SAHAM MERGE OPERATIONS TO OPERATE AS MUA

MUA Kenya and Saham Kenya have started to operate as one entity under the MUA Brand following necessary regulatory approvals.

Present in Kenya since 2014, MUA, the leading insurance company in Mauritius reached another important milestone in its expansion strategy in East Africa, with the consolidation of the general insurance businesses of Saham Kenya and MUA Kenya.

The Mauritian insurance company MUA Ltd (“MUA”) announced consolidation of the general insurance businesses of its subsidiaries Saham Assurance Company Kenya Limited (“Saham Kenya”) and MUA Insurance (Kenya) Limited (“MUA Kenya”).

The amalgamation of the two businesses follows the receipt of all the necessary regulatory approvals from the Insurance
Regulatory Authority.

“We are pleased to achieve this milestone and particularly want to acknowledge our talented and hardworking employees who have built a strong foundation for a profitable business. As one MUA Team, we are particularly eager to capitalise soon on the existing momentum. We aim to grow our business while remaining true to our core commitment of providing simple and affordable insurance, and being caring and attentive to the needs of our clients. For the coming weeks, we are now solely focused on providing our partners and clients with the excellent service that they deserve as we fine-tune our operations” said Lydia Kibaara-Nzioki, former Saham Kenya Chief Executive Officer set to take over the management of MUA Kenya.

The consolidated MUA Kenya team is now operating from their new and larger offices in Lynwood Court (off Waiyaki Way) Nairobi.

A comprehensive human resources strategy is being
implemented for optimal integration of the teams, under the strong leadership of Lydia KibaaraNzioki and her management team, with the commitment from MUA not to undertake a workforce rationalisation.

MUA has been present in the region since 2014, with operations in Kenya, Tanzania, Uganda and Rwanda. It is now able to consolidate its insurance activities in Kenya, with the aim of increasing its Kenyan market share. Saham Kenya, previously part of the pan-African insurance group Sanlam, is

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one of the most respected insurance companies in Kenya. With an experienced management team, a strong reputation in the market and extensive operational knowledge, Saham Kenya’s full amalgamation into MUA is complimentary and opportune. The amalgamated businesses will operate under the MUA brand and will have the full support of the MUA group. The objective being to achieve critical mass in Kenya and ensure long term growth.

The MUA group has demonstrated its ability to innovate, digitalise, and brings in its extensive international network and technical expertise, which are all key success factors to drive the business forward.

In Kenya, the focus will be on implementing new core information systems and leveraging those, while pursuing a strategy of profitable business growth and digitalisation for the
rapidly growing Kenya population.

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