(JUBA) – UAP Insurance South Sudan (UAPISS), a subsidiary of Old Mutual Holdings, has officially announced it is winding down operations in South Sudan, ending nearly two decades of service in the country’s insurance and financial services sector.
The company said in a public notice that, effective 3 July 2025, it will no longer write new insurance policies or renew existing ones. However, it has pledged to honour all valid claims and meet its obligations to existing policyholders during what it referred to as the “run-off” period.
“This follows strategic review of the business and its operating environment,” said Nannette Miingi, Group Company Secretary for Old Mutual. “UAPISS remains solvent and will continue to meet all valid claims and policyholders’ liabilities during the run-off period in compliance with prevailing laws and relevant regulatory oversight.”
The announcement comes amid broader restructuring within Old Mutual Group across East Africa. It follows the company’s 2024 exit from the Tanzanian insurance market, where it sold its stake in UAP Insurance Tanzania to Strategic Ventures Company. That sale, according to Old Mutual, was due to persistent underperformance and failure to deliver adequate returns on investment.
Founded in 2006, UAPISS was among the first insurance providers to operate in South Sudan after the signing of the Comprehensive Peace Agreement. It offered both long term and short term insurance products and contributed to building the insurance market in the newly independent country.
Though UAPISS’s closure is not linked to insolvency, its decision reflects challenges facing large financial institutions in South Sudan, where the operating environment remains volatile due to economic uncertainty, low insurance penetration, currency instability and regulatory hurdles.
As of June 2025, $1 is officially exchanged for 4,600 South Sudanese Pounds (SSP). The scale of UAPISS’s insurance business in local currency terms has not been publicly disclosed, but analysts have noted that currency devaluation and slow economic recovery have placed financial pressure on insurers.
| Event | Details |
|---|---|
| Closure Effective Date | 3 July 2025 |
| Status | No new policies or renewals, but servicing current claims |
| Reason for Exit | Strategic review of operations and market environment |
| Solvency Status | Remains solvent and legally compliant |
| Previous Market Exit | UAP Insurance Tanzania (sold in 2024) |
| Ownership Structure | Part of Old Mutual Holdings, UAP Group, and Faulu Bank |
The South Sudan exit follows shareholder unrest within Old Mutual Holdings. In September 2024, minority investor Joel Kibe filed a complaint with Kenya’s Capital Markets Authority (CMA), accusing the company of mismanagement, unauthorised asset disposals, unapproved borrowings, and dilution of minority shareholders. He claimed these actions had made company shares effectively illiquid.
Kibe, who holds 1.55 million shares, also raised concerns about the denial of access to company records. The CMA of Kenya is still reviewing the complaint, which has highlighted growing governance challenges within one of East Africa’s largest financial service groups.
Old Mutual, through its combined holdings in UAP, Faulu Microfinance Bank and Old Mutual Kenya, has long been a significant player in East and Central Africa’s insurance and investment sectors. The South Sudan operation, though small compared to its Kenyan and Ugandan counterparts, was seen as a strategic part of the company’s expansion into post conflict markets.
For South Sudan, the closure may raise concerns about investor confidence and the stability of the country’s financial sector. The insurance industry remains underdeveloped, with limited domestic players and a low understanding of insurance among the population. UAPISS’s exit could widen the service gap for insurance needs.
A financial analyst based in Juba told Jakony.com® that the government should use this development as a signal to improve the investment climate.
“When a major player like Old Mutual pulls out, it reflects systemic concerns. South Sudan needs to stabilise its regulatory framework, protect investments, and support institutions that bring long term financial stability.”
UAPISS has confirmed it will continue paying claims and managing existing policies during the wind down.
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