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Old Mutual Holdings Plc, Formally known as UAP Holdings Limited, is an investment, retirement, and insurance group that operates mainly in Eastern Africa.UAP Holdings is one of the leading insurance and financial services groups in eastern Africa with a network of branches and operational subsidiaries spread across the greater eastern and central Africa regions.
In 2014 Old Mutual acquired a controlling 67 percent interest in Faulu Kenya, the second-largest microfinance bank in Kenya, whose stock is privately held, for a sum of KSh3.6 billion (approx. US$40 million). [4] [5] In early 2015, Old Mutual, spent a total of US$253.1 million (KSh 23.1 billion) to acquire 60.66 percent shareholding in UAP ...
In 2011, Old Mutual sold US Life to Harbinger Group Inc. for $350 million. [14] Old Mutual sold its Nordic operations to Skandia Liv for £2.1 billion in 2012. [15] In 2013, Old Mutual strengthened operations in Africa with the acquisition of Provident Life Assurance in Ghana [16] and Oceanic Life in Nigeria. [17]
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UAP Old Mutual Group Peter King'ori Mwangi is an electrical engineer , accountant and business executive in Kenya. He is the current Group Managing Director and Group Chief Executive Officer of the UAP Old Mutual Group , the financial services conglomerate , based in Kenya, with subsidiaries in six African countries.
As defined-benefit pension plans have been phased out in favor of 401(k) and similar accounts, workers may not know that they qualified for a pension many years ago.
Prior to enactment of the Retirement Benefits Act, the retirement benefits sector in Kenya was regulated by fragmented legislation, mostly Trust and Income Tax Laws. Without a specific body or regulations to set industry standards, pension schemes adopted different styles of operation, leading to serious challenges in proper administration of ...
The National Social Security Fund was established in 1965 through the Act of Parliament Cap 258 of the Laws of Kenya. It initially operated as a Department of the Ministry of Labour until 1987 when the act was amended, transforming the fund into a state corporation under the management of a board of trustees. [ 2 ]