed that the NGO’s funds were diverted into an unknown account.
He said, “Honestly, I’ve not been myself for the past few days. Somebody hacked into the NGO website, and N180 million is missing. Thankfully, we’ve tracked the person, and one suspect has been arrested.”
Otse revealed that the NGO’s bank account has been placed on Post No Debit (PND) status to prevent further withdrawals.
According to him, while N20 million remains in the account, N160 million was siphoned. He added that steps are being taken to recover the money.
“We’re heading to Jos to recover the money,” he stated.
As a precaution, Otse confirmed that the NGO’s app has been temporarily shut down for maintenance and enhanced security measures.
He assured supporters of regular updates on the situation.
The Martins Vincent Osei Initiative was created to support vulnerable populations and address societal issues.
Embattled Nigerian pastor and founder of SPAC Nation, Tobi Adegboyega, has defended his opulent lifestyle, claiming it serves to inspire young people rather than flaunt wealth.
This statement comes amid a UK Immigration Upper Tribunal ruling ordering his deportation over visa violations.
Adegboyega, 44, faced accusations of overstaying his visitor visa, which expired after he arrived in the UK in 2005.
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He had applied to remain in the country on human rights grounds. The tribunal, however, ruled against him, citing his failure to regularize his status.
The pastor’s luxurious lifestyle, including designer clothing and expensive cars, was a focal point of the case.
Addressing the tribunal, Adegboyega stated that his lifestyle is fully funded by his wife, Mary Olubukola Alade, who earns £100,000 annually at AON.
He said, “I live with my partner, Mary Olubukola Alade, who earns £100,000 per year working for AON. I spend my time working for the church, for which I am unpaid. I am entirely supported by Mary. I have a first-class law degree from Nigeria, but I have ‘sacrificed’ my legal career to help those who cannot help themselves.”
Defending his appearance, Adegboyega emphasized the importance of projecting success to his young congregation.
The court noted, “For instance, people have pointed to the fact that he wears designer clothing and drives expensive cars. He was adamant that all of his personal possessions had been paid for by Mary.
“He believes it is important for him to dress the way that he does because he needs to inspire these young people – they need to understand that there are legitimate ways of making money, for instance through entrepreneurship.”
Despite the ruling, Adegboyega dismissed the deportation concerns as insignificant.
“I’m right here at home, no cause for alarm. Naturally, I will dismiss things that have to do with retrogression; every Nigerian should be proud of me. Living in the UK, a city that is well known for pulling people down, I have survived all sorts, so the matter that they are propagating is the smallest matter,” he said.
He further expressed confidence in his resilience. “No panic, I love London city, it is my city, and nobody can do anything. Of all the people of colour you know here – pastors and leaders – I have survived everything. I’m here, I am at home, nobody should panic for me.
“I succeeded well in this country despite all challenges, and I’m in the league of people you look up to. I have survived that well; nothing has changed, nothing will change,” he added.
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