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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.
Other News
LASTMA Alerts Motorists to Traffic Delays on Ogunnusi Road
The Lagos State Traffic Management Authority (LASTMA) has alerted motorists to traffic delays along Ogunnusi Road towards Ojodu-Berger due to ongoing rehabilitation work.
LASTMA disclosed this in a post on its official X account on Sunday, stating that the road rehabilitation was being carried out by the Lagos State Public Works Corporation (LSPWC).
According to the agency, “The ongoing work is affecting traffic flow, with vehicles moving at a slower pace in both directions.”
ALSO READ: Chaos On Lagos-Ibadan Expressway As LASTMA Shuts Otedola Bridge
To ease the situation, LASTMA said a contraflow arrangement had been introduced for motorists travelling from Omole Junction towards Vis Junction.
“A contraflow arrangement is in place for vehicles coming from Omole Junction towards Vis Junction to facilitate the movement of traffic,” the agency stated.
LASTMA added that its personnel had been deployed to manage traffic and ensure the continuous movement of vehicles around the affected area.
“Our personnel are on ground managing the traffic situation and ensuring the continuous flow of vehicular movement,” the agency said.
The traffic management authority advised motorists to remain patient and exercise caution while the rehabilitation work continues.
“Motorists are advised to exercise patience and drive with caution while the rehabilitation work continues,” LASTMA stated.
NEWS
Dangote Investments are Catalysts for Africa’s Economic Growth – AFC
Leading economists, financial experts and industry stakeholders have described the Dangote Group’s investments as major drivers of industrialisation and economic transformation across Nigeria and Africa.
The experts cited the Group’s impact on job creation, import substitution, foreign exchange conservation and economic competitiveness.
They voiced their thoughts at the Lagos Economic Summit themed “The Real Deal: Africa’s Greatest Investment Opportunity,” where they urged governments to implement policies that strengthen local industries and accelerate economic diversification.
President and Chief Executive Officer of the Africa Finance Corporation (AFC), Samaila Zubairu, commended the Dangote Group’s sustained investments across Africa, describing them as critical to unlocking the continent’s economic potential.
He noted that while recent economic reforms have improved foreign exchange stability, strengthened reserves and eased inflationary pressures, the focus must now shift to growth in industry, productivity and employment.
READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details
Also speaking, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Muda Yusuf, said industrialisation remains the most effective path to sustainable economic development.
He called for better alignment of trade and industrial policies, stressing that local manufacturers require strategic support to compete effectively and drive broader economic benefits.
Founder and CEO of Nairametrics, Ugodre Obi-Chukwu, said Africa’s growing population presents a significant industrial opportunity, noting that investments such as the Dangote Refinery are helping to retain capital within the continent while strengthening local production capacity.
In his keynote address, Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, said Nigeria is gradually transitioning from a consumption-led economy to one driven by investment and production.
He added that sustained investments in productive sectors will continue to stimulate growth, create jobs and improve living standards.
Participants at the summit also advocated stronger credit infrastructure, improved national identification systems and increased investment in skills development to enhance the productivity and global competitiveness of Africa’s growing youth population.
Photo Caption: From Left – Chief Economist, Dangote Industries Limited, Dr. Hassan Mahmud; Lady Maiden Alex-Ibru; Chairman of Occasion/Special Guest of Honour, Samaila Zubairu; Key Note Speaker Session 1, Bismarck Rewane; during the Real Deal: Africa’s Greatest Investment Opportunity, Sponsored by Dangote Industry Limited in Lagos on Thursday 3, September 2026.
Other News
VDM Fires Back at Police, Releases First ‘Evidence’ Over Kidnap Claims
Social media critic Martins Vincent Otse, popularly known as VeryDarkMan (VDM), has released what he described as his first piece of evidence after the Nigeria Police Force challenged him to substantiate his allegations that some police officers allegedly collaborate with kidnappers.
VDM released a video on his Instagram handle on Thursday, August 27, 2026, shortly after the police invited him to provide evidence supporting the claims he made at the 66th Annual General Conference of the Nigerian Bar Association (NBA) in Port Harcourt.
SEE MORE: ‘Provide Evidence’ — Police React to VDM’s Explosive Kidnap Allegation
The activist captioned the video: “My evidence number 1.”
Recalled that VDM, who was a panellist at the NBA conference on Tuesday, had alleged that some police officers manning checkpoints along major highways provide kidnappers and bandits with information about travellers.
According to him, the officers allegedly relay details about the identities and movements of travellers to criminal groups, thereby facilitating abductions for ransom.
The allegation triggered a response from the Nigeria Police Force, which denied the claim and challenged VDM to substantiate his allegations.
The police invitation came as the force sought evidence to support the serious claims made by the social media critic.
In response, VDM released the video, describing it as his “evidence number 1”, signalling that he may provide further material to support his allegations.
The development has continued to attract attention, with the controversy placing renewed focus on allegations of possible collaboration between security personnel and criminal groups involved in kidnapping and banditry.





