Britam Insurance Company (Uganda) Limited and Britam Asset Managers Company (Uganda) Limited have noted baseless rumours about a potential exit of the company from the Ugandan market.
Britam Uganda, through its holding company, Britam Holdings PLC, has assured its commitment 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 company is in the third year of its 5-year transformational strategy (2021-2025) that focuses on customer centricity and exceeding value delivery to its clients and partners.
Speaking to clients and partners at a Britam Business Cocktail held on the 19th of January 2023 at the Kampala Serena Hotel, the Britam Group MD, Mr. Tom Gitogo stated that:
“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 the bottom of the pack to the top 4 in market share. Similarly, the Asset Management business is the fastest growing, reaching the top 3 positions 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 7 countries (Uganda, Kenya, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi) and is looking at entering other countries in the region with a promising growth trajectory as appropriate.
Mr. Tom Gitogo, the Britam Group MD further stated at the event that “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”