Old Mutual: is no longer in Tanzania and South Sudan

Old Mutual Holdings withdrew from Tanzania and South Sudan due to a strategic review and poor performance in those markets. The company sold its Tanzanian insurance business in early 2024 due to underperformance and a lack of market leadership potential. In South Sudan, the insurer ceased writing new business in July 2025, planning to wind down operations by the end of 2026, citing ongoing losses, security risks, and stalled peace negotiations.

Tanzania

Reason for exit: Underperformance and the inability to achieve market leadership.

Outcome: Old Mutual sold its stake in UAP Insurance Tanzania, with the sale finalized in early 2024. The company reported a Sh545 million hit on the sale.

South Sudan

Reason for exit: Significant losses, with the medical underwriting business being particularly unprofitable. The decision was also influenced by a worsening humanitarian situation, security risks, and U.S. aid cuts.

Outcome: The subsidiary, UAP Insurance South Sudan, stopped writing new policies and renewals on July 3, 2025. The company is in the process of winding down its operations and will continue to service existing policies until the process is complete.

South Sudan Exit

More Reasoning: Operations in South Sudan, primarily focused on medical insurance for the non-profit community, were a significant financial drain, with losses peaking at KSh236 million by 2023. The security risks in the war-torn country, along with major international organizations (and their associated business) exiting, made future prospects bleak. The subsidiary, UAP Insurance South Sudan, was also technically insolvent.

More on Timeline: Old Mutual began the process of winding down operations in South Sudan in July 2025, ceasing new business and policy renewals, with a full exit expected by the end of 2026.

Deep Challenges: The withdrawal process has faced legal challenges, with dismissed employees seeking court injunctions to prevent the company from exiting the market before liabilities are settled.