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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.
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Ex-IGP Usman Alkali Baba Joins Yobe Governorship Race, Vows to End Insurgency
Former Inspector General of Police, Usman Alkali Baba, has formally declared his intention to contest the 2027 governorship election in Yobe State, promising to tackle insecurity and rebuild the state’s economy.
In a statement released Tuesday following a consultation meeting in the state, the retired police chief said his ambition is driven by a desire to restore peace, strengthen institutions, and accelerate development across all sectors.
Alkali pledged to “wipe out insurgency” and revive economic activities disrupted by years of insecurity, noting that his administration would prioritise intelligence-driven security and community partnerships.
“My vision for Yobe State is clear. I want a state where security is strengthened through intelligence and community partnership. I want a state where farmers can return to their farms with confidence, traders can move freely, and children can go to school without fear,” he said.
The former police boss emphasised his experience in national security management, stating that his years in public service have equipped him with the discipline and strategic thinking needed to govern effectively.
According to him, Yobe State requires leadership that understands security, institutional coordination, and human development, adding that insecurity has significantly hindered growth and deepened poverty in the region.
He also outlined plans to boost agriculture, expand infrastructure, and invest in education and youth empowerment. Alkali promised to provide microcredit support for women and equip young people with technical skills and startup kits to drive commerce and industry.
On healthcare, he pledged to combat child-killer diseases, including polio, and introduce free maternal healthcare services, as well as free medical care for children aged zero to five.
“Mothers will not die during childbirth, and children will live and thrive. They will go to school and graduate in a safe and secure environment,” he assured.
Alkali further stated that his administration would focus on inclusive governance, ensuring development reaches all local government areas without discrimination.
While expressing readiness to build on the achievements of the current administration, he maintained that governance must go beyond rhetoric and propaganda, stressing that it requires “vision, action, and the courage to make tough decisions.”
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Bayern Won’t Sell Olise Even for €200m — Rummenigge Drops Bombshell
Bayern Munich have made a strong statement over the future of winger Michael Olise, with Vice-President Karl-Heinz Rummenigge insisting the club would reject even a €200 million offer for the player.
The comments, reported by transfer expert Fabrizio Romano on Monday, highlight Bayern’s long-standing policy of prioritising sporting stability over financial gain.
SEE ALSO: BREAKING: Chelsea Hit With £10.75m Fine, Transfer Ban
Rummenigge explained that the club’s position is rooted in a historic decision made in 2009, when Bayern received a massive bid from Chelsea for Franck Ribéry.
After internal discussions involving then CFO Karl Hopfner and former president Uli Hoeneß, the club chose to reject the offer — a decision that shaped its modern transfer philosophy.
According to him, that principle remains unchanged today.
He stressed that Bayern do not consider selling players who are essential to the team, adding that even a record-breaking €200 million bid would not change their stance on Olise.
The statement is expected to fuel further transfer speculation across Europe, but Bayern officials maintain that Olise is a key part of their long-term sporting project and not for sale.
Bayern Munich continue to uphold their “untouchable players” policy, while Michael Olise remains central to their squad plans.
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AFCON 2025 Drama: Morocco Defends CAF Ruling Amid Growing Controversy
The Fédération Royale Marocaine de Football (FRMF) has defended its position following the controversial ruling by the Confederation of African Football Appeal Board over the disputed 2025 Africa Cup of Nations final.
In a statement issued on Wednesday, the Moroccan football authority said its appeal was strictly aimed at ensuring the proper application of competition rules, and not to question the sporting merit or performance of any team involved in the final.
The federation emphasized its commitment to fairness, transparency, and the stability of African football competitions, noting that its actions were guided by respect for established regulations.
ALSO READ: JUST IN: Senegal Stuns Hosts Morocco To Lift AFCON 2025 Trophy
“The Federation reiterates that its approach has always been grounded in respect for the rules and stability of African competitions,” the statement read.
FRMF also praised all participating nations in the tournament, describing the 2025 AFCON as a significant milestone in the growth and development of football across the continent.
However, the body revealed that a more detailed position would be made public after a scheduled meeting of its governing organs.
The statement is expected to further clarify Morocco’s stance and outline any possible legal or administrative steps moving forward.
The CAF Appeal Board’s decision has continued to generate widespread reactions among football stakeholders, with growing calls for clearer regulations, improved transparency, and consistency in the administration of African football.





