UAP Insurance South Sudan, a subsidiary of UAP Old Mutual Holdings, has officially withdrawn from the South Sudan insurance market, marking the end of its 19-year operations in the country. The company announced that it would stop writing new insurance policies and renewals beginning July 3, 2025.
In a notice signed by Nannette Miingi, the Group Company Secretary of Old Mutual Holdings, the company said the decision to exit was based on a strategic review of its business operations and the current business environment in South Sudan. Miingi assured that UAP Insurance South Sudan (UAPISS) remains financially solvent and will meet all valid insurance claims and obligations during what she described as the “run-off period.”
“This follows a strategic review of the business and its operating environment. UAPISS will continue to service all existing insurance policies and honour its obligations to policyholders,” Miingi stated.
The company also noted that it would comply with all regulatory requirements in South Sudan as it winds down operations. According to Miingi, UAPISS remains committed to fulfilling its duties to clients and partners despite its exit.
The exit of UAPISS from South Sudan is part of a broader restructuring process by its parent company, UAP Old Mutual Group, which is a key unit under Old Mutual Limited. The group had earlier pulled out of the Tanzanian market in August 2024, when it sold its stake in UAP Insurance Tanzania to Strategic Ventures Company. That move came after years of poor performance in Tanzania, with the company saying the unit had failed to deliver the expected returns on investment.
UAP Insurance South Sudan began operations in 2006, becoming the first major insurance provider in Africa’s youngest nation. The company was involved in both long-term and short-term insurance and also managed real estate and other assets.
UAP Old Mutual Group was formed after Old Mutual acquired a controlling stake in UAP in 2015 and Faulu Microfinance Bank in 2014. The merger created one of the largest financial service companies in East and Central Africa. The group now includes Old Mutual Kenya, UAP Holdings, and Faulu Microfinance, with interests in insurance, investment, banking, and asset management.
The decision to exit South Sudan comes amid growing concerns about the company’s overall direction. In 2024, Kenyan investor and minority shareholder Joel Kibe raised several allegations against Old Mutual Holdings, calling on Kenya’s Capital Markets Authority (CMA) to intervene. Kibe, who holds 1.55 million shares in the company, accused the management of asset disposals without shareholder approval, taking loans without authorization, marginalizing minority shareholders, and denying shareholders access to key company records.
He also expressed fears that such actions have made the company’s shares illiquid, hurting the value of investments by smaller shareholders. The matter is currently under review by the CMA.
The latest move to exit South Sudan raises further questions about the group’s long-term strategy in Africa. South Sudan, despite its rich oil reserves, has been a challenging market due to political instability, weak infrastructure, and a volatile currency. Many multinational firms operating in the country have scaled down or left entirely due to these risks.
However, UAPISS had been a major player in the South Sudan insurance sector, often considered a pioneer for introducing structured insurance and risk management services. Its exit will leave a gap in the country’s already thin insurance market, which experts say may discourage new investments and worsen financial insecurity among citizens and businesses.
UAP Old Mutual has yet to clarify whether it plans to re-enter the South Sudanese market in the future or if this is a permanent closure. The company’s other subsidiaries, especially in Kenya and Uganda, remain operational and are expected to absorb some of the policy servicing functions during the transition.
The insurance regulator in South Sudan is also expected to issue new guidelines for policyholders affected by the development. Meanwhile, analysts say UAPISS’s decision reflects the growing trend among multinational insurers to retreat from risky or low-yielding markets and focus on more stable economies.
As of the time of this report, UAPISS has not announced any job cuts or staff lay-offs in relation to the closure. However, the long-term implications for local employees and agents in South Sudan remain unclear.
